The shares of Bharti Airtel crashed over 2.5% to reach Wednesday's intraday low of ₹767 even as the company reported a 91% year-over-year surge in net profits at ₹1,558.2 crore.

What Happened: The company's shares are trading lower despite the seemingly strong numbers because it missed most of the market estimates. Most analysts were expecting the company to post over ₹2,000 crore in net profits. 

The profits were also down 26% quarter-over-quarter from the ₹2,145 crore profit it booked in the September quarter. 

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The company's EBITDA margin expanded to 52% from 49.9% in the year-ago period.

The company's revenue grew by 20% YoY to ₹35,804 crore this quarter on the back of continued 4G customer addition and an increase in average revenue per user (ARPU). 

The company's ARPU for the mobile business rose to ₹193 this quarter as compared to ₹163 in Q3'22. The company also added 64 lakh new 4G customers this quarter.

Talking about the growth, Bharti Airtel MD, Gopal Vittal said, "our strategy of winning quality customers has helped us add 6.4 million 4G customers and exit the quarter with an industry-leading ARPU of ₹193.”

He also added that the company is on track for its 5G rollout and will cover "all towns and key rural areas by March 2024."

Price Action: Bharti airtel was down 1.32% to trade at ₹775 in the early hours of trading on Wednesday.

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