Indus Towers Q1 net profit rises nearly three-fold to Rs 1,348 cr

India's largest mobile tower company Indus Towers on Thursday reported a nearly three-fold jump in consolidated net profit to Rs 1,348 crore for the June 2023 quarter.

The company had posted a net profit of Rs 477 crore in the same period a year ago.

Its revenue grew three per cent during the reported quarter to Rs 7,076 crore compared to Rs 6,897 crore in the year-ago quarter.

The company said strong tower additions on account of 5G rollouts and collections drive performance led to its growth during the June 2023 quarter even after making a doubtful debt provision of Rs 1,233 crore.

"We are pleased to have delivered a solid operational performance in the first quarter of the financial year 2024, with the highest quarterly tower additions in our history. The steady collections have aided our financial performance.

"With the 5G rollouts by operators and network expansion of a major customer progressing at speed, Indus Towers is also keeping pace to capture the growth opportunity and create long-term value," Indus Towers Managing Director and CEO Prachur Sah said.

The company added 11,810 new towers on a year-on-year basis, taking the total count of installed tower base to 1,98,284 at the end of the June 2023 quarter.