Telecom infrastructure major Indus Towers Ltd on Wednesday (October 25) reported a 48.5% year-on-year (YoY) jump in consolidated net profit at ₹1,294.7 crore for the second quarter that ended September 30, 2023.

In the corresponding quarter last year, Indus Towers posted a net profit of ₹872 crore, the company said in a regulatory filing.

In the quarter, consolidated revenue stood at ₹7,132.5 crore during the period under review, down 10.5% against ₹7,966.6 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA jumped 23% to ₹3,456 crore in the second quarter of this fiscal over ₹ 2,812 crore in the corresponding period in the previous fiscal.

Also Read: Sonata Software Q2 net profit at Rs 124 crore, declares interim dividend of ₹7

The Return on Equity (Pre-Tax) dropped to 20.4% as against 32.3% on a year-on-year basis . The Return on Capital Employed dropped to 14.0% as against 19.2% on a year-on-year basis.

The revenue for Q2 FY23 included a benefit of ₹1,076 crore from deferred recognition of revenues arising from the settlement of old dues with the customers. The same quarter also had an impact of ₹1,771 crore due to provision for doubtful debt.

The company reported an increase of 16,286 towers on year-on-year basis, taking the total number to 2,04,212.

Prachur Sah, managing director and CEO of Indus Towers, said, "The quarter marked Indus Towers reaching a milestone of 200,000 macro towers, reaffirming its leadership position. We are also proud to have delivered another quarter of our highest tower additions which translated into a steady financial performance."

Also Read: Network18 Q2 Results | Consolidated operating revenue rises 20% to ₹1,865 crore

The results came after the close of the market hours. Shares of Indus Towers Ltd ended at ₹174.25, down by ₹3.55, or 2.00 percent on the BSE.