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Indus Towers launched EV charging pilot stations in Gurugram and Bengaluru, marking its entry into the EV infrastructure sector. The firm posted a 159.9% net profit growth in Q3 FY24.
Indus Towers Limited, a leading telecom tower infrastructure provider, has officially entered the electric vehicle (EV) charging infrastructure sector. The company has launched pilot EV charging stations in Gurugram and Bengaluru, leveraging its extensive expertise in space management, power solutions, and operations. The move aligns with its strategy to diversify into adjacent business opportunities for sustained growth.
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Sector Entry: Indus Towers enters the EV charging market with pilot projects in two major Indian cities.
Board Approval: The Board of Directors has approved the strategic foray into the EV infrastructure sector.
Financial Momentum: Strong Q3 FY24 results bolster the company’s position to diversify operations further.
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Indus Towers’ financial performance for Q3 FY24 underpins its entry into new sectors. The company reported a consolidated net profit of ₹4,003 crore, a 159.9% increase from ₹1,541 crore in the same quarter of the previous year. Revenue from operations also rose by 4.8%, reaching ₹7,547 crore. This financial resilience, supported by significant collections from Vodafone Idea and robust tower additions, positions Indus Towers for sustainable expansion into EV infrastructure.
Indus Towers plans to utilise its expertise in managing telecom towers to establish and maintain EV charging infrastructure. The company is well-placed to provide seamless power and operations support to these charging stations, ensuring efficiency and reliability.
Parameter | Q3 FY24 | Q3 FY23 | Change |
Net Profit | ₹4,003 crore | ₹1,541 crore | +159.9% |
Revenue from Operations | ₹7,547 crore | ₹7,199 crore | +4.8% |
Overdue Collections | Significant | Moderate | Boosted Liquidity |
Indus Towers’ venture into EV charging infrastructure signals its commitment to diversification and long-term growth. The pilot projects, combined with its robust financial performance, reflect the company’s capability to thrive in emerging markets. As this transition unfolds, the Indus Towers share price may witness increased investor confidence, highlighting the firm’s potential in the evolving EV ecosystem.
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