Indus Towers Q1 PAT rises 43%, announces buyback of over 5.67 crore shares at ₹465 per scrip

The firm said in an exchange filing that the board has fixed August 09 as the record date to determine the entitlement and the names of equity shareholders who would be eligible to participate in the buyback.

The firm also announced its first quarter results on Tuesday. Consolidated revenue from operations rose 4.3% year-over-year (YoY) to ₹7,383 crore, while consolidated earnings before interest, tax, depreciation, and amortization (EBITDA) rose 29.4% to ₹4,545 crore. Net profit for the quarter rose 42.9% YoY to ₹1,926 crore.

During the quarter, the firm witnessed its total tower base increase by 27,626 to 2,25,910 units. Co-locations increased by 27,049 units to 3,74,928.

Prachur Sah, managing director and CEO of Indus Towers, said business growth and continued collection of past dues underpinned the strong financial performance during the quarter. “We expect network expansion and 5G deployments by our customers to continue to act as growth levers. We are confident of building on these opportunities to create value for our shareholders in a sustainable manner,” he said.

The firm said its return on equity (pre-tax) improved to 34.7% compared to 18.7% on a YoY basis, while on a post-tax basis, it improved to 25.7 % as against 13.8% in the same period last year.

Indus Towers pointed out that the first quarter saw a write-back of ₹760 crore in provision for doubtful receivables, aided by collections against past overdue.

The company provides passive telecom infrastructure, deploying, owning, and managing telecom towers and communication structures for various mobile operators. It caters to all wireless telecommunication service providers in India.

Shares of the firm have gained nearly 118% since the beginning of the year. The stock has risen nearly 157% in the last year.