NEW DELHI: Telecom major Bharti Airtel’s Africa unit, Airtel Africa, posted an 8.8 per cent decline in net profit for the quarter ended September. The company, which has seen growth increase steadily since its launch and has been one of the more profitable ventures of Bharti Airtel saw net profit fall to $88 million (around Rs 647 crore) during the quarter.
The company had recorded a profit after tax of $96 million for the corresponding period of the previous year. The company said that revenue during the quarter under review grew strongly, at a rate of 14.3 per cent to $965 million.
“Importantly, the fundamentals of our business remain strong and revenue growth further benefited from the execution of our strategy with a specific focus on expanding distribution in the rural areas, investing in our network and increasing 4G coverage, as well as benefiting from the fact we provide an essential service to consumers,” Airtel Africa CEO Raghunath Mandava said. Revenue on constant currency terms grew 19.6 per cent during the period.