Shares of this large-cap telecom company fell around 1 percent in Monday’s trading session despite announcing a collaboration with Google Cloud to deploy Generative AI Solutions. The shares have delivered more than 60 percent to its shareholders in one year.
With a market capitalization of Rs. 7,66,374 crores, the shares of Bharti Airtel Ltd started Monday’s trading session on a flatter note at Rs. 1,301.15. During the trading session, the shares hit a low of Rs. 1,281.40, losing around 1 percent and are currently trading at Rs. 1,290 apiece.
According to the exchange filing, the company announced that it had entered into a long-term collaboration to deliver cloud solutions to Indian businesses. The strategic collaboration will offer a suite of cutting-edge cloud solutions from Google Cloud to fast-track cloud adoption and modernization for Airtel’s customers.
In addition, Airtel will provide a suite of cloud-managed services to its customer base of more than 2,000 large enterprises and one million emerging businesses.
Through this collaboration, the two companies are targeting the large and growing Indian public cloud services market, which is expected to reach 17.8 billion US dollars by 2027.
Moreover, Airtel will also leverage Google Cloud’s gen AI capabilities to transform its customer experiences and interactions across its mobile, broadband, and digital TV offerings, extending these capabilities to its B2B customers in India and globally
Additionally, the company stated that to power its cloud-based solutions business, they have set up a managed services centre in Pune with more than 300 experts who are being extensively trained to champion Google Cloud services and develop world-class tech solutions.
Gopal Vittal, MD & CEO, of Bharti Airtel, said, “As India accelerates its digital transformation, cutting edge cloud and AI solutions will be at the heart and center of this change. We are happy to partner with Google Cloud and jointly address this market opportunity with secure and scalable Cloud solutions for government, enterprises, and emerging businesses. Together, we will also accelerate the deployment of gen AI in the country and unlock its potential to solve problems.”
Coming onto the company’s financial statements, the revenue increased marginally by 2.3 percent from Rs. 37,044 crores in the September quarter to Rs. 37,900 crores during the December quarter. In addition, the net profits zoomed by 37 percent from Rs. 2,093 crores to Rs. 2,876 crores during the same period.
The company aims to launch 5G services in 300 cities by March 2023, concentrating on areas with high 4G traffic. Additionally, Airtel intends to expand its mobile coverage to approximately 60,000 villages identified as high-potential zones where it is currently not present. The company plans for capex moderation in the future, to focus on deleveraging and improving net debt to EBITDA ratios.
Headquartered in Gurugram, Bharti Airtel Ltd was incorporated in 1995. The company provides telecommunication services under wireless and fixed line technology, national and international long-distance connectivity, broadband, digital TV services, broadband, and complete integrated telecommunication solutions to customers.
Written By Vaibhav Patil
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
