Bharti Airtel reports a fall in its net profits for Q2

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oi-Monika

By Monika Nihalani

Published: Friday, November 4, 2011, 13:08 [IST]

Bharti Airtel, the fifth largest telecom operator in the world reported a fall of 38% in its net profits for the quarter ended September 30. It's quarterly profit stood at Rs 1,027 crore, a dip of 38.17% from its previous year's quarter due to high interest costs and foreign losses.

Airtel's net profit was Rs 1,661 crore a corresponding quarter previous year.

Though it's revenues rose on yearly basis by 13% to Rs 17,270 crore against Rs 15,231 a year ago.

The company which has its presence in 20 countries reported a healthy yearly growth in its South Aftrica's revenues by 22.9% at $1,030 million

The company's EBITDA stood at 13% for the quarter.

The company occurred a wide forex restatement losses of Rs 239 crore due to fall of Indian Rupee against US Dollar.

The company's net interest costs rose by Rs 115 crore due to inflationary pressures.

Commenting on the results, Mr Sunil Mittal, CMD, Bharti Airtel Ltd. Said, “This year is progressing well for Bharti Airtel. India has achieved double digit growth fueled by non-voice businesses.”

“The arrest of continuously declining prices in India augurs well for telecom industry. We look forward to constructive deliberations on the draft National Telecom Policy 2011 and TRAI recommendations, for promoting the Government's broadband vision and viability of the sector,” he added.

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