MUMBAI: India's largest private phone company, Bharti Airtel, said on Wednesday that first quarter net profit rose 48 percent from the same period a year ago, beating market expectations.
The company, one-third owned by Singapore Telecommunications, Southeast Asia's biggest telephone company, said net profit reached 7.55 billion rupees (164 million dollars) in the quarter ended June, compared to 5.1 billion rupees in the same period a year ago under US accounting rules.
Analysts had forecast first quarter net profit at 7.35 billion rupees. First quarter sales rose 53 percent to 38.6 billion rupees.
In the fourth quarter to March, net profit had risen 49 percent to 6.82 billion rupees while sales climbed 47 percent to 34.11 billion rupees.
In noon trade on the Mumbai stock exchange, Bharti shares were up 6.00 rupees or 1.62 percent to 373.30.
