New Delhi, July 23 (Inditop.com) Telecom major Bharti Airtel has posted a net profit of Rs.2,647.95 crore (Rs.26.48 billion/$547 million) in the first quarter of 2009-10, a 22.2 percent year-on-year increase.
The company’s total income during the period under review rose 22 percent to Rs.10,448.69 crore from Rs.8,567.8 crore in the corresponding period a year ago, the company said in a regulatory statement.
The increase in profits was also because of a Rs.250-crore gain that accrued after payouts on its foreign currency loans fell due to rupee appreciation.
“This good performance validates our rural thrust and investments in the past three years,” said Bharti Airtel chairman and managing director Sunil Bharti Mittal.
Its subscriber base increased 47 percent to 105.2 million customers as on June 20.
Airtel’s average revenue per user fell 20.6 percent to Rs.278 in the quarter under review from Rs.305 earned in the quarter ended March 30.
“There is a pent-up demand in rural India and rural customers are really using more,” Bharti chief executive and joint managing director Manoj Kohli told reporters.
“About 60 percent of the company’s new users currently come from the rural areas,” Kohli added.
