Bharti Airtel has announced its audited consolidated financial results for the second quarter ended (QE) September 30, 2023. The quarterly revenues for the reported quarter stood at Rs 370.44 billion – up 7.3 per cent year-on-year (YoY). Consolidated revenue growth was impacted by the devaluation of Nigeria Naira and other currencies during the period. Consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) was Rs 196.65 billion while the EBITDA margin was 53.1 per cent, an improvement of 176 bps YoY. The company’s consolidated net income (before exceptional items) stood at Rs 29.6 billion, up by 44.2 per cent YoY.
With regard to its India business, the telco’s revenues for the reported quarter stood at Rs 269.95 billion – up 10.9 per cent YoY. Mobile services revenues grew by 11 per cent YoY, on account of improved realisation as well as strong 4G/5G customer additions during the year. The EBITDA during the period was Rs 145.61 billion, and the EBITDA margin was 53.9 per cent, up 214 bps YoY. Mobile average revenue per user (ARPU) increased to Rs 203 from Rs 190 in Q2 FY23.
Airtel strengthened its leadership position in the postpaid segment with the highest-ever net addition of 1 million during the reported quarter, thereby reaching a customer base of 43.9 million (including IoT). The telco continued to garner a strong market share of 4G/5G customers and added 27.2 million 4G/5G data customers to its network over last year, an increase of 12.9 per cent YoY. It continued to deliver industry-leading ARPU along with growing average data usage per data customer at 21.7 GB/month.
The operator rolled out around 11,100 towers in the quarter to further strengthen its network coverage and provide seamless connectivity. It has rolled out nearly 41,000 towers in the last 12 months to ensure coverage and connectivity in rural as well as urban areas.
Commenting on the results, Gopal Vittal, managing director and chief executive officer, Airtel, said, “This has been yet another quarter of solid revenue growths and improved margins. Our India revenue continues to gain momentum and grew sequentially by 2.4 per cent. Our consolidated revenue however was impacted by the devaluation of the Nigerian Naira. Consolidated EBITDA margins expanded to 53.1 per cent supported by a strong war on waste program. We added 7.7 million 4G/5G net addition and exited the quarter with an industry-leading ARPU of Rs 203. Our postpaid and homes businesses continued their strong growth trajectory as we added the highest-ever net additions in both these segments in any single quarter. Our performance is underpinned by a simple and consistent strategy of focusing on quality customers and delivering the best experience to them in a seamless digital way.”