Indus Towers Limited has announced its audited consolidated results for the first quarter ended (QE) June 30, 2023. The consolidated revenue for the quarter stood at Rs 70.76 billion, up 2 per cent on a year-on-year (YoY) basis. Consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 51 per cent YoY at Rs 35.14 billion, representing an operating margin of 49.7 per cent.

The net profit for the company during the quarter was recorded at Rs 13.48 billion. The operating free cash flow stood at negative 5.35 billion. The return on equity (pre-tax) dropped to 18.7 per cent as against 39 per cent on YoY basis, while the return on equity (post-tax) dropped to 13.8 per cent as against 29.5 per cent YoY.

Further, during the period under consideration, the return on capital employed dropped to 13.8 per cent as against 22 per cent YoY. The financials for Q1 FY24 were impacted by a provision for doubtful debt of Rs 12.33 billion.

Commenting on the release, Prachur Sah, managing director and chief executive officer, Indus Towers Limited, said, “We are pleased to have delivered a solid operational performance in Q1 FY24, with the highest quarterly tower additions in our history. The steady collections have aided our financial performance. We have made progress on key strategic priorities which are critical to our growth, competitiveness, and customer satisfaction. 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.”