Bharti Airtel posted a 42% increase in revenue for the company's Q2, taking in 90.2 billion rupees ($1.8 billion).
The company's EBITDA increased 37% on a year-on-year basis to reach nearly $747 million, and its net income increased 27% year-on-year to reach $412 million.
Airtel's CEO, Akhil Gupta, told TelecomTiger that the economic slow-down has had little effect on the company's performance, because the Indian telecom industry is still going strong.
A large portion of the company's foreign exchange is hedged, he said, meaning the depreciation of the rupee has had little impact on the company's revenue.
Despite these assurances, Airtel's Q2 results were lower than market analysts had predicted, owing largely to foreign exchange losses.
In Japan, NTT DoCoMo is feeling the heat of the credit crunch, despite a 37% increase of profits over its second quarter. The company earned 173.1 billion yen ($1.75 billion) for Q2.
The company has benefited from the trend towards Japanese operators reducing their subsidies on mobile phones, instead offering instalment plans towards the higher price of a phone.
Yet the company's revenue dropped slightly, to reach $11.1 billion, and are expected to fall even further - by around 2.4% - next quarter.
NTT has also cut its net income expectations for the next quarter, and is now forecasting an anaemic 0.8% growth.