Shares of Bharti Airtel surged 10 per cent to a 52-week record high on Tuesday after the company announced better than expected March-quarter results.
At 10:12 am, the stock was trading 10% higher at ₹586.25 per share on the BSE.
After the surge in its share price, Airtel’s market capitalization touched ₹3.19 trillion, and it joined the club of top five most valued companies, replacing Infosys and HDFC.
As on March 31, the company had 423 million customers, after adding 12.5 million 4G subscribers.
The surge in the share price comes after the telecom operator on Monday posted a consolidated net loss of ₹5,237 crores for Q4FY20. It has reported a loss for the fourth straight quarter even as the average revenue per user touched the high in nearly three years.
The loss is mainly on account of an exceptional charge of ₹7,004 crores.
In a regulatory filing, the company said, “the net exceptional charge of ₹7,004 crores comprises a charge on account of reassessment of regulatory cost based on a recent judgment on OTSC [one-time spectrum payment] related matter…”
In the previous October-December 2019 quarter, the company had posted a net loss of ₹1,035 crores.
The consolidated revenue for the quarter stood at 23,723 crores, an increase of 15.1 per cent year-on-year (YoY).
The average revenue per user (ARPU) for the quarter stood at ₹154 compared with ₹123 in Q4 2019.
“India mobile data traffic increased by 74.2% to 6,010 PBs (petabytes) in the quarter compared with 3,451 PBs in the corresponding quarter last year,” the company said.