In the third quarter of the fiscal year 2023-24, Bharti Airtel Ltd disclosed a remarkable 54% increase in consolidated net profit, reaching Rs 2,442 crore compared to Rs 1,588 crore in the corresponding period of the previous year. The company’s consolidated revenue witnessed a 6% rise, reaching Rs 37,900 crore in Q3FY24, although it faced some impact due to currency devaluation in Africa.
The Average Revenue Per User (ARPU) experienced a slight uptick, reaching Rs 208 in Q3FY24 compared to Rs 203 in Q2FY24. Airtel’s India revenue exhibited substantial growth, with an 11.4% year-on-year increase to Rs 27,811 crore during the same quarter.
Despite a 3% decline in Airtel’s scrip on BSE, closing at Rs 1,113.1, the company reported a reduction in consolidated net debt, excluding lease obligations, to Rs 1.42 lakh crore in Q3FY24, down from Rs 1.54 lakh crore in the same period last year.
The customer base for Airtel expanded to 34.56 crore as of December 31, 2023, a 4% YoY increase, with the 4G/5G data customer base growing to 24.5 crore. The firm attributed increased expenses, up 4.23% to Rs 18,085 crore, to investments in spectrum charges, marketing, and network operations. Tax expenses also rose by nearly 15% to Rs 1,232 crore.
Additionally, Airtel reported a one-time charge of Rs 130 crore, citing a foreign exchange net loss due to currency devaluation in its group subsidiaries. Last month, Jio saw a resurgence in profit growth, breaking a four-quarter streak of slowdown, aided by subscriber additions.
BHARTI AIRTEL Q3FY24 Snapshots
- NET PROFIT 24.42B RUPEES VS 13.4B (QOQ); EST 32B
- REVENUE 378.99B RUPEES VS 370.4B (QOQ)
- EBITDA 200.44B RUPEES VS 196.65B (QOQ); EST 198B
- EBITDA MARGIN 52.9% VS 53.1 (QOQ); EST 52.2% (AS PER STATEMENT)
- ARPU SEEN AT 208 VS 203 RUPEES (QOQ)
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