Bharti Airtel Ltd.'s profit for the fourth quarter of fiscal 2024 declined, missing analysts' estimates.
The country's second largest telecom company's net profit declined 28% sequentially to Rs 2,068 crore in the January-March quarter, according to an exchange filing on Tuesday. That compares with a Bloomberg consensus estimate of Rs 3,274 crore.
The company reported an exceptional charge of Rs 2,455.5 crore, largely on account of devaluation of the Nigerian currency Naira.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
Airtel Q4 FY24 Results Highlights (Consolidated, QoQ)
Revenue fell 0.8% to Rs 37,599 crore (Bloomberg estimate: Rs 38,607.3 crore).
Operating profit declined 2.3% to Rs 19,365 crore (Bloomberg estimate: Rs 20,480.4 crore).
Margin at 51.5% versus 52.28%.
Average revenue per user rose to Rs 209 versus Rs 208.
Bharti Airtel's India customer base stands at 56.19 crore subscribers across 16 countries, up 2% from the quarter-ended December. India customer base rose 8% year-on-year to 40.92 crore.
The capex for India for the quarter stood at Rs 8,491.2 crore, as compared with Rs 8,989.4 crore in the previous quarter, down 6%.
The company also approved a final dividend of Rs 8 per share of face value Rs 5 each, and Rs 2 per partly paid share of Rs 5.
Shares of Bharti Airtel closed 0.09% lower at Rs 1,285.4 apiece, as compared with a 0.45% advance in the benchmark BSE Sensex on Tuesday. The results were announced after market close.
Correction: Copy updated with correct profit decline percentage.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
