Bharti Airtel Shares Fall 2% on Q2 Profit Decline

New Delhi, Nov 1 (PTI) Shares of Bharti Airtel on Wednesday declined 2 per cent after the company reported a 37.5 per cent year-on-year fall in consolidated net profit to Rs 1,341 crore for the September 2023 quarter.

The stock dipped 1.99 per cent to Rs 896 on the BSE.

At the NSE, it fell 2 per cent to Rs 895.45.

Telecom operator Bharti Airtel on Tuesday reported a 37.5 per cent year-on-year fall in consolidated net profit to Rs 1,341 crore for the September 2023 quarter, weighed down by a one-time exceptional charge.

Bharti Airtel -- which competes in the market with Reliance Jio as also Vodafone Idea -- saw its Q2 FY24 total revenue climb 7.3 per cent year-on-year to Rs 37,044 crore "backed by strong and consistent performance in India operations".

Its net income (after exceptional items) at about Rs 1,341 crore, was 37.5 per cent lower than the year-ago period. The net income (before exceptional items) stood at nearly Rs 2,960 crore.

"After accounting for loss of Rs 16,190 million towards exceptional items (net of tax and non-controlling interests) ...the resultant net income for the quarter ended September 30, 2023, came in at Rs 13,407 million, compared to a profit of Rs 21,452 million in the corresponding quarter last year and profit of Rs 16,125 million in the previous quarter," Bharti Airtel said in its quarterly report on Q2 earnings.

Mobile ARPU (Average Revenue Per User) increased to Rs 203 in Q2 FY24 against Rs 190 in Q2 FY23, buoyed by "sustained focus on acquiring high-value customers and improved realisations".