Telecommunications tower operator Bharti Infratel Ltd reported on Monday a 12 per cent rise in quarterly profit on higher sales from leasing mobile masts to carriers.
Bharti Infratel, majority owned by India's top telecommunications carrier Bharti Airtel Ltd said consolidated net profit rose to 2.77 billion rupees for its fiscal second quarter ended September 30 from 2.48 billion rupees reported a year earlier.
Revenue rose 5 per cent from a year earlier to 26.84 billion rupees, the New Delhi-based company said.
Four analysts on average expected the company to report a profit of 3.54 billion rupees, while the average revenue estimate of five analysts was 27.16 billion rupees.
Bharti Infratel, which raised $750 million in December in what was India's biggest IPO in two years, owns 42 per cent of Indus Towers, the world's biggest tower company by number of telecommunication towers.
At 11 am, shares in Bharti Infratel were down 2.8 per cent after the results in a Mumbai market that was up 0.2 per cent. The stock is down 30 per cent from its IPO price of 220 rupees.
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