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Bharti Airtel’s consolidated net profit falls 3% in Q3FY22

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Bharti-Airtel

Telecom operator Bharti Airtel’s consolidated net profit fell 2.8 per cent during Q3FY22 to Rs 830 crore on a year-on-year basis.

In the same quarter of the previous fiscal, the consolidated net profit of the company stood at Rs 854 crore.

On the other hand, the total revenues during Q3FY22 grew 12.6 per cent to Rs 29,867 crore, as against Rs 26,518 crore in the same quarter last fiscal.

Besides, EBITDA grew 22.4 per cent to Rs 14,905 crore, against Rs 12,178 crore reported in the same quarter last fiscal.

“We have delivered another quarter of sustained performance across all our business segments… The recent tariff revision for mobile services has gone down well and we are exiting the quarter with an industry leading ARPU of Rs 163,” said Gopal Vittal, MD and CEO, India and South Asia in a statement.

The full impact of the revised mobile tariffs, however, will be visible in the fourth quarter, he said.

“Our Enterprise, Homes and Africa business continue to deliver strongly, with steady increase in contribution to the overall mix of the portfolio. Our balance sheet is robust and we are now generating healthy free cash flows. This has enabled us to recently prepay some of our spectrum liabilities to the government thereby reducing the interest burden.”

Furthermore, Google’s recent investment in the company is a strong validation of Airtel’s role in being a leading pioneer of India’s digital revolution, the statement said.

“Our emerging digital services portfolio across Airtel IQ, AdTech, digital market place, Nxtra and digital banking positions us well to build an Airtel of the future,” he added.

Headquartered in India, Airtel is a global communications solutions provider with over 480 million customers in 17 countries across South Asia and Africa.

Business

Sensex – Nifty Open Lower Amid Weak FII Sentiment, Midcap & Smallcap Stocks Lend Market Support

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Key Highlights:

– Sensex fell 171 pts, Nifty down 35 pts; midcaps, smallcaps held strong.

– FIIs sold Rs 3,694 crore worth of stocks; DIIs bought Rs 2,820 crore.

– Nifty’s bearish engulfing pattern suggests continued caution; 25,000 key support.

Mumbai: Indian equity benchmarks Sensex and Nifty began Friday’s session in the red, weighed down by selling pressure in large-cap stocks. At 9:25 am, the Sensex declined by 171 points or 0.21 percent to trade at 82,087, while the Nifty dropped 35 points or 0.14 percent to 25,075.

Heavyweights Drag, Broader Market Holds

Major drag on the indices came from key constituents such as Axis Bank, Bharti Airtel, Kotak Mahindra Bank, and HDFC Bank. Financial stocks, FMCG, and private banking segments were under pressure. However, midcap and smallcap segments outperformed, providing resilience to the overall market.

Gainers on the Sensex included M&M, Tata Steel, Power Grid, L&T, Infosys, and Maruti Suzuki, reflecting strength in sectors like auto, metals, and infra.

Sectoral Picture Mixed

On the sectoral front, gains were recorded in auto, IT, PSU banks, metals, realty, energy, media, infrastructure, and commodities. Meanwhile, financial services, FMCG, and private banking faced losses.

Technical indicators showed bearish signals, with Nifty completing a bearish engulfing candle on Thursday. Analysts highlight 25,000 as a key support and 25,340 as a vital resistance level.

FIIs Remain Net Sellers

Foreign institutional investors (FIIs) continued their selling trend, offloading equities worth Rs 3,694 crore on July 17 — marking the second consecutive session of net selling. Domestic institutional investors (DIIs), however, remained net buyers, purchasing Rs 2,820 crore worth of shares for the ninth straight session.

According to Dr. VK Vijayakumar of Geojit Financial Services, FIIs have shown a clear pattern of selling in July after buying in the previous three months. Without positive triggers, the downtrend could persist.

