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Indus Towers Ltd

BSE Code : 534816 | NSE Symbol : INDUSTOWER | ISIN:INE121J01017| SECTOR : Telecomm Equipment & Infra Services |

NSE BSE
 
SMC down arrow

190.45

-3.35 (-1.73%) Volume 5555744

08-Dec-2023 EOD

Prev. Close

193.80

Open Price

195.00

Bid Price (QTY)

190.45(200)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 195.35 - 187.50

52 wk High/Low 202.40 - 135.15

Key Stats

MARKET CAP (RS CR) 51325.07
P/E 14.23
BOOK VALUE (RS) 88.0233467
DIV (%) 0
MARKET LOT 1
EPS (TTM) 13.38
PRICE/BOOK 2.16363052689975
DIV YIELD.(%) 0
FACE VALUE (RS) 10
DELIVERABLES (%) 26.61
4

News & Announcements

04-Dec-2023

Indus Towers Ltd - Indus Towers Limited - Updates

01-Dec-2023

Indus Towers appoints Neeti Wahi in leadership role

01-Dec-2023

Indus Towers Ltd - Indus Towers Limited - Change in Management

01-Dec-2023

Indus Towers Ltd - Indus Towers Limited - ESOP/ESOS/ESPS

01-Dec-2023

Indus Towers appoints Neeti Wahi in leadership role

06-Oct-2023

Indus Towers to convene board meeting

29-Sep-2023

Indus Towers to deploy Zero-emission energy systems at its tower sites

25-Aug-2023

Indus Towers announces resignation of Chief Information Officer

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Associated Transrail Structures Ltd(merged) 40477
Baroda Power Transmission Ltd 40200
BS Ltd 533276 BSLIMITED
EMC Ltd 40691
Jyoti Structures Ltd 513250 JYOTISTRUC
K E C International Ltd 532714 KEC
Kalpataru Projects International Ltd 522287 KPIL
Kore Digital Ltd 78869 KDL
Modern Malleables Ltd 517336 MODERNMAL
Neueon Towers Ltd 532887 NTL
RPG Transmission Ltd(merged) 590029 RPGTLTD
Sar Televenture Ltd 91900 SARTELE
Suyog Telematics Ltd 537259
Transpower Engineering Ltd 517282
Viviana Power Tech Ltd 535471 VIVIANA

Share Holding

Category No. of shares Percentage
Total Foreign 579768823 21.51
Total Institutions 180498372 6.70
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 9343126 0.35
Total Promoters 1859425399 69.00
Total Public & others 65901230 2.44
Total 2694936950 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Indus Towers Ltd

