Airtel announces consolidated IFRS results for Q1 FY 10

Bharti Airtel has announced its audited consolidated IFRS results for the first quarter ended June 30, 2010 with total revenues of USD 2,625 million growing by 17.4% Y-o-Y. India & South Asia total revenues stood at USD 2,419 million, a growth of 8.2% Y-o-Y. On a sequential basis, the Mobile business in India & South Asia grew by USD 109 millionover Q4 FY10. Mobile minutes in India grew by 17.6 billion (over Q4 FY10) to 190.4 billion.

Consolidated underlying EBITDA of USD 968 million grew by 5.0% Y-o-Y. Underlying EBITDA margins continued to be robust at 36.9% after absorbing a conservative provision of USD 22 million for the proposed spectrum cost hike in India; though this has been stayed by the TDSAT.The quarter witnessed the adverse impact of the strengthening of the US Dollar (USD) against the Indian Rupee and several African currencies. As a result, derivatives and exchange fluctuations led to a loss of USD 46 million in Q1 FY11 (Previous year: gain of USD 60 million). Consequently, net income dropped by 32.0% Y-o-Y to USD 361 million.