Mumbai: Making a partial recovery in an overall strong stock market, shares of Bharti Airtel on Thursday ended nearly 1 percent lower after the telecom major posted a steep decline in profits for the fourth quarter ended March 31, 2013.
After falling over 4 percent in intra-day trade, shares of Bharti finally ended at Rs 316.70, down 0.64 percent on the BSE.
At NSE, the stock settled 0.66 percent lower at Rs 316.65.
"Bharti Airtel's Q4 FY13 revenue as well as bottom-line came in below expectations," said Ankita Somani, Research Analyst IT & Telecom, Angel Broking.
India's largest mobile operator Bharti Airtel today reported 13th consecutive quarter of fall in profits with about 50 percent slump in consolidated earnings during January-March, but it said that the worst may be over as pricing stability was returning to the sector.
Net profit in the fourth quarter of 2012-13 fiscal dropped to Rs 508.6 crore crore, from Rs 1,005.9 crore a year ago on higher tax outgo and depreciation cost.
For the 2012-13 fiscal, Bharti made Rs 2,275.7 crore profit, its smallest in seven years. The net profit was 46.6 percent lower than Rs 4,259.4 crore in 2011-12.
Earnings before interest, tax, depreciation and amortisation, or EBITA, margin was 31.7 percent in the January-March quarter as opposed to 33.3 percent a year ago.
Revenues in Q4, however, rose 9.2 percent to Rs 20,448.4 crore from Rs 18,729.4 crore in the year-ago period. For the full fiscal, they were up 12.4 percent to Rs 80,311.2 crore.
In the broader market, the BSE 30-stock index, Sensex, ended at 19,735.77, up 231.59 points.
First Published: Thursday, May 02, 2013, 11:22