Bharti Infratel gains after robust Q1 result

Bharti Infratel surged 3.94% to Rs 274.50 at 9:25 IST on the BSE after consolidated net profit rose 39.03% to Rs 887 crore on 0.61% rise in total income to Rs 2042.40 crore in Q1 June 2019 over Q1 June 2018.

The result was announced after market hours yesterday, 24 July 2019.

Meanwhile, the S&P BSE Sensex was up by 159.56 points or 0.42% to 38,007.21.

On the BSE, 27000 shares were traded in the counter so far compared with average daily volumes of 87000 shares in the past two weeks. The stock had hit a high of Rs 274.60 and a low of Rs 267.05 so far during the day. It hit a 52-week high of Rs 333.80 on 8 February 2019 and a 52-week low of Rs 241.80 on 4 October 2018.

Bharti Infratel's consolidated earnings before interest, tax, depreciation and amortization (EBITDA) rose 28% to Rs 1953 crore in Q1 June 2019 over Q1 June 2018. EBITDA margin was 52.6% in Q1 June 2019. Effective 1 April 2019, the company adopted Ind AS116 Leases. The result for Q1 June 2019 includes the impact of Ind AS116 and the same is not comparable with the past period results, Bharti Infratel said.

Akhil Gupta, Chairman, Bharti Infratel said after negative trend in net co-locations for the last six consecutive quarters due to consolidation in the telecom industry, the company saw net additions in co-locations this quarter.

Bharti Infratel is India's leading provider of tower and related infrastructure and it deploys, owns and manages telecom towers and communication structures, for various mobile operators. The company's consolidated portfolio of over 92,000 telecom towers, which includes over 40,000 of its own towers and the balance from its 42% equity interest in Indus Towers.

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