Indus Towers

May 22 (Reuters) - Indus Towers Ltd INUS.NS:

• INDUS TOWERS LTD - VIKAS PODDAR RESIGNS AS CFO

Source text: ID:nBSEL0hQW

Further company coverage: INUS.NS

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** Shares of mobile tower operator Indus Towers INUS.NS down 2.5% to 427.10 rupees

** Jefferies downgrades Indus Towers to "underperform" from "hold" and cuts PT to 375 rupees from 530 rupees

** Brokerage cites rising risks to revenue growth as higher capex, driven by tower additions and higher maintenance spending, is expected to weigh on free cash flows and dividends

** Cuts FY26–27 revenue estimates by about 2%–6% after factoring in renewal risks and 15%–45% growth in capex

** Renewal pricing risks and moderating second half of 2026 could pressure revenue growth to around 4% a year - Jefferies

** Twenty one analysts have a "hold" rating on INUS on avg; median PT is 471.50 rupees - data compiled by LSEG

** YTD, INUS up ~2%

(Reporting by Urvi Dugar in Bengaluru)

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Adds details, background, company comment

Feb 5 (Reuters) - Bharti Airtel BRTI.NS, India’s second-largest mobile carrier by number of users, posted its seventh straight quarterly profit rise on Thursday, as subscribers upgraded to higher-margin telecom plans amid a steady rise in the customer base.

Indian telecom operators have been focused on boosting revenue by encouraging users to move to higher-value plans.

Both Airtel and rival Reliance Jio RELJ.NS have scrapped their entry-level 4G and 5G packs to encourage migration to pricier options.

Airtel's industry-leading average revenue per user (ARPU) - a key metric of profitability - rose 5.7% year-on-year to 259 rupees during the quarter, with the share of users on faster 4G and 5G connections surging to 79%.

India's telecom sector has witnessed intense competition since Jio's entry in 2017, with the Reliance group company overtaking peers to command the largest user base.

Airtel's India user base rose 12.6% year-on-year to 465.9 million as of December 31, below Jio's 515.3 million.

The firm's consolidated pre-tax profit rose 34.4% to 125.58 billion rupees ($1.39 billion) for the quarter ended December 31, from 93.46 billion rupees a year earlier.

The results include a 2.57 billion rupees charge linked to the implementation of new labour codes. The firm's year-ago profit had got a 75.5 billion rupees boost from a higher valuation of its stake in telecom infrastructure provider Indus Towers INUS.NS.

Airtel's "balance sheet strength, reinforced by strong cash generation and sustained deleveraging" positions it well to invest in new growth opportunities, Executive Vice Chairman Gopal Vittal said in a press release.

The firm's overall revenue climbed 19.6% to 539.82 billion rupees, including proceeds from Indus Towers, in which Airtel bought a majority stake last year.

Last month, Jio reported a 11% rise in quarterly profit while smaller rival Vodafone Idea's VODA.NS losses narrowed.

($1 = 90.2760 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Mrigank Dhaniwala)

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Feb 2 (Reuters) - Indus Towers Ltd INUS.NS:

• INDUS TOWERS DEC-QUARTER CONSOL PROFIT 17.76 BILLION RUPEES

• INDUS TOWERS DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 81.46 BILLION RUPEES

Source text: ID:nBSE7ZMnDk

Further company coverage: INUS.NS

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Jan 22 (Reuters) - Indus Towers Ltd INUS.NS:

• INDUS TOWERS LTD - TO INCORPORATE SUBSIDIARY IN GIFT CITY, GUJARAT

• INDUS TOWERS LTD - SUBSIDIARY TO FUNCTION AS INVESTMENT HOLDING COMPANY

• INDUS TOWERS - INITIAL INVESTMENT OF UPTO 200 MILLION RUPEES IN PROPOSED UNIT

Source text: ID:nBSE10tjMY

Further company coverage: INUS.NS

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** Telecom infra provider Indus Towers INUS.NS rises 2.6% to 439.30 rupees

