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Informist, Thursday, May 1, 2025

--Indus Towers Jan-Mar consol net profit INR 17.79 bln 

--Analysts saw Indus Towers Jan-Mar consol net profit INR 19.05 bln 

--Indus Towers Jan-Mar consol PAT INR 17.79 bln vs INR 40.03 bln qtr ago 

--Indus Towers Jan-Mar consol revenue INR 77.27 bln vs INR 75.47 bln qtr ago 

--Indus Towers FY25 consol PAT INR 99.32 bln vs INR 60.36 bln year ago 

--Indus Towers FY25 consol revenue INR 301.23 bln vs INR 286.01 bln year ago 

--Indus Towers Jan-Mar consol EBITDA INR 43.95 bln vs INR 69.97 bln qtr ago 

--Indus Towers Jan-Mar consol EBITDA margin 56.9% vs 92.7% quarter ago 

--Indus Towers: Towers base 249,305 units on Mar 31 vs 234,643 units Dec 31 

--Indus Towers: Co-locations base 405,435 units Mar 31 vs 386,819 units Dec 31 

--Indus Towers Jan-Mar sharing revenue/tower INR 68,582 per month 

--Indus Towers sharing revenue/tower was INR 68,349 per month in Oct-Dec 

--Indus Towers Jan-Mar capex INR 22.44 bln vs INR 12.26 bln quarter ago 

By Anshul Choudhary

MUMBAI - Indus Towers Ltd. reported a slightly higher-than-expected consolidated revenue for the March quarter on sharp increase in the number of towers and co-locations. In the reporting quarter, the company added more towers and co-locations combined, compared to each of the last three quarters in 2024-25 (Apr-Mar).

The company's consolidated revenue rose 2% on quarter to INR 77.27 billion. Analysts had expected the company's revenue at INR 76.98 billion, according to estimates by five brokerages.

This was driven by addition of 14,907 towers during the March quarter, a sharp increase from around 5,000 towers the company had added on an average in the previous three quarters. It added 18,616 co-locations, which were also sharply higher from nearly 6,000 additions on an average in the previous three quarters. At the end of March quarter, the company had a co-location base of 405,435 and a tower base of 249,305. Co-locations are facilities run on a shared basis with other companies.

The company's consolidated net profit fell nearly 56% sequentially to INR 17.79 billion--lower than analysts' expectations of 19.05 billion. This dismal performance was due to a high base of the December quarter, when the company had reported a write-back of INR 30 billion in provisions for doubtful receivables. In comparison, the company reported a write-back of only INR 2.3 billion in these provisions in the March quarter. The company's profit in Jan-Mar excluding the impact of these write-back showed a sharp rise of nearly 59% on quarter.

The operating profit also saw a sequential fall due to high base of the last quarter. Its consolidated earnings before interest, taxes, depreciation, and amortisation fell to INR 43.95 billion as compared to nearly INR 70 billion in the December quarter. Its consolidated EBITDA margin fell to 56.9% from 92.7% a quarter ago.

The company reported a higher sharing revenue per tower for the second straight quarter after seeing a fall in the first two quarters of FY25. Its sharing revenue per tower in Jan-Mar rose marginally on quarter to INR 68,582 per month from INR 68,349 per month. However, the metric was down 2% on year.

The company spent INR 22.44 billion on capital expenditure in Jan-Mar at a consolidated level, nearly double of INR 12.26 billion spent a quarter ago. Out of the INR 22.44 billion on capex, it spent INR 5.40 billion on maintenance-related capex.

For FY25, the company's consolidated net profit rose nearly 65% to INR 99.32 billion and revenue rose 5% on year to INR 301.23 billion. Apart from the quarterly results, the company's board deliberated on buy back, bonus share issue, and dividend. For now, the company has decided to constitute a committee to further evaluate these options and make a recommendation to the board.

On Wednesday, shares of the company closed at INR 408.20 on the National Stock Exchange, up 1.4%. Equity markets are closed Thursday on account of Maharashtra Day.  End

Edited by Vandana Hingorani

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