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Reversal in Vi provision improves EBITDA, Motilal Oswal

Indus Towers (Indus) reported a flat revenue QoQ, but provision write-offs and lower power costs led to 14%/20% QoQ growth in EBITDA/PAT (a beat of 12%/41%). The tower additions were led by only one operator, which moderated the ASF.

VIL’s fund raise and investments in the network will benefit Indus from towers and tenancy additions, and will also provide comfort in collections of past dues (INR54b). We raise our revenue/EBITDA for FY26E and factor in 8%/11% growth in revenue/PAT over FY24-26E. Reiterate Neutral.

For report,

CT Bureau

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