BHARTI Airtel Q4 Result performance, net profit jumps 29%
The net profit of telecom company Bharti Airtel rose 29.3 percent to Rs 107.2 crore in the quarter ended March 31, 2019. This profit was due to the unusual receipt of Rs 2,022 crore in the company.
The company said in the information given to the stock exchange on Monday that its income grew 6.2 percent year-on-year to Rs 20,602.2 crore in the March quarter. Bharti Airtel is in the process of raising Rs 25,000 crore through issue of the rights issue. The issue will be closed on May 17.
Annual income fell 2.2 percent
In the entire financial year 2018-19, Airtel's net profit slipped 62.7 percent to Rs 409.5 crore from Rs 1,099 crore in the previous fiscal. In the financial year, the company's income from Sunil Mittal's operating income fell 2.2 percent to Rs 80,780.2 crore. Prior to this, the income of the company was Rs 82,638.8 crores in the financial year 2017-18.
Competition in the telecom sector is facing competition
Due to tough competition from Mukesh Ambani's company Reliance Jio coming in the market, the telecom sector is struggling with issues such as reduction of duty, declining profits and increased debt burden. The stock of the company rose by 0.69 percent to Rs 333.40 per share. The result was announced after market closure.
Due to tough competition from Mukesh Ambani's company Reliance Jio coming in the market, the telecom sector is struggling with issues such as reduction of duty, declining profits and increased debt burden. The stock of the company rose by 0.69 percent to Rs 333.40 per share. The result was announced after market closure.
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