Bharti Infratel Q1 net profit slumps 21% to Rs 704 crore

Telecom infrastructure company Bharti Infratel on Monday reported a 21 percent drop in its consolidated net profit to Rs 704 crore for the first quarter ended June.

The net profit had stood at Rs 887 crore in the corresponding quarter of previous year. The company had benefited from certain one-off gains with respect to operating expenses reversal and certain tax-related reversal.

The consolidated revenues for Q1 FY21 came in at Rs 3,505 crore, which was 6 percent lower YoY.

The board of directors at its meeting held on July 27 declared an interim dividend of Rs 2.30 per equity share of Rs 10 each for the financial year 2020-21, the company said in a statement.
“The ongoing COVID-19 crisis has emerged as a significant global public health challenge while bringing economic activity to a virtual standstill in many countries. India is also witnessing an unprecedented crisis on account of the same,” Bharti Infratel Limited Chairman Akhil Gupta said.
The resilience shown by telecom industry as a vital service even in the wake of extreme exigencies like COVID-19, bears well for the future potential of the infrastructure industry, he said.

“We remain fully prepared in maintaining and strengthening our leadership position going forward,” Gupta added.

-Money Control