Bharti Airtel, one of the leading telecommunications companies in India, witnessed a positive share performance on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Monday, February 22, 2023.
As of 2:00 pm IST, Bharti Airtel’s shares were trading at Rs. 713.55 on the BSE, up 2.37% from its previous close of Rs. 696.60. Similarly, on the NSE, the shares were trading at Rs. 713.80, up 2.39% from its previous close of Rs. 696.90.
The positive share performance of Bharti Airtel comes amid a bullish trend in the Indian stock market, with the benchmark indices Sensex and Nifty hitting new all-time highs. The Sensex was up 1.95% at 61,000.98, while the Nifty was up 1.89% at 18,194.25.
Analysts attribute Bharti Airtel’s share performance to the company’s recent announcement of its Q3 results, which showed a 21.3% increase in consolidated net profit to Rs. 1,524 crore, compared to Rs. 1,256 crore in the same period last year. The company’s revenue also grew by 13.7% to Rs. 28,541 crore, up from Rs. 25,117 crore in Q3 2022.
Furthermore, the company’s strong subscriber growth, particularly in its mobile business, is seen as a positive sign for the company’s future growth prospects. Bharti Airtel added 12.9 million mobile subscribers in Q3, taking its total mobile subscriber base to 357.5 million.
Commenting on Bharti Airtel’s Q3 performance, Gopal Vittal, MD and CEO, India & South Asia, said, “Our focus on delivering superior customer experience through investments in network, technology, and content continues to drive market share gains. We remain committed to investing in our networks and building an ecosystem of digital services to ensure that we are well-positioned to capture growth opportunities.”
Overall, Bharti Airtel’s positive share performance is seen as a reflection of the company’s strong fundamentals and growth prospects in the Indian telecommunications market. With the Indian economy expected to grow at a steady pace in the coming years, the company is well-positioned to capitalize on the increasing demand for digital services in the country.