Bharti Airtel upbeat after Q3 results

The stock also hit a life high of Rs 700.80. As many as 1.9 lakh shares changed hands in the counter on BSE.

The stock had firmed up in the run up to the results. From Rs 613.10 on 10 January 2007, it surged to lifetime closing high of Rs 682.05 on 19 January 2007, only to ease the next day to Rs 676.35.

Bharti Airtel’s consolidated net profit as per US GAAP, jumped 122.8% to Rs 1215.13 crore (Rs 545.30 crore), beating market expectations. Four brokerages had forecast 87.6% to 99.2% growth in Bharti’s net profit.

Consolidated revenue rose 62.3% to Rs 4913 crore (Rs 3025.60 crore). Topline growth was within analysts’ expectations.

The board of Bharti Airtel today approved transfer of its towers for mobile communications and related infrastructure, to a wholly-owned subsidiary, Bharti Infratel, for better operational efficiency.

The company also announced commencement of Direct-To-Home (DTH) services to address the fast-growing home entertainment segment through Bharti Telemedia, another wholly-owned subsidiary.

The board also approved acquisition of a submarine network cable system from Network i2i (jointly owned by Singtel and a Bharti group company) for an overall consideration of $ 110 million.