Bharti Airtel's Q4 net rises 37% to Rs576 cr on one-time tax gains

Bharti Airtel, the country’s second-largest telecom service provider, has reported a consolidated net profit of Rs576 crore for fiscal fourth quarter ended 31 March 2019, on the back of a one-time exceptional credit of Rs2,167.60 crore arising from reassessment of levies.

At Rs576 crore, the company’s Q4 FY19 profit showed a jump of 37 per cent compared with Rs419 crore in the corresponding period last year.
The profit attributable to owners of the parent for the January-March 2018-19 quarter stood at Rs107.2 crore (Rs83 crore).
Revenue for the quarter was at Rs20,602 crore, roughly in line with estimates.
Consolidated revenue of the company for fiscal fourth quarter rose by six per cent YoY to Rs20,602 crore during the quarter against Rs19,394 crore in January-March 2018.
For the full FY 2019, Airtel’s net profit tanked 62.7 per cent to Rs409.5 crore compared to Rs1,099 crore in the previous fiscal.
Revenue for the full fiscal stood at Rs80,780.2 crore, down 2.2 per cent, compared to Rs82,638.8 crore in the previous fiscal.
The company said that the Indian mobile revenue has also grown by around three per cent to Rs10,632 crore during the quarter compared with Rs10,353 crore in the fourth quarter previous year.
“The company is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, a rights issue of equity shares and has filed the letter of offer (LoF) as of 19 April with the Securities and Exchange Board of India (SEBI) and the stock exchanges,” said the company in the stock exhanges filing.
Bharti Airtel has filed only standalone and consolidated numbers as the rights issue is still pending. It is in the midst of R25,000 crore rights issue, which is slated to close on 17 May.
“Investors are requested to note that pursuant to the SEBI ICDR Regulations, the company shall not, directly or indirectly, release, during any conference or at any other time, any information which is extraneous to the LOF, filed with the Sebi and stock exchanges until the date of allotment of rights equity shares pursuant to the rights Issue,” the company stated
“Therefore, the company has submitted only, the standalone and consolidated financial results under Regulation 33 and 52 of Listing Regulations,” it added.