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Bharti Airtel Q4 Beats Estimates As More Customers Pay For Mobile Internet

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Bharti Airtel Q4 Beats Estimates As More Customers Pay For Mobile Internet
Mumbai: Bharti Airtel Ltd, India's largest telecoms network operator, reported a better than expected 2.8 per cent rise in its fourth-quarter profits on Wednesday, boosted by a 15 per cent rise in subscribers in its home market for mobile broadband services to 35.5 million.

Consolidated net profit rose to Rs 1,290 crore in the quarter ended March 31, from Rs 1,255 crore a year earlier, the company said.

Analysts on average had expected a net profit of Rs 1,221 crore, according to a Reuters poll.

Bharti Airtel, headed by Indian billionaire Sunil Mittal, said total revenues rose 8.4 per cent to Rs 24,960 crore.

Separately the company also approved a share buyback of Rs 1,434 crore.

India has over 1 billion mobile phone users, making it the second biggest market behind China and the market for mobile internet services is growing fast as only a third of phone users already have smartphones.

Over 100 million smartphones were sold in India last year and that number is expected to grow by over 25 per cent this year while network operators are investing heavily in providing 4G broadband.

In the last two months alone Bharti has spent about $1.2 billion on buying radio spectrum to expand its 4G service.
 
© Thomson Reuters 2016


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