Airtel Africa Q2 net profit falls 9%; says it’s cautious on second wave of covid

NEW DELHI: Bharti Airtel Ltd’s Africa unit on Friday posted an 8.8% year-on-year (yoy) drop in net profit to $88 million in the quarter ended September due to higher expenses. The company had reported a net profit of $57 million in the quarter ended June.

The telco’s revenue grew 14.3% yoy on a reported basis and 19.6% in constant currency, to $965 million. This was driven by customer base growth of 12%, both in Q2 FY21 and half-year ended September, and average revenue per user (Arpu) growth of 6.8% in constant currency in July-September, the Sunil Mittal-led company said in a statement.

Currency devaluation in major markets such as Nigeria, Zambia and Kenya partially offset the revenue growth in constant currency terms in the six months ended September, the telco said.