Friday, April 25, 2008

Bharti Airtel registers good fourth quarter growth

Bharti Airtel, India's largest mobile phone service operator, Friday posted robust growth with consolidated net profit rising to Rs.18.98 billion in the quarter ending March 2008, from Rs.13.18 billion in the same period last year.

The firm, which has 64 million subscribers as of March 31, 2008, has registered a total income of Rs.79.29 billion in the fourth quarter of 2007-08 from Rs.53.98 billion in the same quarter of 2006-07.

"This has been another year of record growth for the telecom industry and Bharti Airtel. The Indian telecom story is now entering the second wave of growth, which will come from rural India. As an industry leader we are committed to be at the forefront of this growth and take our services deeper into rural areas and provide affordable world-class services to customers," said Sunil Bharti Mittal, chairperson and managing director of Bharti Airtel.

"The coming year will be an exciting one for the company as we launch our services in new segments such as DTH and go live with our operations in Sri Lanka. Going forward, we see another year of strong demand in all business segments and we will continue to build on our organisational strengths," Mittal added.
During the fiscal year ending March 2008, the company's net income stood at Rs.67 billion and cash profit of Rs.111.37 billion.
The company, which has a market of 32.22 percent, has plans to invest $3.4 billion in the current fiscal in building its infrastructure and networks.
Indo-Asian News Service

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