Indus Towers (INDUSTOWER) Q3 24/25 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q3 FY25, driven by robust tower and co-location additions and improved collections from major customers.

• Maintained dominant market share with key customers and continued expansion in challenging geographies.

• Significant progress in sustainability, gender diversity, and recognition for CSR and energy efficiency initiatives.

• Consolidated and standalone financial results for the quarter and nine months ended December 31, 2024, were audited and approved by the Board on January 23, 2025.

• Statutory auditors expressed an unmodified opinion on both consolidated and standalone results, confirming compliance with Ind AS 34 and SEBI regulations.

Financial highlights

• Total revenue grew 4.8% year-on-year to INR 75.5 billion; core rental revenue up 7.5% year-on-year to INR 48.2 billion.

• EBITDA reached INR 70 billion, up 93% year-on-year and 43% quarter-on-quarter; EBITDA margin rose to 92.7%.

• Profit after tax increased 160% year-on-year and 80% quarter-on-quarter to INR 40 billion; adjusted PAT up 7.7% year-on-year.

• Consolidated revenue from operations for the quarter was Rs. 75,474 Mn, up from Rs. 71,990 Mn year-over-year; consolidated net profit for the quarter was Rs. 40,032 Mn, up from Rs. 15,405 Mn year-over-year.

• Allowances for doubtful receivables for the quarter were negative Rs. 30,241 Mn, reflecting significant recoveries.

Outlook and guidance

• Strong order book and robust pipeline for both towers and co-locations, with visibility for the next three to four quarters.

• Ongoing network expansion by major customers expected to drive future growth.

• Continued focus on cost efficiency, network optimization, and sustainability.

• Management expects to realize the carrying amounts of receivables and assets related to a major customer, given recent funding and payment developments.