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HindustanTimes Sat,19 Apr 2014

Bharti Infratel Q1 net profit surges 68%

Reuters  New Delhi, July 29, 2013
First Published: 12:27 IST(29/7/2013) | Last Updated: 12:31 IST(29/7/2013)

Indian telecommunications tower operator Bharti Infratel Ltd reported on Monday a 68% rise in quarterly profit on higher sales from leasing infrastructure to mobile phone carriers.

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Bharti Infratel, majority owned by top Indian mobile phone carrier Bharti Airtel Ltd, said consolidated net profit rose to 3.58 billion rupees ($61 million) for its fiscal first quarter ended June from 2.13 billion rupees reported a year earlier.

The company was expected to report a net profit of 3.07 billion rupees, according to the average of three analyst estimates on Thomson Reuters I/B/E/S.

Revenue for the quarter rose an annual 9% to 26.22 billion rupees. Four analysts on average expected revenue of 27.44 billion rupees.

Bharti Infratel raised $750 million in December in what was India's biggest IPO in two years. The company's stock is down nearly a third from its IPO price.

Demand for mobile towers has been hit after several smaller players either exited India or scaled back due to a court order invalidating numerous telecommunications licences, but tower companies are betting on demand from growth in high-speed mobile data services.

($1 = 58.98 Indian rupees)

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