** India govt's telecom due relief for Vodafone Idea VODA.NS will make way for its fundraising and network capex boosting, which will be a "big positive" for Indus Towers INUS.NS, CLSA says in note titled 'Winner of VIdea's revival'

** Brokerage says VODA's fundraising should add upside to INUS's growth of 10-11% CAGR in core revenue

** Adds, INUS's balance sheet is net cash and dividend restatement is likely

** Maintains "high conviction outperform" rating at PT 565 rupees for INUS

** Stock rated "buy" on avg by 21 analysts; median PT 462.50 rupees - data compiled by LSEG

** Stock gained about 22.5% in 2025

(Reporting by Aleef Jahan in Bengaluru)

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** Shares of Indus Towers INUS.NS fall 5% to 313.20 rupees

** Telecom infra firm's board approved foray into African markets, beginning with Nigeria, Uganda and Zambia, to diversify revenue and create long-term value

** Co to leverage its anchor customer relationship with Bharti Airtel BRTI.NS to establish a competitive presence

** Emkay Capital (maintains 'Buy', TP of 410 rupees) sees capital allocation unfavourably due to currency and repatriation risks; adds, any significant capital deployment could trigger a downgrade

** CLSA (maintains 'high conviction outperform' rating, revises TP to 520 rupees) sees limited medium-term upside from Indus's diversification; expected higher dividend roll out to strengthen capital structure

** Twenty one analysts covering INUS have a "hold" rating on avg; median PT is 401.50 rupees - data compiled by LSEG

** INUS down ~9% YTD

(Reporting by Urvi Dugar)

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** Shares of Indus Towers INUS.NS decline 4.1% to 368.45 rupees; their lowest level since early-April

** Telecom infra firm's consol profit after tax dropped 9.8% y/y to 17.37 billion rupees, its operating profit margin contracted to 33.29% from 40.43% a year ago

** Analysts at UBS said co's results were "slightly softer-than-expected"; PAT declined due to higher power and fuel costs

** Adds, co's decision to not pay dividends is a negative development amid strong free cash flow of 118 billion in the past five quarters

** The decline in stock also comes amid a weaker broader market .BO

** Avg rating of 20 brokerages is "hold" on INUS stock, median PT is 407 rupees - data compiled by LSEG

** Year-to-date, stock is up 7.5%

(Reporting by Manvi Pant in Bengaluru)

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** Indus Towers INUS.NS drops 3.5% to 409.90 rupees

** Macquarie downgrades telecom infra provider to "underperform" from "neutral", retains PT of 350 rupees

** Says after two years of "strong" tower additions, growth rate expected to slow to less than 10% over FY25-28

** Adds despite tower additions from client Vodafone Idea VODA.NS, rental revenue/operator will not rise much because additions to VODA come at standard discounts

** Stock rated "hold" on avg; median PT is 407 rupees, per data compiled by LSEG

** INUS trims YTD gains to 20%

(Reporting by Kashish Tandon in Bengaluru)

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** Indus Towers INUS.NS falls 6.2% to 382.6 rupees; set for worst day in over seven months

** Telecom infra provider's Q4 consol PAT falls 4% Y/Y, hurt by a rise in costs; rev up 7.4%

** Jefferies("underperform;" PT:345 rupees) calls lack of dividend announcement in Q4 a negative surprise; co may raise dividends in FY26

** Expects co's tenancy additions to pick up over next few quarters, led by Vodafone Idea VODA.NS's network expansion

** More than 16.4 mln shares traded, over twice the 30-day avg

** Avg rating on stock is "hold;" median PT is 407 rupees - data compiled by LSEG

** Stock up 12% YTD

(Reporting by Aleef Jahan in Bengaluru)

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April 9 (Reuters) - Bharti Hexacom Ltd BHAX.NS:

• PUTS SALE OF INFRASTRUCTURE BUSINESS TO INDUS TOWERS ON HOLD

• TCIL REQUESTS BHARTI HEXACOM TO START FRESH PROCESS FOR SALE

• TO UNDERTAKE FRESH EXERCISE IN CONSULTATION WITH TCIL

Source text: ID:nNSE86XJRt

Further company coverage: BHAX.NS

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** Telecom tower operator Indus Towers INUS.NS jumps 6.7% to 356.70 rupees; set for biggest intraday pct gain since June 2024

