Telecom infrastructure main Indus Towers on Tuesday posted a 42 per cent improve in consolidated revenue to Rs 1,925.9 crore within the first quarter ended June 30, 2024.
The corporate had reported a revenue of Rs 1,347.9 crore in the identical interval a 12 months in the past, Indus Towers mentioned in a regulatory submitting.
Indus Towers consolidated income from operations grew by about 4 per cent to Rs 7,439.4 crore in the course of the reported quarter, from Rs 7,132.4 crore within the June 2023 quarter, the submitting added.
Throughout the quarter ended June 30, 2024, Vodafone Group Plc, by its oblique wholly-owned subsidiaries, bought 17.98 per cent of its shareholding in Indus Towers.
Bharti Airtel Ltd acquired roughly 27 million fairness shares representing 1 per cent fairness share capital of the corporate.
Accordingly, Bharti Airtel Ltd held 48.95 per cent shares and Vodafone Group held 3.06 per cent stake within the firm as on June 30, 2024.
Each Bharti Airtel Ltd and Vodafone proceed to be the promoters of the corporate.
With out mentioning the title of Vodafone Concept (VIL), Indus Towers that it’s in dialogue with the debt-ridden telecom operators’ plan for clearance of its total previous overdue excellent steadiness.
VIL has been paying an quantity largely equal to month-to-month billing since January 2023 and likewise paid an quantity of Rs 1,300 crore in opposition to previous dues excellent until date.
Nevertheless, VIL nonetheless has dues of round Rs 4,624 crore which it has to pay to Indus Towers.
Whereas Indus Towers continues to recognise income from operations associated to VIL, the telecom infrastructure nonetheless carries an allowance for uncertain receivables of Rs 4,624.3 crore as on June 30, 2024 associated to VIL, which covers all overdue excellent as at June 30, 2024.