Indus Towers Q2 results: Net profit up 49% YoY at ₹1,295 crore, revenue down 10%

Indus Towers recorded a net profit of ₹1,295 crore in the second quarter of fiscal year 2023-24 (Q2FY24), which is 49 percent higher as against ₹872 crore reported in the year-ago period, as per the unaudited consolidated financial results released on October 25.

The company's revenue during the September 2023 quarter, however, dipped by 10 percent on-year, as it came in at ₹7,133 crore as compared to ₹7,967 crore reported in the September 2022 quarter.

The consolidated earnings before interest, depreciation, taxes and amortisation (EBIDTA) came in at ₹3,456 crore, up 23 percent as compared to ₹2,812 crore reported in the corresponding period of the previous fiscal. 

Indus Towers recorded a dip in its operating cash flow, which stood at ₹398 crore in Q2FY24, down 69 percent from ₹1,277 crore in Q2FY23.

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As of September 30, 2023, the company operated a total of 2.04 lakh towers, higher by around 16,000 as compared to 1.88 lakh towers operated in the year-ago period.

The total co-locations stood at 3.53 lakh at the end of Q2FY24, higher by approximately 15,000 as against 3.38 lakh units as of September 30, 2022.

“The quarter marked Indus Towers reaching a milestone of 200,000 macro towers, reaffirming its leadership position. We are also proud to have delivered another quarter of our highest tower additions which translated into a steady financial performance," said Prachur Sah, Managing Director and CEO, Indus Towers.

“Our endeavour to capitalize on the existing opportunity arising from rapid network expansion by a major customer and 5G rollouts by operators will help in sustained value creation for shareholders,” Sah added.

Ahead of the release of Q2 results, the shares of Indus Towers shares settled at ₹174.25 apiece on the BSE, down 2 percent as compared to the previous day's close.