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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.
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.
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.
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 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%.
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