Questions across 3 calls

Prachur Sah

Firm not listed in source transcripts

Indus Towers Limited

Indus Towers Limited CC-Feb26.pdf · 2026-02-03

Vikas will comment on the revenue. But broadly speaking, from a macro picture point of view, I think the performance on tower and tenancy growth is what we have seen so far. I think it is a combination of what the customers are doing in terms of network expansion and how Indus is able to bring tenancies, you know, by adding operational value in terms of how we can deliver better uptime and better energy cost. So from a growth point of view, I think as I mentioned in my previous quarter as well, while FY25 was an abnormal year of expansion, but subsequently as well, we have continued to add a good amount of portfolio in towers and tenancies, and that expectation continues currently based on our order book. So I think that order book remains strong. But exactly on the revenue numbers, maybe Vikas, you want to comment on it?

I mean, in my mind, Vivekanand, the question is quite linked to revenue as well, the same. As Vikas was mentioning, I think the capex is a combination of what we do in maintenance and growth. The growth includes tower additions, tenancy additions, layer additions from the customer, whether it be 4G, 5G, solar deployment and additional customer initiatives where additional battery banks, etcetera, deployed to provide better energy service. So I think from a capex point of view, as I said, I think our growth remains robust, including all these parameters. Of course, FY24 was an aberration. But even FY25, FY26, I think we have continued to deliver those tower tenancies and the upgrades in the form of the layer additions of solar or batteries that we have added based on the customer ask. So I think that remains robust. So till this growth opportunity exists, I think the capex will be maintained. And then once the growth moderates, the capex will be driven by maintenance and operations. Vikas, anything you want to add?

Indus Towers Limited CC-Nov25.pdf · 2025-10-28

Okay. So let me answer those two questions. The first question is from a growth outlook point of view. So while we don't make future statements, but what we are seeing across the customers, I think the layer addition is still happening, as you saw in the results as well, the upgrade capex or the growth capex continues to be there. So from my perspective, the order book still remains strong both on new towers and tenancies and it's a mix of all the customers, not just one customer. I think for the growth outlook for the next 3 to 4 quarters, we remain confident that it is going to remain robust in India. On the second part, when you talked about expansion in Africa, whether it's organic or inorganic. See, as I mentioned earlier, the initial part is organic growth. We will be entering and making new towers, expanding or understanding the local market. And i f an opportunity comes in the right position, the inorganic part may be considered. So I think the overall Africa strategy is not diversification business. It's our tower business. That's our core strength. And we want to leverage our core strength to enter a strong market with an anchor customer where we can create value for our customers and show the differentiation that we have in building low-cost towers, delivering better service quality, improving energy efficiency and that will create opportunities for us to build new towers with an anchor customer, get other tenancies from other customers. And if the right opportunity comes, look at inorganic growth, but priority initially is to start building new towers.

So Sachin, I think I would not like to assume the clarity timing. I think what has happened is a good development for the industry in general , so we welcome that support. And I think as and when the clarity comes, it will help us make the right decisions. But as of now, as I had informed in the previous quarter, the Board will consider and is committed to distribute the cash to the shareholders. And the timing still remains end of the financial year in Q4. If anything changes, we'll keep you posted.

Indus Towers Limited CC-Mar25.pdf · 2025-05-01

So for both the questions, I'll take the first one, and maybe you can take the second one, Vikas. So as I explained in my opening remarks, I think -- the Company has generated a significant amount of FCF for the year, which was also aided by the clearance of the past dues . This enabled us to return a part of it to the shareholders through the buyback during the year. And as I discussed, the Company's strategy with the Board was to pursue growth, both organic and inorganic, some of that you saw in the results as well. And also to see how we can drive transformation on our sizable infrastructure and leverage digital solutions. And as I said earlier, I remain committed to rewarding the shareholders in implementing our strategy. Considering this, the Board has formed a committee to comprehensively assess various viable options and place it before the Board for its final approval. Now as far as the timeline is concerned, I think since the committee has been announced yesterday, I don't believe it's go ing to be a long - drawn process. And we'll make a suitable disclosure once we have an update on this one. As far as the Airtel towers question..

Sachin, as I said, I'm not giving you timeline in months or weeks and what I'm expecting is it's not going to be a long-drawn process, and we'll keep you informed.