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Telecom tower company, Bharti Infratel's shares were up 3.8 per cent at Rs 274.15, hitting a near four-week high.
June-quarter consolidated profit after tax rose 39 per cent to Rs 887 crore ($128.6 mlilion), led by a higher number of towers and co-locations under operation.
Co-locations are places where one tower structure houses telecom antennas from multiple wireless providers.
“After a negative trend in net co-locations for the last six consecutive quarters due to consolidation in the telecom industry, we had net additions in co-locations this quarter,” said Bharti Infratel Chairman, Akhil Gupta.
Still, Morgan Stanley (rating: overweight) took a mixed view of results, noting lower margins, higher operating costs and “soft” EBITDA, despite a small rise in rental revenues.
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