Indus Towers, a leading telecom infrastructure company, announced a significant surge of around 32% in its consolidated net profit for the fourth quarter ending March 2024.
The company’s net profit stood at Rs 1,853 crore, compared to Rs 1,399.1 crore reported a year ago, according to its regulatory filing.
During the same period, the company’s consolidated revenue from operations witnessed a 6.5% growth, reaching Rs 7,193.2 crore compared to Rs 6,752.9 crore in the corresponding quarter of March 2023.
For the entire fiscal year ending March 31, 2024, Indus Towers posted an impressive nearly three-fold increase in consolidated profit, soaring to Rs 6,036.2 crore from Rs 2,040 crore in FY 2023.
Despite a nearly flat annual revenue from operations at Rs 28,600.6 crore compared to Rs 28,381.8 crore in FY23, the company’s performance was boosted by network expansion and market share growth.
“We were pleased to see steady collections and part clearance of the over-dues. We expect the ongoing network expansion and 5G roll-outs, supplemented by the encouraging developments around a major customer’s fund raise to provide a fillip to our growth,” said Prachur Sah, Managing Director and CEO of Indus Towers.
Indus Towers marked a significant milestone by surpassing 2,00,000 towers installed in FY24, reporting an increase of 26,862 mobile towers year-over-year.
The company’s financial report indicated doubtful receivables of Rs 5,385.3 crore, primarily from Vodafone Idea (VIL). However, the report mentioned that revenue from operations relating to VIL continued to be recognized due to consistent monthly payments since January 2023.
Vodafone Idea recently raised Rs 18,000 crore from an FPO, which is expected to bolster its operations and alleviate some debt burden, providing a positive outlook for Indus Towers.