Indus Towers / Q2-FY25

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Positive2024-10-31Back to INDUSTOWER

Revenue

₹7,470 Cr

verified against source

Revenue YoY

4.7%

reported change

EBITDA

₹4,910 Cr

latest reported figure

Source

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record provenance

Actual signal trajectory

Where this quarter sits.

source records only
EBITDA (₹ Cr)PositiveWatchNegative
12 actual records
Actual quarterly EBITDA (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 3,510 · Positive source sentiment · 2023-07-20Q1 FY24Q2 FY24: 3,460 · Positive source sentiment · 2023-10-31Q2 FY24Q3 FY24: 3,620 · Positive source sentiment · 2024-01-31Q3 FY24Q4 FY24: 4,100 · Positive source sentiment · 2024-04-30Q4 FY24Q1 FY25: 4,550 · Positive source sentiment · 2024-07-31Q1 FY25Q2 FY25: 4,910 · Positive source sentiment · 2024-10-31Q2 FY25Q3 FY25: 7,000 · Positive source sentiment · 2025-01-31Q3 FY25Q4 FY25: 4,400 · Positive source sentiment · 2025-05-15Q4 FY25Q1 FY26: 4,390 · Watch source sentiment · 2025-07-15Q1 FY26Q2 FY26: 4,610 · Positive source sentiment · 2025-10-30Q2 FY26Q3 FY26: 4,510 · Positive source sentiment · 2026-01-20Q3 FY26Q4 FY26: 4,460 · Positive source sentiment · 2026-04-30Q4 FY267,0003,460
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Indus Towers delivered a robust Q2 FY25 with revenue of ₹7,470 crore (+4.7% YoY) and EBITDA of ₹4,910 crore (+42% YoY), aided by a ₹1,080 crore provision writeback from a major customer. Core rental revenue grew 8.5% YoY to ₹4,710 crore. Tower additions remained strong at 3,748 macro towers despite weather disruptions, and tenancy ratio held at 1.65x. Management expects continued momentum from 5G rollouts and incremental tenancies from Vodafone Idea and BSNL. However, energy margins were seasonally weak in Q1/Q2 due to monsoons, with recovery expected in H2. A key risk is the pending GST show-cause notice on input tax credit for passive infrastructure, though management considers the liability remote.

Colored figures show movement against the previous available record.

Guidance to track

  • Management expects both tower additions and co-location growth to continue in the coming quarters, driven by major customer rollouts.
  • Energy margins, impacted by monsoon seasonality in Q1 and Q2, are expected to improve in Q3 and Q4.
  • The company will evaluate dividend distribution at year-end in line with its policy of distributing free cash flow.

Risks flagged

  • The company received a show-cause notice questioning GST credit on passive infrastructure assets; management considers liability remote but matter is sub judice.
  • Reliance Jio's CapEx intensity has halved in H1 FY25, and they guided for deceleration, which could reduce tower and tenancy additions.
  • New towers with lower ARPT and renewal discounts are offsetting benefits from loading and escalations, keeping ARPT stable.

Key quotes

  • We sustained 100% collection against monthly billing from a major customer, while our collections against past overdues improved further during the quarter.
  • Our diesel consumption reduced further by 2% in Q2 on a year-on-year basis.
  • The reported EBITDA increased by 42% year-on-year and 8% quarter-on-quarter to INR 49.1 billion.

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