Airtel Q2 profit falls 29% on forex losses

Bharti Airtel on reported a 29 per cent decline in its net profit to Rs 512 crore during the quarter ended September 30 compared with Rs 721 crore during the same period last year.

The company said margins were hit due to continued depreciation of the rupee with forex restatement and derivative losses of Rs 342 crore against Rs 25 crore loss last year. This is the 15th consecutive quarter when Bharti Airtel has reported declining profit.

However, good operating performance seems to indicate that the company is set for a turnaround. The consolidated revenues grew 10 per cent to Rs 21,324 crore. Mobile Internet revenues generated income of Rs 1,503 crore, up more than 100 per cent from the corresponding quarter last year. Number of 3G users has doubled to just over eight million subscribers.

Revenues were also enhanced by growth of 28.8 per cent in Digital TV and 20.8 per cent in Airtel business (B2B). International revenues grew by 17.9 per cent with Africa increasing by 16.1 per cent while South Asia rose 54.4 per cent.

Source: http://cablequest.org/news/national-news/item/3427-airtel-q2-profit-falls-29-on-forex-losses.htmlSource: http://cablequest.org/news/national-news/item/3427-airtel-q2-profit-falls-29-on-forex-losses.html