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Indus Towers reports a loss of Rs 708 crore in Q3FY23; stock slips ~2.5%

25 Jan 2023 , 06:38 PM

Indus Towers reported a Rs708 crore net loss in the third quarter of the current financial year, compared to a Rs1,571 crore net profit the previous year, after being forced to make a sizable Rs2,298.10 crore provision for doubtful debt in the October-December period after a key customer, believed to be Vodafone Idea, warned of potential difficulties in meeting future payment commitments.

As a result, India’s largest telecom tower company has implemented a strict policy for calculating a doubtful debt allowance on overdue receivables. The additional provision for the doubtful debt of Rs2,298.10 crore in the December quarter represents a nearly 30% increase sequentially. In the second quarter, the tower company set aside Rs1,770.90 crore for doubtful debt.

Indus’ consolidated revenue for the October-December period was Rs6,765 crore, down 2% year on year, while consolidated earnings before interest, tax, depreciation, and amortization (EBITDA) fell 68% year on year to Rs1,186 crore, owing to Vi’s ongoing difficulties in meeting its obligations. The December quarter’s free cash flow was a negative Rs621 crore.

Following this development, Indus Towers was trading 2.26% lower at Rs166.60, against the previous close of Rs170.45 on NSE. The counter opened at Rs164.20, which is also its intraday low so far.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • Indus Towers
  • Indus Towers Q3
  • Q3 results
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