Bharti Airtel Q1: Bharti Airtel Q1 results: Consolidated PAT dives 63% QoQ to Rs 284 cr, misses estimates; sales rise 4%

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MUMBAI: today reported a 62.7 per cent sequential fall in consolidated net profit to Rs. 284 crore for the quarter ended June, which was below Street’s expectations.

The telecom operator, however, reported a 4.3 per cent sequential rise in consolidated revenues to Rs. 26,854 crore for the reported quarter, which was above estimates.

The sequential decline in the bottom-line of the company was largely on account of higher tax expenses in the quarter compared to the previous period.

On a year-on-year basis, the company’s consolidated revenues jumped 21.2 per cent given the benefit of a low base in the year-ago quarter. The bottom-line of the company was in the black for the third straight quarter third successive quarter after being in the red in previous six quarters.

In the June quarter, Bharti Airtel reported average revenue per user of Rs. 146 per user per month as against Rs. 145 reported in the previous quarter. Analysts had expected the company to report an ARPU of Rs 145 per user per month.

“While our wireless revenue was impacted by the Covid lockdown induced slowdown in terms of device shipments and a financial squeeze at the lower end of the market, our overall performance reflected the resilience and strength of our portfolio,” said Managing Director and Chief Executive Officer of India and South Asia operations Gopal Vittal.

The company’s consolidated operating profit in the reported quarter stood at Rs. 13,189 crore, while its operating margin expanded 200 basis points on-quarter to 49.1 per cent.

Shares of Bharti Airtel ended 2.3 per cent higher at Rs. 578.4 on the National Stock Exchange.

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