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<keyword id="363206" type="COMPANY" weightage="20" keywordseo="Airtel-Africa">Airtel Africa</keyword> on Friday reported a fall of 8.8 per cent in its net profit on a year on year (YoY) basis at $88 million for the quarter ended September. The company's revenue for the period under review was $965 million compared with $844 million earned during the July-September quarter of the last financial year. In a statement, the company said that its <keyword id="445843" type="PERSON" weightage="20" keywordseo="customer-base">customer base</keyword> grew by 12.0 per cent to $116.4 million during the quarter. <keyword id="702372" type="PERSON" weightage="20" keywordseo="Raghunath-Mandava">Raghunath Mandava</keyword>, CEO of <keyword id="15491" type="DOMAIN" weightage="20" keywordseo="Airtel">Airtel</keyword> Africa, said: "The first half of our fiscal year included the peak impact of the COVID-19 pandemic in the countries where we operate in, as <keyword id="8960115" type="UNKNOWN" weightage="20" keywordseo="lockdown-measures">lockdown measures</keyword> were swiftly implemented to stem the initial spread of the contagion." He noted that in these unprecedented times, the telecom industry has emerged as a key and essential service for these economies, allowing customers to work remotely, reduce their travels, keep them connected, and allow access to affordable entertainment. "In these exceptional circumstances, in the first half, we delivered a strong set of results and as lockdown restrictions eased during Q2 our performance continued to improve with constant currency revenue growth of 19.6 per cent, up 6.6 per cent from the prior quarter," the CEO said. SEE ALSO: <a href="https://www.businessinsider.in/india/news/trump-calls-india-china-and-russia-filthy-while-justifying-exit-from-paris-agreement/articleshow/78821267.cms" data-type="tilCustomLink">Trump calls India, China and Russia ‘filthy’ while justifying exit from Paris Agreement</a> <a href="https://www.businessinsider.in/science/health/news/gileads-remdesivir-just-got-the-first-fda-approval-to-be-used-as-a-treatment-for-coronavirus-patients/articleshow/78818920.cms" data-type="tilCustomLink">Gilead's remdesivir just got the first FDA approval to be used as a treatment for coronavirus patients</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-cipla-zydus-cadila-dr-reddy-laboratories-tech-mahindra-avenue-supermarts-cochin-shipyard-and-others/articleshow/78820314.cms" data-type="tilCustomLink">Top stocks to watch — Cipla, Zydus Cadila, Dr Reddy Laboratories, Tech Mahindra, Avenue Supermarts, Cochin Shipyard, and others</a>

Airtel Africa Q2 net profit slumps 9% amid coronavirus woes

New Delhi, May 13 () Airtel Africa on Wednesday posted 13 per cent drop in net profit for March quarter at USD 77 million (nearly Rs 581 crore) and said it would be difficult to precisely forecast the impact of COVID-19 on customers and business, since the spread of coronavirus in Africa has lagged the rest of the world.The company, in a statement, however emphasised that it is entering "this period of increased volatility" on a strong financial footing and its view on the medium-term opportunities across its footprint has not changed, as markets will continue to benefit from strong population growth and need for increased connectivity and financial inclusion.Airtel Africa's net profit for the just ended quarter came in at USD 77 million, 12.8 per cent lower compared to the year-ago period when seen on reported currency basis and 6.2 per cent lower in constant currency terms.The difference between reported currency and constant currency growth rates is due to currency movements with reference tothe US dollar rate.Profit attributable to parent company shareholders stood at USD 65 million (over Rs 489 crore), almost 22 per cent lower than the year-ago period.The revenue for March quarter which included income from voice, data, mobile money, and other revenue was 15.1 per cent higher (almost 18 per cent higher in constant currency terms) year-on-year at USD 899 million (over Rs 6,700 crore).The company noted that more recently, the markets where it operates have begun to be impacted by COVID-19 and the related actions that governments have implemented to reduce the risk of the contagion. The company's priority in such times has been to keep employees, suppliers and customers safe while supporting communities.Raghunath Mandava, chief executive officer of Airtel Africa said, "telecoms businesses provide strategically essential services to ensure the functioning of economies and communities and are, therefore, more resilient compared to some other sectors". In Africa, the spread of the COVID-19 has lagged the rest of the world and, therefore, it is difficult to precisely forecast what the impact of this will be on customers and business, he added. "However, our performance during the month of April has been resilient as the business continued to deliver constant currency revenue growth, although at a lower rate," he said.The company enters this period of increased volatility in a strong financial position and its view on the medium-term opportunities across its footprint has not changed, as these markets will continue to benefit from strong population growth and the need for increased connectivity and financial inclusion, he added.For the year ended March 2020, profit after tax stood at USD 408 million (Rs 3,076 crore), 4.4 per cent lower than the previous year. The revenue at USD 3,422 million (Rs 25,767 crore) for FY20 was 11.2 per cent higher than last year.Its customer base was up 11.9 per cent to 110.6 million."These results also demonstrate the strength and resilience of our business and the effectiveness of our strategy – with all three business services, voice, data and mobile money, contributing to revenue growth. "We have also continued to invest in future growth opportunities as we expanded our distribution, modernised and expanded our network with 65 per cent of sites now on 4G, acquired new spectrum in Nigeria, Tanzania, Malawi and Chad, and entered into strategic partnerships in our mobile money business," Mandava said. MBI ANUANU

Airtel Africa Q4 profit dips 13%; says mid-term opportunity unchanged, despite rising volatility

