Bharti Infratel shares decline nearly 2% after 21% drop in Q1 earnings

Shares of telecom infrastructure firm Bharti Infratel on Tuesday declined nearly 2 per cent after the company reported a 21 per cent drop in consolidated net profit for the April-June quarter.

At the BSE, it dipped 1.72 per cent to close at Rs 191.20. During the day, it declined 3.44 per cent to Rs 187.85.

The stock went lower by 1.62 per cent to close at Rs 191.10 on the NSE.

Bharti Infratel on Monday reported a 21 per cent drop in consolidated net profit to Rs 704 crore for the April-June quarter.

The net profit stood at Rs 887 crore in the corresponding quarter of previous year, when the company had benefited from certain one-off gains with respect to operating expense reversal and certain tax-related reversal.

The company's board also accepted resignation of D S Rawat as Managing Director and CEO with effect from August 3, 2020.

The consolidated revenues for the first quarter of FY2020-21 came in at Rs 3,505 crore, down 6 per cent year-on-year.