Bharti Infratel Q1 net up 71% at Rs 756 crore

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NEW DELHI: Tower company Bharti Infratel on Tuesday said first quarter net profit jumped 71 per cent year-on-year as operators rented more sites — both to expand 3G and launch 4G. Consolidated net profit for April-June rose to Rs 756 crore from Rs 442 crore a year ago.

The company said consolidated revenue grew 7 per cent on-year at Rs 3,211 crore while consolidated EBITDA improved to Rs 1,408 crore, reflecting 9 per cent rise. Operating free cash flows grew 20 per cent at Rs 958 crore.

The company has taken approval of shareholders on buyback of its equity shares for an issue size of Rs 2,000 crore and is in the midst of completing the process.

“The 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 operators to cater to ever increasing data demand,” said its chairman, Akhil Gupta.

“We are also seeing some early signs of implementation of the government’s initiative on Smart City which we believe would provide opportunities to infrastructure companies like ours,” Gupta added.