Latest News | Bharti Infratel Q1 Net Profit Slumps 21 Pc to Rs 704 Cr

New Delhi, July 27 (PTI) Telecom infrastructure company Bharti Infratel on Monday reported a 21 per cent drop in its consolidated net profit to Rs 704 crore for the first quarter ended June.

The net profit had stood at 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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The consolidated revenues for Q1 FY21 came in at Rs 3,505 crore, which was 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.

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"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.

The resilience shown by telecom industry as a vital service even in the wake of extreme exigencies like COVID-19, bears well for the future potential of the infrastructure industry, he said.

"We remain fully prepared in maintaining and strengthening our leadership position going forward,” Gupta added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)