Bharti Q1 consolidated profit vaults 853%

Subscribers increase 100% YoY; Q1 topline up 64%

Bharti Tele-Ventures (BTVL) has posted a 853% increase in net profit at Rs 296.12 crore for the first quarter ended June 30, 2004 as compared to Rs 31.04 crore for the quarter ended June 30, 2003.

According to an official release issued today, total consolidated revenue increased 64.5% to Rs 1,704.60 crore from Rs 1,036.05 crore in JQ03.

The cash profit from operations stood at Rs 541 crore as compared to Rs 226 crore for the corresponding quarter of last year - representing a growth of 140%.

The net debt to annualized EBITDA (Earnings before Depreciation, Pre-operating costs, Amortization, Interest and Taxation) ratio, as on quarter ended June 30, 2004, was 1.54 times.

Bharti has approximately 76.7 lakh mobile and over 7 lakh fixed line customers as of June 30, 2004 - an increase in the total customer base of more than 100% over the corresponding period last year. For the quarter ended June 30, 2004, Bharti's share of net additions of All India GSM mobile subscribers was 29.6% and that of All India Wireless Subscribers was 22.8%.

Commenting on the results in a release issued to the BSE today, Sunil Bharti Mittal, chairman & group managing director, Bharti Tele-Ventures, said: BTVL's strong performance during the first quarter of 2004-05 has once again demonstrated its ability to maximize the full benefits of scale & size. We are now getting ready for our next leap when we roll out our telecom services in the new circles thus moving closer to our goal of being the most preferred provider of telecom services to our customers nationally."

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