India’s Bharti Airtel reported a 5.67x YoY jump in net profits to INR 16.1bn ($200mn) on a consolidated basis for the quarter ended June on higher revenues and stronger subscriber additions. The company posted revenues of INR 328bn ($4.3bn), 22% higher YoY driven by strong and consistent growth in mobile services, home business, and its digital TV segments. Consolidated EBITDA stood at INR 166bn ($2.1bn) and margins at 50.6%, up 150bp YoY. Mobile ARPU (Average revenue per user) increased 25.3% YoY to INR 183 ($2.30). Net debt increased 4.8% YoY to $21.1bn and Capex for the quarter was $829mn. As of June end, the overall customer base was around 497mn across 16 countries with 4.7% YoY growth. Airtel’s homes business segment posted strong momentum with revenue growth of 41.9% YoY and net customer additions of 1.4mn YoY, leading to a total base to 4.8mn. For the Africa business, revenue was up 18.6% YoY and EBITDA margins were at 48.8%, up 80bp YoY. The company procured 19,867.8 MHz of spectrum for INR 430.4bn ($5.4bn) in the 5G spectrum auction conducted in July. During the quarter, the company was upgraded to investment grade status of Baa3 from Ba1 by Moody’s with a stable outlook.

Bharti Airtel’s dollar bonds were lower with its 5.65% Perp down 0.21 points to 96.69, yielding 7.16%.

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