Analysts, on an average, had expected a net profit of Rs 664 crore on revenue of Rs 3,708 crore for the quarter.
The company said, between Bharti Infratel and Indus Towers, approximately 20 per cent of opening co-locations were lost during the year translating to approximately 75,000 co-locations on an overall basis and approximately 40,000 co-locations on consolidated basis, mainly due to the merger of Vodafone & Idea.
The management said the merger process of Bharti Infratel and Indus Towers was on track and that they hoped it would be completed in the next few months.
Bharti Infratel is India’s leading provider of tower and related infrastructure and it deploys, owns and manages telecom towers and communication structures, for various mobile operators.
At 01:13 pm, the stock was quoting 7.6 per cent lower at Rs 279 on the BSE, as compared to 0.27 per cent gain in the S&P BSE Sensex. The trading volumes on the counter jumped 6-fold with a combined 9.83 million equity shares changed hands on the NSE and BSE so far.