Bharti Infratel gains on good Q2 results

Bharti Infratel has moved higher by 4% to Rs 385 on National Stock Exchange (NSE) on back of heavy volumes after the company reported 31% year on year (YoY) jump in consolidated net profit at Rs 774 crore for the quarter ended September 2016 (Q2FY17).

The consolidated revenues for the quarter, at Rs 3,292 Crore grew by 8% over the corresponding period last year. EBITDA (earnings before interest, taxes, depreciation, and amortization) margin improved to 44.17% from 43.3%.

Analysts on an average had expected profit of Rs 692 crore on revenues of Rs 3,266 crore.

“The telecom sector is already witnessing big increase in demand for high speed data and availability of this additional spectrum will further spur investments from operators towards data rollouts across the country. Bharti Infratel is well poised to capitalize on this opportunity and to support telecom operators in rollout of 3G and 4G networks,” said Akhil Gupta, chairman, Bharti Infratel.

The counter has seen huge trading volumes with around 12.72 million shares representing 0.69% stake of Bharti Infratel changed hands on BSE and NSE till 11:59 am. The S&P BSE Sensex was down 0.35% at 28,081.