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Bharti Airtel Shares Slip 4% After African Arm Reports Fall In Q3 Profit

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Shares of Bharti Airtel fell over 4 percent on Tuesday to Rs 493.45 in afternoon trade. It is the stock's second consecutive session of decline and was the worst performer on Sensex for the day.

Bharti Airtel Shares Slip 4% After African Arm Reports Fall In Q3 Profit
Bharti Airtel: Quotes, News
BSE 545.50BSE Quote2.15 (0.39%)
NSE 545.60NSE Quote2.2 (0.40%)
 

The slippage comes after its subsidiary, Airtel Africa, reported a 21 percent decline in profit on tax to $103 million for the December quarter from the same period of the previous year, due to a one-time deferred tax recognition in Nigeria. The profit was, however, 14.4 percent higher than the previous quarter's $90 million.

This is the company's third quarterly financial results since listing. In June last year, Airtel Africa raised $750 million through its initial public offering (IPO) to be listed on the London Stock Exchange.

The company revenue for the December-ended quarter was at $883 million, up by 14.2 percent year-on-year from $783 million, largely due to improved performance in the 'Rest of Africa' region, supported by solid results in Nigeria and East Africa, the company said.

When compared to the previous quarter, the revenue was up by 4.6 percent from $844 million.

The results come ahead of Bharti Airtel's Q3 numbers, which are scheduled to be released on 4 February. Bharti Airtel is struggling with competition and dues in India. It owes Rs 35,586 crore in dues to the department of telecommunication (DoT) following the 24 Supreme Court ruling on adjusted gross revenue (AGR).

Through the holding firm Airtel Africa, Bharti Airtel provides telecom services in 14 African countries.

Read more about: bharti airtel airtel
Story first published: Tuesday, January 28, 2020, 13:45 [IST]
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