Indus Towers Limited (Formerly known Bharti Infratel Limited) was incorporated on November 30, 2006 with the object of, inter-alia, setting up, operating and maintaining wireless communication towers. The Company received the certificate of commencement of business on April 10, 2007 from the Registrar of Companies. The Company is a provider of tower and related infrastructure sharing services. The Company is one of the largest telecom tower companies in India basis the number of towers and co-locations operated by the Company. The business is to deploy, own, operate and manage passive infrastructure pertaining to telecommunication operations. Apart from this, the Company provides access to its towers, primarily to wireless telecommunication service providers, on a shared basis under long-term contracts. It has a nationwide presence with operations in all 22 telecommunication circles in India and caters to all wireless telecommunication service providers in India. The company's consolidated portfolio of over 1,92,874 telecom towers, which includes over 39,000 of its own towers and the balance from its 42% equity interest in Indus Towers, makes it one of the largest tower infrastructure providers in the country with presence in all 22 telecom circles. The three leading wireless telecommunications service providers in India by revenue - Bharti Airtel, Vodafone and Idea Cellular - are the largest customers of Bharti Infratel. Bharti Airtel and Bharti Infratel are a part of the Bharti Group, one of India's leading business conglomerates, with business interests in the telecommunications, real estate, insurance and retail sectors. In January 2008, Bharti Airtel transferred its towers to Bharti Infratel through a scheme of arrangement effective as of January 31, 2008. As of 31 December 2017, Bharti Airtel directly held 50.33% of the equity share capital of Bharti Infratel. Nettle Infrastructure Investments Limited, a wholly owned subsidiary of Bharti Airtel, held 3.18% stake in Bharti Infratel as on 31 December 2017. Bharti Infratel has a 42% stake in Indus Towers which was created as a Joint Venture between Bharti Infratel, Vodafone and Aditya Birla Telecom to hive off the Towers business in 15 telecom circles. In 2011, the company won the Green Mobile Award' for best green product/service or performance at the Global Mobile Awards 2011. In 2012, the company was awarded the 2012-CNBC Essar Steel, Infrastructure Excellence Award as the 'Telecom Infrastructure Company of the year'. It also received the 2012 CIO-APC Green IT Award for successfully consolidating and virtualising its data centre and making significant reduction in carbon emissions. In 2013, Bharti Infratel and OMC Power bagged Best Consumer Service Innovation Award at Global Telecoms Business Innovation Awards. The company was also awarded the 'Most Innovative Energy Saving Product' for 'Renewable Energy Solutions for Telecom Tower Sites. In 2014, Reliance Jio and the company Joined Hands in Tower Infrastructure Sharing agreement. The company was also conferred with Amity Telecom Excellence Award' for being the Top Telecom Tower Company of the Year 2014'. The company has been conferred with Global Business Excellence Award-2014. The company and Indus Towers ink Infrastructure sharing deal. In 2015, the company approved increase in foreign investment limit upto 49% of the paid up capital under Portfolio Investment Scheme (PIS) by Foreign Institutional Investors (FIls)/ Registered Foreign Portfolio Investors (RFPIs). The company wins award for Best Employer' at the Aon Hewitt Best Employers 2015 Awards. On 26 February 2015, parent company Bharti Airtel offloaded 55 million shares of Bharti Infratel through a secondary share sale in the stock market for a total consideration of Rs 1925 crore. Post the transaction, Bharti Airtel's equity holding in Bharti Infratel was reduced to 71.9%. On 14 May 2015, Bharti Infratel announced that the company's stock has been included in MSCI Global Standard Index, an index created by Morgan Stanley Capital International (MSCI) that serves as a benchmark of the performance in major international equity markets. The change in the index will be effective from the close of trading on 29 May 2015. The Board of Directors of Bharti Infratel at its meeting held on 26 April 2016 approved a proposal to buyback equity shares of the company from the shareholders of the company on a proportionate basis through a tender offer. The company set aside Rs. 2000 crore for the buyback at a maximum price of Rs. 450 per equity share. On 28 March 2017, parent company Bharti Airtel pared its stake in Bharti Infratel by selling over 190 million shares representing 10.3% stake to a consortium of funds advised by KKR and Canada Pension Plan Investment Board (CPPIB) for a total consideration of over Rs. 6193.90 crore. The deal was executed at Rs 325 per Bharti Infratel share. Following the closure of this transaction, Bharti Airtel's equity holding in Bharti Infratel was reduced to 61.7%. The board of directors of Bharti Infratel at its meeting held on 30 October 2017 decided to explore and evaluate acquisition of stake in one or more tranches in Indus Towers, with the aim of making it a subsidiary or wholly owned subsidiary of Bharti Infratel. On 14 November 2017, parent firm Bharti Airtel via its wholly owned subsidiary Nettle Infrastructure Investments sold 83 million equity shares aggregating to 4.49% stake in Bharti Infratel through a secondary share sale in the stock market. Consequent to the stake sale, Bharti Airtel and Nettle together hold a combined 53.51% stake in Bharti Infratel. In October 2019, Vodafone-Idea announced that the Scheme for transfer of its fiber infrastructure to wholly owned subsidiary, Vodafone Towers Ltd. by way of demerger has become effective. For Airtel, the Scheme of arrangement between Bharti Airtel and its wholly subsidiary Telesonic Networks Ltd., for the transfer of optical fibre cable business became effective in August 2019. As on March 31, 2020, the Company had a wholly owned subsidiary, Smartx Services Limited. On April 24, 2018 the Scheme of Arrangement and Amalgamation between the Company and erstwhile Indus Towers Limited was made effective as a going concern basis on November 19, 2020. Accordingly, the name of Company was changed from Bharti Infratel Limited to Indus Towers Limited, effective on December 10, 2020. Upon implementation of Scheme and allotment of shares, Vodafone Group through its subsidiaries, was made the Promoter of the Company with 28.12% shareholding. The shareholding of Bharti Airtel Group, existing promoters of the Company was reduced from 53.51% to 36.73%, and consequently, the Company ceased to be a subsidiary of Bharti Airtel Limited. As of March 31, 2019, Bharti Infratel owned and operated 40,388 towers with 76,341 co-locations in 11 telecommunication circles while Indus Towers operated 1,23,546 towers with 229,483 colocations in 15 telecommunication circles. As on March 31, 2020, Bharti Infratel owned and operated 42,053 towers with 75,715 co-locations in 11 telecommunication circles while Indus Towers operated 126,949 towers with 235,396 co-locations in 15 telecommunication circles. As of March 31, 2021, Indus Towers owned and operated 179,225 towers with 322,438 co-locations in 22 telecommunication circles. As of March 31, 2022, Indus Towers owned and operated 185,447 towers with 335,791 co-locations in 22 telecommunication circles. As of March 31, 2023, Indus Towers owned and operated 192,874 towers with 342,831 co-locations in 22 telecommunication circles. In September 2022, Singtel sold its 3.33% stake in Bharti Airtel for ~Rs. 144 Billion of which around 3.2% was acquired by Bharti Telecom Limited (BTL), while the rest was acquired by the public. Post completion of the stake sale, BTL owned 38.62% in Airtel, up from 35.4%. Singtel's effective holding in Bharti Airtel decreased from 31.4% to 29.7%. During the Period 2022-23, 620,158,834 Equity Shares of the Company amounting to 23.01% of total share capital held by Nettle Infrastructure Investments Limited were acquired by Bharti Airtel Limited, one of the Promoter Companies through Composite Scheme of Amalgamation between Nettle, Telesonic Networks Limited and their respective shareholders and Airtel for amalgamation of Nettle and Telesonic with Airtel which became effective from February 01, 2023. Post this acquisition Bharti Airtel Limited held 47.95% shares and Vodafone Group Plc. through its indirect wholly owned subsidiary companies held 21.05% shares in the Company.

Indus Towers Ltd Chairman Speech

Dear Shareholders,

India's dynamic and resilient economy is among the fastest-growing major economies, globally.

