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Bharti Airtel Q3FY23 net profit surges 91% to Rs1,588 crore

Feb 7, 2023

By: BlinkX Research Team

Telecom major, Bharti Airtel, reported 91% higher net profits at Rs1,588 crore for Q3FY23. However, sequential profits were lower by 26%. The Q3 profits were also lower than the consensus street expectations. Total revenues for the Dec-22 quarter were up 20% at Rs35,804 crore. Its total customer base stood at 51.1 crore, showing a growth of 5% over the year ago period.

The quarter ended in December 2022 saw voice traffic grow by 5% while the data traffic was up at a more impressive 24%. EBITDA for Q3FY23 was up 25% at Rs18,601 crore, while the EBITDA margins expanded by 210 basis points from 49.9% to 52% on a YoY basis. EBTIDA margins were also higher marginally on a sequential basis. 

The critical metrics of average revenue per user (ARPU) per month for the India operations stood at Rs193 for Q3FY23. This is 18% higher on a YoY basis and 2% more than the sequential September 2022 quarter. In the quarter, Bharti Airtel managed to add a total of 6.4 Mn 4G customers. The growth momentum for Bharti Airtel was most visible in its postpaid, enterprise, homes and African business. DTH has shown signs of growth, despite competition. 

Bharti has also confirmed that its 5G rollout was on track to be completed by March 2024. Out of the total revenues, India revenues were up 19% YoY at Rs24,962 crore with the balance accounted for by Africa revenues. Bharti Airtel had net debt / EBITDA ratio of 2.82X (including the impact of leases). This is lower than 2.96X in the sequential September 2022 quarter.