Bharti Airtel rose 1.52% to Rs 310.95 at 9:47 IST on BSE after the company announced strong Q3 December 2013 results.
The Q3 result was announced during trading hours today, 29 January 2014.
Meanwhile, the BSE Sensex was up 111.60 points, or 0.54%, to 20,795.11.
On BSE, so far 2.05 lakh shares were traded in the counter, compared with an average volume of 3.02 lakh shares in the past one quarter.
The stock hit a high of Rs 314.80 and a low of Rs 301.25 so far during the day. The stock hit a 52-week high of Rs 373.50 on 1 November 2013. The stock hit a 52-week low of Rs 266.95 on 5 April 2013.
The stock had underperformed the market over the past one month till 28 January 2014, falling 6.84% compared with the Sensex's 2.41% fall. The scrip had underperformed the market in past one quarter, sliding 9.86% as against Sensex's 0.55% rise.
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The large-cap company has an equity capital of Rs 1998.70 crore. Face value per share is Rs 5.
As per International Financial Reporting Standards (IFRS), Bharti Airtel's consolidated net profit surged 115.1% to Rs 610 crore on 13.3% increase in total revenues to Rs 21939 crore in Q3 December 2013 over Q3 December 2012.
Bharti Airtel's consolidated mobile internet revenues surged 105.2% to Rs 1736 crore in Q3 December 2013 over Q3 December 2012, accounting for more than one-third of the overall incremental revenue.
India registered a revenue growth of 10.3% in Q3 December 2013 over Q3 December 2012 (Y-o-Y), with strong contribution from all segments. Mobile voice realisation in India improved by 1.96 paise (p) on a Y-o-Y basis (37.13p in Q3 December 2013 versus 35.17p in Q3 December 2012), and minutes grew by 5.9% Y-o-Y. Data customer base increased by 31.2% to 54.4 million customers and coupled with 54.4% increase in usage per customer, this led to 97.0% increase in total data traffic. Mobile ARPU has increased by Rs 9.7 to Rs 195. DTH revenue grew by 25.8% and airtel business grew by 13.9% Y-o-Y.
International revenues grew by 18.5% Y-o-Y in Indian rupee (INR) terms with Africa growing by 17.2% and South Asia by 44.8%. Net Revenue in Africa (after inter-connect costs and cost of goods sold) has grown by 21.6% Y-o-Y in INR terms. Africa revenue in US dollar (USD) terms grew by 4.1% on sequential quarter basis led by a strong 16.8% increase in Data revenues. Mobile voice pricing in Africa remained stable at 3.31 cents per minute, and overall ARPU improved to $5.8.
Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) at Rs 7093 crore grew by 22.8% Y-o-Y, with margin expanding to 32.3% from 29.8% from the corresponding quarter last year led by improved operational performance in India, which expanded EBITDA margin by 4.4% Y-o-Y. The resultant consolidated EBIT of 3175 crore represents a Y-o-Y growth of 55.6%, with a 3.9% improvement in EBIT margin. Consolidated Operating Free Cash Flows for the quarter at Rs 4271 crore grew by 19.9% Y-o-Y.
The company's consolidated net debt has reduced to $9313 million resulting in the Net Debt to EBITDA ratio (LTM) improving to 2.06 times as compared to 2.20 times at the end of the previous quarter.
In a statement, Mr. Gopal Vittal, JMD and CEO, India Operations, Bharti Airtel Limited, said: "Our efforts over the last 12 months to improve the quality of customer acquisitions have resulted in significant reduction in customer churn. Our focus on superior internet experience has resulted in increased data adoption and usage. Data is now a huge source of revenue growth."
In a statement, Mr. Manoj Kohli, MD and CEO, International Operations, Bharti Airtel Limited, said: "The International operations continued to achieve steady revenue growth. Africa had another quarter of strong growth from the 3G/Data and Airtel Money services across all its markets and we expect this trend to sustain due to large investments in brand & network. The market growth came back in Nigeria which is the largest telecom market in the continent"
Meanwhile, Bharti Airtel after market hours on Tuesday, 28 January 2014, said that the board of directors of the company at its meeting held on Tuesday, 28 January 2014 has approved the changes in its top management. Mr. Manoj Kohli will become Chairman of Bharti Airtel International (Netherlands) B.V. that owns telecom operations in Africa, relinquishing the position of Managing Director & CEO (International) in Bharti Airtel. Mr. Manoj Kohli will continue on the Board of Bharti Airtel as Non-executive Director.
Mr. Christian de Faria has been appointed as the Managing Director and CEO (Africa) of Bharti Airtel International (Netherlands) B.V. and will assume full operational responsibility of the company's operations across 17 African geographies. Mr. Gopal Vittal has been appointed as the Managing Director and CEO (India & South Asia) and will also be responsible for Bangladesh and Sri Lanka operations.
Bharti Airtel is a leading global telecommunications company with operations in 20 countries across Asia and Africa. Headquartered in New Delhi, India, the company ranks amongst the top 4 mobile service providers globally in terms of subscribers. In India, the company's product offerings include 20, 30 and 40 wireless services, mobile commerce, fixed line services, high speed DSL broadband, IPTV, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G wireless services and mobile commerce. Bharti Airtel had over 287 million customers across its operations at the end of December 2013.
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