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Indus Towers to Consider Share Buyback Proposal on July 30, 2024

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Synopsis:

Indus Towers will consider a share buyback on July 30, 2024. The company’s Q4 net profit stood at ₹1,853.1 crore, increasing by 32.5% YoY. The Indus Towers share price has shown significant growth with a 19.29% one-month return and 109.52% YTD return.

Indus Towers News Today

Telecom infrastructure firm Indus Towers announced that its board of directors will evaluate a proposal for the buyback of fully paid-up equity shares at a board meeting scheduled for July 30, 2024. The last share buyback by the company, then known as Bharti Infratel, was conducted in June 2016.

Indus Towers Share Buyback Details

The proposal involves the buyback of fully paid-up equity shares of ₹10 each. This action will be in accordance with the Companies Act, 2013, and the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018. The buyback proposal will include matters related and incidental to the buyback process.

Financial Performance

Indus Towers reported a significant 32.5% year-on-year increase in net profit for the fourth quarter ending March 31, 2024, reaching ₹1,853.1 crore. This was up from ₹1,399.1 crore in the same quarter of the previous fiscal year.

The company's revenue from operations rose by 6.5%, amounting to ₹7,193.2 crore compared to ₹6,752.9 crore in the corresponding period of the previous fiscal.

On the operational front, EBITDA had increased by 19%, reaching ₹4,102.6 crore in the fourth quarter of this fiscal year, up from ₹3,446.6 crore in the corresponding quarter of the previous fiscal. The EBITDA margin improved to 57% from 51% year-on-year.

Indus Towers Stock Performance

Indus Towers share price closed at ₹424.80 on Thursday, a decrease of ₹1.75 or 0.41% on the BSE. However, the stock has demonstrated impressive performance, with a one-month return of 19.29% and a year-to-date (YTD) return of 109.52%.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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