Last month, Indus Towers announced that it increased its provisions for ‘dubious debt’ while releasing its earnings number for the September quarter.
Buy / Sell INDUS TOWERS share
Recommended ArticlesView All
New Locker Rules — Here's why the RBI has gone overboard
Jan 28, 2023 IST5 Min(s) Read
Meet Padma Shri Awardee Guru K Kalyanasundaram Pillai, the man who is keeping an ancient tradition alive
Jan 27, 2023 IST3 Min(s) Read
This is how the new draft IT rules propose to make online gaming safe
Jan 27, 2023 IST4 Min(s) Read
78 percent Indian workers uneasy about job security amid layoffs: Survey
Jan 27, 2023 IST5 Min(s) Read
Telecom tower company Indus Towers Ltd. on Friday announced that its board approved fundraising of up to Rs 1,500 crore through the issuance of non-convertible debentures (NCDs). The NCDs will be issued in three different tranches on a private placement basis.
Interestingly, last month, Indus Towers announced that it increased its provisions for ‘dubious debt’ while releasing its earnings number for the September quarter.
The company made a provision of Rs 1,770 crore in the September quarter against receivables from Vodafone Idea, adding to the Rs 1,232 crore it had already provided in the June quarter.
This takes the total provisions made by the company against Vodafone Idea to over Rs 3,000 crore.
Indus Towers reported a weak September quarter, with its operational performance missing analyst estimates.
Though the company’s revenue of Rs 7,967 crore exceeded expectations, the net profit of Rs 871.8 crore was well below Street estimates. The company’s board also approved raising a sum of Rs 2,000 crore through NCDs.