Indus Towers Q4 net profit rises 32% to Rs 1,853 crore

Indus Towers Q4 net profit rises 32% to Rs 1,853 crore

Telecom infrastructure company Indus Towers on Tuesday reported around a 32 per cent jump in its consolidated net profit for the fourth quarter ended March 2024.

It had registered a net profit of Rs 1,399.1 crore a year ago, as per the company's regulatory filing.

The company's consolidated revenue from operations grew 6.5 per cent to Rs 7,193.2 crore during the reported quarter against Rs 6,752.9 crore in the March 2023 quarter.

For the year ended March 31, 2024, Indus Towers posted close to a three-fold jump in consolidated profit to Rs 6,036.2 crore from Rs 2,040 crore at the end of the financial year (FY) 2023.

The annual revenue from operations of Indus Towers remained almost flat at Rs 28,600.6 crore during the reported fiscal compared to Rs 28,381.8 crore in FY23.

"The network expansion by a major customer and increase in our market share helped us deliver record tower additions, surpassing the milestone of 2,00,000 towers. On the financial front, we were pleased to see steady collections and part clearance of the over-dues.

"We expect the ongoing network expansion and 5G roll-outs, supplemented by the encouraging developments around a major customer's fund raise to provide a fillip to our growth," Indus Towers managing director and CEO Prachur Sah said.

Indus surpassed 2 lakh installed mobile tower base in FY24.

The country's biggest telecom infrastructure company reported an increase of 26,862 mobile towers year-over-year to 2,19,736 towers at the end of March 2024 from 1,92,874 towers at the end of FY23.

Without naming Vodafone Idea (VIL), Indus Towers in its financial report mentioned that it has doubtful receivables of Rs 5,385.3 crore, comprising all overdue from the debt-ridden telecom firm as of March 31, 2024.

"As the said customer (VIL) has been paying an amount largely equivalent to monthly billing since January 2023, hence, the Group continues to recognise revenue from operations relating to the said customer for the services rendered," Sah said in the report.

VIL recently raised Rs 18,000 crore from FPO, which is expected to provide operational support to the company and clear partial debt. PTI PRS PRS BAL BAL