Telecom company Bharti Airtel Ltd has reported a significant increase in net profit for the quarter ending December 31, 2023. The consolidated net profit surged by 54% to reach Rs 2,442 crore, up from Rs 1,588 crore in the same period last year. The company’s overall revenue from operations also witnessed a 6% increase, climbing to Rs 37,900 crore during Q3FY24, compared to Rs 35,804 crore in Q3FY23.
The revenue growth was somewhat affected by currency devaluations in Africa. However, the Average Revenue Per User (ARPU) experienced a modest rise, reaching Rs 208 in Q3FY24, compared to Rs 203 in the previous quarter (Q2FY24).
Airtel’s scrip on BSE saw a dip of 3%, closing at Rs 1,113.1 on Monday. Despite this, the company highlighted 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 the previous year.
In terms of India revenue, Airtel recorded 11.4% YoY growth, amounting to Rs 27,811 crore during Q3FY24. The customer base also increased by 4% YoY, with 34.56 crore customers as of December 31, 2023, compared to 33.22 crore in the corresponding quarter of the previous year.
Overall, Bharti Airtel’s Q3 results showcase a strong financial performance, with a significant jump in net profit and revenue. The company remains focused on implementing its premiumization strategy, which helped add 7.4 million 4G/5G customers and achieve an industry-leading ARPU of Rs 208.
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