May 14th 2024.
In New Delhi, the prominent telecommunications company Bharti Airtel released their financial report for the Jan-March quarter of 2023-24. While their revenue from operations increased by 4%, their consolidated net profit saw a decline of 31% at Rs 2,072 crore compared to the previous year's figure of Rs 3,006 crore.
According to Airtel's MD, Gopal Vittal, this decrease in profit can be attributed to the devaluation of the Nigerian Naira. Despite this, the company's board of directors has recommended a dividend of Rs 8 per equity share of Rs 5 face value, showing their commitment to their shareholders.
During this quarter, Airtel saw a growth of 7.8 million smartphone customers, with an average revenue per user (ARPU) of Rs 209, a significant increase from the previous year's Rs 193. Additionally, their consolidated mobile data traffic saw a healthy YoY growth of 26.2%, reaching 17,702 PBs.
In terms of their subscriber base, Airtel's India segment saw a growth of 2.4%, reaching a total of 406 million. Gopal Vittal expressed his satisfaction with the company's performance, stating that they ended the year on a strong note with consistent results across all business areas.
He also highlighted the company's focus on improving customer experience, which has led to a 20% reduction in churn rate during this quarter. However, Vittal mentioned that their return on capital employed remains low due to the lack of tariff repair in the industry.
Despite this, Airtel's India revenue grew by 1.7%, with their EBITDA margin expanding to 54.1%, despite having one less day in the quarter. This showcases the company's resilience and ability to maintain their financial parameters.
In conclusion, Bharti Airtel has shown strong performance in the Jan-March quarter of 2023-24, with significant growth in key areas such as smartphone customers, ARPU, and mobile data traffic. Their focus on improving customer experience and commitment to their shareholders has been reflected in their financial results.
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