Tower adds and provision write-backs aid earnings

25 Jan 2024
5 Min read 
  • Indus Towers reported 1% QoQ growth in revenue and 3% QoQ growth in adjusted EBITDA.
  •  The growth was driven by strong tower and rental adds, as well as provision write-backs.
  •  PAT grew by 19% QoQ, supported by lower power costs and interest income.
  •  The company is benefiting from aggressive site adds by Bharti and the rollout of 5G.
  •  However, the single-tenancy sites could drive higher capex and raise concerns about long-term tower sharing.
  •  The company reiterates a neutral rating and sets a target price of INR210.
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