INSUBCONTINENT EXCLUSIVE:
Telecom giant Bharti Airtel got a thumbs-up from Dalal Street on Wednesday as its March quarter earnings topped expectations
The stock climbed a good 3.35 per cent to Rs 419.70 early on Wednesday.
The telecom carrier may have posted its lowest quarterly profit in
nearly 15 years, but it's far ahead of analyst estimates.
Earnings of Bharti Airtel were a surprise even as its India business floundered,
according to global brokerage firm Nomura
consolidated net profit of Rs 82.9 crore in January-March of 2017-18 against Rs 373.4 crore in the year-ago period
Its India business turned out to be a damp squib as it reported its first net loss in 15 years and joined Idea Cellular and Vodafone India
652.30 crore, compared with a net profit of Rs 770.80 crore a year earlier, the Sunil Mittal-led telco said in a statement on Tuesday
About other operational parameters, Airtel said the mobile data traffic swelled to 1,616 billion megabytes (MB) in the quarter, up 505 per
During the quarter, India revenue slipped 7.5 per cent year-on-year on an adjusted basis to Rs 14,796 crore even as that of Africa grew 10.7
The brokerage house, however, lowered FY19-21 consolidated revenue and Ebitda by 8-15 per cent.
Domestic brokerage firm Motilal Oswal also
affairs, at IIFL told ET.
Bharti Airtel on Wednesday also approved the merger of Indus Towers with Bharti Infratel
The merger ratio involves 1,565 shares of Bharti Infratel for every 1 share of Indus Towers.
The combination of Bharti Infratel and Indus
Towers by way of merger will create a pan-India tower company, with over 163,000 towers, operating across all 22 telecom service areas
The combined entity will be the largest tower company in the world outside China.
Nitin Soni of Fitch Rating in a chat with ET Now said,
use those cash proceeds to buy stake of Vodafone and Idea in Indus Tower and merge the two companies
The main synergies from the merger will come from the saving of the dividend distribution tax and greater economies of scale, which will
involved in this deal, but it is not going to affect Airtel in any way
So, they are going to be unaffected
0.63 per cent and 1.67 per cent up at Rs 71.55 and Rs 18.25, respectively, on Wednesday
Idea Cellular, which has been in the red for the past five quarters, is expected to report wider losses when it announces results on April
