Bharti Airtel rebounds, up over 1% post dismal Q3 numbers

NEW DELHI: Bharti Airtel Ltd posted a smart recovery after correcting by over 2 per cent after the country's top mobile network operator reported 72 per cent drop in its consolidated profit for the quarter ended December 31.

Bharti Airtel said consolidated net profit fell to Rs 284 crore in the fiscal third quarter that ended Dec. 31, from Rs 1011 crores a year earlier.

At 10:40 am; Bharti Airtel was trading recouped most of its morning losses and was trading 1.2 per cent higher at Rs 342. It has hit a low of Rs 327.10 and a high of Rs 347.20 in trade today.

The profits for the telecom major fell for the twelfth quarter in a row and missed estimates by a wide margin, dragged down by amortization, depreciation and interest cost.

Q3 sales came in at Rs 20,239 crore versus an ET Now Poll of Rs 20,380 crore. This is a rise of 9.5%. The company's loss for the third quarter from its Africa business stood at Rs 520 crore.