Bharti Airtel announces Q2 net profit of Rs.888.35 Crores, up 77.5%

Bharti Airtel Ltd has announced the following Audited results for the quarter ended September 30, 2006:

The Company has posted a net profit after tax of Rs 8883.50 million for the quarter ended September 30, 2006 as compared to Rs 5004.30 million for the quarter ended September 30, 2005. Total Revenue has increased from Rs 26400.40 million for the quarter ended September 30, 2005 to Rs 42129.80 million for the quarter ended September 30, 2006.

The Audited Consolidated results as per Indian Generally Accepted Accounting Principles (IGAAP) are as follows:

The Group has posted a profit for the period of Rs 8788.40 million for the quarter ended September 30, 2006 as compared to Rs 5071.60 million for the quarter ended September 30, 2005. Total Income has increased from Rs 27427.00 million for the quarter ended September 30, 2005 to Rs 43630.30 million for the quarter ended September 30, 2006.

The Unaudited Consolidated results as per United States Generally Accepted Accounting Principles (USGAAP) are as follows:

The Group has posted a net income of Rs 9338.20 million for the quarter ended September 30, 2006 as compared to Rs 5209.10 million for the quarter ended September 30, 2005. Total Revenues has increased from Rs 27091.00 million for the quarter ended September 30, 2005 to Rs 43571.40 million for quarter ended September 30, 2006.

Bharti Airtel - Reconciliation as per US GAAP & IGAAP

Bharti Airtel Ltd has announced the summary of difference in net income/ profit between US GAAP (Unaudited) with IGAAP (Audited): (Rs in million)

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Particulars						Quarter ended
							Sep 30, 2006
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Net income as per US GAAP       				9338.20
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Add: Differences on account of:
Minority Interest and loss of Joint Venture			  12.00
Differential depreciation provided in IGAAP due to	
forex fluctuations not considered in US GAAP		  	  43.40

Less: Differences on account of:
Amortisation of Goodwill / Intangibles				  67.70
Being differences in revenue recognition			 137.40
License fee amortisation					 147.30
Differences in accounting for finance charges			 244.60
Remeasurement of financial instruments not applicable in IGAAP	  00.80
Deferred Tax expense						  07.40
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Net profit as per Indian GAAP   				8788.40
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Source : Equity Bulls

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