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Bharti Airtel Q1 net dips 32% at Rs1,682 crore on forex losses

New Delhi: The country's largest private telecom operator Bharti Airtel today reported a decline of 32% in consolidated net profit at Rs1,682 crore during the first quarter ended 30th June, due to the foreign exchange losses, reports PTI.

The April-June quarter of current fiscal witnessed an adverse impact after dollar strengthened against the rupee and several African currencies. As a result derivative and exchange fluctuation loss stood at Rs216 crore, as against gain of Rs279 crore in the same quarter previous year, Bharti Airtel told reporters here.

Total income rose by 17.4% to Rs12,231 crore during the first quarter of current fiscal, from Rs10,414 crore in the same period previous quarter.

"The first quarter witnessed the successful completion of acquisition of Zain's mobile operation in 15 African countries. We also won valuable third generation (3G) and broadband wireless access (BWA) licenses in India, which will transfer Airtel into a lifestyle enabler. Our business in India and South Asia got of to a solid start with robust revenue growth and healthy margin", Bharti Airtel chairman and managing director Sunil Bharti Mittal said.

The result includes the figures of newly acquired African operations for 23 days of the quarter, effective from 8 June, 2010, the company said.

The capital expenditure during the quarter was restricted to Rs1,836 crore due to delays in security clearance for equipment imports.

This is the first time Bharti has announced the quarterly results as per International Financial Reporting Standards (IFRS) accounting standards.

Average revenue per user (ARPU) declined to Rs215 in the first quarter, down 2% from Rs220 in the January-March quarter of the previous fiscal.

The revenue from India and South Asia mobile business grew by Rs506 crore over the fourth quarter of last fiscal.

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