Bharti Airtel has announced its audited consolidated financial results for the first quarter ended (QE) June 30, 2024. The quarterly revenues for the reported quarter stood at Rs 385.06 billion – up 2.8 per cent year-on-year (YoY), impacted by currency devaluation in Africa, but supported by a strong and consistent performance across the portfolio.
Consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at Rs 199.44 billion while the EBITDA margin was 51.8 per cent. The company’s consolidated net income (before exceptional items) stood at Rs 29.25 billion, up by 0.8 per cent YoY, while the consolidated net income (after exceptional items) stood at Rs 41.60 billion, up by 158.0 per cent YoY.
With regard to its India business, the telco’s revenues for the reported quarter stood at Rs 290.46 billion – up 10.1 per cent YoY. Mobile services revenues grew by 10.5 per cent YoY, led by strong 4G/5G customer additions, an improvement in the customer mix, and an increase in average revenue per user (ARPU). The EBITDA during the period was Rs 155.99 billion, and the EBITDA margin was 53.7 per cent. Mobile ARPU increased to Rs 211 from Rs 200 in Q1 FY24.
The telco strengthened its leadership position in the postpaid segment with a net addition of 0.8 million in Q1 FY25, thereby reaching a customer base of 24 million. Airtel also reported a significant increase in 4G/5G data customers, with a rise of 29.7 million YoY, making up 73 per cent of its overall mobile customer base. The average data usage per data customer at 23.7 GBs/month
Commenting on the results, Gopal Vittal, managing director and chief executive officer (CEO), Airtel, said, “Q1FY25 was yet another steady quarter with India revenue growing at 1.9 per cent sequentially and sustained EBITDA margins expansion to 53.7 per cent. Our stringent focus on driving cost efficiencies is reflected in strong operating leverage. Africa continues to deliver strong underlying constant currency revenue growth. India operations added 6.7 million smartphone customers and reported an improved ARPU of Rs 211. Our postpaid strategy continues to yield results with 0.8 million net adds. During the quarter, we accelerated pace on FWA services expansion across key towns. Our Wi-Fi services (FTTH and FWA) are now available in over 1300 cities. Our digital portfolio is shaping up well and it is geared for accelerated growth to add strength to our already diversified portfolio. In the recently concluded spectrum auction, we successfully renewed spectrum that was expiring in 6 circles and further bolstered our sub-giga hertz and mid-band holding in key circles by investing Rs. 69.57 billion. The industry saw much needed action on tariff repair, which is positive for industry’s financial health amid ongoing large network capex. We continue to believe that industry needs over Rs 300 ARPU at the minimum for financial stability.”
