The Hindu Business Line : Bharti Airtel net 79% higher in Q2

Riding on a massive growth in its subscriber base, telecom major Bharti Airtel on Friday reported a 79 per cent increase in net profit to Rs 934 crore in the second quarter ended September 30, 2006 compared to Rs 521 crore for the corresponding quarter last fiscal.

Consolidated total revenue rose to Rs 4,357 crore, registering a growth of 61 per cent compared to Rs 2,709 crore.

The company added 41.1 lakh new customers in the second quarter this year, which is the highest ever subscribers added by the telecom company in a single quarter. The company said its total subscriber base was 2.86 crore and it had a 21.4 per cent share of the mobile market.

For the half year ended September 30, the company reported consolidated total revenue of Rs 8,214 crore, up 57 per cent from Rs 5,226 crore in the same period last year. Consolidated net profit grew 64 per cent to Rs 1689 crore compared to Rs 1031 crore in the year-ago period. The numbers were compiled under US GAAP accounting standards.

Going forward, the company is planning to acquire mobile operating firms in emerging markets such as Africa, West Asia and South Asia to expand its business. "The company is prepared to take its business model, the low-cost model, outside India and the company's management is actively scouting for opportunities outside India. The company feels confident in seeking global opportunities of small to mid-size companies, especially in the emerging markets, and in the GSM (Global System for Mobile Communications) space," said Mr Sunil Mittal, Chairman and Managing Director, Bharti Group, at a post-earnings conference call with analysts. Singapore Telecom has 30.84 per cent stake in Bharti Airtel and Vodafone Group PLC owns a 10 per cent share.

Mr Akhil Gupta, Joint Managing Director, said: "We should be adding 1.4 million to 1.5 million customers each month over the next four months." Bharti Airtel also said it entered into the elite league of corporate entities with a market value of over Rs 1,00,000 crore, joining ranks with the likes of Reliance Industries, Infosys, ONGC, NTPC and TCS. The company had a market-cap of Rs 95,598.79 crore before the commencement of today's trading session.

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