Bharti Infratel Q2 net profit rises 12 percent
MUMBAI (Reuters) - Telecommunications tower operator Bharti Infratel Ltd(BHRI.NS) reported on Monday a 12 percent rise in quarterly profit on higher sales from leasing mobile masts to carriers.
Bharti Infratel, majority owned by India's top telecommunications carrier Bharti Airtel Ltd (BRTI.NS), said consolidated net profit rose to 2.77 billion rupees for its fiscal second quarter ended September 30 from 2.48 billion rupees reported a year earlier.
Revenue rose five percent from a year earlier to 26.84 billion rupees, the New Delhi-based company said.
Four analysts on average expected the company to report a profit of 3.54 billion rupees, while the average revenue estimate of five analysts was 27.16 billion rupees, according to Thomson Reuters StarMine.
Bharti Infratel, which raised $750 million in December in what was India's biggest IPO in two years, owns 42 percent of Indus Towers, the world's biggest tower company by number of telecommunication towers.
At 11.03 a.m., shares in Bharti Infratel were down 2.8 percent after the results in a Mumbai market that was up 0.2 percent. The stock is down 30 percent from its IPO price of 220 rupees.
($1 = 61.59 rupees)
(Reporting by Prashant Mehra; Editing by Anupama Dwivedi)
- Tweet this
- Share this
- Digg this
- Exit polls see gains for BJP in state elections
- Pennsylvania newlyweds "just wanted to murder someone together:" police
- WTO overcomes last minute hitch to reach its first global trade deal
- Mega Millions jackpot climbs to $344 mln for next week
- UPDATE 2-Jay Z leads with 9 Grammy nominations, but newcomers vie for top honors
The World Trade Organization reached its first ever trade reform deal on Saturday to the roar of approval from nearly 160 ministers who had gathered on the Indonesian island of Bali to decide on the make-or-break agreement that could add $1 trillion to the global economy. Full Article