Sunil Mittal's Bharti Airtel, India's 2nd largest telecom company, reports net profit of over 5-fold to Rs...

Sunil Mittal is one of India's richest men who continues to grow his business. He runs India's second-largest telecom company, Bharti Airtel, which has reported a more than five-fold jump in consolidated net profit to Rs 16,134.6 crore in quarter 3. It is boosted by the consolidation of the Indus Tower business and the benefits of tariff hikes last year. Currently, the market capitalisation of Airtel is Rs 9.69 lakh crore. While its boss, Mittal, has a massive net worth of USD 11.7 billion, as per Forbes.

The company had posted a consolidated profit of Rs 2,876.4 crore in the year-ago period. It posted quarterly revenue from operations of Rs 45,129.3 crore, about 19 per cent higher than Rs 37,899.5 crore it posted in the year-ago period.

"Bharti Airtel posts consolidated quarterly revenues of Rs 45,129 crore – up 19.1 per cent YoY driven by strong underlying momentum in India, sustained constant currency growth in Africa and Indus Tower Ltd consolidation effective November 19, 2024," the company said in a statement.

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Bharti Airtel said that its India business posted a 24.6 per cent YoY increase to Rs 34,654 crore in the December quarter backed by residual flow through the impact of tariff repair in the mobile segment, and strong momentum in Homes business and the impact of Indus Towers consolidation. The company posted a net exceptional gain of Rs 7,545.6 crore comprising a gain of Rs 14,322.5 crore arising from business combination of Indus, according to the company filing.

Airtel reported a total customer base of around 57.7 crore across 15 countries during the quarter of which around 41.4 crore were in India. The India customer base of Bharti Airtel grew 4.2 per cent from 39.7 crore in the December quarter of last year.

(With inputs from PTI)