Bharti Airtel, one of India’s leading telecom giants, has delivered a blockbuster performance in its fourth quarter (Q4 FY25) results, posting a nearly five-fold surge in net profit and robust revenue growth. The company’s strong showing, driven by tariff hikes, a one-time tax gain, and continued premiumization of its subscriber base, has set a new benchmark for the industry. As the telecom sector navigates regulatory changes and intensifying competition, Bharti Airtel’s Q4 results reflect resilience and strategic foresight, reinforcing its leadership position and fueling optimism among investors.
Bharti Airtel’s fourth quarter results for FY25 have set new records and reinforced its leadership in India’s telecom sector. The company reported a consolidated net profit of ₹11,022 crore, a massive 432% year-on-year surge compared to ₹2,071.6 crore in the same quarter last year. This extraordinary jump was largely attributed to a one-time tax gain of about ₹5,913 crore, but even after adjusting for exceptional items, the profit still rose by an impressive 77% year-on-year to ₹5,223 crore, highlighting robust core business performance.
Revenue from operations for Q4 FY25 stood at ₹47,876.2 crore, marking a 27.3% increase from ₹37,599.1 crore in Q4 FY24. This growth was driven by a strong rebound in India operations, continued premiumization of the subscriber base, and the positive impact of tariff hikes implemented in July 2024. The company’s India revenue alone grew by 28.8% year-on-year to ₹36,735 crore, underscoring the strength of its domestic market strategy and execution.
Airtel’s average revenue per user (ARPU), a critical metric for telecom operators, grew 17% to ₹245 in the March quarter, up from ₹209 a year earlier. This improvement in ARPU was supported by the addition of high-value customers and the impact of tariff hikes. The company’s subscriber base in India reached 42.4 crore (424 million) by the end of March 2025, reflecting a 17% growth in the average subscriber base for the quarter.
Bharti Airtel Q4 Results: Net Profit Soars to ₹11,022 Crore
Bharti Airtel reported a consolidated net profit of ₹11,022 crore for the January–March 2025 quarter, marking a staggering 432% year-on-year increase compared to ₹2,071.6 crore in the same period last year. This record-breaking profit was propelled by a favorable one-time tax gain of approximately ₹5,913 crore, alongside the positive impact of tariff hikes implemented in July 2024. Even after adjusting for exceptional items, the company’s profit still soared 77% year-on-year to ₹5,223 crore, underscoring strong operational performance. Total revenue from operations for Q4 FY25 stood at ₹47,876.2 crore, up 27.3% from ₹37,599.1 crore in the corresponding quarter of the previous fiscal.
The Board of Directors recommended a final dividend of ₹16 per fully paid-up equity share and ₹4 per partly paid-up equity share for the financial year 2024-25. This dividend proposal, subject to shareholder approval, highlights the company’s commitment to rewarding investors in light of its strong financial performance and cash generation capabilities.
Bharti Airtel’s EBITDA for the quarter rose 10% sequentially to ₹27,009 crore, with the EBITDA margin improving to 56.4% from 54.5% in the previous quarter. For the India business, EBITDA surged 44% year-on-year to ₹22,024 crore, translating to a margin of 60%. This was supported by efficient cost management, scale benefits, and higher ARPU. Capital expenditure for the India region during the quarter stood at ₹12,553 crore, reflecting continued investments in network expansion and technology upgrades.
Revenue and Subscriber Growth: India Operations Lead the Charge
India remains Bharti Airtel’s powerhouse, with standalone revenue for the quarter climbing 15% year-on-year to ₹36,735 crore. The company’s mobile services revenue in India surged 20.6% year-on-year, led by tariff repair, strong smartphone customer additions, and a focus on premium users. The average revenue per user (ARPU), a key metric for telecom operators, grew 17% to ₹245, up from ₹209 a year earlier. Airtel’s subscriber base in India reached 42.4 crore (424 million) by the end of March 2025, reflecting the company’s successful strategy in attracting and retaining high-value customers.
The Africa segment also delivered strong results, with revenue in constant currency terms rising 23.2% year-on-year and the customer base expanding to 166 million subscribers. The EBITDA margin for Africa improved to 47.5%, and capital expenditure for the region was ₹1,848 crore. This demonstrates Airtel’s ability to maintain operational efficiency and growth momentum in international markets despite currency volatility.
On a full-year basis, Bharti Airtel posted a fourfold increase in consolidated net profit to ₹33,556 crore for FY25, up from ₹7,467 crore in FY24. Annual revenue from operations grew 15.33% to ₹1,72,985.2 crore, compared to ₹1,49,982.4 crore in the previous fiscal year. These figures reflect the company’s strong execution across all business segments and geographies.
Strategic Moves: Dividend Declaration and Balance Sheet Strength
The Board of Directors recommended a final dividend of ₹16 per fully paid-up equity share and ₹4 per partly paid-up equity share for the financial year 2024-25. This move underscores the company’s commitment to rewarding shareholders amid strong financial performance. Bharti Airtel’s balance sheet remains robust, supported by disciplined capital spending, strong cash generation, and ongoing debt reduction. The company prepaid ₹5,985 crore of high-cost spectrum dues in the last quarter, with total prepayments exceeding ₹42,000 crore over the past two years.
