Bharti Airtel shares jumped over 2 per cent on Thursday, following the mobile operator’s Q1 profit beat. Bharti Airtel, reported its June quarter numbers aftermarket hours yesterday, reported a consolidated net profit of Rs 1,462 crore, higher than Reuters estimate of Rs 1,159 crore.
India’s largest telecom network operator’s net profit was however 31 per cent lower as compared to last year. Bharti Airtel’s total revenue rose 7.9 per cent from a year earlier to a record Rs 25,547 crore.
Bharti Airtel blamed adverse foreign exchange impact in Nigeria for the profit drop. During the June quarter, the Nigerian naira depreciated by 42 per cent, forcing the company to register an exceptional loss of Rs 748 crore as a result.
Bharti Airtel derives about 7 per cent of its consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) from Nigeria, analysts estimate.
Restructuring in some other countries also hurt profits, the company added.
As of 09.40 a.m., Bharti Airtel shares traded 0.8 per cent higher at Rs 375.50, outperforming the broader Nifty that was up 0.35 per cent.