Indus Towers Limited has announced its audited consolidated results for the quarter ended (QE) December 31, 2022. The consolidated revenue for the quarter stood at Rs 67.65 billion, witnessing 2 per cent fall on year-on-year (Y-o-Y) basis. Meanwhile, consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) plunged 68 per cent on Y-o-Y basis at Rs 11.86 billion, representing an operating margin of 17.5 per cent.

The net loss for the company during the quarter was recorded at Rs 7.08 billion. Besides, the operating free cash flow stood at negative 6.21 billion. While the return on equity – pre-tax – dropped to 16.5 per cent as against 39.3 per cent on Y-o-Y basis, the return on equity – post tax – dropped to 12.3 per cent as against 29.8 per cent Y-o-Y basis.

Further, during the period under consideration, the return on capital employed dropped to 12.5 per cent as against 24.5 per cent on Y-o-Y basis. The loss in the books was a result of adoption of stringent accounting practices by the company due to continued shortfall in collections from one of the major customers.

Commenting on the release, Prachur Sah, managing director and CEO, Indus Towers Limited, said, “Our strong business fundamentals have enabled us to deliver a steady operational performance during the quarter. Our financial performance remains impacted as we have adopted stringent accounting practices amid persistent shortfall in collections. The rapid rollout of 5G services across the country marks an exciting phase for the telecom sector. Indus being the leading tower infrastructure company, stands to benefit from this opportunity and continues to participate in this journey.”