Mumbai, Apr 28 (PTI) Shares of country's largest telecom company Bharti Airtel today rose by over 3 per cent after the company reported a 2.8 per cent jump in net profit for the quarter ended March 31.
After a positive opening, shares of the company further gained 3.14 per cent to Rs 384.90 on BSE.
The stock was the top performer among the 30-Sensex constituents. At NSE, it rose by 3.2 per cent to Rs 385.
Yesterday, Bharti Airtel reported a 2.8 per cent jump in net profit at Rs 1,290 crore for the March quarter despite over 25 per cent rise in depreciation and spectrum amortisation expenses.
The Sunil Mittal-led company had reported a net profit of Rs 1,255 crore in the January-March period of 2014-15. Total revenues of the company rose 8.4 per cent to Rs 24,960 crore for the reported quarter as compared to Rs 23,016 crore last year.
The firm said depreciation and amortisation expenses amounted to Rs 4,816.3 crore as compared to Rs 3,840.1 crore in the corresponding quarter last year, which reflects an increase of 25.4 per cent, primarily led by incremental depreciation and higher spectrum amortisation expenses in India.
For the entire 2015-16, the company's net profit stood at Rs 5,484 crore whereas total revenues were to the tune of Rs 96,532 crore. Bharti Airtel also announced a buyback up to an aggregate amount not exceeding Rs 1,434 crore, at a price of Rs 400 per equity share, representing 0.90 per cent of the total paid up equity share capital of the company.