India telecom carrier, Bharti Airtel has reported a 38 fall in net profits to Rs 1027 crore in the second quarter of the financial year, continuing a fall in profits in seventh consecutive quarter.

The higher than expected fall was mainly due to higher interest costs and fluctuations in the foreign exchange market. The company said that its consolidated net profit fell to Rs 1,027 crore in the quarter ended September from Rs
1,661 crore a year earlier.

The revenues of the firm increased to Rs 17,276 crore from Rs 15,231 crore, compared to the same quarter last year. Currency fluctuations caused a loss of Rs 239 crore for the quarter compared to a loss of Rs 249 crore last year.

The company has also taken dept to pay for more than $3 billion for 3G and broadband spectrum. The monthly average revenue per user for the company's Indian operations fell an annual 9 percent to Rs 183 for the quarter.

Shares of the company were trading higher 0.7 percent at Rs 395.30 on the Bombay Stock Exchange. Bhatri stock is valued at $30.4 billion and has risen 9.6 percent this year.

"India has achieved double-digit growth fueled by non voice businesses. The arrest of continuously declining prices in India augurs well for the telecom industry," Bharti Chairman Sunil Mittal said in a statement.