Indus Towers announces Consolidated results for the second quarter ended September 30, 2023

Indus Towers Limited (“Indus Towers” or “the Company”) announced its audited Consolidated results for the second quarter ended September 30, 2023.The Consolidated revenue for the quarter was Rs.7,133 Crores, down 10% Y-o-Y. Consolidated EBITDA was at Rs. 3,456 Crores, up 23% Y-o-Y and representing an operating margin of 48.5%. The net profit for the quarter was Rs. 1,295 Crores, up 49% Y-o-Y. The Return on Equity (Pre-Tax) dropped to 20.4% as against 32.3% on Y-o-Y basis [Return on Equity (Post Tax) dropped to 15.1% as against 24.2% Y-o-Y basis]. The Return on Capital Employed dropped to 14.0% as against 19.2% on Y-o-Y basis. The revenue for Q2 FY23 included a benefit of Rs. 1,076 Crores from deferred recognition of revenues arising from the settlement of old dues with the customers. The same quarter also had an impact of Rs. 1,771 Crores due to provision for doubtful debt.

Prachur Sah, Managing Director and CEO, Indus Towers Limited, said, “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. 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.” 

Summary of the Consolidated Statement of Income – Represents Consolidated Statement of Income as per IND AS.

(Amount in Rs. Crores, except ratios)

1. Revenue,EBITDA, EBIT, Operating free cash flow and Adjusted Fund from Operations (AFFO) are excluding other
2. Operating FreeCash Flow is a non IND AS measure and is defined as EBITDA adjusted for capex and repayment of lease
3. Adjusted Fund FromOperations is a non IND AS measure and is defined as EBITDA adjusted for Maintenance and General Corporate capex and repayment of lease liabilities.