Bharti Tele-Ventures Ltd today reported a 32 per cent increase in its net loss for the fourth quarter of 2001-02 at Rs 55.10 crore compared with Rs 41.75 crore loss in the corresponding period in the previous year.
Despite increased losses in the fourth quarter the company's net losses were down 7 per cent at Rs 112.69 crore during 2001-02 as against Rs 120.8 crore in the previous financial year.
Bharti Tele-Ventures' earnings before interest, tax, depreciation and amortisation rose 111 per cent to Rs 406.6 crore in 2001-02 as against Rs 193.01 crore in 2000-01. During the fourth quarter of the last financial year, however, the EBITDA fell 8 per cent to Rs 114.74 crore as against Rs 124.22 crore in the corresponding period in 2000-01. Bharti group finance director Akhil Gupta told Business Standard the company posted a loss of around Rs 12 crore on account of commencement of fixed line services in Haryana and Delhi as also forays into the national long distance telephony and cellular operations in Punjab.
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The company's interest obligations also went up to Rs 112 crore in 2001-02 from Rs 96 crore in the previous year. During the fourth quarter of the last financial year alone, interest outgo stood at Rs 60 crore against Rs 46 crore in the corresponding period of 2000-01. Bharti Tele-Ventures' debt is estimated at Rs 1,400 crore at the end of the 2001-02 financial year.
The company's revenues posted a 10 per cent growth in the last quarter to touch Rs 458.33 crore as against Rs 417.37 crore during January-March 2001. During the last financial year, however, revenues posted a 77 per cent increase and touched Rs 1,500.46 crore, as against Rs 848.14 crore during 2000-01, a company statement said.
Cash profit from operations fell 30 per cent to Rs 54.78 crore during January-March this year as against Rs 78.28 crore in the corresponding period last year. During 2001-02, however, cash profit rose by over 204 per cent to Rs 294.82 crore from Rs 97.14 crore in the 2000-01.
Bharti Tele-Ventures' net worth at the end of the 2001-02 financial year is estimated at Rs 4,870 crore as against Rs 1,895 crore at the end of 2000-01. Reserves (at face value) at the end of March 2002 were estimated at Rs 1,853 crore.
The company also witnessed a slowdown in cellular customer growth in the last quarter, with net accretion of 2.41 lakh clients as against 1.26 lakh during January-March 2001, a growth of 92 per cent. During 2001-02, however, net addition in cellular customers was nearly 6.76 lakh a growth of 117 per cent over the previous year's net addition of 3.12 lakh.
The accounts are in accordance with the international system and all pre-operative expenses have been accounted for in the financial results.