Bharti Airtel share rose 10% in early trade today after the telco narrowed its Q2 loss backed by strong revenue growth. Share of Bharti Airtel hit upper circuit of 10% at Rs 476.30 against previous close of Rs 433 on BSE.
Bharti Airtel stock has gained after 2 days of consecutive fall. The stock opened with a gain of 3.09% at Rs 446.40.
The share trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages. The share has gained 25% in one year and risen 2.46% since the beginning of this year. In a week, the share has climbed 11.44%.
Total 15.75 lakh shares changed hands amounting to turnover of Rs 71.13 crore. Market cap of the firm rose to Rs 2.59 lakh crore. The telco narrowed its consolidated net loss to Rs 763.2 crore in Q2 from Rs 23,405 crore reported in the year ago period.
Revenue from operations rose 22.02 per cent to Rs 25,785 crore from Rs 21,131 crore in the same period last year on strong growth across the geographies and segments. Rise in revenue was led by higher tariffs and increase in data usage during coronavirus lockdown.
As on September 30, the company had 440 million customers across 16 countries, while it added 14 million 4G customers during July-September quarter of the current fiscal.
Commenting on Q2 results, Gopal Vittal, MD and CEO, India & South Asia, said, "Despite being a seasonally weak quarter, we delivered a strong performance with revenue growing at 22 per cent YoY. In the mobile segment, we added over 14 Mn 4G customers and grew revenues by 26 per cent.Our focus on building the most aspirational brand in Indian telecom to win quality customers is delivering results. Our data consumption grew by 58 per cent YoY which reflects strong engagement of customers on our network. This further underscores our DNA of customer obsession and delivering brilliant experiences through a future ready network and innovative digital platforms."
"We stay committed to improving the profitability of the business. Our continued focus on ARPU improvement and cost optimisation led to EBITDA margin expansion by over 158 bps in the quarter sequentially," he added.
Ahead of Q2 earnings, Bharti Airtel stock ended 0.24 per cent lower in Tuesday's trade at Rs 433 against previous close of Rs 434.05 on BSE.