Analysts were expecting the profit to more than double after baking in the impact of two rounds of tariff hikes – August and November 2021 – that were fully reflected in the latest quarter and not in the year-ago period. Higher forex losses dented its bottomline, brokerages wrote after the earnings.
Bharti Airtel Ltd. reported a lower-than-expected quarterly profit, spurring India’s No. 2 wireless operator to make a case for higher tariffs as it rolls out 5G services across the country. Shares slipped on Tuesday.
The carrier, led by billionaire Sunil Mittal, posted a 90% jump in net income to 21.5 billion rupees ($260 million) for the quarter ended Sep. 30, according to a filing Monday, but missed the average profit of 25.44 billion rupees estimated in a Bloomberg survey.
