Airtel Q4 net falls 31% to Rs 2,072cr
Suffered forex loss of Rs2,544.4 cr due to Nigerian Naira devaluation
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New Delhi: Telecom operator Bharti Airtel on Tuesday posted a 31 per cent drop in consolidated profit to Rs2,072 crore in the March quarter mainly due to devaluation of the Nigerian Naira.
The company had registered a profit of Rs3,005.6 crore in the year-ago period. The consolidated revenue of operations increased 4.4 per cent to Rs37,599.1 crore during the quarter under review from Rs36,009 crore a year earlier. Airtel suffered a forex loss of Rs2,544.4 crore on account of currency devaluation.“Consolidated performance was impacted primarily by the devaluation of the Nigerian Naira. We added 7.8 million smartphone customers and delivered an industry leading ARPU of Rs209,” Bharti Airtel Managing Director Gopal Vittal said.
During the reported quarter, the company acquired a 97.12 per cent stake in Beetel Teletech for Rs 658 crore. For the year ended March 31, 2024, Bharti Airtel’s profit dropped 10.5 per cent to Rs 7,467 crore. The annual revenue from operations of the company rose 7.7 per cent to Rs 1,49,982.4 crore during the reported fiscal from Rs 1,39,144.8 crore in 2022-23. Bharti Airtel’s capital expenditure was Rs 10,516 crore at the group level comprising Rs 8,491 crore for India during the March 2024 quarter.
