Post-Q1 results, Bharti slips 4% on bourses

Shares of Bharti Airtel tumbled by over 4% on the bourses today after the company posted a 28% dip in first quarter numbers.

Bharti Airtel today reported a 28% decline in net profit to Rs 1,215 crore for the first quarter ended June 30, as against Rs 1,681.6 crore in the same period last year.

Total sales were, however, up by over 38% to Rs 16,983 crore in the reporting quarter, as against Rs 12,285 crore in Q1, FY11.

Marketmen said the downslide in the counter was a knee-jerk reaction to the weak first quarter numbers.

"Revenue growth has been steady across all geographies, with Africa recording a healthy sequential growth of approximately 6% and annual growth of 21%," Bharti Airtel chairman and managing director Sunil Bharti Mittal said.

The stock of the company, which was in focus ahead of the results, slipped to an intra-day low of Rs 413 on the Bombay Stock Exchange, down 4.38% from its last close.

Similar movement was witnessed on the National Stock Exchange, where the stock, after opening at Rs 428, fell to a low of Rs 412, down 4.5% from its previous closing price.

The stock however, recovered some of the lost ground later and was trading at Rs 414, down 4.06% on the BSE, and at Rs 413, down 4.4% on the NSE, at 1243 hours.