Bharti Airtel net falls 29.8%, more than expected

Shares of Bharti Airtel traded marginally in the green early morning after India's top telecommunications carrier reported its 11th consecutive quarter of profit decline as costs increased and a slowdown in customer additions limited revenue growth.

Bharti, controlled by billionaire Sunil Mittal, said on Wednesday that consolidated net profit fell 29.8 percent to Rs 721 crore for its fiscal second quarter ended September from Rs 1,027 crore a year earlier. Analysts had expected net profit of Rs 746 crore, according to Thomson Reuters I/B/E/S.

Bharti and its main rival, the local unit of Vodafone, are set to benefit after a court revoked the permits of several smaller rivals, which will cut the competition in a market that once boasted more than a dozen players.

The leading carriers, however, face the risk of paying out billions of dollars in regulatory fees over the next few years with the government planning to impose a surcharge on airwaves held by them and also because of reallocation, or switching, of their superior quality spectrum when their permits are renewed.

Bharti, nearly a third owned by Southeast Asia's top phone carrier, Singapore Telecommunications Ltd, operates in 20 countries across Asia and Africa and is the world's fourth-biggest mobile phone carrier by customers.

At 10:08 hrs Bharti Airtel was quoting at Rs 275.25, up Rs 1.75, or 0.64%.

(With inputs from Reuters)

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