New Delhi, May 20 () UNICEF has entered into a partnership with Airtel Africa to provide children with access to remote learning and enable access to cash assistance for their families via mobile cash transfers amid the coronavirus pandemic, the telecom company said on Wednesday. Airtel Africa will 'zero-rate' select websites hosting educational content, which will provide children with remote access to digital content at no cost. Under this pact, UNICEF and Airtel Africa will use mobile technology to benefit an estimated 133 million children currently affected by school closures in 13 countries across sub-Saharan Africa during the COVID-19 pandemic, Airtel Africa said in a statement. "UNICEF announced a new partnership with Airtel Africa aimed at providing children with access to remote learning and enable access to cash assistance for their families via mobile cash transfers," it said. The adverse effects of school closures on children's learning are well-documented, and experts warn that gains made in increasing access to learning in the previous decade are at risk of being lost, or even reversed completely. For poor households, the pandemic means a reduced or total loss of income due to the movement restrictions in place. "Remote learning, supported by digital tools, is a core part of UNICEF's response to ensure continuity of learning for those children with access to technology at home," the statement pointed out. The partnership will also provide UNICEF with a means to facilitate vital cash assistance to alleviate financial barriers for vulnerable families across the region, including many affected by the growing socio-economic hardships resulting from suspension of income earning activities, in the wake of the pandemic. This will help ensure families have additional resources to cope with the ongoing health and economic crisis due to the COVID-19 pandemic, it said. "COVID-19 is affecting access to information and education at an unprecedented scale," Fayaz King, UNICEF Deputy Executive Director for Field Results and Innovation, said adding that UNICEF is partnering with Airtel Africa to deliver better outcomes for children and families affected by widespread closures. The partnership aims to benefit children and families in 13 nations in sub-Saharan Africa. These include Chad, Congo, Democratic Republic of the Congo, Gabon, Kenya, Madagascar, Malawi, Niger, Nigeria, Rwanda, Tanzania, Uganda and Zambia. Airtel Africa Chief Executive Officer Raghunath Mandava said, "Some effective ways to cushion families from the effects of this crisis is through providing free Internet access to selected educational websites to help children keep up with their learning during the school closures and direct cash transfer programmes to reduce physical presence requirements for cash in hand exchanges." MBI HRS

UNICEF, Airtel Africa team up to support children, families affected by COVID-19

New Delhi, Jan 28 () Bharti Airtel's Africa unit, Airtel Africa, on Tuesday posted about 21 per cent fall in net profit for the third quarter ended December 2019 at USD 103 million (around Rs 735 crore).
 Airtel Africa said that the group's parent company has raised USD 3 billion in capital through a mix of of qualified institutional equity placement and convertible bond offerings.
 The firm also said that these activities have "reduced the level of uncertainty about the ability of the group's intermediate parent company to comply" with the recent Supreme Court judgement on statutory dues.
 "As a result, the directors have concluded that the previously highlighted material uncertainty around the group's ability to continue as a going concern no longer exists and that the group has adequate committed and non-committed facilities to operate as a going concern," it added.
 Airtel Africa's net profit for quarter ended December 2019 was 20.9 per cent lower in constant currency terms at USD 103 million on a year-on-year basis.
 However, the revenue for the quarter at USD 883 million was 14.2 per cent higher (on constant currency basis) and 12.8 per cent higher (on reported basis), helped by broad-based growth across voice, data and mobile money. 
 The difference between reported currency and constant currency growth rates is on account of currency movements.
 "Revenue increased by 9.9 per cent to USD 2,522 million for the nine-month period ended December 31, 2019, with Q3 FY20 revenue growth increasing to 12.8 per cent," the statement added.
 Growth was recorded across all services, with revenue in voice, data and mobile money up by 3.9 per cent, 39 per cent and 40.4 per cent, respectively, in constant currency.
 Airtel Africa CEO Raghunath Mandava said, "Revenue growth accelerated in Q3 to 14.2 per cent as a result of improved performance in the Rest of Africa, supported by solid results in Nigeria and East Africa. This is now the eighth consecutive quarter that we have delivered double digit revenue growth and EBITDA margin expansion in constant currency."
 In its financial review, the company noted that the total tax charge for the period was USD 170 million, as compared to a tax credit of USD 111 million in the same period last year, as a result of higher operating profit and withholding tax on dividends, as Airtel Nigeria - its largest and most profitable market - declared a first dividend.
 "In addition, the prior year period benefitted from one-off items which included deferred tax recognition in Nigeria of USD 170 million and a reversal of tax provision of USD 55 million," it said.
 The results come at a time when, back home, telecom companies owe the government Rs 92,642 crore in unpaid licence fee and another Rs 55,054 crore in outstanding spectrum usage charges.
 These liabilities arose after the Supreme Court in October last year held that non-core revenues have to be considered for calculating statutory dues. In the case of Bharti Airtel, the liabilities added up to nearly Rs 35,586 crore, of which Rs 21,682 crore is licence fee and another Rs 13,904.01 crore is the spectrum usage charge dues (not including the dues of Telenor and Tata Teleservices).
 Bharti Airtel, Vodafone Idea Ltd, and Tata Teleservices have, meanwhile, jointly filed a modification application in the Supreme Court asking for more time to pay the statutory dues. MBI MBI ANS
ANS

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Airtel Africa Q2 net profit slumps 9% amid coronavirus woes

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Airtel Africa Q4 profit dips 13%; says mid-term opportunity unchanged, despite rising volatility

PTI

UNICEF, Airtel Africa team up to support children, families affected by COVID-19

PTI

Airtel Africa Q3 net profit slumps nearly 21 per cent

PTI

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