Info-tech

Bharti Airtel Q4 consolidated net up 37%

Our Bureau New Delhi | Updated on May 06, 2019 Published on May 06, 2019

For the full FY 2019, Airtel’s net profit tanked 62.7 per cent to Rs 409.5 crore compared to Rs 1,099 crore in the previous fiscal.

Telecom services provider Bharti Airtel on Monday reported a consolidated profit of ₹576 crore, a jump of 37 per cent during the fourth quarter ended March 31, as compared with ₹419 crore in the corresponding period last year.

The profit attributable to owners of the parent for the period under review stood at ₹107 crore (₹83 crore).

The bottomline was bolstered by a one-time exceptional credit of ₹2,167.60 crore arising from re-assessment of levies, based on a recent pronouncement.

Rise in revenue

The consolidated revenue of the company also rose by six per cent YoY to ₹20,602 crore during the quarter as against ₹19,394 crore in January-March 2018.

The company said that the Indian mobile revenue has also grown by around three per cent to ₹10,632 crore during the quarter as compared with ₹10,353 crore in the fourth quarter previous year.

“The company is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make a rights issue of its Equity Shares and has filed the Letter of Offer (LoF) dated April 19 with the Securities and Exchange Board of India (SEBI) and the Stock Exchanges,” said the company in the stock exhanges filing.

Rights issue

Bharti Airtel has filed only standalone and consolidated numbers as the rights issue is still pending. It is in the midst of ₹25,000 crore rights issue, which is slated to close on May 17.

It said, “Investors are requested to note that pursuant to the SEBI ICDR Regulations, the company shall not, directly or indirectly, release, during any conference or at any other time, any information which is extraneous to the LOF, filed with the SEBI and Stock Exchanges until the date of Allotment of Rights Equity Shares pursuant to the Rights Issue.”

“Therefore, the company has submitted only, the standalone and consolidated financial results under Regulation 33 and 52 of Listing Regulations,” it added.

The telecom sector is still under pressure because of falling tariffs, eroding profitability and high debt, over the last few years post the entry of Reliance Jio.

Shares of Airtel closed at ₹333.40 on the BSE on Monday, up 0.69 per cent from the previous close.

Published on May 06, 2019
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