The Government's commitment towards digitalization has transformed the behavioral trends of individuals and businesses, driving efficiency and accessibility. The telecom sector acts as a backbone, facilitating connectivity and enabling the seamless integration of digital platforms. This in turn fosters economic growth, enhances governance, and promotes the private sector as a key partner in India's development trajectory. The role of telecommunication is recognized worldwide as a powerful tool of socio- economic development. In fact, it is one of the key elements of the Sustainable Development Goals (SDGs) of the United Nations' Agenda for Sustainable Development for 2030. In addition, the telecom sector plays a crucial role in empowering various other sectors, bridging the digital divide, and therefore contributing to India's economic progress.

The telecom industry in India has fortified its position as the second largest in the world, with a subscriber base of 1.17 billion as of March 2023. By March 2023, the number of broadband subscribers in India reached 847 million, with India's internet user base being amongst the largest in the world. The data consumption story in the nation also continues to play out well, with the average monthly data traffic per user growing at a 5-year CAGR of 19% to 19.5 GB in December 2022. This growth in data consumption is also expected to be supplemented by the rollout of 5G services. The auction of spectrum for 5G in July-August saw active participation from the TSPs, with the acquisition of a total of 51,226 MHz of spectrum across bands, out of a total of 72,098 MHz put up for auction.

Subsequently, the operators' 5G rollouts, which began in October 2022, have been progressing at a rapid pace. India is poised to record one of the fastest 5G rollouts in the world as the operators are planning a pan India rollout by the end of March 2024. At Indus, the loading of 5G equipment on our towers, has started to add to our revenues and should increase. We expect the 5G opportunity to continue to build in the form of requirement of additional sites as the penetration of 5G services increases. Additionally, there is a substantial opportunity for us, given the gap in the existing network of operators.

One of our major customers is adding a large number of sites to bridge this gap, especially in rural areas, and we expect this momentum to continue in the near term. The rising data consumption requires additional capacity resulting in the need for network densification. This presents itself as an opportunity for Indus in terms of building more sites. The Government continues to do its part to simplify and accelerate the deployment of telecom infrastructure in the country.

The launch of GatiShakti Sanchar portal has eased the Right of Way (RoW) application process through a single window. This significantly eases the site acquisition process and leads to a much faster creation of 5G infrastructure in the country.

The Government is also working with cross sectors such as National Highway Authority of India, Ministry of Road Transport and Highways, Indian Railways to align their RoW policy with the central notified policy for faster utilization of land and building available with them. Indian Railways have amended their policy and allowed IP1 infrastructure players to deploy telecom infrastructure on their land/ property. The amended RoW rules now also allow licensees to deploy telecom infrastructure over a private property without requiring approval from the concerned Government authority.

Indus Towers is fostering connectivity across India's remotest regions, having installed hundreds of towers in difficult terrains. These include four new mobile towers at Kashmir's Gurez Valley located at an altitude of 8,460 feet and 6 towers along the Kedarnath Trek in Rudraprayag, one of the most popular pilgrimages in India. The towers in Rudraprayag enable communication from Gaurikund to Kedarnath Temple at an altitude of 12,000 ft in Uttarakhand. Enabling connectivity in these regions benefits residents, businesses, students, tourists.

Earlier this year, a transition of leadership took place at Indus Towers. Mr. Prachur Sah assumed the role of Managing Director and CEO in January 2023, succeeding Mr. Bimal Dayal. I am delighted to share that the transition has been smooth, ensuring a seamless continuity of operations. Under Prachur's leadership, Indus Towers is poised for continued growth.

In terms of financial performance, gross revenue grew 2.4% year-on-year to H283.8 billion. Within that, our core revenues declined 1.0% year-on-year to H174.3 billion. During the year, we adopted a stringent Expected Credit Loss (ECL) computation relating to one of our major customers in order to de-risk our balance sheet. As a result, we had a negative impact of H53.8 billion from provision for doubtful debts. Adjusted for this and other non-recurring items, gross revenue and core revenues were up 2.1% and 2.0% year-on-year, respectively. On a reported basis, EBITDA declined by 34.6% to H97.7 billion and profit after tax declined by 68.0% to H20.4 billion. Again, adjusted for one offs and provisions, EBITDA and profit after tax were up by 0.5% and down by 0.6% year-on-year, respectively.

The collections from the said customer remained stressed although we saw an improvement in the last quarter of the financial year. We remain in active discussions to improve the same and continue to monitor the situation closely.

Being a leading corporate entity in India, Indus Towers is serious about its Corporate Social Responsibility initiatives. We are pleased to have touched 9.85 million lives through our CSR projects and programs. Amongst our newer initiatives, the SmartAgri Project is transforming conventional agricultural practices across 35 districts in various states. Indus also installed

20 Digital Health Kiosks in Lucknow,

Uttar Pradesh. Each kiosk can check for over 60 invasive and non-invasive health parameters instantly, followed immediately by telemedicine and assessments.

Indus Towers is actively participating in the global telecom industry's collective endeavors to address climate change by pledging to achieve net-zero greenhouse gas emissions by 2050, aligning with the Science-Based Targets initiative (SBTi). Demonstrating our commitment to sustainability, the Company has set medium- to long-term ESG commitments across three fundamental pillars– Environmental Stewardship, Social Responsibility, and Robust Governance. In conclusion, with 5G initiative growing, Indus Towers is focused towards facilitating the adoption and implementation of this and contributing to India's digital transformation.

