Indus Towers Q3 results: Net profit rises 2% YoY to Rs 1,360 cr

Indus Towers Q3 results: Net profit rises 2% YoY to Rs 1,360 cr

Telecom tower company Indus Towers’ profit has increased 2% on-year and 20.3% on-quarter to Rs 1,360 crore in the October-December period, its first full quarter post merger with Bharti Infratel. The company reported its highest ever net tower additions in the quarter.

“This was a milestone quarter for the Company with the completion of merger between Bharti Infratel Limited and erstwhile Indus Towers. The two companies have come together with zero disruption with customers and other stakeholders in the last few months, a testament to the strength of the people that have been working collaboratively across teams,” said Bimal Dayal, MD and CEO, Indus Towers.

“Operationally, we have witnessed strong network rollouts across the country and the Company has reported its highest ever net tower additions in a quarter.”

Company’s revenue rose 6% on annual basis and 5% sequentially to Rs 6,736 crore. Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) grew 10% on-year to Rs 3,608 crore.

Indus added net 3,416 towers and 4,204 co-locations leading to 5.6% increase in sharing revenue per tower to Rs 82,732.

Co-locations are points where a tower company deploys mobile telecom antennae of multiple carriers on a single structure.

As of December 31 2020, Indus owned and operated 175,510 towers with 318,310 co-locations in 22t telecommunications circles in India.

The merger which concluded after a two-year long hiatus in November last year formed one of the world’s biggest telecom tower companies. Vodafone Idea Ltd (Vi) had received Rs 3,760.1 crore in cash by selling its 11.15% stake in Indus Towers to the entity created after the completion of the merger.

Promoters of the merged entity, Bharti Airtel and Vodafone Group hold 36.7% and 28.12% share respectively. Providence equity partners hold 3.25%, while private equity fund, KKR and Canada Pension Plan Investment Board (CPPIB) collectively hold 7.1%. Public holding in the merged tower company is at 35.2%.

Indus Towers’ share price rose 1.13% in Thursday’s trade to close at Rs 241.25 per share on BSE, as the benchmark index fell 1.13%. Results were declared after market hours.

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