Shares of Bharti Airtel were gaining on Tuesday after the telecom major posted strong growth in the third quarter.

What Happened: Bharti Airtel saw a robust 54% year-on-year surge in consolidated net profit, reaching ₹2,442 crore for the quarter ended December 2023, slightly below streets estimates. The average revenue per user (ARPU) saw an uptick to ₹208 compared with ₹193 last year.

The company’s consolidated revenues for the October-December quarter totaled ₹37,900 crore, marking a 6% year-on-year increase, influenced in part by currency devaluations in Africa. It raked in ₹35,804 crore last year.

See Also: Tata Motors At All Time High: Why This Analyst Is Strongly Bearish

Mobile services in India experienced a 12% revenue surge, propelled by robust 4G/5G customer additions and an ARPU increase.

For the same quarter, the consolidated EBITDA stood at ₹20,044 crore, reflecting a 94 basis point improvement in EBITDA margin, which reached 52.9%.

Key Metrics: Operational indicators revealed notable growth in 4G/5G data customers, with an increase of 28.2 million users year on year and 7.4 million quarter on quarter.

Postpaid net additions stood at 0.9 million in the third quarter. Mobile ARPU increased to ₹208 versus ₹193 last year. Mobile data consumption witnessed a year-on-year increase of 21.1%, with consumption per customer at 22 GB per month.

The homes business saw continued growth with 359,000 customer net additions in Q3, and digital TV net additions reached 388,000, the highest in the last 12 quarters.

Price Action: Bharti Airtel shares were up 2.79% at ₹1,144.65 near the start of trade on Tuesday.

Read Next: Hyundai Motor Said To Be Exploring India IPO To Ward Off Tesla Threat