Business

Bharti Airtel shares surge 9% on improved Q4 revenue

Mumbai, May 19 (IANS) Shares of Bharti Airtel rose over 9 per cent on Tuesday morning due to improved consolidated revenue during the January-March quarter

The telecom major reported a consolidated revenue for the fourth quarter of FY2019-20 at Rs 23,723 crore, higher by 15.1 per cent from the year on year basis.

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At 10.16 a.m., its shares on the BSE were trading at Rs 588.10, higher by Rs 49.95 or 9.28 per cent from the previous close. At 1.15 p.m. it remained at the similar position at Rs 588.40, a gain of 9.52 per cent from previous close.

The average revenue per user (ARPU) of the company for the quarter also increased to Rs 154 during the quarter under the review as compared to Rs 123 in the year ago period.

The company, in its Q4 earnings announced on Monday evening, reported a net loss, of Rs 5,237 crore, after exceptional item for the January-March quarter. During the corresponding period in the previous financial year, the company had reported a net profit of Rs 107 crore.

The telecom major took a hit due to the Rs 7,004 crore exceptional item during the quarter, which comprises of a charge on account of reassessment of regulatory cost based on the Supreme Court judgment on the one-time spectrum charge (OTSC) related matter.

–IANS

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