The Hindu Business Line : Bharti Q1 profit soars to Rs 296 cr

BHARTI Tele-Ventures' net profit for the first quarter ended June 2004 soared to Rs 296 crore compared to Rs 31 crore in the corresponding quarter last year.

The telecom company's revenues touched Rs 1,705 crore, which is an increase of 65 per cent compared to the revenues in the previous corresponding period.

Cash profit grew from Rs 226 crore in June 2003 to Rs 541 crore in June 2004 and EBITDA (earnings before interest, taxation, depreciation, pre-operating costs and amortisation) grew by 115 per cent from Rs 289 crore to Rs 620 crore. The net debt to annualised EBITDA ratio as on the quarter ended June 30, 2004, was 1.54 times.

Bharti had 76.7 lakh mobile and over seven lakh fixed line customers, as on June 30, 2004 - an increase in customer base of more than 100 per cent over the corresponding period last year.

For the quarter ended June 30, 2004, Bharti's share of net additions to the All India GSM mobile customers was 29.6 per cent and that to the All India Wireless Customers, which includes the CDMA based mobile operators, was 22.8 per cent.

"This growth is a result of operational as well as financial efficiencies achieved by the company," Mr Sunil Bharti Mittal, Chairman and Group Managing Director, Bharti Tele-Ventures said in a company statement.

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