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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: India's Bharti Airtel says quarterly profit rose By ERIKA KINETZ,AP Business Writer AP - Thursday, April 30 MUMBAI, India - Bharti Airtel Ltd., India's largest mobile telephone company, said Wednesday that record subscriber growth fueled a 21 percent rise in quarterly profit, despite increasing competition in India's booming mobile phone market. ADVERTISEMENT Net profit for the January-March quarter rose to 22.39 billion rupees ($459 million), while sales grew 26 percent to 98.25 billion rupees ($2.01 billion). Bharti, which has been aggressively expanding in rural India, said it added 8.4 million customers during the period _ its highest ever addition for a quarter. That expanded its subscriber base to 96.6 million customers and inched up its market share to 24 percent from 23.7 percent last year. "Our focus on rural penetration and customer affordability has been instrumental in delivering this strong growth," Bharti's chairman and managing director, Sunil Bharti Mittal, said in a statement. "The India growth story continues and we expect revival of the economy in the second half of this fiscal year." But he added that with seven new licensees and new service providers in India's mobile phone market, "the competitive intensity has really gone up." That helped push down some of Bharti's key performance parameters, like average minutes and average revenue per user. Executives said revenues would continue to grow as more subscribers sign on and upgrade their services, especially in rural India. New business areas, like mobile banking and entertainment will be an important growth driver over the medium-term, they added. "The next big wave in value added services will be from mobile commerce, mobile banking, and entertainment," Mittal told analysts. After 2 1/2 years of aggressive expansion into rural India, building a wireless network that reaches 419,966 towns and villages across the country, Bharti said it plans to slow capital expenditure. Last fiscal year, Bharti spent 1.4 trillion rupees ($2.75 billion) on capital expenditure. Bharti's board recommended a dividend for the first time and approved a stock split. Over 15 million Indians signed up for wireless service in March, bringing the number of wireless subscribers to 391.76 million, according to India's Telecom Regulatory Authority. Still, fewer than 37 percent of Indians have phone lines. The stock rose 3.25 percent on the Bombay Stock Exchange Wednesday to close at 749.3 rupees a share, slightly underperforming the benchmark Sensex index, which rose 3.65 percent, to 11,403.25. Singapore Telecommunications Ltd., Southeast Asia's largest telephone company, owns about a third of Bharti. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Business BofA shareholders gather for annual meetingAP - 50 minutes ago S.Korea lawmakers approve trimmed supplementary budgetReuters - 59 minutes ago House, Senate on track to pass budget planAP - 1 hour 3 minutes ago Wall Street rises as inventory drop spurs optimismReuters - 1 hour 5 minutes ago Mecca project latest Saudi credit squeeze casualtyReuters - 1 hour 11 minutes ago Most Popular – Business Viewed Fertility doctor on brink of cloning human: report Swine flu spreads economic shivers Israel deems 'swine flu' kosher after all 'Golden Girls' Beatrice Arthur, dead at 86 GM, Chrysler in moves to avert bankruptcy View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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