What Bharti Infratel’s seemingly benign Q4 results conceal
Consolidated revenues rose 1% in FY19. Despite the intense competition, operating profit dropped just 6%
If one excludes exit penalties received from customers, Bharti Infratel's revenues will fall 4.4% in Q4, while operating profit will drop 12.6% from the year ago
At first glance, it looks like tower infrastructure services provider Bharti Infratel Ltd exited FY19 on a rather steady note. It reported a 1% rise in consolidated revenues. The brutal competition in the sector notwithstanding, operating profit dropped just 6% and net profit was flat for the full year ended March 2019. The March-quarter results seem alright as well, with revenues down 2% and operating profits falling around 4%.
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