** Brokerages say INUS, owed money by Vodafone Idea VODA.NS, seen benefiting from Indian government's move to convert part of debt-ridden telco's spectrum dues into equity

** VODA says government's stake in co will rise to 48.99% from 22.6% after outstanding spectrum auction dues are converted into equity

** Citi sees INUS climbing to 470 rupees in next three months

** Jefferies says government move will allay concerns of potential delays in payments to INUS

** Stock rated "hold" on avg, per data compiled by LSEG

** INUS gains 4.2% YTD

(Reporting by Nandan Mandayam in Bengaluru)

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Feb 21 (Reuters) - Indus Towers Ltd INUS.NS:

• ZAGGLE PREPAID OCEAN SERVICES - ENTERED INTO AN AGREEMENT WITH INDUS TOWERS

Source text: [ID:]

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Updates shares in paragraphs 2,3, adds background from paragraph 4

Feb 14 (Reuters) - India's top court has rejected a request by telecom companies to recalculate the dues they owe the government, the Mint business daily reported on Friday.

The news sent shares of debt-saddled Vodafone Idea VODA.NS down 5.3%, while shares of telecom tower operator Indus Towers INUS.NS dropped about 4%. Analysts previously said a similar court decision would delay Indus Towers' recovery of dues from Vodafone Idea.

The companies, in a last resort petition against a similar ruling by the top court in 2021, had argued that the telecom department made errors in calculating the so-called adjusted gross revenue (AGR) dues.

A similar appeal was rejected by India's top court in September last year.

Telecom firms had long contested that only revenue accrued from core services should be taken into account when computing the dues, while the government argued that AGR should include non-core revenue as well, such as money from rent or land sales.

The Supreme Court, in 2019, ruled in favour of the government's definition of AGR calculations.

The latest ruling is a setback for Vodafone Idea, which owes the government around 2.27 trillion rupees ($26.1 billion) in license fees and spectrum charges, according to its latest earnings statement.

The Indian government is also one of the largest shareholders in the company with a 23.15% stake.

($1 = 86.8580 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru)

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Feb 6 (Reuters) - Bharti Hexacom Ltd BHAX.NS:

• APPROVES SALE OF 3,400 TELECOM TOWERS TO INDUS TOWERS

• TRANSFER TO INDUS TOWERS VALUED AT UP TO 11,341 MILLION RUPEES

Source text: ID:nBSE9KXmR4

Further company coverage: BHAX.NS

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Jan 23 (Reuters) - Indus Towers Ltd INUS.NS:

• TO ENTER EV CHARGING INFRASTRUCTURE SECTOR

• LAUNCHES PILOT EV CHARGING STATIONS IN GURUGRAM AND BENGALURU

Source text: ID:nNSE6jZ7JK

Further company coverage: INUS.NS

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Jan 10 (Reuters) - Vodafone Group PLC VOD.L:

• INDUS TOWERS STAKE SALE AND VI SHAREHOLDING

• PLACING RAISES INR 28 BILLION (US$330 MILLION), REPAYS INR 8.9 BILLION (US$105 MILLION) BORROWINGS

• USED PROCEEDS FROM CAPITAL RAISE TO PAY OUTSTANDING MASTER SERVICE AGREEMENT DUES TO INDUS

Source text: ID:nRSJ8952Sa

Further company coverage: VOD.L

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Dec 16 (Reuters) - Indus Towers Ltd INUS.NS:

• TAX TRIBUNAL ORDERS IN FAVOR OF COMPANY ON DENIAL OF DEPRECIATION ON ASSETS RECEIVED UNDER MERGER

• ORDER TO RESULT IN REDUCTION OF 35 BILLION RUPEES IN CONTINGENT LIABILITY

Source text: [ID:]

Further company coverage: INUS.NS

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Dec 13 (Reuters) - Indus Towers Ltd INUS.NS:

