India's largest telecom operator, Bharti Airtel reported profits that were slightly better then expected with net profit rising 35.5 percent quarter-on-quarter to Rs 689 crore, However, consolidated revenues dropped 0.9 percent Q-o-Q (9 percent growth on yearly basis) to Rs 20,264 crore during quarter.
Analysts were largely expecting profit after tax of around Rs 660 crores.
Chairman of the company Sunil Bharti Mittal said, "Results for Airtel India reflect rationality returning to the sector which needs to be complemented by a more enabling regulatory environment for a deeper penetration of telecom and broadband services."
Shares in Bharti Airtel rallied more then 5 per cent on renewed optimism surrounding the telecom sector. The stock was last trading at Rs 338 on the Bombay Stock Exchange.