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Informist, Tuesday, Jul. 28, 2026

 

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--Indus Towers: See sustained investments in infra expansion by operators 
--CONTEXT: Comments by Indus Towers mgmt in post-earnings analyst concall 
--Indus Towers: See runway to solarise tower infrastructure of co 
--Indus Towers: Continued to scale up energy storage solutions in Q1 
--Indus Towers: Infra rollouts in Africa expected to commence next quarter 
--Indus Towers: Diesel consumption fell 13% YoY in Q1 
--Indus Towers: Expect deployments to pick up as supply chain issues recede 
--Indus Towers: Discounts on renewals partly hurting rental income growth 
--Indus Towers: Have strong order book for next 3-4 quarters 
--Indus Towers: Q1 initially impacted by tower mfg issues due to W Asia war 
--Indus Towers: Do not see tower supply constraints for Q2 
--Indus Towers: Monsoon may affect tower addition in some states in Q2 
--Indus Towers: Expect largely debt-funded investments in Africa ops 
--Indus Towers: Expect colocations to keep outpacing tower additions ahead 
--Indus Towers: Complete elimination of diesel use at sites is some time away 
 

 

By Shakshi Jain and Shruti Nair

 

NEW DELHI/MUMBAI – Indus Towers Ltd. has a strong order book for the next three to four quarters, driven by customer network expansions and the conversion of expired tenancies, management told analysts at a post-earnings conference call Tuesday. "As supply chain conditions improve, we expect deployment activity to accelerate and support execution of our order book in the coming quarters," the management added.

 

The June quarter initially saw a slight adverse impact from tower supply chain disruptions stemming from the war in West Asia. The management does not foresee any supply constraints for the ongoing quarter but said that tower additions in some states encountered disturbances due to monsoon-related issues. It also maintained that co-locations will continue to outpace tower additions going forward.

 

Indus Towers net added 3,097 macro towers in the June quarter compared with 4,892 macro towers in the trailing quarter. The Bharti Airtel subsidiary net added 4,236 macro co-locations during Apr-Jun, once again lower than the 6,192 macro co-locations net added in the March quarter.

 

Co-location is the practice of mounting telecom antennas of multiple carriers or operators on the same tower. Net tenancy addition is the change in the number of telecom companies or tenants using a tower over a specific period, calculated as new leases minus exits.

 

The sharing revenue per tower of Indus Towers fell to INR 66,416 per month in the June quarter from INR 66,604 per month in the March quarter. The sharing revenue per operator was largely flat sequentially at IN 41,082 per month. The management explained that several factors are influencing the average revenue per tenancy, including the mix of towers, geography, and discounts extended on deal renewals, among others.

On the progress tied to the foray in Africa, a top company executive said infrastructure rollouts are expected to commence in the next quarter and scale progressively across markets. Also, the investments in the Africa business are expected to be largely debt-funded and therefore will not materially affect the free cash flow from the India operations, according to the management. Indus Towers has secured licences across all three target markets in Africa - Nigeria, Uganda, and Zambia. 

 

Among other areas, the company executives said energy management is a key focus area from both a cost and sustainability perspective. During the June quarter, Indus Towers accelerated renewable energy deployment, expanded battery modernisation initiatives, and further strengthened digital energy management capabilities, resulting in a 13% year-on-year reduction in diesel consumption, it said.

 

"In addition, we have undertaken an ambitious programme to replace diesel-based operations across a large portion of our sites with lithium-ion battery banks. This quarter was constrained as battery supplies were impacted due to ongoing geopolitical disturbances, but we expect to pick up steam on this project in the coming quarters," a top company executive said. 

 

Indus Towers continues to scale up energy storage solutions and also sees significant runway to solarise its tower portfolio, as per the management. At the same time, complete elimination of diesel usage at telecom tower sites may be some time away, the management said. 

 

Overall, the management said telecom operators continue to focus on network densification and capacity augmentation to support rising data consumption and evolving use cases, which will sustain investments in network expansion and support loading-led growth. "We are well positioned to capitalise on the growth opportunity through our expansive tower footprint and long-standing customer relations," it added.

 

Indus Towers Monday reported a consolidated net profit of INR 17.46 billion for the June quarter, down 2.6% sequentially. Its consolidated revenues for the quarter rose over 4% sequentially to INR 84.31 billion. 

 

Tuesday, shares of Indus Towers ended 1.5% lower at INR 381.60 on the National Stock Exchange.  End

 

Edited by Saji George Titus

 

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