Bharti Airtel profit jumps 164 per cent
Bharti Airtel has posted a 164 per cent increase in consolidated net profit at Rs 2,008 crore for the quarter ending March 31, 2022. It reported net profit of Rs 760 crore in the year-ago period.
On Tuesday, the company’s scrip on the BSE closed nearly 2 per cent higher at Rs 706. The company’s board has recommended a dividend of Rs 3 per fully paid-up equity share of face value Rs 5 each.
Revenue from operations rose 22.3 per cent to Rs 31,500 crore during the fourth quarter of FY22 from Rs 25,747 crore in the corresponding period of the previous year.
The Sunil Mittal-led telco logged a net profit of Rs 4,255 crore against a loss of Rs 15,084 crore in the previous fiscal (FY21). Bharti Airtel posted a revenue of Rs 116,547 crore for FY22, up from Rs 100,616 crore recorded in the previous financial year.
Its average revenue per user (ARPU) — a key performance indicator in the telecom industry — came in at Rs 178 for the quarter, up from Rs 145 from a year earlier. ARPU of rivals Reliance Jio and Vodafone Idea for the same period was Rs 167.6 and Rs 124, respectively.
Airtel said in November when it announced tariff hikes that mobile ARPU needed to be at Rs 200 and ultimately at Rs 300, for a financially healthy business model.
Gopal Vittal, CEO, India and South Asia, Bharti Airtel, exuded optimism about the opportunities in the coming years, and said the company is “well poised” for three reasons.
“First, our ability to execute consistently to a simple strategy of winning with quality customers and delivering the best experience to them. Second, our future proofed business model with massive investments in both infrastructure and digital capabilities,” he said.
Airtel on Tuesday announced the appointment of former cabinet secretary P.K. Sinha, and former PwC India head Shyamal Mukherjee as independent directors on its board. The appointments are subject to approval by the shareholders at Airtel's upcoming annual general meeting, the company said in a regulatory filing.