Bharti's second quarter profit triples

Friday, 24 October 2003, 07:00 Hrs
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NEW DELHI: Bharti Tele-Ventures Ltd, India's leading provider of telecom services, Thursday said its net profit for the quarter ended September 30 tripled over the previous quarter on a sharp growth in customer base.

The company, which provides mobile, fixed-line, domestic long distance and overseas telephone services, said its July-September profit touched 930 mn compared to 310 mn logged in the April-June quarter of the current fiscal.

New Delhi-based Bharti had posted a loss of 1.29 billion in the July-September quarter of the previous fiscal year that ended on March 31, 2003, said a company statement issued here.

"The continuous success of each of the company's businesses has resulted in a turnaround from a loss of 1.29 billion in the corresponding quarter last year," the statement added.

Total revenue for the second quarter of the current fiscal year is 11.44 bn, a 74 percent growth over the corresponding period previous year.

Bharti said it crossed the five million-customer mark for its cellular phone services in the quarter ended September 30, 2003, making it India's first private sector company to achieve the milestone.

The company added approximately one million mobile phone customers during the quarter. It also has 496,000 fixed-line customers.

Mobile services constitute the largest portion of Bharti's business both in terms of total revenues and total customers. The company offers mobile services in 15 out of 23 circles in India.

"The performance during the quarter has further strengthened our position in the industry," said Sunil Bharti Mittal, chairman and group managing director of Bharti Tele-Ventures Ltd.

"The strong improvement in profits during the quarter illustrates the benefits of scale and size that Bharti possesses now," he added.

The investment made by the company in building telecom infrastructure in India is over 110 billion as on September 30,2003. Besides telecom services, Bharti also provides satellite and Internet services.

"The company seeks to capitalize on the growth opportunities that it believes are available in the Indian market and consolidate its position to be an integrated telecommunications service provider, with a focus on mobile services," it said.

Source: IANS
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