Bharti Q4 jumps as network expands

NEW DELHI: Bharti Tele-Ventures Ltd., India's top listed mobile services firm, said on Thursday quarterly profit jumped 44 percent as it built a nationwide footprint in the world's fastest growing cell phone market.

New Delhi-based Bharti, whose market value of $8.57 billion makes it India's fifth-largest listed company, said consolidated net profit jumped to Rs 4.37 billion ($100 million) in its fourth quarter to end-March from Rs 3.04 billion a year ago and versus Rs 3.73 billion in the third quarter.

Bharti, 28 percent owned by Singapore Telecommunications Ltd., said earlier this month its mobile user base jumped 69 percent year-on-year in March to 10.98 million customers, while total subscribers, including fixed-line users, rose 65 percent to 11.8 million.

Over the past year Bharti, one of the biggest beneficiaries of the mobile boom in the world's fastest growing wireless market, has increased its mobile footprint to cover all 23 zones making up the telecoms sector compared with 15 a year ago.

Bharti's shares, a part of the 30-share main index, fell 4 percent during the January-March quarter in comparison the 1.66 percent decline in the Bombay index.