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Bharti Airtel’s net profit at Rs. 6,700 cr.

NEW DELHI: Bharti Airtel on Friday said its net income in 2007-08 registered an impressive 57 per cent growth to Rs. 6,701 crore, while its income in the quarter ended March 2008 rose by 37 per cent to Rs. 1,853 crore, thanks to the fast growing subscriber base.

The company, however, denied reports that said it was considering bidding for the South African telecom group MTN.

Bharti Airtel, which made highest-ever net addition of 2.5 crore subscribers in the last fiscal, said its total revenues in 2007-08 went up by 46 per cent to cross Rs. 27,000 crore, while in the fourth quarter, these went up by 45 per cent to Rs. 7,819 crore.

Commenting on the results, Sunil Mittal, Chairman and Managing Director, said they have outperformed the market. “The Indian telecom story is now entering the second wave of growth, which will come from rural India. The coming year will be an exciting one for the company as we launch our services in new segments such as DTH and go live with our operations in Sri Lanka,” he added.

Stating that the company would be investing $3.4 billion in Airtel and in passive infrastructure, Manoj Kohli, President and CEO, said: “About half of the subscribers added are from the rural areas, along with the urban areas, the rural areas have a lot of potential. Our overall subscriber base has crossed 6.4-crore, while in the fourth quarter alone, we added over 69-lakh subscribers.”

Bharti maintained its leadership position through an improved market share of all-India wireless subscribers at 23.8 per cent as on March 31, 2008, up from 22.4 per cent in the corresponding period last year.

On the new reports regarding Bharti bidding for South African telecom group MTN, Bharti Enterprises Group Managing Director, Akhil Gupta, said there was nothing on the table as of now. “The company board has not discussed any such matter in its recent meeting,” he added.

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