Telecom operator Bharti Airtel has announced a significant increase in its consolidated profit for the first quarter (Q1) ended June 30, 2024. The company reported a profit of Rs 4,160 crore, marking more than a 2.5 times jump compared to Rs 1,612.5 crore in the same period last year.
Bharti Airtel's consolidated revenue from operations saw a 2.8 per cent rise, reaching Rs 38,506.4 crore during the reported quarter, up from Rs 37,440 crore in the June quarter of the previous year. In India, the company's revenue increased by 10.1 per cent year-on-year, totaling Rs 29,046 crore.
A key metric for telecom operators, the mobile average revenue per user (ARPU), showed growth for Bharti Airtel in India, increasing to Rs 211 during the reported quarter compared to Rs 200 in the same period last year. This represents a 5.5 per cent year-on-year increase.
"Our stringent focus on driving cost efficiencies is reflected in strong operating leverage. Africa continues to deliver strong underlying constant currency revenue growth. India operations added 6.7 million smartphone customers and reported an improved ARPU of Rs 211," said Managing Director Gopal Vittal.
The company's home business also showed robust growth, adding 348,000 new users in Q1, bringing the total user base to 8 million. This segment saw a 17.6 per cent growth. "During the quarter, we accelerated the pace of Fixed Wireless Access services expansion across key towns. Our WiFi services (Fiber To The Home and FWA) are now available in over 1,300 cities," Vittal added.
Airtel's subscriber base reached 409 million in the quarter. The 4G/5G data customer base increased by 29.7 million year-on-year and 6.7 million QoQ, 73 per cent of the overall mobile customer base.
Despite these positive results, shares of Bharti Airtel closed at Rs 1466.00 apiece on Monday on the BSE, down 1.86 per cent.
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