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Saturday October 31, 2009
Bharti profit up 13% but lags estimates
NEW DELHI: Bharti Airtel Ltd, India’s top mobile operator, yesterday reported a 13% rise in quarterly profit that lagged analysts’ estimates as an increasing number of low-paying users and price competition weighed.
New Delhi-based Bharti said net profit rose to 23.21 billion rupees (US$495mil) under US accounting rules in its fiscal second-quarter ended September from 20.46 billion reported a year earlier.
Revenue rose 9% to 98.46 billion rupees from 90.20 billion.
A Reuters poll of 11 brokerages had forecast a net profit of 24.41 billion rupees on revenue of 103.55 billion for Bharti, which added 8.1 million mobile users in the quarter to take its customer base to 110.5 million. — Reuters
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