Indus Towers seems to have cracked today; opening in the red and then falling over 4.5% to hit a new 52-week low at Rs.162.80 and continues to trade around the same levels.

The company posted a very disappointing Q3FY23 earning. Its consolidated revenue for the quarter was Rs.6,765 Crores, down 2% (YoY). EBITDA came in 68% lower at Rs.1186 and margins slipped big time from 53% to 17.5%.

The net loss for the quarter was at Rs. 708 crore v/s net profit of Rs.1571 crore.  The company was pushed into the loss on account of provision for doubtful debt of Rs 2,201 crore and exceptional charge of Rs 493 crore.

The company said that the loss in the books was a result of adoption of stringent accounting practices by the company due to continued shortfall in collections from one of the major customers.

The company’s portfolio of over 1,89,000 telecom towers, makes it one of the largest tower infrastructure providers in the country with presence in all 22 telecom circles. Indus Towers caters to all wireless telecommunication service providers in India and has been the industry pioneer in adopting green energy initiatives for its operations.