Indus Towers profit soars 49% yoy to ₹1,295cr in Q2FY24

Indus Towers has announced consolidated results for the second quarter ended September 30, 2023.

Highlights for the second quarter ended September 30, 2023

• Total Tower base of 204,212 with closing sharing factor of 1.73 
• Consolidated Revenues at ₹7,133cr, down 10% yoy
• Consolidated EBITDA at ₹3,456cr, up 23% yoy
• Consolidated Profit after Tax at ₹1,295cr, up 49% yoy

Further, the Return on Equity (Pre-Tax) dropped to 20.4% as against 32.3% on yoy basis [Return on Equity (Post Tax) dropped to 15.1% as against 24.2% yoy basis]. The Return on Capital Employed dropped to 14.0% as against 19.2% on yoy  basis. 

The revenue for Q2 FY23 included a benefit of ₹1,076cr from deferred recognition of revenues arising from the settlement of old dues with the customers. The same quarter also had an impact of ₹1,771cr due to provision for doubtful debt, the company stated in a regulatory filing on Wednesday.

Prachur Sah, Managing Director and CEO, Indus Towers Limited, said, “The quarter marked Indus Towers reaching a milestone of 200,000 macro towers, reaffirming its leadership position. We are also proud to have delivered another quarter of our highest tower additions which translated into a steady financial performance.

Our endeavour to capitalize on the existing opportunity arising from rapid network expansion by a major customer and 5G rollouts by operators will help in sustained value creation for shareholders.”