Bharti Airtel surges over 8% after Q1 results

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Mumbai: Shares of telecom major Bharti Airtel on Wednesday soared by over 8 per cent, even as the company reported a 9.6 per cent fall in net profit for the first quarter ended June 30, 2013. Bharti's scrip zoomed 8.13 per cent to Rs 347.60 at the BSE. On the NSE, the stock shot-up by 8.37 per cent to Rs 348.
The scrip was the top gainer on both the key indices - Sensex and Nifty - during the morning trade.
Bharti Airtel on Wednesday reported a 9.6 per cent fall in net profit at Rs 688.9 crore for the first quarter ended June 30, 2013 The company had reported a net profit of Rs 762.2 crore in the corresponding period last financial year. This is a 14th consecutive fall in quarterly profits of the company.
Total income of the company, however, was up 9.3 per cent at Rs 20,299.5 crore for the reported quarter as against Rs 18,570.3 crore in the same period last fiscal.
"Our results for the quarter reflect the overall stability of our operations, and demonstrate the potential for growth, particularly seeing robust data growth across all geographies," company's Chairman Sunil Bharti Mittal said in a statement.

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