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Revenue
₹7,730 Cr
verified against source
Revenue YoY
7.4%
reported change
EBITDA
₹4,400 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 Q4 FY25 with gross revenues of ₹7,730 crore (+7.4% YoY) and core rental revenue growth of 10% YoY to ₹5,040 crore. EBITDA of ₹4,400 crore (margin 56.9%) was flat YoY, but normalized EBITDA grew 12.8% YoY after adjusting for one-time write-backs and the Airtel tower acquisition impact. PAT stood at ₹1,780 crore, down 4% YoY due to the prior quarter's large write-back. Key drivers included record tenancy additions (18,606 colocations) and the acquisition of 12,600 towers from Bharti Airtel. Management guided for continued strong tower and tenancy growth in FY26, supported by 5G loading and data demand. A board committee was formed to evaluate capital distribution options. Risk: data consumption growth deceleration could moderate future tenancy demand.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects FY26 to be another strong year of growth, with a robust order book and continued customer rollout activity.
- Board formed a subcommittee to assess modalities of cash distribution to shareholders; decision expected in the near term.
- Target to further reduce diesel consumption through solar deployment (30,000 solar sites) and lithium-ion battery adoption.
Risks flagged
- Analyst noted data consumption growth has decelerated, which could reduce demand for new towers and tenancies.
- Acquisition of single-tenancy Airtel towers dilutes average rental per tower, impacting reported ARPT metrics.
- Energy margins remain negative (adjusted -2%) due to reconciliation issues and seasonality; improvement uncertain.
- Potential partnerships between Starlink and telcos could reduce reliance on terrestrial towers, though management sees no near-term impact.
Key quotes
- We're proud to have delivered another stellar year with our current tenancy additions being one of the highest in our history after having a record-breaking performance in FY 2024.
- I remain committed to rewarding the shareholders and implementing our strategy. Considering this, the board has formed a committee to comprehensively assess various viable options.
- Our inherent strengths, including superior execution capabilities, have helped us maintain a major share in our customers' portfolios.
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