Accelerated rollouts by our customers to expand their network and the continued network densification present a substantial opportunity for Indus. We are well placed to capitalise on this opportunity and remain committed to adding value for our shareholders, employees, and the communities we serve.

Lastly, I would like to extend my heartfelt gratitude to all out stakeholders for their firm support and trust in our company. Our continued partnership is vital to our success, and we remain committed to creating value.

Regards,
N Kumar
Chairman

   

Indus Towers Ltd Company History

Indus Towers Limited (Formerly known Bharti Infratel Limited) was incorporated on November 30, 2006 with the object of, inter-alia, setting up, operating and maintaining wireless communication towers. The Company received the certificate of commencement of business on April 10, 2007 from the Registrar of Companies. The Company is a provider of tower and related infrastructure sharing services. The Company is one of the largest telecom tower companies in India basis the number of towers and co-locations operated by the Company. The business is to deploy, own, operate and manage passive infrastructure pertaining to telecommunication operations. Apart from this, the Company provides access to its towers, primarily to wireless telecommunication service providers, on a shared basis under long-term contracts. It has a nationwide presence with operations in all 22 telecommunication circles in India and caters to all wireless telecommunication service providers in India. The company's consolidated portfolio of over 1,92,874 telecom towers, which includes over 39,000 of its own towers and the balance from its 42% equity interest in Indus Towers, makes it one of the largest tower infrastructure providers in the country with presence in all 22 telecom circles. The three leading wireless telecommunications service providers in India by revenue - Bharti Airtel, Vodafone and Idea Cellular - are the largest customers of Bharti Infratel. Bharti Airtel and Bharti Infratel are a part of the Bharti Group, one of India's leading business conglomerates, with business interests in the telecommunications, real estate, insurance and retail sectors. In January 2008, Bharti Airtel transferred its towers to Bharti Infratel through a scheme of arrangement effective as of January 31, 2008. As of 31 December 2017, Bharti Airtel directly held 50.33% of the equity share capital of Bharti Infratel. Nettle Infrastructure Investments Limited, a wholly owned subsidiary of Bharti Airtel, held 3.18% stake in Bharti Infratel as on 31 December 2017. Bharti Infratel has a 42% stake in Indus Towers which was created as a Joint Venture between Bharti Infratel, Vodafone and Aditya Birla Telecom to hive off the Towers business in 15 telecom circles. In 2011, the company won the Green Mobile Award' for best green product/service or performance at the Global Mobile Awards 2011. In 2012, the company was awarded the 2012-CNBC Essar Steel, Infrastructure Excellence Award as the 'Telecom Infrastructure Company of the year'. It also received the 2012 CIO-APC Green IT Award for successfully consolidating and virtualising its data centre and making significant reduction in carbon emissions. In 2013, Bharti Infratel and OMC Power bagged Best Consumer Service Innovation Award at Global Telecoms Business Innovation Awards. The company was also awarded the 'Most Innovative Energy Saving Product' for 'Renewable Energy Solutions for Telecom Tower Sites. In 2014, Reliance Jio and the company Joined Hands in Tower Infrastructure Sharing agreement. The company was also conferred with Amity Telecom Excellence Award' for being the Top Telecom Tower Company of the Year 2014'. The company has been conferred with Global Business Excellence Award-2014. The company and Indus Towers ink Infrastructure sharing deal. In 2015, the company approved increase in foreign investment limit upto 49% of the paid up capital under Portfolio Investment Scheme (PIS) by Foreign Institutional Investors (FIls)/ Registered Foreign Portfolio Investors (RFPIs). The company wins award for Best Employer' at the Aon Hewitt Best Employers 2015 Awards. On 26 February 2015, parent company Bharti Airtel offloaded 55 million shares of Bharti Infratel through a secondary share sale in the stock market for a total consideration of Rs 1925 crore. Post the transaction, Bharti Airtel's equity holding in Bharti Infratel was reduced to 71.9%. On 14 May 2015, Bharti Infratel announced that the company's stock has been included in MSCI Global Standard Index, an index created by Morgan Stanley Capital International (MSCI) that serves as a benchmark of the performance in major international equity markets. The change in the index will be effective from the close of trading on 29 May 2015. The Board of Directors of Bharti Infratel at its meeting held on 26 April 2016 approved a proposal to buyback equity shares of the company from the shareholders of the company on a proportionate basis through a tender offer. The company set aside Rs. 2000 crore for the buyback at a maximum price of Rs. 450 per equity share. On 28 March 2017, parent company Bharti Airtel pared its stake in Bharti Infratel by selling over 190 million shares representing 10.3% stake to a consortium of funds advised by KKR and Canada Pension Plan Investment Board (CPPIB) for a total consideration of over Rs. 6193.90 crore. The deal was executed at Rs 325 per Bharti Infratel share. Following the closure of this transaction, Bharti Airtel's equity holding in Bharti Infratel was reduced to 61.7%. The board of directors of Bharti Infratel at its meeting held on 30 October 2017 decided to explore and evaluate acquisition of stake in one or more tranches in Indus Towers, with the aim of making it a subsidiary or wholly owned subsidiary of Bharti Infratel. On 14 November 2017, parent firm Bharti Airtel via its wholly owned subsidiary Nettle Infrastructure Investments sold 83 million equity shares aggregating to 4.49% stake in Bharti Infratel through a secondary share sale in the stock market. Consequent to the stake sale, Bharti Airtel and Nettle together hold a combined 53.51% stake in Bharti Infratel. In October 2019, Vodafone-Idea announced that the Scheme for transfer of its fiber infrastructure to wholly owned subsidiary, Vodafone Towers Ltd. by way of demerger has become effective. For Airtel, the Scheme of arrangement between Bharti Airtel and its wholly subsidiary Telesonic Networks Ltd., for the transfer of optical fibre cable business became effective in August 2019. As on March 31, 2020, the Company had a wholly owned subsidiary, Smartx Services Limited. On April 24, 2018 the Scheme of Arrangement and Amalgamation between the Company and erstwhile Indus Towers Limited was made effective as a going concern basis on November 19, 2020. Accordingly, the name of Company was changed from Bharti Infratel Limited to Indus Towers Limited, effective on December 10, 2020. Upon implementation of Scheme and allotment of shares, Vodafone Group through its subsidiaries, was made the Promoter of the Company with 28.12% shareholding. The shareholding of Bharti Airtel Group, existing promoters of the Company was reduced from 53.51% to 36.73%, and consequently, the Company ceased to be a subsidiary of Bharti Airtel Limited. As of March 31, 2019, Bharti Infratel owned and operated 40,388 towers with 76,341 co-locations in 11 telecommunication circles while Indus Towers operated 1,23,546 towers with 229,483 colocations in 15 telecommunication circles. As on March 31, 2020, Bharti Infratel owned and operated 42,053 towers with 75,715 co-locations in 11 telecommunication circles while Indus Towers operated 126,949 towers with 235,396 co-locations in 15 telecommunication circles. As of March 31, 2021, Indus Towers owned and operated 179,225 towers with 322,438 co-locations in 22 telecommunication circles. As of March 31, 2022, Indus Towers owned and operated 185,447 towers with 335,791 co-locations in 22 telecommunication circles. As of March 31, 2023, Indus Towers owned and operated 192,874 towers with 342,831 co-locations in 22 telecommunication circles. In September 2022, Singtel sold its 3.33% stake in Bharti Airtel for ~Rs. 144 Billion of which around 3.2% was acquired by Bharti Telecom Limited (BTL), while the rest was acquired by the public. Post completion of the stake sale, BTL owned 38.62% in Airtel, up from 35.4%. Singtel's effective holding in Bharti Airtel decreased from 31.4% to 29.7%. During the Period 2022-23, 620,158,834 Equity Shares of the Company amounting to 23.01% of total share capital held by Nettle Infrastructure Investments Limited were acquired by Bharti Airtel Limited, one of the Promoter Companies through Composite Scheme of Amalgamation between Nettle, Telesonic Networks Limited and their respective shareholders and Airtel for amalgamation of Nettle and Telesonic with Airtel which became effective from February 01, 2023. Post this acquisition Bharti Airtel Limited held 47.95% shares and Vodafone Group Plc. through its indirect wholly owned subsidiary companies held 21.05% shares in the Company.

