KIFS Result update of Bharti Airtel Q1FY12

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KIFS Result update of:

BHARTI AIRTEL

OVERVIEW

Bharti Airtel is India’s largest integrated and the first private telecom services provider with a footprint in all the 23 telecom circles. Bharti recently announced a tariff hike of 20% in six of its circles (A.P, Delhi, Rajasthan, Bihar, U.P (E) and M.P), these six circles account for 45% of the total AGR. The rate hike pertains to its Freedom and Advantage plan, call tariff now stands at Rs0.6pm from Rs0.5pm. It is expected that the impact of price hike would be visible in the coming quarters leading to better profitability, leaving scope for telcos to expand their 3G network aggressively.

Key highlights:

· Total income grew by 9% Y-o-Y to Rs. 10180 cr. v/s Rs. 9324 cr in June-10

· Operating Profit fell by 3% Y-o-Y to Rs. 3214 cr.  v/s Rs. 3301 cr in June-10

· OPM fell by 383 bps Y-o-Y to 31.57%  v/s 35.4% in June-10

· Net profit fell by 26% Y-o-Y to Rs. 1432 cr.  v/s Rs. 1931 cr in June-10

· NPM fell by 664 bps Y-o-Y to 14.1% v/s 20.7% in June-10

Thanks and Regards,

KIFS Research