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<\/span><\/figcaption><\/figure>Kolkata: Shares of Indus Towers<\/a> plunged nearly 5% at the open in Wednesday morning trade on BSE<\/a> a day after the telecom tower company suffered a whopping Rs 708 crore net loss in the fiscal third quarter after having to make a hefty Rs 2,298.1 crore provision towards doubtful debt in October-December after a key customer, believed to be Vodafone Idea<\/a> (Vi), warned of likely challenges in meeting future payment commitments.

The Indus stock<\/a> was down 4.57% to Rs 162.70 on Wednesday morning on the exchange.

Since Vi’s funding plan has still not materialised, Indus said its key customer has indicated challenges in complying with higher payment plan in future.

As a result, Indus has followed a stringent policy for making a doubtful debt allowance in respect of its overdue receivables. The Rs 2,298.1 crore provision towards doubtful debt in the December quarter reflects a near 30% jump sequentially. The tower company had made a Rs 1,770.9 crore provision towards doubtful debt in the fiscal second quarter.

“Indus reported a loss of Rs 708 crore vs. expectations of | Rs 1,475 crore PAT, largely owing to provision for doubtful debt and exceptional charge of Rs 493 crore (impairment of revenue equalisation reserve for Vodafone Idea<\/a> dues,” ICICI Direct<\/a> said in a note.

The brokerage said collection delays from Vi and Indus’s exposure as service provider (~35%+ revenues, in our view) remained the key area of concern, adding that the key issue going forward is clarity on how the tower company plans to recover its money from loss-making Vi.

“Our financial performance remains impacted as we have adopted stringent accounting practices amid persistent shortfall in collections,” Indus MD Prachur Sah said in the earnings statement Tuesday.

Vi recently gave a commitment to Indus to pay 100% of its current dues from January onwards, and also clear its outstanding as of December 31, 2022, over seven months, starting this month. Vi, though, has made the required part-payment till December 2022.

Accordingly, Indus’s trade receivables has shrunk by over 22% sequentially in the fiscal third quarter to Rs 5,062.4 crore.

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

Indus Towers names ex- bureaucrat Ramesh Abhishek as Independent Director<\/a><\/h2>

Abhishek will take up the role from January 3, 2023, subject to approval of shareholders, for a term of five years till January 2, 2028, the tower company said in its BSE filings.<\/p><\/div>

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<\/span><\/figcaption><\/figure>Kolkata: Shares of Indus Towers<\/a> plunged nearly 5% at the open in Wednesday morning trade on BSE<\/a> a day after the telecom tower company suffered a whopping Rs 708 crore net loss in the fiscal third quarter after having to make a hefty Rs 2,298.1 crore provision towards doubtful debt in October-December after a key customer, believed to be Vodafone Idea<\/a> (Vi), warned of likely challenges in meeting future payment commitments.

The Indus stock<\/a> was down 4.57% to Rs 162.70 on Wednesday morning on the exchange.

Since Vi’s funding plan has still not materialised, Indus said its key customer has indicated challenges in complying with higher payment plan in future.

As a result, Indus has followed a stringent policy for making a doubtful debt allowance in respect of its overdue receivables. The Rs 2,298.1 crore provision towards doubtful debt in the December quarter reflects a near 30% jump sequentially. The tower company had made a Rs 1,770.9 crore provision towards doubtful debt in the fiscal second quarter.

“Indus reported a loss of Rs 708 crore vs. expectations of | Rs 1,475 crore PAT, largely owing to provision for doubtful debt and exceptional charge of Rs 493 crore (impairment of revenue equalisation reserve for Vodafone Idea<\/a> dues,” ICICI Direct<\/a> said in a note.

The brokerage said collection delays from Vi and Indus’s exposure as service provider (~35%+ revenues, in our view) remained the key area of concern, adding that the key issue going forward is clarity on how the tower company plans to recover its money from loss-making Vi.

“Our financial performance remains impacted as we have adopted stringent accounting practices amid persistent shortfall in collections,” Indus MD Prachur Sah said in the earnings statement Tuesday.

Vi recently gave a commitment to Indus to pay 100% of its current dues from January onwards, and also clear its outstanding as of December 31, 2022, over seven months, starting this month. Vi, though, has made the required part-payment till December 2022.

Accordingly, Indus’s trade receivables has shrunk by over 22% sequentially in the fiscal third quarter to Rs 5,062.4 crore.

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

Indus Towers names ex- bureaucrat Ramesh Abhishek as Independent Director<\/a><\/h2>

Abhishek will take up the role from January 3, 2023, subject to approval of shareholders, for a term of five years till January 2, 2028, the tower company said in its BSE filings.<\/p><\/div>