• INDUS TOWERS LTD - ENTERED INTO A POWER PURCHASE AGREEMENT WITH JSW GREEN ENERGY EIGHT

• INDUS TOWERS LTD - TO INVEST APPROXIMATELY 380.3 MILLION RUPEES IN JSW GREEN ENERGY

• INDUS TOWERS LTD - TO ACQUIRE 26% SHAREHOLDING IN JSW GREEN ENERGY

Source text: [ID:]

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Adds details on fundraise in paragraphs 2-4, background on company's debt from paragraph 5 onwards

Dec 9 (Reuters) - Vodafone Idea VODA.NS will raise up to 19.80 billion rupees ($233.8 million) through the issue of preferential shares, the Indian telecom company said on Monday.

Vodafone Idea said it will issue shares to Vodafone Group entities Omega Telecom Holdings and Usha Martin Telematics worth up to 12.8 billion rupees and 7 billion rupees, respectively.

The fundraise will likely help the debt-saddled firm pay some of its dues to network infrastructure provider Indus Towers INUS.NS, to which it owes about 50-60 billion rupees, according to Ambit Capital's Vivekanand Subbaraman.

Vodafone Idea did not specify details about its plans to use the funds.

As of September-end, its total debt pile stood at 2.16 trillion rupees, including deferred spectrum payment obligations it owes to the government.

The company, formed by a merger between the Indian arm of the UK's Vodafone Group VOD.L and Aditya Birla Group's Idea Cellular in 2018, has so far raised about 240 billion rupees in the year.

Parent Vodafone Group announced last week that it was selling its remaining 3% stake in Indus Towers. It will use proceeds to repay its borrowings and infuse fresh capital into Vodafone Idea to help it pay its past dues to Indus, it said.

($1 = 84.7000 Indian rupees)

(Reporting by Aleef Jahan and Nishit Navin in Bengaluru; Editing by Janane Venkatraman)

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** Shares of Vodafone Idea VODA.NS fall 3% to 8.2 rupees

** VODA's UK-based stakeholder Vodafone Group VOD.L said it will sell remaining 3% stake in Indian telecom infrastructure developer Indus Towers INUS.NS

** Proceeds from share sale to be used to repay VODA's outstanding borrowings to lenders

** Separately, VODA said it will consider fundraise worth up to 20 bln rupees ($236.1 mln) to one or more entities of Vodafone Group in its meeting on Dec. 9

** Proceeds from fundraise to be used to pay VODA's outstanding dues to INUS

** Shares of Indus Towers rise as much as 5% to 375 rupees, highest since Oct. 23

** 79.2 mln shares of INUS change hands via block deals in morning session, at an avg price of 353.7 rupees per share, as per NSE data

($1 = 84.7230 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

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Adds details of sale in paragraphs 2 and 3

Dec 4 (Reuters) - Vodafone Group VOD.L will sell its remaining 3% stake in Indian telecom infrastructure developer Indus Towers INUS.NS, the British telecom group said on Wednesday.

The British firm said it has launched a placing of

its remaining 79.2 million shares in Indus Towers through an accelerated book build offering.

The FTSE 100 .FTSE company also said the proceeds from the placing will be used firstly to repay Vodafone's outstanding borrowings of $101 million, which was secured against its Indian assets.

In June, Vodafone sold a bigger-than-planned 18% stake in Indus Towers, raising $1.82 billion.

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Abinaya Vijayaraghavan and Shinjini Ganguli)

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** Shares of Indus Towers INUS.NS rise 2.5% to 332 rupees

** The integrated telecommunications services provider said on Wednesday that the Supreme Court upheld a Delhi High Court decision allowing cenvat credit, reducing its contingent liability by 37.04 bln rupees ($438.8 mln)

** More than 8 mln shares change hands, 1.3x its 30-day avg

** 21 analysts covering the stock on average have a "hold" rating; median PT is 385 rupees - LSEG data

** Stock up 65% so far this year

($1 = 84.4225 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

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Nov 20 (Reuters) - Indus Towers Ltd INUS.NS:

