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<\/span><\/figcaption><\/figure>New Delhi: Indus Towers<\/a> Tuesday reported a 66% on-year and 73.6% sequential decline in net profit, on account of receivables due to the company from one of its major customers.

Jointly owned by Bharti Airtel<\/a> and UK’s Vodafone Group<\/a>, the telecom tower company reported a net profit of Rs 477 crore compared with Rs 1,415 crore a year ago and Rs 1828.5 crore in the March quarter.

The consolidated revenue for the quarter also declined 3% on-quarter, but increased 1% on-year to Rs 6989.8 crore. However, the company's operating cash flow fell 60% on-year to Rs 807 crore.

Indus Towers added 1027 new towers over the previous quarter, bringing its total tower tally to 1,86,474 in the quarter ended June 30 in 22 out of 23 telecom circles in India. The company also added 591 new co-locations as compared to the June quarter, bringing the tally to 3,36,382.

However, the company's sharing revenue per tower per month declined 11.4% quarterly and 2.9% annually, to Rs 75,888. Sharing revenue per sharing operator per month also declined 11.2% quarterly, and 2% annually to Rs 41,879.

Indus attributed the decline in financials to a chunk of receivables due from one of the key customers, which analysts say, was likely to be cash-strapped Vodafone Idea<\/a>. This, while the company's energy costs jumped 5.3% and operating expenses increased by 18.2%.

\"Our financial performance was an outcome of our prudent accounting practice as there is stress on our receivables due to the financial position of one of our major customers,\" outgoing Managing Director and CEO, Bimal Dayal<\/a> said in a press statement.

Indus said that the customer has informed the company that a funding plan is under finalisation with its lenders and has proposed a payment plan to the company where it has committed to pay part of the amount to be billed till the end of the year and 100% of the amount billed thereafter.

The remaining dues, it has proposed to pay between January 2023 and July 2023. The proposal is under consideration of the company, said the auditor's report by Deloitte which audited the financials of the company.

The auditor's report further states that the company had agreed to the payment plan and modification of its security arrangements proposed by one of the promoters of Vi for clearance of the outstanding dues.

Pursuant to the agreement, Vodafone<\/a> has disposed of all primary pledged shares on equities issued by it to be used exclusively for clearing the outstanding dues of the company.

\"Indus<\/a><\/figure>

Indus MD Bimal Dayal resigns<\/a><\/h2>

Dayal’s stint at Indus Towers spans 12 years; six years as the chief operating officer and six years as MD & CEO of lndus Towers.<\/p><\/div>

\"\"
<\/span><\/figcaption><\/figure>New Delhi: Indus Towers<\/a> Tuesday reported a 66% on-year and 73.6% sequential decline in net profit, on account of receivables due to the company from one of its major customers.

Jointly owned by Bharti Airtel<\/a> and UK’s Vodafone Group<\/a>, the telecom tower company reported a net profit of Rs 477 crore compared with Rs 1,415 crore a year ago and Rs 1828.5 crore in the March quarter.

The consolidated revenue for the quarter also declined 3% on-quarter, but increased 1% on-year to Rs 6989.8 crore. However, the company's operating cash flow fell 60% on-year to Rs 807 crore.

Indus Towers added 1027 new towers over the previous quarter, bringing its total tower tally to 1,86,474 in the quarter ended June 30 in 22 out of 23 telecom circles in India. The company also added 591 new co-locations as compared to the June quarter, bringing the tally to 3,36,382.

However, the company's sharing revenue per tower per month declined 11.4% quarterly and 2.9% annually, to Rs 75,888. Sharing revenue per sharing operator per month also declined 11.2% quarterly, and 2% annually to Rs 41,879.

Indus attributed the decline in financials to a chunk of receivables due from one of the key customers, which analysts say, was likely to be cash-strapped Vodafone Idea<\/a>. This, while the company's energy costs jumped 5.3% and operating expenses increased by 18.2%.

\"Our financial performance was an outcome of our prudent accounting practice as there is stress on our receivables due to the financial position of one of our major customers,\" outgoing Managing Director and CEO, Bimal Dayal<\/a> said in a press statement.

Indus said that the customer has informed the company that a funding plan is under finalisation with its lenders and has proposed a payment plan to the company where it has committed to pay part of the amount to be billed till the end of the year and 100% of the amount billed thereafter.

The remaining dues, it has proposed to pay between January 2023 and July 2023. The proposal is under consideration of the company, said the auditor's report by Deloitte which audited the financials of the company.

The auditor's report further states that the company had agreed to the payment plan and modification of its security arrangements proposed by one of the promoters of Vi for clearance of the outstanding dues.

Pursuant to the agreement, Vodafone<\/a> has disposed of all primary pledged shares on equities issued by it to be used exclusively for clearing the outstanding dues of the company.

\"Indus<\/a><\/figure>

Indus MD Bimal Dayal resigns<\/a><\/h2>

Dayal’s stint at Indus Towers spans 12 years; six years as the chief operating officer and six years as MD & CEO of lndus Towers.<\/p><\/div>