Bharti Q1 profit leaps

NEW DELHI: Bharti Tele-Ventures Ltd., India's second-largest mobile services firm, said quarterly profit soared as its subscriber base doubled and customers chatted more to take advantage of falling call rates.

Bharti 28 percent owned by Singapore Telecommunications Ltd. and India's largest listed telecom firm, said its consolidated net profit was Rs 296 crore in the first quarter ended June 30. That compared with a profit of Rs 31crore a year ago.

Bharti, one of the earliest entrants in India's flourishing mobile industry -- now the world's fastest growing major wireless market -- had reported a consolidated profit of Rs 304 crore in the fourth quarter.

The company, which has a market value of about $6.6 billion, said this month its mobile user base surged 105 percent year on year to 7.67 million, while its total customer base, including fixed-line subscribers, doubled to 8.38 million.

Bharti's shares have gained 6.5 percent since March, outperforming a 9.6 percent fall in the Bombay Stock Exchange index.