Bharti Infratel, the tower arm of telecom major Bharti Airtel,on Monday reported a 67.6 per cent jump in net profit at Rs357.6 crore for the first quarter ended June 30 on increased sharing on tower sites and one-time gains from merger its subsidiary with Indus towers.
The company had reported a net profit of Rs213.4 crore in the corresponding period last year.
During the quarter, the Delhi High Court has sanctioned the merger of Bharti Infratel Ventures ltd, its wholly-owned subsidiary with Indus Towers, effective June 11, 2013.
As a result of the merger, the net profit was higher by Rs35 crore while the revenue from operations was lower by 50 crore during the reported quarter, the company said in its quarterly report.
Bharti Infratel owns 42 per cent in Indus Towers along with Vodafone which also owns 42 per cent and Idea which has the remaining 16 per cent stake.The total income of the company during the quarter under review stood at Rs2,622 crore as against Rs2,416.6 crore for the same period a year ago.
"We are pleased that our results demonstrate and reaffirm our robust business model, whereby despite relatively low capex deployment by operators in the current quarter, Bharti Infratel Vice Chairman and Managing Director Akhil Gupta said in a statement.