Bharti Infratel has posted a consolidated net profit of Rs 7.33 billion for the quarter ended (QE) September 2020. On an annual basis, the net profit has declined by 24 per cent from Rs 9.64 billion in QE September 2019.

However, the company’s consolidated revenue witnessed an increase of 2 per cent year-on-year (YoY) from Rs 36.38 billion in QE September 2019 to Rs 36.95 billion in QE September 2020.

Meanwhile, Bharti Infratel reported a YoY decline of 3 per cent in its consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) from Rs 18.85 billion during QE September 2019 to Rs 18.36 billion during QE September 2020. While the operating cash flow declined by 4 per cent from Rs 10.8 billion to Rs 10.35 billion during the period.

The company’s tower addition in the quarter was 1,482 on a net basis, leading to an installed base of 97,283. On a YoY basis, the firm gained 2,926 co-locations, which makes its total number of co-locations 176,332.

Commenting on the results, Akhil Gupta, chairman, Bharti Infratel Limited, said, ““In a major development relating to merger of Indus and Infratel, National Company Law Tribunal (NCLT) has given its approval to the aforesaid merger which has been in process for a long time. The filing with Registrar of Companies (ROC) post final closing based on agreed closing adjustments is likely to be done within 30 days. To facilitate integration and to ensure continuity, the Board of Directors of Infratel appointed Bimal Dayal, the current managing director (MD) and chief executive officer (CEO) of Indus Towers and the proposed CEO of the merged entity by the shareholder groups (Bharti Airtel and Vodafone Plc) as the MD of Bharti Infratel with immediate effect.”

“On the operational side, both Indus and Infratel have continued supporting the telecom service providers in enhancing connectivity in the ongoing Covid-19 crisis. During the quarter, we have witnessed the highest net tower additions in the last eight years and the highest net colocation additions in the last three years. This is testament to the demand potential for telecom services and therefore telecom infrastructure in the country. Also with major regulatory uncertainties behind us, we expect operators to focus on their networks both in expanding the reach and coverage of 4G and introduction of newer technologies in the future. With a strong balance sheet along with industry leadership, we remain well poised to be the beneficiaries of data-led growth in the sector,” he added.