Bharti Airtel Ltd. posted a 21% rise in fiscal fourth-quarter net profit on record subscriber gains, but key indicators showed that stiff competition took a toll.

Bharti Airtel, India’s largest mobile-phone operator by number of subscribers, has been expanding aggressively into rural markets and lowering tariffs, leading to a decline in average revenue per user and minutes of usage. The company is trying to stay ahead of rivals in India, whose addition of about 10 million users a month makes it the world’s fastest-growing telecommunications market.

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