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Revenue
₹7,550 Cr
verified against source
Revenue YoY
4.8%
reported change
EBITDA
₹7,000 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Indus Towers delivered a strong Q3 FY25, with revenue of INR 75.5 billion (+4.8% YoY) driven by robust tower and co-location additions. EBITDA surged 93% YoY to INR 70 billion, largely due to a INR 30.2 billion provision write-back from Vodafone Idea collections. PAT grew 160% YoY to INR 40 billion. Core rental revenue rose 7.5% YoY. The company added 4,985 towers and 7,583 co-locations, with tenancy ratio stable at 1.65. Management highlighted strong order book visibility for 3-4 quarters, driven by network expansion from major customers. Risks include potential slowdown in 5G deployment and lingering receivable uncertainties from Vodafone Idea.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects robust growth for the next 3-4 quarters based on strong order book from all customers.
- Ongoing network expansion by customers, including Vodafone Idea, is expected to drive tower and co-location additions.
- Energy margins expected to improve as renewable energy share increases and diesel consumption reduces.
Risks flagged
- Despite significant collections, INR 5 billion provision remains and overall outstanding is larger; future collections not guaranteed.
- 5G BTS deployment pace has slowed, which could impact loading revenue and new site demand.
- Energy margins remain negative (-3.4%) despite initiatives; improvement may be gradual due to timing and revenue classification.
Key quotes
- We are in a pole position to be able to monetize those towers, which are currently single tenant.
- The patience has paid off, and I think we are at a point where we are getting our deals collected, and we are also participating in network expansion.
- With the uncertainty reducing, I think clearly there will be more appetite [for leverage].
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