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Bharti Airtel profit down 29 percent on rupee woes

October 30. 2013 1:45AM
Associated Press

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(AP) Bharti Airtel, India's largest telecommunications company, says the weak rupee contributed to a 29 percent slump in quarterly profit.

The company said Wednesday its net profit for the July to September quarter was 5.1 billion rupees ($83 million). It absorbed currency losses of 3.4 billion rupees ($55 million).

However, solid revenue growth in rupee terms boosted the company's stock, which rose nearly 5 percent on the Bombay Stock Exchange.

Bhartil Airtel said its mobile Internet revenue doubled from a year earlier, driving overall revenue up 10 percent.

Associated Press

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