NEW DELHI: Sunil Mittal-driven Bharti Airtel’s African telecom business Tuesday posted an increase of 12.8% in income while making an on-year fall of 21%in net profit to $103 million for the December 2019 quarter.
Meanwhile, India’s Directorate General of Foreign Trade (DGFT) has blacklisted the company on the same day. The DGFT has put the company in ‘Denied Entry List’ on the non-fulfillment of the company’s export obligations.
Back home in India, the Gurugram-based telco did not fulfill its obligation under the export promotion capital goods scheme, the department’s sources said.
In Africa, the company has posted 12.8% higher income to $883 million following the addition of new subscribers and healthy performance in countries such as Nigeria and East Africa region and overall improvement as compared to last year.
However, telco’s data revenue mainly contributed to this growth.
“Revenue growth continues to be broad-based across voice, data and mobile money. We have continued to add customers, up 9.4% this quarter, contributing to an increase in voice revenue,” Raghunath Mandava, chief executive, Bharti Airtel Africa said.
The African telecom unit of Mittal said that its mobile services revenue for the quarter rose to 11.1% and 12.4% in constant currency.
The company, according to the executive, is seeing the success of its strategy to lead in the roll-out of modernised 4G networks, with more than 40% increase in data revenues for the quarter.
“Nigeria has been leading our growth with double-digit voice revenue growth and over 70% data growth as a result of our lead in 4G rollouts,” Mandava added.