Bharti Airtel on Thursday missed market expectations by reporting a 26.6 per cent fall in profit for the October-December quarter compared to a quarter earlier, hurt by an increase in network spending, higher finance costs because of an higher spectrum amortization charge.
During the fiscal third-quarter, net profit came in at Rs 1,117 crore, lower than the Rs 1,522 crore during the preceding quarter. Consolidated revenue of the company rose 0.96 per cent sequentially to Rs 24,066 crore from Rs 23,835 crore, the New Delhi-based telecommunications company said in a filing to the stock exchanges.
Net profits and revenue missed expectations of analysts forecast Bharti Airtel’s profit to come in at Rs 1,231 crore on revenue of Rs 24, 446.3 crore during the quarter. Earnings were mainly hurt due to increased spending on network expansions that rose 9.41 per cent to Rs 5,508 crore; and higher finance costs that rose by R345.9 crores during the quarter. FE