Oct 30 (Reuters) - Indian telecom tower company Bharti Infratel Ltd reported a 17 percent drop in second-quarter profit, missing analysts’ estimate, as higher expenses weighed.
Profit after tax fell to 6.38 billion rupees ($98.40 million) in the quarter ended Sept. 30, from 7.74 billion rupees a year earlier, the company said on Monday. bit.ly/2gV9q2w
Analysts on average had expected the company, which is majority owned by Bharti Enterprises, to post a profit of 7.41 billion rupees, according to Thomson Reuters data.
Total expenses rose nearly 7 percent to 8.61 billion rupees.
$1 = 64.8375 Indian rupees Reporting by Tanvi Mehta in Bengaluru; Editing by Biju Dwarakanath