Indus Towers’ shares hit 52-week high after board considers buyback of equity shares.

In addition to the buyback of shares, the board of directors will also consider and approve the financial results for the quarter ended June 30, 2024.

In the fourth quarter of FY24, Indus Towers reported a 32.4% year-on-year (YoY) jump in its net profit to ₹1,853 crore. The consolidated revenue for the quarter saw an uptick of 6.5% YoY to ₹7,193 crore. Meanwhile, the earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew by 19% YoY to ₹4,103 crore.

For the financial year ended March 31, 2024, the company saw its net profit surge by 195.9% YoY to ₹6,036 crore while the consolidated revenue for the year saw marginal gains of 0.8% YoY to ₹28,601 crore. In FY24, the company’s EBITDA grew by 50.4% YoY to ₹14,694 crore.

At the end of FY24, the company reported a total tower base of 2,19,736 with a closing sharing factor of 1.68.

Prachur Sah, managing director and chief executive officer of Indus Towers said that the company crossed the 2,00,000-tower mark in FY24 and the company is expecting growth to continue as the 5G network expands in the country. The company has also partly cleared its dues in FY24.

“We expect the ongoing network expansion and 5G rollouts, supplemented by the encouraging developments around a major customer’s fund raise to provide a fillip to our growth.” He said.

Shares of the company have risen by nearly 117% since the beginning of the year. The stock has gained over 143% in the past year.