Bharti Airtel Fourth-Quarter Net Profit Fell on African Currency Devaluation
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Dow Jones
By Najat Kantouar
Bharti Airtel's fourth-quarter net profit fell from a year earlier due to African currencies' devaluation, particularly the Nigerian Naira
The Indian telecom company said Tuesday that net profit decreased 31% from a year earlier to 20.71 billion rupees ($248 million) for the three months ended March 31.
That missed the estimate of INR27.43 billion in a poll of analysts by FactSet.
Airtel business revenue grew 14.1% year-on-year, driven by growth in underlying portfolio and the consolidation of Beetel.
Fourth-quarter revenue rose 4.4% from a year earlier to INR375.99 billion.
Write to Najat Kantouar at najat.kantouar@wsj.com
(END) Dow Jones Newswires
May 14, 2024 07:30 ET (11:30 GMT)
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