Bharti Infratel shares up by over 5% as Q1 net jumps

Shares of mobile tower company Bharti Infratel today rose by over 5 per cent after the company reported a 71 per cent jump in consolidated net profit for the quarter ended June 2016.

The scrip after a positive opening further jumped 5.21 per cent to Rs 381.30 on BSE.

At NSE, it went up 5 per cent to Rs 381.75.

Bharti Infratel yesterday reported a 71 per cent jump in consolidated net profit at Rs 756.2 crore for the quarter ended June 2016.

The company had posted a net profit of Rs 442.4 crore in the same period a year ago.

Total income from operations of the company increased 5.9 per cent to Rs 1,453.1 crore during the reported quarter compared to Rs 1,371.7 crore in the corresponding period of the last fiscal.

“Indian telecom industry is going through consolidation, we believe this would be good for the industry in the long run as the sector would require large investments by the operators in future to cater to the ever increasing data demand. Bharti Infratel and Indus Towers being the leaders are fully geared to serve our customers’ demand,” Bharti Infratel Chairman Akhil Gupta had said in a statement.