Bharti Infratel Q2 profit falls 17% to Rs638 crore

Bharti Infratel Ltd reported a 17 per cent drop in second-quarter profit missing analysts’ estimate as higher expenses weighed

Bharti Infratel Ltd reported a 17 per cent drop in second-quarter profit missing analysts’ estimate as higher expenses weighed

Profit for the quarter ended June 2017 stood at Rs 367.3 crore.

According to analysts, interconnect charges now account for 12 per cent of Airtel's operating profit.

He added that this would eventually force operator consolidation and exits as witnessed in the recent past.

Airtel's profit for the quarter stood at Rs 586.1 crore.

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Airtel's total revenue fell 11.7 percent to Rs 21,777 crore during the second quarter of 2017-18, from Rs 24,651.50 crore in the year-ago period.

The Sunil Bharti Mittal-led company Airtel feels that the market continues to see value erosion and financial stress led by competitive pressure, likely to increase further as the regulator has reduced interconnect charges from 14 paise to 6 paise. On the other hand, India revenues posted by the company for the September quarter at Rs 16,728 crore have declined by 13 per cent over the year ago period, led by mobile drop of 16.8 per cent. Mobile broadband customers jumped 33.6 per cent to 55.2 million from 41.3 million in the corresponding quarter previous year.

The company's consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) for the September-quarter was at Rs 8,004 crore, down 15.4 per cent year-on-year with the EBITDA margin dropping by 1.6 percentage points to 36.8 per cent. "Airtel remains committed to its goal of increasing revenue market share in this competitive environment by providing superior customer experience and strategically investing behind building more data capacities", he added. However, consolidated mobile data traffic came in at 853 million MBs for the quarter, up 293.8 percent on year-on-year basis.

Airtels consolidated net debt rose to Rs 91,480 crore against Rs 87,840 crore in the previous quarter. Our efforts to create a profitable business model for Africa continues and we have delivered EBITDA margin of 32.1 percent, with underlying margins up 9.1 percent Y-o-Y. Its overall subscriber base in India marginally increased by 0.5% in the second quarter to reach 282 million with 96.5% VLR.

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Shares of BHARTI AIRTEL LTD. was last trading in BSE at Rs.497.65 as compared to the previous close of Rs. 492.8.

The fortunes of operators, such as Bharti Airtel and Idea Cellular, have been battered by sharply discounted plans and free services offered by Reliance Industries' Jio telecoms unit, backed by India's richest man Mukesh Ambani, that was launched a year ago.

The forex and derivative loss for the quarter widened to Rs 422 crore compared to loss of Rs 302 crore in the same quarter past year.

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