Bharti Airtel hits record high as ARPU improves in December quarter

Shares of Bharti Airtel hit an all-time high of Rs 529, up 2 per cent on the BSE on Wednesday after the telecom operator posted an 8.5 per cent year-on-year (YoY) increase in revenue for the quarter ended December 31, 2019 (Q3FY20), lifted by an improvement in average revenue per user (ARPU). The stock surpassed its previous high of Rs 527.39, touched on October 10, 2007.

The company’s revenue increased by 8.5 per cent YoY to Rs 21,947 crore in Q3FY20, compared to Rs 20,231 crore in the year-ago period. On the operational front, the company posted an improvement in ARPU from Rs 128 to Rs 135, sequentially.

However, Airtel posted a net loss of Rs 1,035 crore for the quarter, as it provisioned for the interest accrued on account of AGR (adjusted gross revenue) payment. Analysts had pegged a loss figure in the quarter at Rs 640 crore.