Bharti Airtel Q4 2012 - 2013 Result Analysis



Bharti Airtel Ltd today reported a consolidated net profit of 10.06 bln rupees for the quarter ended March 2012, missing the Street's expectation of 12.46 bln rupees. The company's consolidated revenue for the quarter was 187.29 bln rupees.

Following are the highlights of the reporting quarter's earnings and comments of the company's management team: 

CONSOLIDATED NUMBERS
* Jan-Mar consol net profit 10.06 bln rupees
* Jan-Mar total revenues 187.29 bln rupees
* Jan-Mar FX fluctuation losses 1.32 bln rupees
* Jan-Mar consol EBITDA 62.33 bln rupees, up 13.7% on yr
* Jan-Mar consol EBITDA margin 33.3%
* Jan-Mar consol capex 23.80 bln rupees, down 48% on year
* End FY12 net debt at $12.71 bln, down $707 mln
* To pay 1 rupee/share dividend
* FY13 consol capex seen $3.0 bln-$3.2 bln
* Amortisation of 3G investment pulled down FY12 profit
* Co's end Mar total mobile user base at 241.15 mln
.
INDIA OPS
* India, South Asia Jan-Mar revenue 134.21 bln rupees, up 10.5%
* India Jan-Mar mobile ARPU 189 rupees vs 187 rupees Oct-Dec
* India staff as on Mar 31 at 14,935 vs 15,141 on Dec 31
* India Jan-Mar minute of use per user 431/mo vs 419 Oct-Dec
* Bharti Infratel consol total towers 79,154 as on Mar 31
.
AFRICA OPS
* Africa Jan-Mar revenue $1.07 bln, up 16%
* Africa Jan-Mar avg revenue/user $6.8 vs $7.1 Oct-Dec
* Africa staff as on Mar 31 at 4,792 vs 4,773 on Dec 31
* Africa end Mar mobile user 53.14 mln
* Africa mkts to have Airtel Money, 3G svcs by Sep
* Plan $1 bln Africa capex FY13
* Jan-Mar Africa capex $254 mln, down 33% on year
* Africa Jan-Mar minute of use/user 122/mo vs 125 Oct-Dec
.
MANAGEMENT COMMENTS
* Look to govt for fair, transparent telecom regime
* Recent India regulatory events to have significant impact
* To launch 4G services in Bengaluru in next few days



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