Indus Towers’ Q4 satisfactory, but fortunes hinge on Vodafone Idea’s survival

MUMBAI: The March quarter (Q4FY21) results of Indus Towers Ltd, formerly Bharti Infratel Ltd, results were not impressive, but they were not too bad either. The company offers tower and related infrastructure sharing services to telecom service providers.

Indus Towers’ revenues for the last quarter came in slightly below many analysts’ estimates. Based on consolidated proforma financials, reported rental revenues increased 5.7% year-on-year. Overall revenues, however, grew at a slower rate of 2.9% year-on-year due to to 1.6% drop in energy reimbursements.

During the March quarter, the company added 3,715 towers sequentially, taking the total to 179,225. While tower additions are encouraging, tenancy ratio dropped to 1.81 times last quarter versus 1.82 times in Q3FY21 and 1.85 times in Q4FY20.