Indus Towers Limited has received monthly payments from Vodafone Idea Limited (Vi), and is in talks to recover the telco’s past dues as well while observing its fundraising plans.
Speaking at the company’s Q2 earnings call, Prachur Sah, chief executive officer, Indus Towers, said that the company has not written off any receivables from Vi and expects near 100 per cent payment to continue going forward. The company’s receivables increased by Rs 8.8 billion during the July-September 2023 quarter due to a delay in payment by the operator, but the amount has since been paid in full in October 2023. As of September 2023, Indus carried an allowance for doubtful receivables of Rs 56.53 billion relating to Vi.
Sah added that Indus Towers is monitoring Vi’s fundraising efforts closely and that there is some degree of reliance on this fundraising. Indus Towers expects Vi to meet its monthly debt payments and will continue to charge Vi in accordance with the master service agreement (MSA).