Bharti Airtel Ltd.'s first quarter net profit declined, missing analysts' estimates even as earnings from each user rose.
The telecom operator's net profit fell 46% sequentially to Rs 1,612 crore in the April-June quarter, according to an exchange filing on Thursday. That compares with a Bloomberg consensus estimate of Rs 2,762.6 crore.
Bharti Airtel Q1 Highlights (QoQ)
Revenue rose 3.9% to Rs 37,440 crore, as compared with an estimate of Rs 36,968.9 crore.
Ebitda grew 4.8% to Rs 19,598.5 crore, as against an estimate of Rs 19,290.4 crore.
Margin at 52.35% vs. 51.92%
The telecom operator clocked an average revenue per user, or ARPU, of Rs 200 as compared with Rs 193 in the quarter-ended March.
The company also reported an exceptional loss of Rs 3,416.3 crore on account of devaluation of the Nigerian Naira against the U.S. dollar.
The Central Bank of Nigeria had announced changes to the operations in the Nigerian Foreign Exchange Market, including the abolishment of segmentation, with all segments now collapsing into the Investors and Exporters window and the reintroduction of the 'Willing Buyer, Willing Seller' model at the l&E window.
"Due to this CBN decision, the Nigerian Naira has devalued against U.S. Dollar by approximately 62%..," it said.
Shares of Bharti Airtel closed 0.73% lower, as compared with a loss of 0.74% in the benchmark Nifty 50.
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