Indus Towers Ltd Directors Reports

Dear Members,

Your Directors are pleased to present the Sixteenth Board?s Report on the business and operations of Indus Towers Limited (formerly Bharti Infratel Limited) (‘the Company?) together with the audited financial statements for the financial year ended March 31,2022.

Business Overview

Indus Towers is a provider of tower and related infrastructure sharing services. We are one of the largest telecom tower companies in India basis the number of towers and co-locations operated by the Company. The business of Indus Towers is to deploy, own, operate and manage passive infrastructure pertaining to telecommunication operations. The Company provides access to its towers, primarily to wireless telecommunication service providers, on a shared basis under long-term contracts. Your Company has a nationwide presence with operations in all 22 telecommunication circles in India and caters to all wireless telecommunication service providers in India.

As of March 31,2022, Indus Towers owned and operated 185,447 towers with 335,791 co-locations in 22 telecommunication circles.

Covid-19

As one of the largest telecom tower companies in India, it is imperative that Indus Towers combats the COVID-19 pandemic by ensuring seamless connectivity to the customers while maintaining and ensuring employees? safety and well-being. Our employees worked overtime to ensure that the vital connectivity is maintained at all times while enforcing social distancing and other safety protocols to contain the spread of the second and third waves of the pandemic during the financial year 2022.

Financial Highlights

The financial statements of the Company have been prepared in accordance with the Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 ("the Act") read with Companies (Accounts) Rules, 2014.

A. Consolidated financial results as per Ind AS

Rs Millions

Particulars Year ended March 31, 2022 Year ended March 31,20211
Revenue2 277,172 139,543
EBIDTA2 149,429 72,599
Profit before Tax 84,307 47,569
Profit after Tax 63,731 37,790

 

1 Basis Equity Method

 

2 Revenue & EBITDA are excluding other income

B. Standalone financial results as per Ind AS

Rs Millions

Particulars Year ended March 31, 2022 Year ended March 31, 2021
Revenue1 277,082 139,508
EBIDTA1 149,305 72,586
Profit before Tax 84,243 43,160
Profit after Tax 63,671 33,382

 

1 Revenue & EBITDA are excluding other income

The results for the previous financial year include the results of erstwhile Indus Towers Limited which merged with and into the Company w.e.f. November 19, 2020 for the period subsequent to that date till the end of the financial year (Refer Notes of the Standalone/Consolidated Financial Statements for further details). Accordingly, the figures for the previous financial year ended March 31,2021 are not comparable with the figures of the current financial year ended March 31,2022.

