Indus Towers profit up 32% in Q4FY24
Indus Towers posted net profit of ₹1,853 crore for the quarter ended March 2024, up 32.4% from the quarter ended March 2023, where it recorded profits of nearly ₹1,400 crore. The country’s largest telecom tower provider’s revenues rose 6.5% to ₹7,193 crore in the same period, up from ₹6,753 crore the year before. Consolidated earnings before interest, tax, depreciation and amortisation was at ₹4,103 crore, up 19% on-year, representing an operating margin of 57%, the company said in a statement Tuesday.
Indus Towers provides masts for mobile and data connectivity to all telcos operating in India. Its primary customers are Bharti Airtel and Vodafone Idea, the second and third largest carriers. “The network expansion by a major customer and increase in our market share helped us deliver record tower additions, surpassing the milestone of 200,000 towers.
On the financial front, we were pleased to see steady collections and part clearance of the overdues," Prachur Sah, managing director and CEO, Indus Towers, said. Also Read: Indus Towers wants Vodafone Idea to settle all dues in one go “We expect the ongoing network expansion and 5G rollouts, supplemented by the encouraging developments around a major customer’s fund raise to provide a fillip to our growth. While we continue with our growth journey, we remain steadfast in our commitment to sustainability," Sah said.
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