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Bharti Airtel rallies over 11 pc after Q4 earnings, hits 1-yr high during intra-day

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Press Trust of India  |  New Delhi 

Shares of Bharti Airtel on Tuesday zoomed over 11 per cent after the company reported a consolidated revenue of Rs 23,722.7 crore during the reported quarter on broad-based strength, with all segments registering healthy underlying growth.

The telecom company, however, posted a consolidated loss of Rs 5,237 crore for the January-March quarter of 2019-20 financial year, mainly on account of making provision for paying statutory dues. Its stock surged 11.34 per cent to close at Rs 599.15 on the BSE. During the day, it advanced 12.05 per cent to Rs 603 -- its 52-week high. On the National Stock Exchange (NSE), it jumped 10.80 per cent to close Rs 596.20. Bharti Airtel was the top gainer on both the Sensex and the Nifty. The company's market valuation also rose by Rs 33,279.72 crore to Rs 3,26,869.72 crore on the BSE. Bharti Airtel was also boosted by rise in average revenue per user (ARPU) in its earnings report. "Revenue grew 16 per cent quarter-on-quarter to Rs 12,950 crore, which could be attributed to strong ARPU (average revenue per user) increase," according to a report by Motilal Oswal. In terms of traded volume, 21.10 lakh shares were traded on the BSE and over 7 crore shares on the NSE during the day. The company said March 2020 numbers were not comparable with the prior-year period due to adoption of 'Ind AS 116' accounting system with effect from April 1, 2019. It posted exceptional items totalling Rs 7,004 crore during the quarter ended March 31, 2020, comprising charges on account of reassessment of regulatory cost based on a recent order on one time spectrum charge, interest on provision of licence fee and spectrum usage charges, and other heads. The company statement pegged net loss (before exceptional items) for March quarter at Rs 471 crore, and net loss (after exceptional items) at Rs 5,237 crore. Bharti Airtel said the company has undertaken a capital expenditure investment of Rs 25,359 crore during the year to ensure strong customer experience besides front-ending some investment to ensure seamless services during the ongoing pandemic.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 19 2020. 18:08 IST
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