Bharti Tele-Ventures' net profits rise 20 percent

Wednesday, 23 July 2003, 07:00 Hrs
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NEW DELHI: India's private telecom major Bharti Tele-Ventures Ltd. has registered a 20 percent rise in profits over the last quarter to make a net profit of 310 million.

The net profit of 310 million represented a real turn around for Bharti Tele-Ventures that had faced 680 million losses in the April-June quarter of last year, according to a company statement Wednesday.

The firm offers mobile services in 15 out of 22 circles in the country.

"Our performance has been extremely satisfying. During the quarter, we passed on enormous tariff benefits to our customers including incoming free on mobile services," said Sunil Bharti Mittal, chairman and group managing director of Bharti Tele-Ventures.

"We are very encouraged with the price elasticity we saw across all networks, be it on our mobile, fixed line or long distance networks. The increased usage of our networks as well as a very tightly managed business has enabled us to sail confidently through these uncertain times," said Mittal in a statement.

Bharti claims that in June its mobile phones market share, post implementation of the level playing field for private operators, rose to 25 percent from 22 percent last year. On June 30, the company had a customer base of 4.17 million as against 1.81 million during the same period last year.

The total revenues of the company in the first quarter of 2003-4 were 10.36 billion, a year-on-year growth of 92 percent. The cash profit of the company has tripled for the quarter to 2.26 billion.

The firm is seeking to capitalise on growth opportunities available in the Indian market as an integrated telecommunications service provider with a focus on mobile services. Mobile services now represent 63 percent of its revenues.

Bharti Tele-Ventures also offers fixed line services in Haryana, Delhi, Karnataka and Tamil Nadu.

The company complements its mobile and fixed lines services with national and international long distance services. It also has a submarine cable landing station at Chennai, which connects the submarine cable between Chennai and Singapore.

As of June 30, the company made a gross investment of over 106.50 billion in building telecom infrastructure in the country.

Source: IANS
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