Bharti Airtel has also seen gains in some of key markets of loss-making Vodafone Idea.
Bharti Airtel shares gained more than 1 per cent after the company swung to quarterly profit in the December quarter, after posting losses in last six quarters, as it added more subscribers and saw higher data usage in wake of the coronavirus-led work-from-home. At 9:25 am, the shares of Bharti Airtel were trading at Rs 614, higher by 0.7 per cent, on the BSE. The shares have touched an intra-day high of Rs 623 and a low of Rs 607 thus far.
The Gurugram-based telecom giant reported consolidated net profit of Rs 853.60 crore in October-December period compared with a loss of Rs 1,035.30 crore during the same quarter in 2019. Bharti Airtel clocked highest quarterly revenue in third quarter of current financial year; its revenue from operations rose 24 per cent on a year-on-year basis to Rs 26,517.80 crore, the company said in a press release.
The country’s second-largest wireless telecom operator has been gaining subscribers over the past few months, with analysts pointing out that the firm has also seen gains in some of the key markets of loss-making rival Vodafone Idea.
The BSE Sensex was at 50,058.72, lower by 205 points or 0.42 per cent and the NSE Nifty was at 14,743.75, down 45 points or 0.31 per cent at the time.