Share Capital

During the financial year 2021-22, there is no change in the Authorized share capital of the Company and it stood at ? 35,500,000,000/- divided into 3,550,000,000 equity shares of ? 10/- (? Ten) each.

During the year, there was no change in the Company?s issued, subscribed and paid-up equity share capital.

As on March 31,2022, the issued, subscribed and paid-up equity share capital of the Company is ? 269,493,69,500/- divided into 2,694,936,950 Equity Shares of ? 10/- (? Ten) each fully paid-up.

Transfer to Reserves

The Company has not transferred any amount to the General Reserve for the financial year ended March 31,2022.

Dividend

On May 5, 2022, the Board has declared an interim dividend of H 11/- per equity share of ? 10/- each fully paid up (110% of face value) amounting to ? 29,644.31/- Mn for the financial year 2021-22.

Dividend Distribution Policy

As per Regulation 43A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘the Listing Regulations?), top 1000 listed companies based on the market capitalization shall formulate a dividend distribution policy. Accordingly, the policy was adopted by the Board of Directors of the Company to set out the parameters and circumstances that will be taken into account by the Board in determining the distribution of dividend to its shareholders and / or retaining profits earned by the Company. The dividend distribution policy is available on the Company?s website at https://www.industowers.com/wp-content/themes/indus/pdf/policv/Dividend-Policv.pdf.

Credit Rating

As on the date of this report, CRISIL Limited rated their LongTerm Rating to CRISIL AA+/ Stable, Short-term rating to CRISIL A1+ (Reaffirmed) and Bond rating to CRISIL AA+/ Stable. It also reaffirmed the Commercial Papers Rating to CRISIL A1 + assigned to the Company. Further, ICRA Limited rated the NonConvertible Debentures rating to [ICRA] AA+ (Stable), Term Loans rating to [ICRA] AA+ (Stable), Fund based/ Non-fund based rating to [ICRA] AA+ (Stable) and rating of unallocated limits to [ICRA] AA+ (Stable)/ A1+. It also reaffirmed the Commercial Papers Rating to [ICRA] A1+ and issuer rating to [ICRA] AA+ (Stable) assigned to the Company.

Transfer of amount to Investor Education and Protection Fund

Pursuant to the provisions of Section 124 of Companies Act, 2013 during the Financial Year 2021-22, the Company has transferred an amount of ? 150,260/- (Rupees One Lakh Fifty

Thousand Two Hundred and Sixty Only) pertaining to final dividend on equity shares for financial year 2013-14, and ? 1,64,619/- (Rupees One Lakh Sixty Four Thousand Six Hundred and Nineteen Only) pertaining to interim dividend for financial year 2014-15, which remained unpaid/ unclaimed for a period of seven years, to Investor Education and Protection Fund (IEPF) established by the Central Government.

Further, 241 equity shares of the Company on which the dividend remained unpaid/ unclaimed for a period of seven consecutive years were also transferred to IEPF in accordance with the Act and rules thereunder after giving due notice to the concerned shareholders.

The investors whose shares and dividend amount have been transferred to IEPF may claim their shares and seek refund in accordance with the provisions of law. The details regarding the above along with the process for claiming the unpaid dividend / shares is available on the website of the Company at https:// www.industowers.com/investor/shares/.

The Company has also uploaded the details of unpaid and unclaimed dividend amounts lying with the Company as on August 3, 2021 (date of last Annual General Meeting) on the website of the Company at https://www.industowers.com/ investor/shares/?var=1657517893.

Nodal Officer

In accordance with the provisions of Rule (2A) of Rule 7 of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, Ms. Samridhi Rodhe has been appointed as the Nodal Officer of the Company. The details are available on the Company?s website at www.industowers.com.

Deposits

The Company has not accepted any deposit and as such no amount of principal or interest was outstanding as on the date of the balance sheet.

Directors and Key Managerial Personnel

Induction, Re-appointment and Resignation

Pursuant to the provisions of the Companies Act, 2013, Mr. Bimal Dayal (DIN: 08927887), Managing Director & CEO, Mr. Thomas Reisten (DIN: 06900067) and Mr. Gopal Vittal (DIN: 02291778), Non-Executive Non-Independent Directors of the Company will retire by rotation at the ensuing AGM and being eligible, have offered themselves for re-appointment. The Board, on the recommendation of the HR, Nomination and Remuneration Committee, recommends their re-appointment as Directors liable to retire by rotation at the ensuing AGM.

Ms. Anita Kapur (DIN: 07902012) is going to complete her first term as an Independent Director of the Company on January 16, 2023. On the recommendation of the HR, Nomination and Remuneration Committee, the Board in its meeting held on May 5, 2022, subject to the approval of the shareholders, has reappointed her as an Independent Director for a further term of five years w.e.f. January 17, 2023 to January 16, 2028. The Company has received requisite notice from a member under Section 160 of the Companies Act, 2013 proposing the appointment of Ms. Anita Kapur as Independent Director. The Board recommends her re-appointment at the ensuing AGM. In the opinion of the Board, she possesses requisite qualifications, experience, expertise, proficiency and hold high standards of integrity.

