Bharti Infratel shares hit over 1-1/2-year high on June-quarter results. The stock surged as much as 3.9 per cent to Rs 425 rupees, its highest since January 6, 2016.
The telecom tower company said it has added 7,795 net co-locations in June quarter on a consolidated basis, its highest since its IPO.
The company has posted June-qurter consolidated revenue from operations of Rs 3,524 crore ($547.46 million), up 9.8 per cent, with sharing revenue per tower/month up 7.8 per cent y/y. But June-quarter profit after tax fell 12 per cent due to higher tax expenses.
Nomura says it expects stock price reaction to be positive as tenancy surge and EBITDA margin uptick bode well even though PAT was below consensus.
Bharti Infratel stock had risen 19.1 per cent this year as of Monday's close.