Stocks

Bharti Airtel rallies 10% after Q4 earnings, hits 1-year high

PTI New Delhi | Updated on May 19, 2020

A Bharti Airtel advertisement board   -  REUTERS

Shares of Bharti Airtel on Tuesday zoomed 10 per cent after the company reported consolidated revenue of ₹23,722.7 crore during the reported quarter on broad-based strength, with all segments registering healthy underlying growth.

The telco, however, posted a consolidated loss of ₹5,237 crore for the January-March quarter of 2019-20 financial year, mainly on account of making provision for paying statutory dues.

Its stock surged 9.99 per cent to ₹591.95 -- its 52-week high -- on the BSE.

On the NSE, it jumped 9.99 per cent to its one-year high of ₹591.85.

Bharti Airtel was the top gainer on both Sensex and Nifty during early trade.

The company said that March 2020 numbers were not comparable with prior the period due to adoption of ‘Ind AS 116’ accounting system with effect from April 1, 2019.

It posted exceptional items totalling ₹7,004 crore during the quarter ended March 31 comprising charges on account of reassessment of regulatory cost based on a recent order on one time spectrum charge, interest on provision of license fee and spectrum usage charges, and other heads.

The company statement pegged net loss (before exceptional items) for March quarter at ₹471 crore, and net loss (after exceptional items) at ₹5,237 crore.

Bharti Airtel said the company has undertaken a capex investment of ₹25,359 crore during the year to ensure strong customer experience besides front-ending some investment to ensure seamless services during the ongoing pandemic.

Published on May 19, 2020

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