Airtel navigates choppy waters to profit

Bharti Airtel recorded a profit in fiscal Q1 2021/22 (to end-June), overturning a loss in the comparable period of fiscal 2020/21 as revenue increased despite falling ARPU in India.

In an earnings statement, MD and CEO of India and South Asia Gopal Vittal noted wireless revenue was impacted by a slowdown in device shipments and a financial squeeze at the lower end of the market, but praised Bharti Airtel’s overall performance for its resilience and strength.

Net profit attributable to owners of the parent company of INR2.84 billion ($38.3 million) overturned a loss [1] of INR159.3 billion in fiscal Q1 2020/21 caused by a one-off charge to cover AGR costs. Consolidated revenue grew 21.2 per cent to INR268.5 billion.

Mobile revenue for India increased 11 per cent to INR143.1 billion, despite ARPU dropping 6.8 per cent to INR146.

LTE subscribers increased 33.4 per cent to 184.4 million, accounting for 57.4 per cent of its overall customer base of 321 million, which rose 14.8 per cent. Average data consumption increased 13.7 per cent to 18.9GB a month.

Capex increased 71 per cent to INR57.1 billion. It added more than 24,000 mobile broadband base stations in the year to end-June for a total of about 218,000.

Africa mobile revenue increased 26.7 per cent to INR81.77 billion, with data up 37.4 per cent.

Its customer base rose 8.5 per cent to 120.8 million; ARPU improved 22.9 per cent to $3.10; and average data usage grew 26.7 per cent to 3.3GB a month.

[1] https://www.mobileworldlive.com/featured-content/top-three/airtel-losses-widen-on-further-agr-provision

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