Bharti Tele-Ventures heard the chime of good fortune, spurting 7.69% to Rs 23.10, as it worked a spectacular turnaround in Q3.
By 11:30 IST on Monday, the scrip of Bharti Tele-Ventures (BTL) recorded volumes of over 229,000 shares on BSE .
For the third quarter ended 31 December 2002, BTL recorded a net profit of Rs 6.52 crore compared to a net loss of Rs 7.89 crore in the corresponding period of the previous year. Total revenues increased to Rs 12.76 crore from Rs 0.35 crore in DQ 2001.
As for consolidated results, BTL lowered losses to Rs 7.07 crore from Rs 41.75 crore on a 102% increase in total income to Rs 846.99 crore (Rs 8.46 billion) from Rs 418.99 crore (Rs 4.18 billion) in DQ 2001.
Both net profit as well as income have proved better than analysts' expectations. Analysts had expected BTL to register a net loss in the range of Rs 8.6-9.8 crore. BTL was expected to turn out a top line of Rs 771-822 crore (Rs 7.71-Rs 8.22 billion).
Recently, Reserve Bank of India allowed the resumption of buying by foreign institutional investors/non-resident Indians/persons of Indian origin of the shares of Bharti Tele-Ventures from the secondary market. The company has a ceiling of 47% for FIIs under the portfolio investment scheme. FIIs/NRIs/PIOs can now buy the shares as their cumulative holdings in the company's equity have fallen below the 47% mark, RBI said.
BTL was the first mobile operator to go public in January 2002. The company launched its mobile services in July 2002. It offers mobile services in 16 circles. Besides mobile services, BTL is also into fixed line services in five circles, national long-distance services, international long-distance services, broadband, Internet and VSAT services.
As on 30 September 2002, the promoter's holding in BTL was 46.56%, while foreign entities, public and domestic institutions held 46.99%, 2.44 % and 2.31% respectively. Investors in the company include Singapore Telecom, Warburg Pincus, International Finance Corporation, Asian Infrastructure Fund Group and New York Life Insurance.
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