Bharti Infratel consolidated Q3 profit rises 23 per cent to Rs 507 crore
Profit and revenue beat Credit Suisse estimates, which expected a 20% rise in net profit and 7% increase in revenue.
The company, a unit of India's top mobile phone operator Bharti Airtel, said consolidated net profit for the fiscal third quarter rose to Rs 507 crore from Rs 411 crore, while revenue grew 9% to Rs 2,949 crore. Profit and revenue beat Credit Suisse estimates, which expected a 20% rise in net profit and 7% increase in revenue.
Bharti Infratel’s stock closed 2.2% up atRs 378.30 on the BSE on Tuesday. The results were announced after market hours. The company, which went public in 2012, is in the business of setting up towers on which mobile phone companies install their base stations—equipment that emits microwave signals to mobile phones. “Last quarter saw higher rollouts from carriers as they look to grow their data networks in metros and tier-I cities, which is translating into towers and co-locations,” said Bharti Infratel Chief Executive DS Rawat.