Airtel Q4 net profit falls to Rs 2,072 cr on devaluation of Nigerian currency

NEW DELHI: Bharti Airtel, country’s second largest telecom service provider, reported a dip of 31.1% year-on-year (YoY) in its consolidated net profit to Rs 2,072 crore for the March quarter of the financial year 2023-24.

The telco attributed the drop in net profit to the devaluation of African currencies during the period, particularly the Nigerian Naira. Its consolidated revenue grew by 4.4% annually to Rs 37,599 crore for Q4FY24. However, its India revenues are up by nearly 13% to Rs 28,513 crore for the quarter.