Indus Towers Q4 Results: Net profit grows 19% QoQ to Rs 1,853 crore
The tower company’s net profit grew 19% sequentially, from Rs 1,541 crore in the fiscal third quarter ended December 2023. For the fiscal year ended March 31, 2024, the company’s consolidated net profit grew 196% on-year to Rs 6,036 crores.
Indus’ consolidated revenue for the January-March quarter stood at Rs 7,193 crore, up 6.5% year-on-year.
In a statement Tuesday, Indus Towers managing director Prachur Shah said the tower company had a remarkable year, evidenced by its strong operational and financial performance.
“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 over dues,” Shah said.
The executive added that the ongoing network expansion and 5G rollouts, supplemented by “encouraging developments” around Vodafone Idea’s fund raise will provide a fillip to the tower company’s growth.
The tower operator, among the world’s largest, said it carries an allowance for doubtful receivables of Rs 5385.3 crore from one of its largest customers (read Vodafone Idea) as at March 31, 2024, covering all overdue outstanding.
It said it is in discussion with the customer for a revised payment plan pertaining to recover the dues, after the telecom operator successfully concluded its equity fund raise of Rs 18,000 crore through the follow-on offering (FPO) route in April 2024.
Indus added that Vi has been paying an
