New Delhi: Mobile tower company Bharti Infratel Ltd on Tuesday reported a 71% jump in its consolidated net profit at Rs.756.2 crore for the quarter ended June 2016. The company had posted a net profit of Rs.442.4 crore in the same period a year ago.
“Indian telecom industry is going through consolidation, we believe this would be good for the industry in the long run as the sector would require large investments by the operators in future to cater to the ever increasing data demand. Bharti Infratel and Indus Towers being the leaders are fully geared to serve our customers’ demand,” Bharti Infratel chairman Akhil Gupta said in a statement. He said the company is also seeing some early signs of implementation of the government’s initiative on Smart City which would provide opportunities to infrastructure companies.
Total income from operations of the company increased 5.9% to Rs.1,453.1 crore during the reported quarter compared with Rs.1,371.7 crore in the corresponding period of the last fiscal year. The company also reported financial performance in Indian Accounting Standards (Ind AS) format which included its share of revenue from joint venture firm Indus Towers.
As per result declared, the revenue of Bharti Infratel, with its share in Indus Tower, increased by 6.9% to Rs.3,211.6 crore from Rs.3,182.7 crore a year ago. Bharti Infratel share of revenue increased by 7.7% to Rs.1,758.5 crore in the reported quarter from Rs.1,632.3 crore in the same period a year ago.
Shares of Bharti Infratel closed 0.79% lower at Rs.362.4 apiece on BSE, while the benchmark Sensex fell 0.42% to 27,976.52 points.