• INDUS TOWERS LTD - SUPREME COURT UPHOLDS DELHI HIGH COURT DECISION ALLOWING CENVAT CREDIT

• INDUS TOWERS LTD - SUPREME COURT OVERRULES BOMBAY HIGH COURT DECISION ON CENVAT CREDIT

• INDUS TOWERS LTD - OUTCOME TO REDUCE CO'S CONTINGENT LIABILITY BY 37.04 BILLION RUPEES

Source text: ID:nBSE7Mb91Q

Further company coverage: INUS.NS

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** Analysts at Citi Research expects a 50.5% upside for Indus Towers INUS.NS shares over a 90-day period

** Stock last up 3.2%

** While outcome of plea to recalculate telecom dues went against telcos, many key positives have been ignored; maintains buy on INUS at TP of 485 rupees - Citi

** Citi expects the telecom infrastructure provider to benefit from upcoming pickup in tenancies from Vodafone Idea VODA.NS starting Q3FY25, along with accelerated recovery of past dues

** INUS' declining capex has been aiding its free cash flow generation - Citi

** With co's management reiterating policy of paying out 100% of FCF, believe there is high likelihood of dividend reinstatement by end of FY25 - Citi

(Reporting by Aleef Jahan in Bengaluru)

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Oct 22 (Reuters) - Indus Towers Ltd INUS.NS:

• SEPT-QUARTER CONSOL PROFIT 22.24 BILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 74.65 BILLION RUPEES

Source text for Eikon: ID:nnAZN2HD3II

Further company coverage: INUS.NS

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Changes sourcing, adds shares and context in paragraphs 2-6

BENGALURU, Sept. 19 (Reuters) - India's Supreme Court on Thursday rejected a request by telecom companies including Vodafone Idea VODA.NS and Bharti Airtel BRTI.NS to recalculate how much they owe the government in licence fees, a court order showed.

Shares of Vodafone Idea VODA.NS and Indus Towers INUS.NS slumped around 15% each after the news, while Bharti Airtel BRTI.NS briefly turned negative.

The companies had argued that the country's telecommunications department made significant errors in calculating the adjusted gross revenue (AGR) dues, the basis for license fee calculation owed to the government.

Vodafone Idea, Bharti Airtel and Indus Towers did not immediately respond to Reuters requests for comment.

The top court had in 2021 rejected a similar plea to correct errors in AGR calculation, arguing that it should only take into account revenue accrued from their core services.

The government had argued that it should include non-core revenue as well, such as money from rent or land sales.

(Reporting by Aleef Jahan in Bengaluru, Arpan Chaturvedi in New Delhi; Editing by Nivedita Bhattacharjee)

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** Indus Towers INUS.NS drop 3.4% to 428.3 rupees after Goldman Sachs cuts to 'sell' on disconnect between fundamentals and valuations

** GS sets 350 rupees PT, nearly 20% lower than last close

** Says re-rating on the telecom tower firm was "overdone" as client Vodafone Idea's VODA.NS market share erosion and cash flow pressures will continue

** Says "premature" of market to price in upside to telecom companies' capex from potential cut in spectrum dues and gains from reported likely merger of Indus with client Bharti Airtel's BRTI.NS data center business

** 19 analysts' mean recommendation on INUS is equivalent of "hold"; median PT is 375 rupees -LSEG data

** INUS shares have surged 114% YTD, while BRTI has risen 49% and VODA has shed 15%

(Reporting by Bharath Rajeswaran in Bengaluru)

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July 30 (Reuters) - Indus Towers Ltd INUS.NS:

• JUNE-QUARTER CONSOL PROFIT 19.26 BILLION RUPEES

• JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 73.83 BILLION RUPEES

Further company coverage: INUS.NS

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** Shares of telecom infra developer Indus Towers INUS.NS rise as much as 5.2% to 447.5 rupees, its highest level since Oct. 2017

** Stock set for second straight week of gains

** Co on Thursday said it will consider buyback of shares; it did not give further details

** Analysts on avg. rate INUS "hold", with median PT of 370 rupees - LSEG data

** Stock last up 4.5%, taking YTD gain to 123%

(Reporting by Yagnoseni Das in Bengaluru)

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