Bharti Infratel stock up nearly 4% as Q4 net rises
Bharti Infratel on Tuesday reported a 19% jump in net profit at Rs 662 crore for the quarter ended March 31, on the back of growth in network rollout by operators.
Shares of telecom tower firm Bharti Infratel on Wednesday rose by nearly 4% after the company reported a 19% jump in net profit for the quarter ended March 2016.
The stock climbed 3.66% to Rs 377.15 on the Bombay Stock Exchange (BSE). On the National Stock Exchange (NSE), it gained 3.73% to Rs 376.60.
Bharti Infratel on Tuesday reported a 19% jump in net profit at Rs 662 crore for the quarter ended March 31, on the back of growth in network rollout by operators.
The company had reported a net profit of Rs 558 crore in the same period of the previous fiscal.
Revenue of the company also increased 7% to Rs 3,162 crore for the reported period as compared with Rs 2,947 crore last year.
The company also announced a buyback of equity shares worth Rs 2,000 crore and proposed a dividend of Rs 3 per share.
"The total cash outgo for dividend and buyback inclusive of Rs 116 crore as tax on dividend will amount to Rs 2,685 crore," the company had said in a statement.
For 2015-16, the company reported a 20% increase in net profit at Rs 2,382 crore as against Rs 1,992 crore a year earlier.
At 11:26 hours, the shares of Bharti Infratel were trading up 3.63% or Rs 13.20 to Rs 377.00 per scrip on the BSE.
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