Bharti Tele in black, Q3 net at Rs 161 crore

Bharti Tele-Ventures has declared a net profit of Rs 161 crore for the third quarter ending December 31, 2003.

The company had reported a loss of Rs 7 crore during the corresponding period last year and a profit of Rs 93 crore in the second quarter of the current financial year.

Total revenues increased 50 per cent to Rs 1,269 crore (Rs 847 crore). For the nine months ended December 2003, the company registered a 69 per cent rise in revenues at Rs 3,449 crore.

EBITDA (earnings before interest, tax, depreciation and amortisation) improved 128 per cent on a year-on-year basis to Rs 1,138 crore for the nine months ended December 31, 2003.

The company registered a net profit of Rs 286 crore during the period compared to a loss of Rs 204 crore for the corresponding period 2002-03.

According to the report made by the company as per International Accounting Standard (IAS), EBITDA for the third quarter of the financial year 2003-04 is Rs 473 crore, representing a year on year growth of 97 per cent and a sequential growth of 26 per cent.

In a press statement, Sunil Mittal, chairman and managing director, Bharti Tele-Ventures said: "BTVL's performance during the quarter has demonstrated its ability to deliver financial performance on sustainable basis. It has also strengthened its resolve to provide the full benefit of scale & size, translating into superior range of telecom services to all our customers."