Country's largest telecom operator Bharti Airtel's consolidated net profit rose higher-than-expected 35.5 percent quarter-on-quarter (down 10 percent Y-o-Y) to Rs 689 crore, but consolidated revenues dropped 0.9 percent Q-o-Q (9 percent growth on yearly basis) to Rs 20,264 crore during quarter.
Analysts on an average had expected it to report net profit at Rs 650 crore on revenues of Rs 21,339 crore for the quarter.
Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) increased lower-than-expected 0.9 percent (19 percent growth year-on-year) to Rs 6,545 crore in April-June quarter from Rs 6,487 crore in previous quarter and analysts expectations of Rs 6,767 crore.
EBITDA margin grew by 60 basis points (up 270 bps Y-o-Y) to 32.3 percent in the quarter ended June 2013 as against 31.7 percent in previous quarter. Analysts were expecting it to be unchanged on quarterly basis.
Chairman of the company Sunil Bharti Mittal said, "Results for Airtel India reflect rationality returning to the sector which needs to be complemented by a more enabling regulatory environment for a deeper penetration of telecom and broadband services."
The telecom operator reported forex and derivative loss at Rs 534 crore, mainly caused by the rupee depreciation, compared to gains of Rs 160 crore in the same period last year. Consolidated tax charges increased to 968 crore from 454 crore last year, mainly increasing in Africa.
Monthly India average revenue per user (ARPU) soared stronger-than-expected 3.6 percent on quarterly basis (up 8 percent Y-o-Y) to Rs 200 from Rs 193 and forecast was Rs 195.
"The voice rate increase (up from 35.68 paise last year to 36.39 paise) coupled with higher usage per customer (up from 433 minutes last year to 455) has enabled this improvement in ARPU," Bharti said in its filing.
Minutes of usage per customer remained unchanged at 455 on quarterly basis and increased 5 percent year-on-year.
Net debt of Bharti Airtel was USD 9.8 billion as on June 2013. "Consequent to the additional equity infusion of Rs 6,796 crore by Qatar Foundation Endowment and after considering the full debt in the Qualcomm subsidiaries, the consolidated net debt has decreased by USD 908 million during the quarter to close at USD 9,779 million. The net debt to EBITDA ratio (USD terms) now stands at 2.21 as compared to 2.50 at the end of the previous quarter," the telecom operator said.
Africa business revenue dropped more than 5 percent quarter-on-quarter to USD 1,062 million during the June quarter, which was far lower than CNBC-TV18 poll of USD 1,167 million.
Bharti Airtel has approved the sale / transfer of its data centre undertaking (business) by way of slump sale to its newly incorporated wholly owned subsidiary Nxtra Data.
At 09:54 hours IST, the stock gained 0.87 percent at Rs 324.25 on the Bombay Stock Exchange.