Indus Towers' net profit declines 23% to Rs 1,399 cr in March quarter

Telecom infrastructure company Indus Towers on Wednesday reported a 23 per cent drop in consolidated net profit of Rs 1,399 crore for the fourth quarter ended March 2023. The net profit was Rs 1,829 crore in the year-ago period. Seen on a full-year basis, the net profit tanked 68 per cent for FY23, with the company stating that the "financial performance reflects collection challenges from a major customer". Meanwhile, Indus Towers' revenue for the March quarter (Q4FY23) stood at Rs 6,753 crore, a decline of five per cent over Q4 FY22. Consolidated earnings before interest, taxes, depreciation, and amortisation or EBITDA was pegged at Rs 3,447 crore, down 15 per cent year-on-year and representing an operating margin of 51 per cent. "The financials of Q4 2021-22 included a one-time positive impact of Rs 547 crore on account of deferred recognition of revenue from past settlements. In 2022-23, the company adhered to prudent accounting practices and reflected the stress on its ...

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