Indus Towers shares correct 7% as ‘doubtful debt provision’ hits Q3 scorecard

Indus Towers posted consolidated loss of Rs 708.2 crore for quarter ended December FY23, against profit of Rs 1,570.8 crore in corresponding period last fiscal.

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Shares of Indus Towers fell 7 percent on January 25 after the mobile tower installation company reported loss for third quarter of FY23 under doubtful debt provision against a telecom operator.

Although the company avoided to name the telecom operator that can be blamed for delay in payment of receivables, experts believe it is Vodafone Idea that is grappling with funds crunch.

Indus Towers posted a consolidated loss of Rs 708.2 crore for the quarter ended December FY23 as against a profit of Rs 1,570.8 crore a year back.

“A large customer of the group accounts for substantial part of net sales for the period ended December 31, 2022 and constitutes a significant part of trade receivables and unbilled revenue as of December 2022,” Indus Towers said its filing to exchanges.