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Bharti Tele slips into red, net loss at Rs 129 crore

New Delhi Oct. 29: Bharti Tele-Ventures Limited registered a net loss of Rs 129 crore for the quarter ended September 30, 2002, against a net profit of Rs 120 crore during the same period last year.

The company has attributed the loss to the investments made in launching cellular services in eight new circles. The cash profit from the operations also fell by 61 per cent from Rs 1,13.2 crore during the quarter ended September, 2001, to Rs 44.3 crore during the same period in 2002.

However, BTVL has registered growth in terms of subscribers, revenues and EBITDA as compared with the corresponding quarter of the previous year. The company’s revenues grew 89 per cent to Rs 658 crore and operating profit (EBITDA) by 23 per cent to Rs. 121 crore during the quarter ended September 30, 2002.

The funded equity of the company as on September 30, 2002, was approximately Rs. 5,195 crore, while net debt was Rs. 2,507 crore resulting in a low net debt to funded equity of 0.48.

Commenting on the key achievements in the period, Sunil Bharti Mittal, chairman and group managing director of Bharti Tele-Ventures, said, “Bharti Tele-Ventures has successfully completed the launch of all its services for which it had acquired licences. The response has been extremely gratifying. During the quarter, we became the first company in India to cross a two-million mobile subscriber base and had 2,293,128 mobile subscribers on our networks as on September 30, 2002.”

“Our subscribers net additions for the mobile segment was over 686,496 compared with 255,742 net additions in the previous quarter, exhibiting a sequential growth of 168 per cent. In this quarter, mobile services accounted for 75 per cent of our total revenue,” Mittal added.

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