Net profit increases 49% to Rs 1,295 cr

Telecom infrastructure company Indus Towers on Wednesday posted a 49 per cent increase in consolidated net profit to Rs 1,295 crore in the September quarter.

The company had posted net profit of Rs 872 crore in the year-ago period.

The consolidated revenue of Indus Towers declined 10 per cent to Rs 7,133 crore during the second quarter of the current fiscal from Rs 7,967 crore a year ago.

“The revenue for second quarter included… Rs 1,076 crore from deferred recognition of revenues arising from the settlement of old dues with customers. The quarter also had an impact of Rs 1,771 crore due to provision for doubtful debt,” the company said in a statement.

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

The company reported an increase of 16,286 towers on year-on-year basis, taking the total number to 2,04,212.

The company’s endeavour is to capitalise on the existing opportunity arising out of rapid network expansion by major customers and 5G rollouts by operators, which will help in sustained value creation for shareholders, Sah said.