Bharti Airtel, the country’s largest telecom operator, on Thursday reported a 22 per cent fall in net income to Rs.1,117 crore for the quarter ended December 31, 2015, on account of investments in infrastructure and increased finance costs.
Airtel’s consolidated mobile data revenue grew 44 per cent to Rs.4,135 crore for the quarter. Total revenue, on the other hand, rose 3.7 per cent to Rs.24,066 crore from Rs. 23,217 crore in the October-December 2014 period.
The company announced that it would merge its operations in Bangladesh with Malaysia-based Axiata Group to form the second largest operator in that country.
Upon completion of the merger, Axiata will hold 68.3 per cent controlling stake and Bharti Airtel 25 per cent, while the remaining 6.7 per cent will be held by the existing shareholder NTT Docomo of Japan.
The hit on its income came largely from exceptional items during the quarter, which included a net gain of Rs. 6 crore pertaining to the divestment of telecom tower assets, but charges of Rs. 115.2 crore and Rs. 231.3 crore towards operating costs on network refarming upgrades and restructuring activities in a few countries, respectively.
India revenues for Q3 2016 stood at Rs. 17,694 crore, up 11.6 per cent on an underlying basis, adjusted for the impact in reduction of termination rates, the company said.
The mobile data revenue for India registered a growth of 50.6 per cent at Rs. 3,184 crore, led by increase in the data customer base by 29.9 per cent and traffic by 73.3 per cent. The data revenue’s contribution is 23.1 per cent to total mobile India revenues against 16.2 per cent in the corresponding quarter last year.
“Our focus on acquiring quality customers has resulted in healthy net additions of 8.1 million mobile users. Our strong roll out of 3G/4G sites has resulted in acceleration of data usage growth to 73.3 per cent along with data ARPU reaching Rs 200,” said Bharti Airtel MD and CEO (India & South Asia) Gopal Vittal.
Maruti Q3 net climbs 27 %Maruti Suzuki India’s net profit rose 27.1 per cent to Rs 1,019.3 crore for the third quarter ended December 2015, on the back of robust sales, cost reduction initiatives and favourable foreign exchange, according to a company statement. Net sales rose 20.4 per cent to Rs 14,767.7 crore during the third quarter. During the third quarter, the company sold a total of 374,182 vehicles, a growth of 15.5 per cent, of which exports accounted for 31,187 units.
Syndicate Bank posts Rs. 119 cr net lossSyndicate Bank reported a net loss of Rs.119 crore for the third quarter ended December 31, 2015, on account of higher provisions and increase in slippages. The bank had reported a net profit of Rs. 305 crore during the corresponding quarter last year.
“The performance of the quarter is impacted by higher provisions and slippages. We have made some additional provisions in some of the account which are still performing but are under stress. It is nothing to do with the income going down,” according to a statement issued by the bank.
Total income witnessed a growth of four per cent to Rs. 6,188.25 crore from Rs. 5,921.58 crore. Provisioning and contingencies stood at Rs. 875.23 crore against Rs. 290 crore. The slippage was around Rs.2,700 crore and recovery was in the tune of Rs.545 croresfor the period.
Gross non-performing assets ratio stood at 4.61 per cent against 3.60 per cent and net NPAs at 3.04 per cent against 2.38 per cent in the period under reference. The bank shares closed at Rs. 70.25 down 5.13 per cent on BSE.
As advised by RBI, the bank has also decided to recognise deferred tax liability (DTL) in respect of difference in valuation of held to maturity (HTM) securities between accounting income and taxable income.
“The bank has estimated and provided an amount of Rs. 423.18 towards the same during the nine months ended December 2015,” it said in a filing.
Tata Coffee net zoomsTata Coffee Ltd., a subsidiary of Tata Global Beverages Ltd. on Thursday said its net profit for the third quarter ended December 31, 2015, witnessed a 66 per cent increase owing to the improved performance of both its plantations business and value added segments of the business. The net profit stood at Rs. 30 crore against Rs.18 crore. The total income for the October-December quarter stood at Rs. 459 crore against Rs.427 crore, a growth of 8 per cent.
Titan reports 18 % growth in netTitan Company on Thursday said it had registered 18 per cent growth in its net profit for the third quarter ended December 31, 2015. Backed by the pick up in retail sales during the festival season, the profit stood at Rs. 225.29 crore against Rs.190.73 crore.
Total income witnessed a growth of 17.3 per cent and stood at Rs. 3.398.38 crore against Rs. 2,898.28 crore.
