Friday, January 23, 2009

India's Bharti and Reliance announced their latest financials

India's number one mobile operator Bharti Airtel Ltd, controlled by Tycoon Sunil Mittal and more than 30 per cent owned by Singapore Telecommunications Ltd, reported a third quarter net profit of 21.6 billion rupees (US$442 million), an increase of 26 per cent.

Its sales for the quarter, ended December 31 2008, rose to 96.3 billion rupees, against 69.6 billion same period a year ago.

Besides retaining the pole position, Bharti also managed to widen its market share, from 24.19 per cent in June to 24.69 per cent in December.

In contrast, its closest rival, Reliance Communications Ltd, lost its ground. Its market share has been eroding over the past few months, it shed marginally to 17.68 per cent, from 17.77 per cent three months ago.

Just one day after Bharti announced its third quarter numbers, Reliance told investors that its net profit grew by only 2.7 per cent to 14.1 billion rupees (US$286 million).

Sales grew by 20 per cent from 48.7 billion rupees to 58.5 billion rupees.

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