Indus Towers is reportedly pushing Vodafone Idea to clear its outstanding dues and has refused to further relax payment norms, The Economic Times reported.
Indus Towers on Thursday said that Vodafone Idea has cleared 90-100 per cent of its dues but it is monitoring Vodafone Idea's payment pattern. Meanwhile, the company has said that it will not reduce services or access to towers it provides to Vodafone Idea.
Telecom infrastructure company Indus Towers on Wednesday reported a 23 per cent drop in consolidated net profit of Rs 1,399 crore for the fourth quarter ended March 2023.
The net profit was Rs 1,829 crore in the year-ago period.
Advertisement
Seen on a full-year basis, the net profit tanked 68 per cent for FY23, with the company stating that the "financial performance reflects collection challenges from a major customer".
Meanwhile, Indus Towers' revenue for the March quarter (Q4FY23) stood at Rs 6,753 crore, a decline of five per cent over Q4 FY22.
Consolidated earnings before interest, taxes, depreciation, and amortisation or EBITDA was pegged at Rs 3,447 crore, down 15 per cent year-on-year and representing an operating margin of 51 per cent.
"The financials of Q4 2021-22 included a one-time positive impact of Rs 547 crore on account of deferred recognition of revenue from past settlements. In 2022-23, the company adhered to prudent accounting practices and reflected the stress on its receivables due to collection challenges faced from one of the major customers," it said but did not name the telco.
Advertisement
For the full FY2023, the consolidated net profit declined 68 per cent year-on-year to Rs 2,040 crore.
The company's consolidated revenues rose 2 per cent year-on-year Rs 28,382 crore for FY23.
Indus Towers' Managing Director and CEO Prachur Sah said the company ended the year on a positive note with a robust operational performance and improvement in collections during the last quarter.
(With PTI inputs)