The company’s July 2024 tariff hike played a pivotal role in boosting both revenue and profitability. Prepaid and postpaid mobile tariffs were increased by 10–21%, which not only improved ARPU but also helped offset rising operational costs and spectrum-related expenses. This strategic move has set a precedent for the industry and is expected to influence future pricing strategies among competitors.
Bharti Airtel’s share price reflected the market’s positive sentiment, rising 41.58% over the past 12 months and 14.67% on a year-to-date basis. Before the Q4 results announcement, the stock closed at ₹1,820.6 on the NSE, and analysts remain bullish, with 29 out of 34 tracking the company rating it a ‘buy’. The consensus 12-month target price stands at ₹1,885.8, indicating further upside potential.
Regional Performance: Africa and Digital Businesses
Bharti Airtel’s Africa operations continued to deliver steady results, with revenue in constant currency terms rising 23.2% year-on-year and the customer base expanding to 166 million. The Africa business reported an EBITDA margin of 47.5% (up 120 basis points year-on-year), demonstrating operational efficiency despite currency volatility. On the digital front, Airtel’s homes business maintained its growth momentum, with revenues up 21.3% year-on-year and net customer additions reaching record highs. The company’s digital TV segment saw a marginal decline, while passive infrastructure services revenue increased by 7.4% year-on-year, reflecting Airtel’s diversified revenue streams and ongoing investments in next-generation networks.
The company’s balance sheet remains robust, supported by strong cash flows and disciplined capital allocation. During the quarter, Bharti Airtel prepaid ₹5,985 crore of high-cost spectrum dues, with total prepayments exceeding ₹42,000 crore over the past two years. This has helped reduce interest costs and strengthen the company’s financial position as it continues to invest in next-generation networks and digital infrastructure.
Bharti Airtel’s digital and home broadband segments have continued to show strong momentum, further diversifying the company’s revenue streams beyond traditional mobile services. The homes business, which includes broadband and fiber-to-the-home (FTTH) offerings, reported a 21.3% year-on-year revenue increase, with net customer additions reaching record highs in the quarter. This growth has been fueled by rising demand for high-speed internet in both urban and semi-urban areas, as remote work, online education, and digital entertainment remain integral to daily life. Airtel’s aggressive expansion of its fiber network and bundled service offerings have positioned it as a leading player in the home broadband space.
The digital TV segment, while facing marginal declines due to increased competition from OTT platforms, still contributed positively to the overall digital portfolio. Passive infrastructure revenue, which includes tower leasing and related services, rose by 7.4% year-on-year, reflecting Airtel’s ongoing investments in next-generation network infrastructure and its ability to monetize its extensive tower assets. These segments collectively underscore Airtel’s strategy of building a comprehensive digital ecosystem that supports its long-term growth ambitions.
Management Commentary: Confidence in Strategy and Future Growth
Gopal Vittal, Vice-Chairman and MD of Bharti Airtel, expressed confidence in the company’s trajectory, stating, “We ended FY25 on a strong note with consolidated revenue of ₹47,876 crore, growing 6.1%. India revenue increased by 6%. Africa continued its underlying performance even as there was steadiness on currency. India Mobile business grew by 1.3% sequentially, despite having 2 less days in the quarter. Growth was driven by premiumization. We added 6.6 million smartphone users and maintained an industry-leading ARPU of ₹245.” He emphasized the company’s solid balance sheet, disciplined capital allocation, and ongoing focus on premiumization as key drivers of sustainable growth.
Management commentary emphasized confidence in the company’s growth trajectory. Gopal Vittal, Vice-Chairman and MD, highlighted the strong finish to FY25, noting that growth was driven by premiumization, the addition of 6.6 million smartphone users, and industry-leading ARPU. He also stressed the company’s focus on balance sheet strength, disciplined capital allocation, and ongoing investments in digital and home broadband businesses as key pillars for future growth.
Operational efficiency has been a key focus for Bharti Airtel, with the company achieving significant improvements in cost management and network optimization. The EBITDA margin for the consolidated business improved to 56.4%, and the India business achieved a margin of 60%, both among the highest in the industry. These gains have been driven by scale benefits, technology upgrades, and a relentless focus on acquiring and retaining high-value customers. Airtel’s ability to maintain industry-leading margins, even as it invests heavily in 5G and fiber rollouts, highlights its operational discipline and strategic clarity.
Looking ahead, Bharti Airtel is well-positioned to capitalize on emerging opportunities in the Indian telecom market. The company’s leadership in 5G deployment, coupled with its expanding digital and home broadband businesses, provides a strong foundation for future growth. Management has reiterated its commitment to investing in network quality, customer experience, and digital innovation. With a robust balance sheet, a growing subscriber base, and a clear focus on premiumization, Airtel is expected to remain a key beneficiary of the ongoing digital transformation in India.
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