Telecom infrastructure provider Indus Towers Limited (formerly Bharti Infratel) on Monday reported a consolidated net profit of ₹1,559 crore for the second quarter ended September 30, up 38 per cent year-on-year (YoY) compared with ₹1,131 crore in the corresponding period last year.

Consolidated revenue rose 8 per cent to ₹6,877 crore (₹6.359 crore).

“This was a significant quarter for the telecom industry in the backdrop of announcement of major reforms which resulted in sharp improvement in business sentiments. We continued to improve our operational performance with increase in net co-locations during the quarter and delivered a strong financial performance,” Bimal Dayal, Managing Director and Chief Executive Officer, Indus Towers, said in a statement.

The operating free cash flow was at ₹2,109 crore, up 29 per cent YoY, the company said.

As of September 30, the company had a total of 1,83,462 towers (1,72,094 towers).

Shares of Indus Towers closed at ₹288.65 apiece on the BSE on Monday, down 4.59 per cent from the previous close.