Bharti Infratel, majority owned by top Indian mobile phone carrier Bharti Airtel Ltd, said consolidated net profit rose to 3.58 billion rupees ($61 million) for its fiscal first quarter ended June from 2.13 billion rupees reported a year earlier.
The company was expected to report a net profit of 3.07 billion rupees, according to the average of three analyst estimates on Thomson Reuters I/B/E/S.
Revenue for the quarter rose an annual 9 percent to 26.22 billion rupees. Four analysts on average expected revenue of 27.44 billion rupees.
Bharti Infratel raised $750 million in December in what was India's biggest IPO in two years. The company's stock is down nearly a third from its IPO price.
Demand for mobile towers has been hit after several smaller players either exited India or scaled back due to a court order invalidating numerous telecommunications licences, but tower companies are betting on demand from growth in high-speed mobile data services.