Telecom infrastructure company Bharti Infratel on Thursday posted a 23 per cent jump in consolidated net profit at Rs 798.7 crore for the third quarter ended December 2019. Its net profit stood at Rs 648.4 crore in the year ago period.
Total income slipped 4.2 per cent to Rs 1,684.5 crore. However, after incorporating its share of revenue from Indus Towers, Bharti Infratel showed 1 per cent year-on-year increase in segment revenue to Rs 3,673 crore for the reported quarter.
It said the telecom industry continues to face financial uncertainty due to the recent Supreme Court judgement on statutory dues, but for which growth of towers and co-locations would have been even stronger.
Bharti Infratel Limited Chairman Akhil Gupta noted that the company witnessed another quarter of improved net additions on both towers and co-locations during the three months 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 Supreme Court, but for which we believe that the growth of towers and co-locations would have been even stronger," he said.
Two telecom operators have filed modification petitions before the 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," Gupta said.