Mr. Balesh Sharma (DIN: 07783637), Non-Executive NonIndependent Director of the Company has resigned from the Board w.e.f. June 30, 2022. The Board placed on record its sincere appreciation for the guidance and contribution made by him during his tenure on the Board.

Pursuant to the provisions of Section 161 and other applicable provisions of the Companies Act, 2013 and applicable provisions of the Listing Regulations and as recommended by HR, Nomination and Remuneration Committee, Mr. Sunil Sood (DIN: 03132202), was appointed as an Additional Director in the capacity of a Non-Executive Non-Independent Director w.e.f June 30, 2022. He will hold office up to the date of ensuing AGM. The Company has received requisite notice from a member under Section 160 of the Companies Act, 2013 proposing the appointment of Mr. Sunil Sood as Director, liable to retire by rotation. The Board recommends his appointment as a Director liable to retire by rotation at the ensuing AGM.

Brief resume, nature of expertise, disclosure of relationships between directors inter-se, details of directorships and Committee membership held in other companies of the Directors proposed to be appointed/ re-appointed, along with their shareholding in the Company, as stipulated under Secretarial Standard- 2 and Regulation 36 of the Listing Regulations, is appended as an Annexure to the Notice of the ensuing AGM.

Declaration by Independent Directors

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed under Section 149 of the Companies Act, 2013 and Regulation 16 & 25 of the Listing Regulations. The Independent Directors have also confirmed that they have complied with the Company?s code of conduct.

Policy on Nomination, Remuneration and Board Diversity

The Company believes that building a diverse and inclusive culture is integral to its success. A diverse Board will be able to leverage different skills, qualifications, professional experiences, perspectives and backgrounds, which is necessary for achieving sustainable and balanced development. The Board has adopted a Policy on Nomination, Remuneration and Board Diversity, on appointment and remuneration of Directors, Key Managerial Personnel & Senior Management.

The Policy, inter-alia, includes criteria, terms and conditions for determining qualifications, competencies and positive attributes for appointment of Directors (executive and non-executive including independent directors), Key Managerial Personnel and persons who may be appointed in Senior Management positions, their remuneration and diversity in the Board etc. The detailed policy is available on the website of the Company at https:// www.industowers.com/wpcontent/themes/indus/pdf/Policy-on-Nomination-Remuneration-and-Board-Diversitv.pdf.

Annual Board Evaluation and Familiarisation Programme for Board Members

The Company has adopted a structured induction programme for orientation and training of Directors at the time of their joining. A note on the familiarisation programme is provided in the Report on Corporate Governance, which forms part of this Integrated Report.

The HR, Nomination and Remuneration Committee, has put in place a robust framework for evaluation of the Board, Board Committees and Individual Directors including the Independent Directors, Chairman and MD & CEO. Customized questionnaires were circulated, responses were analysed, and the results were subsequently discussed by the Board. Recommendations arising from the evaluation process were duly considered by the Board to further augment its effectiveness. A detailed update on the Board Evaluation is provided in the report on Corporate Governance which forms part of this Integrated Report.

Board Meetings

During the financial year 2021-22, the Board of Directors met 5 times i.e. on April 22, 2021; July 29, 2021; October 25, 2021, January 27, 2022 and February 21, 2022. The period between any two consecutive meetings of the Board of Directors of the Company was not more than 120 days.

The details regarding composition, number of Board meetings held, and attendance of the Directors during the financial year 2021-22 are set out in the Report on Corporate Governance which forms part of this Integrated Report.

Board Committees

The Company has several Board Committees which have been established as part of the best corporate governance practices and are in compliance with the requirements of the relevant provisions of applicable laws and statutes. As on March 31, 2022, the Board has 6 Committees, namely, Audit & Risk Management Committee, HR, Nomination and Remuneration Committee, Corporate Social Responsibility (CSR) Committee, Stakeholders? Relationship Committee, Environmental, Social and Governance (ESG) Committee and Special Committee of Directors. The details with respect to the composition, powers, roles, terms of reference, number of meetings held etc. of the Committees during the financial year 2021-22 and attendance of the members at each Committee meeting is provided in the Report on Corporate Governance which forms part of this Integrated Report.

All the recommendations made by the Committees of the Board including the Audit & Risk Management Committee were accepted by the Board.

Subsidiary/ Joint Venture/ Associate Company

As on March 31, 2022, the Company has a wholly owned subsidiary named Smartx Services Limited.

In accordance with Section 129(3) of the Companies Act, 2013, the Company has prepared consolidated financial statements of the Company and its subsidiary, which forms part of this Integrated Report. A statement in Form AOC- 1, containing the salient features of the financial statements of the subsidiary company is annexed as Annexure A to this report. The statement also provides the details of performance and financial position of the subsidiary company.

Audited financial statements of Smartx Services Limited for the Financial Year 2021-22 have been placed on the website of the Company at www.industowers.com. The audited financial statements of the subsidiary company are available for inspection at the Company?s registered office and registered office of the subsidiary company. Shareholders interested in obtaining a copy of the audited financial statements of subsidiary company may write to the Company Secretary at the Company?s registered office.

The Company does not have any joint venture company or an associate company as on March 31, 2022.

