India’s leading telecom infrastructure provider plays a crucial role in supporting the nation’s digital transformation. As a key enabler for mobile operators, the company maintains and operates a vast network of towers essential for cellular connectivity.
Despite recent market volatility reflected in a 28% stock correction since its July buyback announcement, the company’s fundamentals remain strong. The telecom infrastructure sector continues to benefit from increasing data consumption and the ongoing 5G rollout across India.
Analysts maintain optimism about Indus Towers growth trajectory, with Citi’s ‘Buy’ rating highlighting significant upside potential. This confidence stems from expected tenant growth, improving cash flows, and strategic capital allocation, positioning the company to capitalise on India’s expanding digital ecosystem.
Share Price Movement
The share price of Indus Towers Limited went up by 2.72 percent to Rs. 331.95 per share on Tuesday, an increase from its previous close of Rs. 323.15 per share. The market capitalisation now stands at approximately Rs. 87,573 crore as of November 19, 2024.
What Happened
Indus Towers has faced a 28% stock correction since its July 30 share buyback announcement, despite positive developments like potential tenant growth, improved cash flow, and reduced capex. Citi maintains a ‘Buy’ with a ₹485 target, reflecting 50% upside potential. The stock is up 63% YTD, showing resilient investor interest.
Q2 Financial Highlights
According to its recent filing, in the quarter ending September 2024, Indus Towers Limited’s consolidated revenue from operations has increased by 3.69 percent YOY from Rs. 7,132 crore in Q2 FY24 to Rs. 7,465 crore in Q2 FY25 and increased by 1.11 percent QoQ from Rs. 7,383 crore in Q1 FY25.
The company’s consolidated net profit has increased by 71.7 percent, from Rs. 1,295 crore in Q2 FY24 to Rs. 2,224 crore in Q2 FY25. As compared to the last quarter of 2025, the company’s net profit has increased by 15.5 percent QoQ from Rs. 1,926 crore.
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Market Outlook
India’s telecom sector, the world’s second-largest, shows promising growth with 1.17 billion subscribers. Driven by 5G adoption, increasing data consumption, and Digital India initiatives, the industry expects to contribute $70B to the economy by 2027, with significant expansion in both urban and rural areas.
Shareholding Pattern
As of the November 2024 shareholding pattern, Indus Towers Limited is primarily held by the promotors at 53.01 percent, foreign institutional investors hold 24.19 percent, and the public with 5.81 percent.
About Company
Indus Towers Limited, headquartered in Gurgaon, Haryana, is a leading telecommunications infrastructure provider in India. Formerly known as Bharti Infratel Ltd, it became one of the largest global telecom tower companies after merging with Indus Towers in 2018. The company operates over 229,658 towers and 379,236 co-locations across India, serving major telecom operators like Bharti Airtel, Vodafone Idea, and Reliance Jio.
Offering services like telecom tower management, infrastructure solutions, and energy solutions, Indus Towers supports India’s connectivity. Led by experienced professionals, including MD & CEO Prachur Sah, the company boasts strong financial performance with a ₹87,000 crore market cap. Committed to sustainability, it integrates green energy initiatives into its operations, enhancing its industry leadership.
Written By Fazal Ul Vahab C H
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