Bharti Airtel gains 10 per cent; net loss narrows

During Wednesday’s morning trading session, the shares of Bharti Airtel surged by 10 per cent on BSE after the company reported strong revenue growth for Q2FY21.

Meanwhile, S&P BSE Telecom Index jumped by more than 3 per cent.

India’s second-largest telecom operator, Bharti Airtel posted its highest-ever quarterly consolidated revenue of Rs 25,785 crore for Q2FY21, which is a rise of 22.02 per cent compared to the revenue of Rs 21,131.3 crore reported for Q2FY20. A rise in data usage and higher realisations helped the company to narrow down losses to the loss of Rs 33.9 crore for the period of Q2FY21 as against a loss of Rs 22,830.1 crore for the period of Q2FY20.

The company is said to have had 440 million customers across 16 countries as of September 30, 2020, of which, it added around 14 million 4G customers during Q2FY21.

Recently, the company also announced an arrangement with the Government of Ghana, wherein it’s set to acquire 100 per cent shares of Airtel Ghana Limited, also known as AirtelTigo along with all customers, assets & agreed liabilities. This arrangement underlines Airtel’s exit from the Ghanaian telecom market.

The stock of the company was later seen trading at Rs 454.45, up by 4.95 per cent or Rs 21.45 per share. Its 52-week high is Rs 611.70 and the 52-week low is Rs 350.50 on BSE.