te Indus Towers Q1 results: Net profit rises nearly three-fold to Rs 1,348 crore | Zee Business

Indus Towers Q1 results: Net profit rises nearly three-fold to Rs 1,348 crore

India's largest mobile tower company Indus Towers on Thursday reported a nearly three-fold jump in consolidated net profit to Rs 1,348 crore for the June 2023 quarter.

Indus Towers Q1 results: Net profit rises nearly three-fold to Rs 1,348 crore
The company had posted a net profit of Rs 477 crore in the same period a year ago. Image Courtesy: Reuters.

India's largest mobile tower company Indus Towers on Thursday reported a nearly three-fold jump in consolidated net profit to Rs 1,348 crore for the June 2023 quarter. The company had posted a net profit of Rs 477 crore in the same period a year ago.

Its revenue grew three per cent during the reported quarter to Rs 7,076 crore compared to Rs 6,897 crore in the year-ago quarter. The company said strong tower additions on account of 5G rollouts and collections drive performance led to its growth during the June 2023 quarter even after making a doubtful debt provision of Rs 1,233 crore.

"We are pleased to have delivered a solid operational performance in the first quarter of the financial year 2024, with the highest quarterly tower additions in our history. The steady collections have aided our financial performance.

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"With the 5G rollouts by operators and network expansion of a major customer progressing at speed, Indus Towers is also keeping pace to capture the growth opportunity and create long-term value," Indus Towers Managing Director and CEO Prachur Sah said.

The company added 11,810 new towers on a year-on-year basis, taking the total count of installed tower base to 1,98,284 at the end of the June 2023 quarter.

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Written By: PTI
Updated: Fri, Jul 28, 2023
08:32 pm
PTI
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