(Associated Press via NewsEdge) Bharti Airtel, one of India's leading mobile phone companies, said that its April-June quarter net profit rose 48% from a year ago, thanks to robust growth in new subscribers.
Net income during the fiscal first quarter totaled 7.55 billion rupees ($165 million), on revenues of 38.56 billion rupees ($838 million), the company said in a statement.
Bharti added 3.65 million new customers between April and June, leading to 53% year-on-year increase in revenue during the same period, the statement said.
The numbers beat expectations. A Dow Jones Newswires poll of analysts had projected net profit to rise to 7.28 billion rupees ($158 million) during the quarter.
'We started the (fiscal) year on a high note and we are confident "&brkbar; the growth momentum will be sustained,' said Sunil Bharti Mittal, chairman and managing director.
India's mobile phone market is one the world's fastest growing, driven by low tariffs and rising middle class incomes.
Bharti's cellular network currently covers 24.5 million subscribers in 4,000 cities and towns across the country.
SingTel holds a 30.84% stake in the New Delhi-based company. Vodafone Group is the other foreign partner in the company with a 10% stake.
c 2006 The Associated Press
c 2006 Dialog, a Thomson business. All rights reserved