On August 3, Bharti Airtel reported a consolidated net profit of ₹284 crore with a 62 per cent quarter-on-quarter decline for Q1, i.e., the quarter ended June against Q4FY21’s ₹759 crore.
However, the telecom service provider witnessed an increase of 4.3 per cent in consolidated revenues to ₹26,854 crore when compared to ₹25,747 of Q4FY21. It claimed that its revenue soared by 21.1 per cent.
As reported by Business Standard, the MD and CEO of Airtel India & South Asia, Gopal Vittal, stated, “While our wireless revenue was impacted by the Covid lockdown induced slowdown in terms of device shipments and a financial squeeze at the lower end of the market, our overall performance reflected the resilience and strength of our portfolio.”
For Q1, while the margins rose to 49.1 per cent, the consolidated earnings before interest, tax, depreciation and amortization (EBITDA) stood at ₹13,189 crore.
Vittal added, “Our Homes business grew by just about 13 per cent over last year and added 285K customers in the quarter, the highest ever. We continue to invest in the best of emerging technologies, including networks and digital capabilities.”
According to the company, the top priorities for the first quarter were the vaccination of its employees and associates alongside delivering a “great end-user experience.”
The shares of Bharti Airtel ended grew 2.3 per cent higher at ₹578.4 on the NSE today.