Indus Q1 net profit slumps; pending dues from one telco hurts

New Delhi: Indus Towers Tuesday reported a 66% on-year and 73.6% sequential decline in net profit, on account of receivables due to the company from one of its major customers.

Jointly owned by Bharti Airtel and UK’s Vodafone Group, the telecom tower company reported a net profit of Rs 477 crore compared with Rs 1,415 crore a year ago and Rs 1828.5 crore in the March quarter.

The consolidated revenue for the quarter also declined 3% on-quarter, but increased 1% on-year to Rs 6989.8 crore. However, the company’s operating cash flow fell 60% on-year to Rs 807 crore.