Indus Towers Limited (Indus Towers) reported a net profit of Rs 4,003 crore in the fiscal third quarter which ended December 31, 2024, reflecting a 159.9 percent year-on-year increase. This growth was driven by tower additions and significant overdue collections from Vodafone Idea (Vi), one of its major customers. Quarterly revenue rose by 4.8 percent year-on-year to Rs 7,547 crore.
Also Read: Vodafone Increases Stake in Vi to 24.39 Percent After Completing Share Placing in Indus
Tower Additions and Co-Locations
Indus Towers added 4,985 new towers in the quarter, bringing its total to 234,643 across 22 telecom circles. Co-locations, where multiple carriers share tower space, grew by 7,583, bringing the total to 386,819.
"We are pleased to see our ability to maintain a dominant share of our major customers’ rollouts reap dividends in the form of robust tower and colocation additions, reiterating our superior execution capabilities and customer centric approach. The strong additions along with significant collections of overdue from a major customer helped us record an excellent financial performance," said Prachur Sah, Managing Director and CEO of Indus Towers Limited, in a statement.
Also Read: Indus Deploys 180 Towers in Prayagraj for Maha Kumbh Mela 2025
Sustainability and Partnerships
"We expect the resumption of network expansion by a major customer coupled with the rollouts by other customers to act as strong levers of growth. We remain cognizant of the sustainability aspect in our growth plans, and our focus on securing strategic partnerships under Green Energy Open Access is a step in that direction," he added.
The tower operator, one of the world's largest, said in Q3 FY25 it had a write-back of Rs 3,024 crore in provision for doubtful receivables, aided by collections against past overdue. Return on Capital Employed improved to 29.3 percent as against 19.2 percent on year-on-year basis, the company said.
In a separate statement, Indus Towers also announced its plans to foray into the EV charging infrastructure sector.
Also Read: Indus Towers to Acquire 26 Percent Stake in JSW Green Energy Eight
Foray into EV Charging Infrastructure
Indus Towers said it had decided to pursue suitable business opportunities in the Electric Vehicle (EV) charging infrastructure sector and received the approval of its Board of Directors for the same. The Company has already launched pilot EV charging stations in Gurugram and Bengaluru.
"The Company is well positioned to contribute to the EV charging infrastructure sector by leveraging its expertise in managing and providing space, power, and operations and maintenance (O&M) for seamless operation and efficiency. This is in line with the Company's plan to supplement its long-term growth through relevant adjacent business opportunities," Indus Towers said in a statement on January 23, 2025.
