Indus Towers announces Consolidated results for the fourth quarter and full year ended March 31, 2022

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Spread the News online news,India, May 10,2022: Indus Towers Limited (Formerly Bharti Infratel Limited) (“Indus Towers” or “the Company”) today announced its audited Consolidated results for the fourth quarter and full year ended March 31, 2022. Following the merger between Bharti Infratel Limited and Indus Towers, effective November 19, 2020, the results filed under Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, are not comparable with the results disclosed prior to the effective date.

Hence, the Company has given proforma unaudited consolidated results (see note). The Consolidated revenue for the quarter was Rs.7,116 Crore, up 10% Y-o-Y. Consolidated EBITDA was at Rs.4,070 Crore, up 19% Y-o-Y and representing an operating margin of 57.2%. The net profit for the quarter was Rs.1,829 Crore, up 34% Y-o-Y. The Operating Free Cash Flow was at Rs. 2,734 Crore up 83% Y-o-Y. The Return on Equity (Pre-Tax) increased to 44.3% as against 39.6% on Y-o-Y basis [Return on Equity (Post Tax) increased to 33.5% as against 29.6% Y- o-Y basis]. The Return on Capital Employed increased to 25.7% as against 22.1% on Y-o-Y basis.

The Board of Directors has declared an interim dividend for financial year 2021-22 of Rs.11 per share in its meeting held today i.e. May 05, 2022.

Bimal Dayal, Managing Director and CEO, Indus Towers Limited (Formerly Bharti Infratel Limited), said:

“Looking back on FY22, team Indus did a commendable job by culminating a merger of such scale while fighting the pandemic and natural disasters. Despite all the challenges, Indus Towers delivered a robust financial performance and a sustained operational performance.

The recent progressive steps taken by the government, and its thrust on 5G technology will accelerate the industry. Indus Towers remains fully committed to support its customers in enabling 5G connectivity across India.”

Summary of the Consolidated Statement of Income – Represents Proforma Consolidated Statement of Income as per IND AS.

(Amount in Rs. Crore, except ratios)

Quarter Ended
Profit before Tax2,4311,79635%
Profit after Tax1,8291,36434%
Operating Free Cash Flow1&22,7341,49483%
Adjusted Fund From Operations(AFFO)1&33,2102,56425%
  1. Revenue, EBITDA, EBIT, Operating free cash flow and Adjusted Fund from Operations (AFFO) are excluding other income.
  2. Operating Free Cash Flow is a non IND AS measure and is defined as EBITDA adjusted for capex and repayment of lease liabilities.
  3. Adjusted Free Cash Flow is a non IND AS measure and is defined as EBITDA adjusted for Maintenance and General Corporate capex and repayment of lease liabilities.
  4. Revenue from operations for the quarter ended March 31, 2022 include impact of one-time provision reversal of INR 5,473 million.
ParametersUnitMar 31,2022Dec 31,2021Q-on-QGrowthMar 31,2021Y-on-YGrowth
Total Towers 1Nos1,85,4471,84,7486991,79,2256,222
Total Co-locations 1Nos3,35,7913,35,1066853,22,43813,353
Key Indicators
Average Sharing FactorTimes1.811.811.81
Closing Sharing FactorTimes1.811.811.80
Sharing Revenue per Tower p.m.Rs85,44579,6097.3%77,8259.8%
Sharing Revenue per Sharing Operator p.m.Rs47,14843,9047.4%42,47711.0%

1. Reporting of towers & colocations has been changed from notice basis to actual exit basis w.e.f. 1st July 2021. During the consolidation phase of the telecom industry, Indus had adopted a conservative approach in December 2018 of reporting exits basis notices received vis-à-vis the earlier method of reporting basis actual exits. Now with the stabilization in the industry and reducing trend of exits, Indus has moved back to the earlier approach of reporting churn based on actual exits to represent actual colocations billed. This has resulted in one-time addition of 3,630 colocations in closing base for the quarter ended September 30, 2021.