Bharti Airtel shares up 3% after telco reports Rs 1,134 crore Q2 profit
Shares of Bharti Airtel jumped nearly 3% in Wednesday morning trade on BSE, a day after India’s second-largest telco reported a higher consolidated net profit of Rs 1,134 crore in the September quarter from a year-earlier loss, helped by a one-time gain from spectrum rights transfer to Reliance Jio, reduced finance costs and a strong operating performance in the India mobile business.
This was Airtel’s fourth successive quarter in the black after six straight losses. The September quarter profit was about four times of Rs 284 crore posted in the April-June period. The Sunil Mittal-led telco had made a loss of Rs 763.2 crore in the year-ago period.
Airtel shares were subsequently trading up 1% higher at Rs 719.8 on the BSE. BofA Securities said: “Bharti’s 2Q cellular revenue growth was better than Jio’s as it was up 6.2% vs Jio’s 4.1% qoq,” and that its “net adds too were stronger” at 2.2 million vs Jio, which lost over 11 million customers in fiscal second quarter.