Indus Towers, a major telecom infrastructure company, has announced its quarterly results for Q2 Fy23. The company has reported that its profits after taxes for the quarter stood at Rs 872 crore, down 44% YoY. The major reason behind the dip in profits is the non-payment of dues by a major customer (Vodafone Idea). Consolidated revenues for the company stood at Rs 7967 crores, up by 16% YoY. Indus Towers operating free cash flows were Rs 1,277 crores, down 39% YoY. The Return on Capital Employed dropped to 19.2% as against 23.8% on a YoY basis. N Kumar, Chairman and Independent Director of Indus Towers Limited (formerly Bharti Infratel Limited) said, “We have delivered a strong operational performance during the quarter, underpinned by good demand for products across our portfolio. Our financial performance continues to be impacted by the collection challenges we face from one of our customers. Launch of 5G services by two major operators within three months of spectrum auction underlines the strong role of infrastructure players in providing 5G-ready sites at speed. At Indus Towers, we stay excited and prepared to capitalize on the 5G opportunity.”
