Indus Towers Q1 Profit Soars 42% to Rs 1,926 Cr

New Delhi, Jul 30 (PTI) Telecom infrastructure major Indus Towers on Tuesday posted a 42 per cent increase in consolidated profit to Rs 1,925.9 crore in the first quarter ended June 30, 2024.

The company had reported a profit of Rs 1,347.9 crore in the same period a year ago, Indus Towers said in a regulatory filing.

Indus Towers consolidated revenue from operations grew by about 4 per cent to Rs 7,439.4 crore during the reported quarter, from Rs 7,132.4 crore in the June 2023 quarter, the filing added.

During the quarter ended June 30, 2024, Vodafone Group Plc, through its indirect wholly-owned subsidiaries, sold 17.98 per cent of its shareholding in Indus Towers.

Bharti Airtel Ltd acquired approximately 27 million equity shares representing 1 per cent equity share capital of the company.

Accordingly, Bharti Airtel Ltd held 48.95 per cent shares and Vodafone Group held 3.06 per cent stake in the company as on June 30, 2024.

Both Bharti Airtel Ltd and Vodafone continue to be the promoters of the company.

Without mentioning the name of Vodafone Idea (VIL), Indus Towers that it is in discussion with the debt-ridden telecom operators' plan for clearance of its entire old overdue outstanding balance.

VIL has been paying an amount largely equivalent to monthly billing since January 2023 and also paid an amount of Rs 1,300 crore against old dues outstanding till date.

However, VIL still has dues of around Rs 4,624 crore which it has to pay to Indus Towers.

While Indus Towers continues to recognise revenue from operations related to VIL, the telecom infrastructure still carries an allowance for doubtful receivables of Rs 4,624.3 crore as on June 30, 2024 related to VIL, which covers all overdue outstanding as at June 30, 2024.