Bharti Infratel posts 24% increase in net profit at Rs 576-cr

For the same quarter previous year, the compnay posted net profit of Rs 463 cr

Bharti Infratel, the tower arm of Bharti Airtel, has posted an increase of 24% in its net profit at Rs 576 crore for first quarter ended June this year.

For the same quarter previous year, it posted net profit of Rs 463 crore.

The consolidated revenues for the quarter stood at Rs 3016 crore, up by 6% against Rs 2843 crore for the same quarter previous year. Bharti Infratel has now around 86,397 towers, against 85,892 a year ago, with an average sharing factor of 2.13.

"India today is one of the fastest growing countries in terms of new Internet users. This opportunity can only be leveraged by rollout of quality networks and introduction of new technologies by telecom operators," Bharti Infratel Chairman Akhil Gupta said in a statement.

Large spectrum investments are already done and incremental investments in additional sites to effectively utilise the spectrum are relatively small, which would result into large number of deployments by operators, he added.

Its consolidated EBITDA (earnings before interest, taxes, depreciation, and amortisation) or operating profit improved to Rs 1,302 crore, up 10% year-on-year.

It has approved the establishment of sponsored level 1 ADR programme in the United States. The ADRs can be traded on the US over-the-counter.

"Citi’s issuer services business, acting through Citibank N.A., has been appointed as the depositary bank for this sponsored level 1 ADR programme," the statement said.

Bharti Infratel has an operating free cash flow of Rs 783 crore at the end of first quarter, up by 21% from the same quarter a year ago.