Bharti Airtel posts Q4 revenue miss on currency devaluation in Africa
The Hindu
Bharti Airtel's Q4 revenue falls below expectations due to African currency devaluation, with profit rising 4.4%.
Indian telecom operator Bharti Airtel reported fourth-quarter revenue below expectations on Tuesday, hurt by currency devaluation in Africa.
India's second-ranked telecom carrier by subscribers said consolidated revenue from operations rose 4.4% to ₹375.99 billion rupees ($4.5 billion) for the three months to March 31, missing analysts' average estimates of ₹388.49 billion, as per LSEG data.
Consolidated revenue was impacted by the devaluation of African currencies, particularly in the Nigerian Naira, during the period, the company said.
It said it incurred an exceptional charge of ₹24.56 billion on account of the currency devaluation in its group subsidiaries.
Airtel reported a 4.4% rise in its profit before exceptional items and taxes to ₹52.34 billion.
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