REUTERS - Indian telecom tower company Bharti Infratel Ltd posted a 17 percent drop in its fourth-quarter consolidated net profit, missing analysts’ estimate, hurt by higher expenses.
Consolidated net profit came in at 5.97 billion rupees ($92.83 million) in the quarter ended March 31, compared with 7.18 billion rupees a year earlier, the company said in a statement on Monday.
Analysts on average had expected a consolidated net profit of 6.99 billion rupees, according to Thomson Reuters data.
Consolidated expenses rose about 8.5 percent to 11.33 billion rupees.
($1 = 64.3100 Indian rupees)
Reporting by Samantha Kareen Nair; Editing by Subhranshu Sahu