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Bharti too storms the billion-dollar club
April 23, 2004 18:14 IST
Last Updated: April 23, 2004 20:26 IST
Bharti Televenture, a flagship of Sunil Mittal promoted Bharti Group, on Friday turned a one billion dollar company with its turnover touching Rs 5002 crore ($1.13 billion) during 2003-04 and net profit zooming to Rs 619 crore (Rs 6.19 billion) as against a loss of Rs 134 crore (Rs 1.34 billion) in 2002-03.
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Announcing the audited financial results in New Delhi, Mittal said, "The company is all set for overseas listing as and when the foreign direct investment norms are relaxed in the country."
Bharti, which offers GSM based mobile services in 15 circles, would add various new circles taking the company's footprints virtually across the nation including Jammu and Kashmir and the North-Eastern states.
For the fourth quarter ended March 2004, Bharti's total revenue stood at Rs 1553 crore (Rs 15.53 billion) compared to Rs 1007 crore (Rs 10.07 billion) in the year ago period.
The net profit in Q4 rose to Rs 304 crore (Rs 3.04 billion) as against Rs 70 crore (Rs 700 million) in the Q4 of 2002-03, Mittal said.
With the present market share of about 25 per cent in mobile telephony, Mittal said the company was targeting at maintaining the share even when the market grows to 100 million subscribers in the next two years.