Indus Towers signs MoU with NTPC Green Energy to explore development of renewable energy based power projects
Upstox
2 min read • Updated: April 19, 2024, 12:09 PM
Summary
Indus Towers stated in an exchange filing that it aims to expand its renewable energy portfolio in a phased manner to gigawatt scale capacity for its business operations spread across the country. Prachur Sah, MD & CEO of Indus Towers had said during the third quarter earnings call that the company has been increasingly using cleaner sources of energy to power its sites.
Indus Towers (ITL) shares rose close to 3% on Friday morning after the company said on Friday it has signed a memorandum of understanding (MoU) with NTPC Green Energy (NGEL) to explore a joint development of grid connected renewable energy based power projects including solar, wind, energy storage etc.
Indus Towers stated in an exchange filing that it aims to expand its renewable energy portfolio in a phased manner to gigawatt scale capacity for its business operations spread across the country.
Indus Towers provides passive telecom infrastructure and deploys, owns and manages telecom towers and communication structures, for various mobile operators. The company has a portfolio of over 2.11 lakh telecom towers with presence in all 22 telecom circles. Indus Towers caters to all wireless telecommunication service providers in India.
Prachur Sah, MD & CEO of Indus Towers had said during the third quarter earnings call that the company has been increasingly using cleaner sources of energy to power its sites. “We have significantly increased our solar sites to 6,665 from 1,496 at the beginning of the year,” he had stated.
“We reduced our diesel consumption by 7% year-on-year in Q3 through ongoing measures including use of renewable energy, electrification of non-electrified sites and operational efficiencies. We are accelerating the addition of solar sites every quarter and we added more than 3,300 solar sites in Q3,” Sah had said.
During the third quarter of fiscal year 2024, Indus Towers reported a 6.4% rise in its consolidated revenues at ₹7,199 crore. Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) rose over two times to ₹3,622 crore during the quarter. The company reported a net profit of ₹1,541 crore as compared to a net loss of ₹708 crore in the same period a year ago.
Shares of Indus Towers have gained over 74% since the beginning of the year. The stock has risen close to 159% in the last one year.