Brands
Airtel profit halves in Q3 even as revenues surge nearly 20 per cent
GURUGRAM: Bharti Airtel reported a steep fall in third-quarter profit for FY26, even as revenues climbed sharply on the back of robust momentum in India and a strong showing in Africa.
The telecom group posted a consolidated net profit of Rs 8,502 crore for the quarter, down from Rs 16,134 crore a year earlier, according to an exchange filing. Consolidated revenue jumped 19.6 per cent year-on-year to Rs 53,981 crore, with sequential growth of 3.5 per cent driven by higher mobile usage and improved execution across markets.
Sales and marketing spends rose 17 per cent to Rs 3,426 crore, reflecting Airtel’s push on brand building and customer acquisition.
India revenues climbed 13.2 per cent year-on-year to Rs 39,226 crore, supported by premiumisation in mobile services, strong growth in home broadband and steady performance in Airtel Business. Mobile services alone generated Rs 28,651 crore, while the Africa business delivered revenues of Rs 15,010 crore, aided by digital-led distribution.
Home services continued to shine, with revenue surging 32.5 per cent to Rs 2,000 crore and record net additions of 1.16 million customers. Digital TV revenue was flat at Rs 755 crore.
At the operating level, consolidated Ebitda rose to Rs 31,144 crore, with margins at 57.7 per cent. The India business posted an Ebitda of Rs 23,676 crore, translating into a margin of 60.4 per cent.
Subscriber metrics remained strong, with smartphone data users rising by 20.8 million year-on-year to account for 79 per cent of mobile customers. ARPU improved to Rs 259 from Rs 245 a year ago, while average monthly data usage climbed 29.2 per cent to 29.8 gb per user. Postpaid additions stood at 0.62 million.
Commenting on the results, executive vice chairman Gopal Vittal, said the quarter reflected the strength of Airtel’s diversified portfolio, with Africa delivering an exceptional performance driven by the company’s home-grown digital platforms.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
