Shares of Indus Towers opened in the green but later slipped and were trading 3% below on 26 October, even though the company reported a 48.5% YoY increase in its net profit for the July-September quarter.

The company’s consolidated net profit for the quarter under review was at Rs 1,294.7 crore against Rs 872 crore reported in the year-ago quarter.

However, the company reported a 10% year-on-year (YoY) decline in its revenue from operations at Rs 7,133 crore against Rs 7,967 crore reported in the same quarter of the previous fiscal year.

The EBITDA (earnings before interest, depreciation, taxes and amortisation) was 23% above at Rs 3,456 crore against Rs 2,812 crore reported in the year-ago quarter.

Managing Director and CEO Prachur Sah 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, translating into a steady financial performance.”

He added that the company’s endeavour to capitalise on the existing opportunity arising from rapid network expansion by major customers and 5G rollouts by operators will help the company in sustained value creation for shareholders.

At 12:46 pm, the shares of Indus Towers were trading 2.30% below at Rs 170.25 on NSE.