A good day for the telecom giant Airtel, stock up 1.5%
Encouraging Q3 numbers and tariff hike expectations drive the rally.
The telecom operator of India- Bharti Airtel, is in the buzz for its quarterly results that have been encouraging the upside in the stock today. Also, the management expects yet another tariff hike soon which has also driven the performance of Q3. The stock has ended up in green territory, inching 1.52% up to Rs 719.60 on the BSE.
In Q3FY22, revenue grew by 12.63% YoY to Rs 29866.6 crore from Rs 26517.8 crore in Q3FY21. The company has witnessed strong business momentum with the rising 4G customers to reach 19.55 crore. On a sequential basis, the top-line was up by 5.44%. PBIDT (Ex OI) was reported at Rs 14702.8 crore, up by 21.98% as compared to the year-ago period and the corresponding margin was reported at 49.23%, expanding by 378 basis points YoY. PAT was reported at Rs 1034.6 crore, up by 112.56% from Rs -8239.4 crore in the same quarter for the previous fiscal year. The PAT margin stood at 3.46% in Q3FY22 expanding from -31.07% in Q3FY21.
According to its press release, Google is entering into a partnership with Airtel as part of its Google for India Digitization Fund, by making an investment of nearly Rs 75 billion. It has also formed a joint venture with Hughes to become the largest satellite service operator in India.
Bharti Airtel Limited is a leading global telecommunications company with operations in many countries across Asia and Africa. In India, the company's product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high-speed home broadband, DTH, etc. It has a 52-week high of Rs 781.90 and a 52-week low of Rs 490.36.
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