Indus Towers revenue drops 23% to Rs1,399 crore in This fall FY23

NEW DELHI : Indus Towers reported a 23% fall in revenue for the quarter ended March 2023 to 1,399 crore versus 1,828 crore in the identical quarter within the earlier monetary yr, whereas revenues declined by 5% within the interval to 6,752 crore from 7,116 crore. 

“We ended the yr on a constructive notice with a sturdy operational efficiency and enchancment in collections over the last quarter. The renewal of co-locations with our main clients in the course of the yr has secured our enterprise over the long term,” stated Prachur Sah, Managing Director and CEO, Indus Towers Restricted. 

He added that the fast tempo of 5G rollouts and new tower rollouts supported by its main buyer’s give attention to growth are anticipated to behave as robust levers of development for the foreseeable future. 

The financials of This fall 2021-22 included one-time constructive affect of 547 Crores on account of deferred recognition of income from previous settlements. In 2022-23, the Firm adhered to prudent accounting practices and mirrored the stress on its receivables on account of assortment challenges confronted from one of many main clients, the corporate stated Wednesday. The corporate alluded to debt-laden Vodafone Thought however didn’t identify the client. 

For the total yr ended March 2023, revenue fell sharply, by 67% to 2,759 crore from 8,430 crore within the earlier yr, because it took on distinctive cost of 492 crore because it took impairment of income equalization reserve as much as September 30, 2022 for a big buyer. 

Income for the total yr stood at 28,382 crore, up 2% from the yr earlier than. India’s largest cell phone tower supplier made provisions of 5307.7 crore towards uncertain debt and advances for FY23 whereas for the quarter ended March, it made provisions of 35.4 crore. The provisions made an affect on the corporate’s money flows as working free money move in the course of the quarter fell by 58% on-year to 1155 crore and adjusted fund from operations fell by 23% on-year to 2464 crore. 

For the quarter ended March 31, 2023, earnings earlier than curiosity, taxation, depreciation and amortisation have been at 3446 crore, down by 15.3% on-year, and EBITDA margin stood at 51%. 

The overall variety of towers operated by Indus elevated to 192,874 as of March 2023, up from 185,447 a yr in the past and 189,392 1 / 4 in the past. Sharing income per tower monthly was at 73,535 for the quarter ended March 2023, down 14% from 85,445 a yr in the past however marginally up from 73,283 1 / 4 in the past.

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Up to date: 26 Apr 2023, 10:47 PM IST