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Bharti Infratel share falls over 3% on 21% decline in Q1 net profit

Share price of Bharti Infratel fell 3.44% to Rs 187.55 against previous close of Rs 194.55 on BSE.

twitter-logoBusinessToday.In | July 28, 2020 | Updated 19:38 IST
Bharti Infratel share falls over 3% on 21% decline in Q1 net profit

Bharti Infratel share closed lower today after the telecom tower firm reported earnings for Q1. Share price of Bharti Infratel fell 3.44% to Rs 187.55 against previous close of Rs 194.55 on BSE.  Later the stock closed 2.06% lower at Rs 190.55 on BSE. The share has fallen 4.73% in the last 3 days.

Bharti Infratel share stands lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has lost 29.5% in one year and fallen 24.52% since the beginning of this year. Total 4.45 lakh shares changed hands amounting to turnover of Rs 8.45 crore on BSE.

Bharti Infratel on Monday reported a 21 per cent decline in its consolidated net profit to Rs 704 crore in Q1 against net profit of Rs 887 crore in the corresponding quarter of previous year. The company had benefited from certain one-off gains with respect to operating expenses reversal and certain tax-related reversal.

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Consolidated revenues for Q1 FY21 came in at Rs 3,505 crore, 6 per cent lower year-on-year.

The board of directors at its meeting held on July 27 declared an interim dividend of Rs 2.30 per equity share of Rs 10 each for the financial year 2020-21, the company said in a statement.

"The ongoing COVID-19 crisis has emerged as a significant global public health challenge while bringing economic activity to a virtual standstill in many countries. India is also witnessing an unprecedented crisis on account of the same," Bharti Infratel Limited Chairman Akhil Gupta said.

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