Even though Airtel is facing tough competition from Mukesh Ambani’s giant Jio in India, the company is earning huge profits in Africa. Airtel Africa has released its quarterly results for September. In which the company has made a profit of more than Rs 650 crore. Although Airtel’s shares may have fallen by about one percent in the Indian stock market on Friday, Airtel Africa is considering generating funds through IPO. There is news that the company will try for listing in London. Let us also tell you how the quarterly results of Airtel Africa have been seen.
increase in profits
Bharti Airtel’s telecom unit Airtel Africa has made a profit of more than $ 79 million i.e. Rs 664 crore in the July-September quarter of the current financial year. The company had suffered a loss of $13 million in the same quarter of the last financial year. The company said in the statement that its profit was hit by extraordinary derivatives and foreign exchange losses (net of taxes) of $151 million, the result of depreciation in the Nigerian currency Naira during the period.
Decline in revenue
Airtel Africa’s revenue declined by 9.64 percent to $ 237 million in the September quarter, compared to $ 262.3 million in the same quarter of the last financial year. Sunil Taldar, Chief Executive Officer (CEO), Airtel Africa, said, “We have already seen initial positive results from our cost optimization program. At the end of September, foreign currency loans remained only 11 percent of the total loans taken from the market. Reflects the work we have done to de-risk the ledger.
Increase in customer base
The statement said that during the year the company has reduced its foreign currency debt exposure to a great extent. The company has repaid foreign currency loan of $809 million. The total customer base of the company increased by 6.1 percent to 15.66 crore. On the other hand, Airtel’s customer base in India is around 39 crores. Airtel is the second largest company in the country in terms of customers. Whereas the telecom company listed in the stock market is the largest in terms of valuation.
