Bharti Airtel has restructured the leadership team of its enterprise arm Airtel Business following the resignation of chief executive officer (CEO) Ajay Chitkara.
“Ajay Chitkara, CEO Airtel Business, has decided to move on from Airtel. He will continue with the company until the third week of August 2023,” Bharti Airtel said in a regulatory filing after market hours.
Consequent to his resignation, Airtel has divided the enterprise arm into three segments: the global business, led by Vani Venkatesh; the domestic business under Ganesh Lakshminarayanan; while Ashish Arora will head Nxtra Data Centers.
“Airtel Business is a jewel in our overall portfolio and presents an exciting growth opportunity. I am looking forward to working closely with Vani, Ganesh and Ashish to help scale this business. I also want to acknowledge Ajay’s contributions. In his 23 long years with Airtel, Ajay has delivered significant impact,” Bharti Airtel MD and CEO Gopal Vittal said.
Shares of Bharti Airtel ended with minor cuts at Rs 851.80 on the BSE. The telco has a market capitalisation of Rs 4.75 lakh crore.
Bharti Airtel reported a 49.2 per cent rise in its consolidated net profit at Rs 3,005.6 crore for the quarter ended March 31, 2023, compared with a net profit of Rs 2,007.8 crore a year ago.
Consolidated revenue from operations rose 14.31 per cent to Rs 36,009 crore from Rs 31,500.3 crore a year ago. Average revenue per user (ARPU) was Rs 193 in the fourth quarter compared with Rs 178 in the March 2022 quarter.
While the financial numbers of its enterprise segment are not available,
The company said Airtel Business continued to strengthen its position with 14.5 per cent year-on-year revenue growth by leveraging the converged portfolio of Airtel and the rapidly increasing demand for data and connectivity-related solutions.
The financial numbers of the enterprise segment are not available.
The business saw a margin expansion of 130 basis points in the fourth quarter. At an earnings concall, the company’s management said that its IOT (Internet of Things) market share is now close to 53 per cent and new businesses such as cloud are now growing at over 50 per cent.
