Shares of Bharti Infratel rose 2 percent in morning trade as investors reacted to Q3 performance.
It touched an intraday high of Rs 284.20 and an intraday low of Rs 279.45.
The tower company posted an 11 percent rise in consolidated net profit at Rs 648 crore for the December quarter. The company said the consolidation phase in the Indian telecom industry along with exits of co-locations (exit of tenants from common mobile towers) is largely over.
Bharti Infratel added that it remains upbeat about growth prospects fuelled by the next round of network expansion by operators, for both 4G services and the rapidly-evolving 5G.
“Despite major co-location exits in the quarter and during the year due to consolidation in telecom industry, the company has been able to achieve net profit and operating free cash flow growth of 11 percent and 13 percent respectively on Y-o-Y (year-on-year) basis,” it said in a statement.
Consolidated revenues, however, marginally dropped to Rs 3,640 crore, while earnings before interest, tax, depreciation and amortisation (EBITDA) came in at Rs 1,513 crore, 6 percent lower than the year-ago period.