Bharti Infratel reported 23.2% jump in consolidated net profit to Rs 798.70 crore in Q3 December 2019 from Rs 648.40 crore in Q3 December 2018.
Shares of Bharti Infratel advanced 0.35% to Rs 247.10. The stock rose 2.98% to hit the day's high at Rs 253.60.
Profit before tax (PBT) rose 2.1% to Rs 938.70 crore in Q3 December 2019 as compared to Rs 919.70 crore reported in the same period last year.
Consolidated EBITDA for the quarter stood at Rs 1,883 crore, up 24% Y-o-Y. Consolidated revenues for the quarter were at Rs 3,673 crore, up 1% Y-o-Y.
Total expenditure fell 12.1% to Rs 801 crore in Q3 FY20 from Rs 911.70 crore in Q3 FY19, due to reduction in power, oil & fuel which stood at Rs 601.60 crore (down 5.5% YoY) at the end of the December quarter. Tax expense reduced 39.85% to Rs 132.20 crore YoY.
As on 31 December 2019, total tower base of 94,244 with closing sharing factor of 1.85.
Akhil Gupta, chairman, Bharti Infratel, said: We witnessed yet another quarter of improved net additions on both towers and co-locations during the quarter ended December 31, 2019, with net tower additions being the highest in four years on a quarterly basis. As a result, the company has been able to largely recover the revenue and profitability that was lost due to large exits of co-locations that it witnessed over the last few quarters. The telecom industry continues to have financial uncertainty due to the recent AGR case judgement by the Hon'ble Supreme Court, but for which we believe that the growth of towers and co-locations would have been even stronger. Two operators have filed modification petition before the Hon'ble Supreme Court whose outcome is awaited. We look forward to a positive outcome so that the operators are able to speed up investment in their networks. Bharti Infratel and Indus Towers will benefit from this enhanced momentum.
Bharti Infratel is a passive provider of telecom infrastructure and it deploys, owns and manages telecom towers and communication structures, for various mobile operators.
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