Bharti Infratel shares slump over 3% post Q1 earnings

PTI New Delhi | Updated on July 28, 2020 Published on July 28, 2020

Shares of telecom infrastructure firm Bharti Infratel on Tuesday declined over 3 per cent after the company reported a 21 per cent drop in consolidated net profit for the April-June quarter.

At the BSE, it declined by 3.44 per cent to ₹187.85.

The stock went lower by 3.34 per cent to ₹187.75 on the NSE.

Bharti Infratel on Monday reported a 21 per cent drop in consolidated net profit to ₹704 crore for the April-June quarter.

The net profit stood at ₹887 crore in the corresponding quarter of previous year, when the company had benefited from certain one-off gains concerning operating expense reversal and specific tax-related reversal.

The company’s board also accepted the resignation of D S Rawat as Managing Director and CEO with effect from August 3, 2020.

The consolidated revenues for the first quarter of FY2020-21 came in at ₹3,505 crore, down 6 per cent year-on-year.

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Published on July 28, 2020
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