Indus Towers

“In addition, whenever we do the additional tenancies as well, they also come -- whenever we do a tenancy or upgrade of a 5G or install solar, so all these are also the components of capex that impact growth, but it is not reflected by the growth from the tower count per se.”

“Further to this, I think if you look at the profile of growth and operational capex, it's not very different in Q2 versus what we had in Q1. It's broadly in the same ratio.”

“With healthy order book visibility and accelerating rollout activity, we expect the growth momentum to continue.”

“So I think Q3 and for the next coming quarters, we do see that we have a strong order book from the major customers that we have.”

“But I think the order book remains very strong, both on tower and tenancies.”

“So I think the mix will depend on the order book, as we said.”

“Supported by a specialized team focused on design and execution, the company has led incremental market share gains in new IBS deployments for two consecutive years”

“But I believe that ratio will remain quite healthy given the nature of expansion, given the fact that we have a large 1T tower base that is available for a second tenant to come.”

“We have not declared the IBS revenue, but it's a very small part of the overall rental revenue we have in the business.”

“So I think as we keep deploying towers and tenancies according to the order book, the growth will be commensurate to that.”

“With the industry adding approximately 30,000 5G BTSs during the second quarter, taking the total installed base to around 593,000.”

“In Q1, total data volume increased by 30% year-on-year, supported by an 18% rise in average monthly usage per subscriber.”

“I think FY24 was the peak of the rollout when you would see a much larger number.”

“However, it is more and more moving towards the macro or bigger towers.”

“The planned expansion by major customers represents structured growth opportunities for Indus Towers.”

“Our energy margin performance was driven by an 11% year-on-year reduction in diesel consumption.”

“We optimized energy costs by deploying solar solutions across approximately 3,000 sites during Q2, increasing the solar site portfolio to 49,000 sites.”

“Our planned transition from diesel to lithium-ion battery storage is progressing well and we are on track to meaningfully reduce dependence on diesel.”

“Reported EBITDA increased by 2.5% quarter-on-quarter and stands at INR46.3 billion for the quarter.”

“Our EBITDA margin also improved by 80 basis points quarter-on-quarter and stands at 54.4% for the quarter.”

“The capital efficiency is reflected in our cash generation, with the free cash flow remaining robust at INR14 billion for the quarter.”

“The liquidity profile provides us with financial flexibility to support sustainable, value-accretive capital expenditure.”

“Rollouts have successfully commenced with initial tower deployments as planned and are scheduled to ramp up in H2.”

“We have successfully deployed towers in Zambia and Uganda in Q2 and also started generating revenue.”

“In line with our phased rollout plan, we are set to begin deployment in Nigeria during the current quarter and our early capex performance per tower remains within the plan, validating our cost model during the initial phases.”

“No, I think Airtel remains our primary anchor customer in Africa.”

“We have also initiated engagements beyond our anchor customer to leverage our tenancy-led business model.”

“Please note that Q2 of last fiscal year included write-backs of approximately INR2 billion, relating to collection of overdue receivables from a major customer.”

“Adjusting for the earlier mentioned write-back, PAT for the company grew at 6.4% year-on-year.”

“which is worth noting that last year Q2 in the same fiscal year, we had reported one-off benefit of around 0.8% on the overall revenue. That is also impacting the YoY performance for this quarter.”

“Adjusting this one-off, our EBITDA grew at 5.2% year-on-year.”

“During the quarter, our teams across Northeast, Bihar & Jharkhand and UP East, once again demonstrated exceptional resilience in the face of severe floods that disrupted network operations, restricted site access and caused prolonged power outages.”

“However, that is something that is in discussions, and I don't have any incremental updates to share on that aspect.”

“As of now, we continue to operate the tenancy portfolio with all our customers.”

“And of course, we have certain aspects of loading and the other escalations, which are muted by the renewal impact.”

“This has translated into an improvement in our tenancy ratio from 1.62 to 1.63, following a period of stability.”

“Over the last three years, we have deployed smart meters on approximately 140,000 sites.”

“I would like to highlight that our determination to deliver superior service delivery resulted in sequential improvement in our network uptime from 99.955% to 99.97% despite challenging seasonal weather.”

“We are pleased to report that our CRISIL ESG rating improved from 57 to 63”

“the revenue absolute value stands at INR85.2 billion.”