Mittal: Magic figures

New Delhi, Jan. 27: Bharti Ltd has posted a 200 per cent jump in net profit during the nine months till December to join a select few companies that have recorded a net profit of over Rs 1,000 crore.

Net profit stood at Rs 1,002 crore, while revenues rose 66 per cent year-on-year to Rs 5,717 crore.

The company also announced that a $825-million investment to expand its telecom network based on the global system for mobile (GSM) communications will be completed during this financial year.

?Bharti?s strong performance during the third quarter is a result of its resolve to be the most preferred provider of telecom services in the country. To complement our growth in the mobile business, we have also initiated expansion plans for our fixed-line and broadband business in select towns and cities. I am confident that such initiatives would further drive Bharti to deliver strong results on a sustainable basis,? said Sunil Bharti Mittal, chairman and group managing director of Bharti Tele-Ventures.

Akhil Gupta, joint managing director BTVL, said the company had already spent $737.5 million till December end to expand its network. The remaining $825 million will be fully utilised this fiscal.

The company's consolidated revenues for the quarter grew 70 per cent at Rs 2,153 crore, while the earnings before interest, tax, depreciation and amortisation (EBITDA) grew 65 per cent at Rs 780 crore.

Cash profits from operations jumped to 90 per cent at Rs 761 crore over the corresponding period last year.