Mumbai (Maharashtra) [India], August 10 (ANI): The share price of telecom firm Bharti Airtel rose on Wednesday after the company announced an impressive 466 per cent year-on-year surge in its net profit for the first quarter of the current financial year.

Bharti Airtel's share was trading 0.67 per cent higher at Rs 709.05 on the BSE at 9.48 am. The scrip started the day sharply higher at Rs 719 against its previous session's close at Rs 704.35.

However, the scrip pared the initial gains and fell to a low of Rs 706.

On Monday, Bharti Airtel announced that its consolidated net profit surged 466 per cent year-on-year to Rs 1,607 crore for the quarter ended June 30, 2022, helped by jump in revenue per user and increase in subscribers.

During the first quarter of last financial year, Bharti Airtel's net profit stood at Rs 284 crore.

Bharti Airtel's consolidated revenue jumped by 22 per cent year-on-year to Rs 32,805 crore for the first quarter of the current financial year.

"This has been another solid quarter. We continue to deliver strong and sustained growth at 4.5 per cent sequentially. EBITDA margins are now at 50.6 per cent. Our enterprise and homes business has strong momentum and delivered strong double digit growth, improving the diversity of the overall portfolio. Airtel's strategy of winning with quality customers continues to yield good results with an industry-beating ARPU at Rs 183," Gopal Vittal, MD and CEO, Bharti Airtel, said in a statement.

"As India gets ready to launch 5G, we are well positioned to raise the bar on innovation. We are also confident of meeting the emerging needs of discerning customers looking for speed, coverage and latency. Our astute spectrum strategy over the last few years as we bolstered mid band spectrum is designed to deliver the best experience at the lowest total cost of ownership," Vittal said.

Bharti Airtel's India revenues for the first quarter of 2022-23 rose to Rs 23,319 crore, registering a year-on-year growth of 23.8 per cent.

Mobile revenues grew by 27.4 per cent year-on-year on account of increase in average revenue per user (ARPU) and strong 4G customer additions during the year. ARPU for the quarter came in at Rs 183 as compared to Rs 146 in the first quarter of 2021-22. This is an outcome of company's focus on acquiring and retaining quality customers and a relentless obsession with customer experience. (ANI)