India's second largest telco Bharti Airtel posts strong Q2 numbers as users increase
Bharti Airtel
India's No.2 telecom carrier by subscribers Bharti Airtel reported a bigger-than-expected increase in second-quarter revenue on Monday, helped by 4G subscriber additions and higher revenue per user.
The company's consolidated revenue from operations rose nearly 22 per centyear-over-year to 345.27 billion Indian rupees ($4.17 billion) in the three months that ended September 30.
Analysts, on average, were expecting revenue of 339.21 billion rupees, according to Refinitiv IBES data.
Airtel, as the company is popularly called, said revenue from its India mobile services, which has 328 million subscribers, rose nearly 25 per centto 189.58 billion rupees.
Its 4G data customers increased by fivemillion from the previous quarter to 210 million in the latest quarter.
Airtel's average revenue per user (ARPU), a key performance indicator for telecom firms, was 190 rupees, clocking a 3.8 per centsequential rise and a roughly 24 per centyear-on-year increase.
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Read more:Indian government pressing mobile manufacturers to release 5G updates
Earlier this month, market leader Reliance Jio, the telecom arm of conglomerate Reliance Industries said its ARPU rose just under one per centsequentially to 177.2 rupees in the quarter.
Airtel's net profit for the September quarter climbed to 21.45 billion rupees from 11.34 billion rupees a year ago, but missed analysts' estimates of 24.67 billion rupees. Its expenses surged by 16.7 per centin the quarter.
WATCH |WION Business News | Watch out for 5G scams in India
The New Delhi-based company said mobile data consumption surged by 19.6 per cent, with consumption per mobile data customer at 20.3 GB per month.
Analysts expect telecom firms to announce tariff hikes by the end of fiscal 2023, having spent billions of dollars in the country's recent 5G auction. Airtel spent 430.84 billion rupees and launched its 5G services earlier this month.
ARPU needs to be at 200 rupees and ultimately at 300 rupees for a financially healthy business model, Airtel said last November, when it raised tariffs. The stock hit a record high of 833.80 rupees earlier in the day and has risen nearly 22 per centthis year through Monday's close.
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