Bharti scrip drops in early trade after Q4 results

Shares of telecom operator Bharti Airtel on Thursday fell over 4 per cent on the bourses in morning trade after the company reported a dip of 31.48 per cent in net profit for the quarter ended March 31.

The shares of the country's largest telecom player fell 4.65 per cent to touch an early low of Rs 352.40 on the Bombay Stock Exchange (BSE). In a similar fashion, the scrip slipped 4.74 per cent to touch a low of Rs 352.20 on the National Stock Exchange.

According to analysts the company's results are little lower than expectation.

"Bharti's result are little lower than expectation. The company's profits are also below estimate. But this would not impact the stock performance in today's (Thursday) session, which fell after the numbers were announced," SMC Capitals Strategist and Head of Research Jagannadham Thunuguntla said.

On the volume front, over 21 lakh shares of the company were traded on the two bourses within the first thirty minutes of trade.

Bharti Airtel posted lower-than-expected net income at Rs 1,400.7 crore in the quarter ended March 31, down 31.48 per cent compared to the same period last year.

The company had reported a net profit of Rs 2,044.4 crore for the January-March quarter of the previous financial year.

For the full year, Bharti's net profit was down 32.64 per cent at Rs 6,046.7 crore, compared to Rs 8,976.8 crore in 2009-10.