07 March 2023

Bharti Airtel recorded a consistent performance across its portfolio in fiscal Q3 2023, which ended on 31 December 2022, with double-digit gains in its domestic, Africa, mobile and enterprise businesses.

Net profit rose 91% year-on-year to INR15.9 billion, aided by an exceptional gain of INR5.1 billion and revenue grew 19.9% to INR358 billion. Mobile service revenue in India rose 21% to INR193.5 billion, with ARPU up 19% to INR193. The company added 4.4 million mobile subscribers for a total of 332.2 million. Its LTE user base increased 10.8% to 216.7 million, accounting for 65% of its total. Average data usage per customer increased 11% to 20.8GB.

Capex increased 120% to INR63.8 billion, with the operator launching 5G service in more than 20 cities at end-2022. In its earnings statement, MD Gopal Vittal said that its 5G rollout is on track to cover all towns and key rural areas by March 2024. Enterprise revenue increased 16% to INR47.8 billion; home service sales 30% to INR10.3 billion; and TV services 30% to INR7.4 billion.

Its operation in Africa posted 18% revenue growth to $1.4 billion. Mobile subscribers grew 10.1% to 138.5 million and ARPU increased 5.8% to $3.10. Average data consumption per month was up 32.2% to 4.7Gb. Revenue from Mobile Money grew 30.2% to $189 million, with active user numbers increasing 22.2% to 31.4 million.