Bharti Infratel posts 29% jump in Q1 profit at Rs 462.8 crore
New Delhi: Telecom infrastructure company Bharti Infratel today reported 29.4 percent jump in net profit to Rs 462.8 crore for the April-June quarter of 2014-15 and it will invest Rs 1,345.7 crore in capital expenditure by the end of this fiscal.
The mobile tower company had reported a net profit of Rs 357.6 crore in the same quarter last year, according to a filing to the BSE stock exchange.
Bharti Infratel has plans to invest Rs 1,345.7 crore in capital expenditure, that include setting up new mobile towers and operational expenses, in this fiscal.
The capex includes Rs 425.3 crore for setting up new towers, Rs 530.7 crore for upgradation and replacement of some of its existing towers and Rs 276.8 crore on green technologies at its mobile towers sites, the filing showed.
The company had raised Rs 3,165.7 crore in 2012 though its initial public offer for installation of 4,813 new towers.
The company said that it has utilised Rs 342.1 crore in first quarter of current financial year ended June 30, 2014.
Bharti Infratel has total tower base of 83,778.
The company's consolidated revenue increased by 8.4 percent at Rs 2,842.7 crore during the reported quarter compared to Rs 2,622 crore it posted in corresponding period of FY'13.
"Industry expects clear road map for spectrum auctions in all bands, spectrum sharing and trading.
All these steps shall accelerate the growth of data networks ... Which should result in growing demand for towers and higher sharing by operators," company's Chairman Akhil Gupta said.
The company in a statement said that its board has declared interim dividend of Rs 4.5 per share and total dividend pay out including dividend distribution tax is expected to around Rs 995 crore.
He said that Bharti Infratel has potential to be a major beneficiary of this growth.
Shares of the company closed at Rs 260.85 a unit, down by 3.32 percent, at BSE today.