Bharti Infratel shares slump over 3% post Q1 earnings

Last Updated 28 July 2020, 11:45 IST

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

At the BSE, it declined 3.44 percent to Rs 187.85.

The stock went lower by 3.34 percent to Rs 187.75 on the NSE.

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

The net profit stood at Rs 887 crore in the corresponding quarter of the previous year, when the company had benefited from certain one-off gains with respect to operating expense reversal and certain 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 FY 2020-21 came in at Rs 3,505 crore, down six percent year-on-year.

(Published 28 July 2020, 08:17 IST)

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