Bharti Airtel records two percent profit in third quarter
New Delhi, Jan 22 (ANI): Bharti Airtel on Friday announced that its net income after taxes grew by over two percent in the third quarter.
Telecom service provider Airtel reported a small rise in quarterly profit growth, broadly in line with expectations, as a vicious price war hits margins in the booming industry.
Bharti Airtel Chief Financial Officer B Srikanth said, "The net income after taxes, 22.10 billion rupees grew by 2 percent over the same quarter last year."
Bharti Airtel Chairman Sunil Bharti Mittal said in a statement, "New Delhi-based Bharti, in which Southeast Asia's top phone firm SingTel owns more than 30 percent, continues to focus on robust market share despite the "hyper competition" in the market."
Bharti added the net profit rose two percent to 22.10 billion rupees ($478 million) in its fiscal third quarter ended December from 21.59 billion a year ago.
Chief Executive Officer (CEO) of Bharti Airtel Manoj Kohli said the company continues to explore expansion in emerging markets on a priority basis.
"We look at emerging markets. Emerging markets is where our unique business model can be implanted very well," said Kohli.
"We have built this unique business model in emerging markets and I think that is where we think should be our first priority and that will continue to be our first priority for many years to come," he added.
Manik Jhangiani, the Chief Financial Officer (CFO) of parent company Bharti enterprises said, the company could consider initial public offering for Bharti Infratel and Indus Towers during the next fiscal year after reviewing current year's financial performance.
"Right now we look at March'10 financials before we take any decision on the IPO," said Jhangiani. (ANI)