Bharti Infratel's Q1 net profit down 4%
Mumbai : Telecom tower infrastructure provider Bharti Infratel on Wednesday reported a decline of 4 per cent in its net profit for the quarter ended June 30, 2018 due to co-location exits as a result of operator consolidation in the Indian Telecom Industry.
According to Bharti Infratel, the profit after tax (PAT) for the quarter slipped to Rs 638 crore from Rs 664 crore reported for the corresponding period of the previous fiscal.
However, the company's revenue during the quarter under review increased by 4 per cent to Rs 3,674 crore from Rs 3,524 crore in the corresponding quarter of the previous fiscal.
"With the consolidation phase largely over, the Indian Telecom industry is now witnessing an integration phase as operators consolidate their networks and spectrum before the next phase of rollouts," Bharti Infratel Chairman Akhil Gupta was quoted as saying in a statement.
"We remain confident of the long-term growth potential of the Indian telecom sector driven by rising user demand, availability of cheaper handsets, introduction of new technologies and availability of rich content to the customers."
AS per the statement, the company has received Competition Commission of India (CCI) and Bombay Stock Exchange (BSE) approvals on the proposed merger of Bharti Infratel and Indus towers.