Shares of Indus Towers saw a nearly 5% rise in early trading on January 24 on the NSE, following the release of its Q3FY24 results on January 23 after market hours.
According to a regulatory filing, Indus Towers reported a Q3FY24 revenue of Rs. 7,199 Crores, marking a substantial 6.4% year-on-year increase. The EBITDA (Earnings before interest, taxation, depreciation, and amortization) for the same period showed a remarkable surge of 205.4% YoY, reaching Rs. 3,622 Crores. The net profit for the quarter stood at Rs. 1,541 Crores, a significant turnaround from the previous fiscal’s loss of Rs. 708 Crores.
Post-earnings release, Prachur Shah, from Indus Towers, highlighted the company’s robust operational performance, pointing to the third consecutive quarter of record tower additions. Shah expressed optimism about future growth opportunities, citing the major customer’s focus on network expansion and ongoing 5G rollouts. He added, “Our timely investments to capitalize on these opportunities will generate long-term returns for our shareholders.” Investors are closely watching Indus Towers as it continues to capitalize on the evolving telecommunications landscape.
