Telecom infrastructure company Indus Towers has reported a 49% increase in its consolidated net profit to Rs 1,295 crore during the September quarter. This is compared to a net profit of Rs 872 crore in the same period last year. The company’s consolidated revenue, however, declined by 10% to Rs 7,133 crore in Q2 FY21 from Rs 7,967 crore in Q2 FY20. The decline in revenue was partly due to the deferred recognition of revenues and provision for doubtful debt. Indus Towers also achieved a milestone of 200,000 macro towers during this quarter.
The company’s Managing Director and CEO, Prachur Sah, stated that the quarter marked a steady financial performance for Indus Towers, with the addition of 16,286 towers on a year-on-year basis, bringing the total number of towers to 204,212. Sah also highlighted the company’s focus on capitalizing on the expansion opportunities in the telecom sector, driven by major customer network expansions and the upcoming rollout of 5G technology.
Indus Towers’ strong financial performance in Q2 reflects its ability to navigate the challenges posed by the economic slowdown caused by the COVID-19 pandemic. With the rapid growth of the telecom industry and the demand for enhanced network infrastructure, Indus Towers is well-positioned to continue its growth trajectory in the coming quarters.
As the telecom sector evolves, Indus Towers remains committed to delivering value to its shareholders by leveraging emerging opportunities and maintaining its leadership position in the market.
