Shares of Bharti airtel rose by over 2% in the morning trade today even as the company posted a decline of 28.19% in consolidated net income for the fourth quarter ended March 31.
The scrip started the day on a bullish note and further gained 2.25% to Rs 317.30 on the BSE.
At the NSE, the stock gained 1.37% to Rs 312.55.
Bharti airtel today reported a decline of 28.19% in consolidated net income at Rs 1,006 crore for the fourth quarter ended March 31, hit by higher cost of 3G licence fee amortisation, 3G interest costs, forex losses and tax provisions.
The country's largest telecom operator had registered a net profit of Rs 1,401 crore in the January-March quarter of the previous fiscal. "The recent regulatory developments in India will have significant implications on the future of telephony and broadband as well as India's global competitiveness," Bharti Airtel CMD Sunil Bharti Mittal said. Total revenue of the company, however, was up by 15% at Rs 18,729 crore for the March quarter, compared to Rs 1,293 crore in the year-ago period. For the full year ended March, 2012, Bharti airtel's net profit was down by 29.6% at Rs 4,259 crore, compared to Rs 6,047 crore in FY11. Total revenue for FY12 stood at Rs 71,451 crore, as against Rs 59,538 crore in FY11, up 20%. The BSE 30-scrip Sensex, of which Bharti is a part, was up 81 points, or 0.47% at 10:55 am.