Indus Towers Reports Rs 1,541 Cr Net Profit in Q3
Jan 23, 2024 22:25
Indus Towers, a major telecom infrastructure provider, reported a consolidated profit after tax of Rs 1,541 crore in the December quarter, marking a significant turnaround from a loss in the same period last year.
Photograph: PTI Photo
New Delhi, Jan 23 (PTI) Telecom infrastructure major Indus Towers posted a consolidated profit after tax of Rs 1,541 crore in the December quarter, the company said on Tuesday.
The company had posted a loss of Rs 708 crore in the year-ago period.
The company's consolidated revenue grew 6 per cent in the third quarter of the ongoing fiscal to Rs 7,199 crore from Rs 6,765 crore a year ago.
"Our third consecutive quarter of record tower additions demonstrated our robust operational performance. We expect our major customer's focus on its network expansion and the ongoing 5G rollouts to continue, yielding growth opportunities for us in the near term," Indus Towers Managing Director and CEO Prachur Sah said in the statement.
The company's total number of towers increased by 22,383 on a year-on-year basis to 2,11,775.
"The return on capital employed improved to 19.2 per cent as against 12.5 per cent on year-on-year basis. Third quarter of the financial year had an impact of Rs 2,270 crore due to provision for doubtful debts and Rs 493 crore from exceptional items," the company said.
Indus Towers has made a provision of Rs 5,699 for doubtful receivables by Vodafone Idea as of December 31, 2023.
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