Global Cues Offer Some Relief

Asian markets traded mostly higher on Friday, with Shanghai, Hong Kong, Bangkok, and Jakarta in the green, although Tokyo and Seoul lagged. The US markets ended positively on Thursday, driven by upbeat investor sentiment.

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Business

Indian Equity Indices Open Flat As Markets Await Fresh Triggers To Break Out Of Consolidation Phase

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Mumbai: The Indian equity indices opened flat on Thursday, as markets looked for new triggers to break out of the consolidation range.

At 9.2 am, c was down 15 points at 82,619 and Nifty was down 2 points at 25,210. Buying was seen in the midcap and smallcap stocks. Nifty midcap 100 index was up 123 points or 0.18 per cent at 59,741 and Nifty smallcap 100 index was up 70 points or 0.37 per cent at 19,210.

On the sectoral front, auto, pharma, FMCG, metal, realty, energy, infra and PSE were major gainers, while IT, PSU bank, financial services and media were major losers.

In the Sensex pack, Sun Pharma, M&M, Trent, Kotak Mahindra, Tata Motors, NTPC, BEL, Titan and Power Grid were major gainers. Tech Mahindra, ICICI Bank, Eternal, Axis Bank, Infosys and HUL were major losers.

According to analysts, an India-US interim trade deal has been discounted by the market, leaving no scope for a sharp rally decisively breaking the range.

“One positive and surprise factor that can trigger a rally is a tariff rate much below 20 per cent, say 15 per cent, which the market has not discounted. So, watch out for developments on the trade and tariff front,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Most Asian stocks traded in a flat-to-low range. Tokyo, Shanghai, Bangkok and Jakarta were trading in the green while Hong Kong and Seoul were in the red.

The US market closed in the green on Wednesday due to positive market sentiment.

On the institutional front, foreign institutional investors (FIIs) continued to reduce exposure in India, selling equities worth Rs 1,858 crore on July 16. In contrast, domestic institutional investors (DIIs) remained consistent buyers for the 8th straight session, infusing Rs 1,223 crore, lending crucial support to the market amid global uncertainties.

The broader trend remains optimistic as long as key support levels are respected, said analysts.

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Tesla Mumbai Showroom Now Open, Bookings For Model Y Begin

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Elon Musk’s Tesla has flagged off its India operations with its first showroom in Mumbai now open. The showroom is located in Mumbai’s premium Bandra Kurla Complex area. It will be showcasing the popular Model Y and Model 3 cars at the venue. Maharashtra CM Devendra Fadnavis arrived at the first Tesla showroom in India, to commemorate the occasion.

The new Mumbai showroom opening marks the entry of Tesla in India, one of the world’s fastest-growing automobile markets. The showroom, at Maker Maxity in BKC, is around 4,000 sq ft large and is said to cost Rs. 35 lakh per month. While customers will be able to book their cars starting today, delivery is said to commence sometime in August. Delivery and registration are only limited to Delhi, Gurugram and Mumbai for now.

The experience centre is located near the Apple flagship store in BKC. Tesla is said to open a showroom isn Delhi as well. While this is a soft launch, the company is expected to do a grand inauguration as well. To book the Model Y or the Model 3, consumers will need to head to the Mumbai experience store.

Musk’s company has imported all the cars fully assembled from China, paying heavy taxes (approximately 70 percent) on the same. The cars are said to be priced starting at around Rs. 40 lakhs in India.

The spotlight will be on the Model Y, which is the most popular variant of Tesla across the world. The SUV is available globally in two variants, Long Range RWD and Long Range AWD (Dual Motor). It claims to offer up to 574 km and goes from 0 to 100 kmph in just 4.6 seconds.

The Model 3, Tesla’s most affordable offering in the Indian market, will also be showcased but is expected to go on sale later in 2025. The top variant of the Model 3 clocks 0 to 100 kmph in 3.1 seconds, has a range of 507 km, and a top speed of 162 kmph.

Tesla India has reportedly leased a 24,500-square-foot space in Mumbai’s Kurla West to set up a service centre, located close to its upcoming showroom in BKC.

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