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Airtel’s Q4FY24 net profit drops by more than 31% due to Africa currency issues

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In Short:

Bharti Airtel’s net profit for the fourth quarter dropped by 31.1% due to losses in Africa caused by currency devaluation. However, the revenue increased by 4.4% with strong user additions and data consumption. The company missed profit estimates, but added 7.8 million smartphone customers and maintained a high average revenue per user. Airtel’s shares closed slightly lower after the results were announced.

Bharti Airtel’s Q4 Net Profit Falls 31.1% to Rs 2,072 Crore

Kolkata: Bharti Airtel‘s consolidated net profit for the fiscal fourth quarter fell 31.1% on-year to Rs 2,072 crore, stung by losses suffered by the telco’s Africa unit following the devaluation of the Nigerian Naira.

Financial Performance

The Sunil Mittal-led telco missed estimates as analysts were expecting a net profit of over Rs 2,264 crore.

Consolidated revenue, though, grew 4.4% on-year in the January-March period to Rs 37,599 crore, mainly on the back of strong 4G/5G user additions and data consumption growth in the absence of tariff hikes.

Statement from Airtel MD

“Consolidated performance was impacted primarily by the devaluation of the Nigerian Naira, though, we added 7.8 million smartphone customers and delivered an industry leading ARPU (average revenue per user) of Rs. 209,” Airtel managing director Gopal Vittal said Tuesday in an official statement.

Stock Performance

Airtel shares closed marginally lower at Rs 1285.40. Results were declared shortly after market hours.

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