Bharti Airtel flat after Q2 numbers

Bharti Airtel was unchanged at Rs 358.75 at 10:33 IST on BSE after consolidated net profit rose 10.08% to Rs 1522.70 crore on 4.33% growth in total income to Rs 23851.90 crore in Q2 September 2015 over Q2 September 2014.

The Q2 result was announced during market hours today, 26 October 2015. The results are as per International Financial Reporting Standards (IFRS).

Meanwhile, the S&P BSE Sensex was up 38.18 points or 0.14% at Rs 27,508.99.

On BSE, so far 1.67 lakh shares were traded in the counter as against average daily volume of 2.37 lakh shares in the past one quarter.

The stock was volatile. The stock lost as much as 0.72% at the day's low of Rs 356.15 so far during the day. The stock rose as much as 2.02% at the day's high of Rs 366 so far during the day. The stock had hit a 52-week high of Rs 452.45 on 21 July 2015. The stock had hit a 52-week low of Rs 315.65 on 29 September 2015.

The stock had underperformed the market over the past one month till 23 October 2015, surging 6.11% compared with Sensex's 6.38% rise. The scrip had also underperformed the market in past one quarter, sliding 17.07% as against Sensex's 3.17% fall.

The large-cap company has equity capital of Rs 1998.70 crore. Face value per share is Rs 5.

Bharti Airtel's bottom line in Q2 September 2015 was boosted by exceptional items. There was a net exceptional gain of Rs 659.60 crore in Q2 September 2015 as against exceptional loss of Rs 175 crore in Q2 September 2014. There was a net gain of Rs 1044 crore in Q2 September 2015 pertaining to the divestment of telecom tower assets in Zambia, Uganda and Kenya. However, there were exceptional charges amounting to Rs 384.40 crore in Q2 September 2015 viz. depreciation charge of Rs 16.60 crore arising out of the termination of the tower sale agreement, charge of Rs 213.60 crore towards operating costs on network refarming and up-gradation program, regulatory fee provisions of Rs 142.60 crore arising out of re-assessment of certain positions and charge of Rs 11.60 crore towards restructuring activities in a few countries.

Bharti Airtel's consolidated revenue on an underlying basis, adjusted for India termination rates reduction and Africa tower assets divestment rose 6.6% to Rs 23836 crore in Q2 September 2015 over Q2 September 2014.

The company's earnings before interest, taxation, depreciation and amortization (EBITDA) rose 6.7% to Rs 8265 crore in Q2 September 2015 over Q2 September 2014.

Adverse currency movements resulted in forex and derivative losses of Rs 809 crore in Q2 September 2015, significantly higher than losses of Rs 219 crore in Q2 September 2014.

Bharti Airtel's consolidated net debt excluding the deferred payment liabilities to the Department of Telecom (DoT) and finance lease obligations was at $7.689 billion. Net debt to EBITDA ratio stood at 2.11 in Q2 September 2015.

Mr. Gopal Vittal, MD and CEO, India & South Asia, Bharti Airtel said that with the commercial launch of high speed 4G services across 334 towns and roll-out of 3G services in Bharti Airtel's gap circles, the company is now best positioned in the industry to leverage the fast growing data market.

Bharti Airtel is one of leading global telecommunications service providers with operations in 20 countries across Asia and Africa.

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