INDUSTOWER · Telecommunication
Indus Towers Ltd. reported revenue of ₹7,465 cr for July to September 2024, +4.7% on the year and +1.1% on the quarter. It is the highest quarterly revenue in the last 6 quarters on record.
Operating profit (EBITDA) was ₹4,864 cr, a margin of 65.2%, +1,718 bps on the year and +415 bps on the quarter. It is the widest margin of the last 6 quarters (range 48.0% to 65.2%). Operating costs grew −29.9% against revenue growth of +4.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹2,224 cr, +71.7% on the year and +15.5% on the quarter, with earnings per share of ₹8.43. Profit before other income, one-offs and tax grew 73.7%, so the profit growth came from the business itself. The tax rate of 25% is in line with its recent average.
Telecom is capital-heavy: depreciation and interest take a large share of operating profit, so the operating line matters more than net profit in any one quarter. The quarterly statements do not carry revenue per user, subscribers and capital spending; those come with the filing read.
On earnings per share of ₹28.18 over the last four quarters, the stock at ₹383.55 trades at 13.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹7,199 cr | ₹7,193 cr | ₹7,383 cr | ₹7,465 cr | ₹7,547 cr | ₹7,727 cr | ₹8,058 cr | ₹8,188 cr | ₹8,146 cr | ₹8,101 cr | ₹8,431 cr | ₹8,516 cr |
| YoY | — | — | +4% | +5% | +5% | +7% | +9% | +10% | +8% | +5% | +5% | +4% |
| EBITDA margin | 49.8% | 56.6% | 61.0% | 65.2% | 92.2% | 56.9% | 54.5% | 55.8% | 54.8% | 54.6% | 53.1% | 53.9% |
| Other income, % of PBT | 5% | 4% | 2% | 4% | 2% | 4% | 4% | 3% | 6% | 7% | 5% | 4% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 26% | 26% | 25% | 23% | 25% | 26% | 26% | 27% | 24% | 26% | 26% |
| Net profit | ₹1,540 cr | ₹1,853 cr | ₹1,926 cr | ₹2,224 cr | ₹4,003 cr | ₹1,779 cr | ₹1,737 cr | ₹1,839 cr | ₹1,776 cr | ₹1,793 cr | ₹1,746 cr | ₹1,793 cr |
| YoY | — | — | +43% | +72% | +160% | −4% | −10% | −17% | −56% | +1% | +1% | −3% |
| Core profit YoY | — | — | +45% | +74% | +160% | −5% | −11% | −16% | −56% | −3% | −1% | −4% |
| EPS | ₹5.72 | ₹6.88 | ₹7.15 | ₹8.43 | ₹15.17 | ₹6.74 | ₹6.58 | ₹6.97 | ₹6.73 | ₹6.80 | ₹6.62 | ₹6.80 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | 1 | 1 | 1 | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Indus Towers Ltd. reported revenue of ₹7,465 cr (+4.7% on the year) and net profit of ₹2,224 cr (+71.7% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +73.7% on the year, against +71.7% for reported profit.
None of the 7 checks that could run raised a question.
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