Indus Towers reports 9% revenue growth despite profit decline

Indus Towers reported gross revenues growing 9.1% year-on-year to INR 80.6 billion in Q1, with core rental revenue rising 10.1% to INR 51.1 billion.

The company added 2,468 macro towers and 5,777 co-locations, bringing total macro towers to 251,800. However, profit after tax decreased 9.8% to INR 17.4 billion.

The board decided to conserve cash citing elevated capex for tower strengthening and lithium-ion battery upgrades.