Indus Towers reports Rs 1,541 crore net profit in Q3FY24

New Delhi: Indus Towers reported a Rs 1,541 crore net profit in fiscal third quarter of FY24, compared to a Rs 708 crore net loss a year ago, on the back of strong tower additions amid top customer Bharti Airtel’s ongoing nationwide 5G roll out, steady collections and sharp on-year fall in net finance costs.

The telecom tower company’s net profit grew 19% sequentially, from Rs 1,295 crore in the fiscal second quarter.

Indus, though, flagged continued recovery challenges from another key customer (read: Vodafone Idea), saying the latter’s funding plan had still not materialised and it had not made the committed payments pertaining to the outstanding amount due as at December 31, 2022.