Last Updated on October 26, 2023 by BFSLTeam BFSLTeam
On October 25, 2023: Indus Towers Limited (BSE, NSE: INDUSTOWER) announced its Q2 2023-24 financial results, with the highest-ever additions of towers to help the company meet its milestone target of 200,000 Macro Towers.
Table of Content
Main Highlights
With a relatively positive result on the board for Indus Towers, here are the key highlights for the Q2 results:
- For Q2, the Consolidated Revenues stand at ₹7,133 crore. This is a decrease of 10% YoY.
- For Q2, the Consolidated EBITDA is at ₹3,456 crore. This is an increase of 23% YoY.
- The Consolidated Profit After Tax (PAT) for Q2 stands at ₹1,295 crore, a rise of 49% YoY.
- Q2 has witnessed a Total Tower base of 204,212 along with sharing closing factor of 1.73.
- Q2 Revenue saw a benefit of ₹1,076 crore, as a result of the settlement of previous dues.
- In Q2, the ROCE decreased to 14.0% relative to 19.2% on a YoY level.
- The Pre-tax ROE was at 20.4% relative to 32.3% YoY. Post-tax ROE was at 15.1% versus 24.2% YoY.
Additional Read: Q2 Results Dashboard
More Operational Force
At the end of Q2, the company had operated 2.04 lakh towers in total. This is more than approximately 16,000 relative to the amount of towers operated in the same quarter of the previous fiscal year. The total co-locations of the company were at 3.53 lakh and this is an increase of about 15,000 relative to 3.38 lakh units present in the same quarter of the previous fiscal year.
Management Commentary
The CEO and MD of Indus Towers, Prachur Sah, has some insights on the Q2 results, and these reflected the following:
- Q2 was a distinctive quarter as it marked the company achieving its milestone goal of 200,000 Macro Towers. As a result, the position of Indus Towers as a market leader has been reaffirmed.
- High tower additions have led to superior financial results.
- The company has taken advantage of the existing opportunity to benefit from speedy network expansion by a certain major client.
- Additionally, 5G rollouts by many operators will boost value creation for shareholders, helping to sustain it further.
Additional Read: Indus Tower Share Price
Financial Results
The table below shows the consolidated financial results of Indus Towers for the quarter that ended 30 September 2023 with metrics mentioned in ₹ crore, except margins denoted in percentage (%):
| Metrics | Q2 FY2023-24 | Q2 FY2022-23 | YoY Growth |
| Revenue | 7,133 | 7,967 | -10% |
| EBITDA | 3,456 | 2,812 | 23% |
| EBIT | 1,896 | 1,505 | 26% |
| Profit (Loss) before Tax | 1,747 | 1,175 | 49% |
| Profit (Loss) after Tax | 1,295 | 872 | 49% |
| Operating Free Cash Flow | 398 | 1,277 | -69% |
| Adjusted Fund from Operations | 2,388 | 1,866 | 28% |
About Indus Towers
With a company like Indus Towers, it’s all about the connections of lives across India. Indus Towers Limited was established as a merger of two enterprises – Indus Towers and Bharti Infratel Limited. This occurred as recently as 2020. The collaborative strength of this partnership is what makes Indus Towers one of the largest telecom tower firms in the industry, and in the world, today.
The company is responsible for enabling the communication of millions of Indians on a daily basis, and Indus provides affordable and reliable services for the ever-developing network connectivity requirements of the nation. Indus Towers Limited currently owns more than 200,000 towers as well as 47,879 co-locations (30 June 2023) and a countrywide presence spread over all 22 telecom circles. Indus Towers’ top customers are Bharti Airtel (along with Bharti Hexacom), Reliance Jio Infocomm Limited, and Vodafone Idea Limited, the top Indian wireless telecommunications service providers (by revenue).
Source: https://www.industowers.com/investor/result/#quarterly-results
