Airtel records 1,612 cr profit and 14% YoY increased revenue in Q1

Airtel also strengthened its leadership position in Postpaid segment with highest ever net adds of 0.8 Mn in Q1’24 thereby reaching a customer base of 40.4 Mn (including IoT).

Bharti Airtel Limited today announced its audited consolidated results for the first quarter ended June 30, 2023. The telco reported a net profit of Rs. 1,612 crore, which was almost unchanged from the figure of Rs. 1,607 crore for the same period in the previous year.

According to the business, Airtel reported quarterly sales of Rs 37,440 crore, a 14.1 percent year-over-year (YoY) increase, driven by continuous and strong performance across its varied range of services. A 13.1 percent YoY growth in quarterly revenues was seen in the India business alone, which brought in Rs 26,375 crore.

With consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) reaching Rs 19,746 crore, an increase of 212 basis points (bps) year over year, the company's financial performance overall showed a strong bottom line. EBITDA margin was 52.7 percent at the time. Further analysis of the statistics reveals that the India business generated EBITDA of Rs 14,154 crore and an EBITDA margin of 53.7%, representing a 271 bps YoY increase.

Before exceptional items, Bharti Airtel's net income for the quarter totaled Rs 2,902 crore, representing an increase of 91.3 percent YoY. Although there was a more moderate gain of 0.3 percent YoY, the net income (after exceptional items) was Rs 1,612 crore.

The revenues for Bharti Airtel's mobile services in India increased by a noteworthy 12.4 percent YoY, mostly due to the continuous acquisition of solid 4G users and an increase in average revenue per user (ARPU). Airtel also strengthened its leadership position in Postpaid segment with highest ever net adds of 0.8 Mn in Q1’24 thereby reaching a customer base of 40.4 Mn (including IoT). Airtel business became India’s first enterprise to power over 20 Mn connected devices.

The Airtel Business business saw considerable development in addition to the mobile market, with revenues rising by 15.8 percent YoY. The increasing demand for data and connectivity-related solutions, which was further bolstered by rising competences, was cited as the reason for this achievement.

The Homes business has also been a major contributor to Bharti Airtel's development, with revenues increasing by 25.4% YoY, mostly due to a significant expansion of the subscriber base. Additionally, Airtel claimed that throughout the time under review, its Digital TV segment expanded its market position.

Airtel continued to garner strong share of 4G customers in the market and added 24.5 Mn 4G data customers to our network over last year, an increase of 11.9% YoY. We continue to deliver industry leading ARPU along with growing average data usage per data customer at 21.1 GBs/month. The company claims to have rolled out 9.2k towers in the quarter to further strengthen our network coverage and provide seamless connectivity. Our commitment towards providing unparalleled network experience is reflected in our investments as we added 38.6k towers YoY.

On the other hand, Adani Enterprises, the main business of the Gautam Adani-led conglomerate "Adani Group," reported earlier today that its net profit increased by 44% year over year to 674 billion USD for the fiscal quarter ending in June 2023. Revenue for the company decreased 38% from the previous year.

Adani Power announced a net profit of 8,759 billion USD for the first quarter of FY24, an impressive increase of 83% from 4,780 billion USD in the corresponding quarter previous year.