 "Bharti Airtel Q4 results: Profit drops 31% to Rs 2,072 cr, revenue down 10%")
Telecom major Bharti Airtel on Tuesday posted a 31 per cent drop in consolidated net profit at Rs 2,071.6 crore for the quarter ending on March 31 (Q4) for the financial year 2023-24 (FY24). The company had registered a profit of Rs 3,005.6 crore during the same period last year. Sequentially, net profit slid 15 per cent from Rs 2,442.2 crore.
The telecom firm's consolidated revenue from operations also dropped 10.5 per cent to Rs 7,467 crore year-on-year (Y-o-Y) from Rs 8,345.9 crore. Revenue dropped marginally by 0.8 per cent from Rs 37,899.5 crore reported in the previous quarter.
The company’s mobile average revenue per user (ARPU), key performance metric for telecom firms, increased to Rs 209 in Q4, compared to Rs 193 during the same period last year.
Commenting on the quarter results, Bharti Airtel Managing Director Gopal Vittal said, "Consolidated performance was impacted primarily by the devaluation of the Nigerian Naira. We added 7.8 million smartphone customers and delivered an industry leading ARPU of Rs 209."
Bharti Airtel Q4 FY24: India's performance
India revenues for the fourth quarter witnessed a 12.9 per cent Y-o-Y growth at Rs 28,513 crore.
The growth was primarily attributed to the mobile segment which saw improved revenue due to significant additions of 4G/5G customers throughout the year.
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Airtel added around 800,000 net subscribers in Q4 2024, reaching a total customer base of 51.2 million, including Internet of Things (IoT).
Airtel's Homes business sustained its growth momentum, recording a revenue growth of 20 per cent Y-o-Y, with the segment adding 331,000 customers during the quarter, bringing its total customer base to 7.6 million. The company's homepass rollout through asset-light partnerships with local cable operators, is now operational in 1,290 cities, the company said.
Airtel Business witnessed a revenue growth of 14.1 per cent Y-o-Y, while the digital TV segment ended the quarter with a customer base of 16.1 million.
Bharti Airtel FY24 performance
For the entire financial year, Airtel reported a 10.5 per cent drop in consolidated net profit at Rs 7,467 crore, compared to Rs 8,345.9 crore reported at the end of FY23.
Revenue from operations recorded a 7.8 per cent growth at Rs 1.50 trillion from Y-o-Y Rs 1.39 trillion.
The company board has recommended a final dividend of Rs 8 per fully paid-up equity share of face value Rs 5 each and Rs 2 per partly paid-up equity share of face value Rs 5 each for the financial year 2023-24.