Indus Towers Limited announced its audited Consolidated results for the third quarter ended December 31, 2022.The Consolidated revenue for the quarter was Rs.6,765 Crores, down 2% Y-o-Y. Consolidated EBITDA was at Rs.1,186 Crores, down 68% Y-o-Y and representing an operating margin of 17.5%. The net loss for the quarter was Rs. 708 Crores. The Operating Free Cash Flow was at Rs. (621) Crores. The Return on Equity (Pre-Tax) dropped to 16.5% as against 39.3% on Y-o-Y basis [Return on Equity (Post Tax) dropped to 12.3% as against 29.8% Y-o-Y basis]. The Return on Capital Employed dropped to 12.5% as against 24.5% on Y-o-Y basis. The loss in the books was a result of adoption of stringent accounting practices by the Company due to continued shortfall in collections from one of the major customers.
Prachur Sah, Managing Director and CEO, Indus Towers Limited (Formerly Bharti Infratel Limited), said:
“Our strong business fundamentals have enabled us to deliver a steady operational performance during the quarter. Our financial performance remains impacted as we have adopted stringent accounting practices amid persistent shortfall in collections.
The rapid rollout of 5G services across the country marks an exciting phase for the telecom sector. Indus being the leading tower infrastructure Company, stands to benefit from this opportunity and continues to participate in this journey.”