Airtel dials 54% rise in Q3 net at Rs 2,442 cr

New Delhi: Bharti Airtel on Monday posted a 54 per cent jump in consolidated net profit to Rs2,442.2 crore in the December quarter, mainly on account of growth in high value customers. Airtel prepaid mobile customers are required to pay at least Rs155 for about a month-long service as the company had raised rates by 56 per cent in January 2023.

Bharti Airtel Managing Director Gopal Vittal has indicated a need for further increase in mobile services rates. Return on investment made by the company is still low at 9.4 per cent. The company had registered a profit of Rs 1,588.2 crore in the year-ago period, a regulatory filing said on Monday. Despite devaluation of African currencies during the period, the consolidated revenue from operations during the third quarter of the ongoing fiscal grew 5.8 per cent to Rs 37,899.5 crore from Rs 35,804.4 crore in the year-ago period.

“Revenue from India business sustained its momentum and grew sequentially by three per cent, while consolidated revenue was impacted by the devaluation of the Nigerian Naira and Malawian Kwacha,” said Gopal Vittal, Managing Director, Bharti Airtel, in a statement.