Human Resources

At Indus Towers, we believe that our people are key to the success of our business. Indus Towers has set an example for several organizations in India by leading the way and demonstrating how putting people front and center in organizational initiatives can lead to achieving higher levels of business performance.

Its values ExCITE -- Excellence, Customer, Integrity, Teamwork and Environment -- foster a culture of alignment and trust where employees find more fulfilment in their work. Despite unprecedented challenges in the telecom industry in India, Indus Towers has navigated change through its sound people strategy. It is the commitment and dedication of our employees that enabled us to keep nation remain connected even amidst adversities and the challenges posed by the COVID-19 pandemic. Our human capital has, therefore, played a pivotal role in shaping Indus Towers into what we are today.

We are building a culture where change is seen as an ongoing process for self-growth and progress. Its ninth consecutive Gallup Exceptional Workplace Award is a testament to its mission, which reiterates our purpose for existence - to transform lives through sustainable Digital Infrastructure and Services which again has been defined post deliberation of our 3,000+ employees coming together to decide what should be the Mission & Vision of the company through a process called Large Scale Interactive Process (LSIP). For a young organization like Indus Towers, which operates in the B2B space, defining and percolating an organization wide culture and becoming an employer of choice are two important and interrelated aspects.

During our journey, we have realized that the first step in creating an employer brand is to define and articulate the culture which proves to be a differentiating factor for external and internal employees. Connecting and engaging with 3,248 employees spread across our 22 circles has become possible through our constant communication especially in time of COVID-19 pandemic. Our leadership has always been the first one to communicate with all employees and focus on their well-being is their priority. Throughout the year, the leadership stood by their people in times of crisis valuing their relentless efforts and providing any type of support that was needed. Not only did they prioritise their health and safety, but also implemented methods to ease anxiety and improve productivity during these tough times.

The communication strategy at Indus has been instrumental in keeping morale of the employees high while ensuring their engagement at the same time. At Indus Towers, we believe in embracing technology and continue to use it to our advantage to make processes simpler and more efficient. We continue to automate our processes, use the systems and technological shifts have made it even more important for people to become ‘fit for the future?, both as professionals and as individuals. Keeping this in mind, we constantly organize various learning and development initiatives for our employees. Due to the pandemic, new methods of learning have emerged, and our employees continue to adapt with new-age processes. During the year under review, we strengthened our online learning platform- Oracle Learning Cloud (OLC) by conducting e-learning as well as blended learning. We reviewed our existing courses and made improvements as per the changing needs. We conducted a rapid triage of the entire portfolio of learning offerings and set priorities for what will be necessary to adapt to a virtual/blended or digital only format. To ensure employee safety at workplace, every new employee is required to undergo mandatory safety training as well as Competency Development Program (CDP) which introduces them to understand important concepts and their application in the context of their work. As part of our commitment towards holistic development, employees are continuously being encouraged to go for external certifications and MDP programs from elite institutions like ISB, IIMs, etc. At Indus, we focus on building an overall employee experience and engagement & well-being forms the core of it. Our aim is to make our people proud of the work they do at Indus. We not only want them to excel, but we also want them to realize their contribution to the organization and provide them opportunities to learn and grow.

Some of the key initiatives undertaken during the year included:

• Volunteering programs organized under Personal Social Responsibility (PSR) was organized involving more than 1,100 volunteers impacting over 9,000 beneficiaries. Joy of Giving Week Celebrated- 793 employees participated in activities such as recycling drive, plantation drive, book donation drive, food distribution, clothes donation, visit to old age home etc.

• Conducted financial wellness programs that were designed to help employees manage their finances better Programs were conducted on a regular basis to help employees manage health and stress in work and personal environment focusing on the overall physical and mental wellbeing. Inhouse Doctor and Advisor was onboarded to provide medical consultation. COVID-19 vaccination camps and drives were organized Pan India

• Social and emotional wellbeing formed an essential part of our wellbeing programs- Launch of Digital Reward &

Recognition Platform called i-appreciate to appreciate and recognize employees on the go. Regular field connect with employees, virtual/hybrid engagement initiatives were conducted to keep the connect stronger

Diversity and Inclusion is at the heart of Indus, over the years we have been constantly working on strengthening our policies and processes to provide a safe, equal and inclusive work environment for all. We have been successful in onboarding diverse talent not only for office-based roles but also in the field. While being an engineering and hardcore technical organization, where availability of diverse talent is limited, share of women in our total employee population is 5.8% and we are determined to improve this year on year.

Continuing our efforts to ensure a conducive and safe environment for women employees, we have a mandatory training on POSH added to our online learning module, which needs to be completed by all employees within a month of joining. We also have a neutral Internal Complaints Committee which investigates and takes appropriate action on any concerns related to harassment raised by employees. Apart from this, many engagement initiatives are planned and calendarized for D&I. Talks by Women Leaders were held for I-WIN network, which is a Pan Indus women?s network focused on networking, learning and growing. We celebrated International Women?s Day with excitement and our women employees who play a transformative role spoke about their experience at Indus that resounded our commitment to create a gender inclusive culture across the telecom infrastructure space. We celebrated the #ToweringWomenofIndus who take it upon themselves to lead purposefully and "Break the Bias".

Employees Stock Option Plan

To retain, promote and motivate the best talent in the Company and to develop a sense of ownership among employees, the Company has instituted two ESOP schemes i.e. Employee Stock Option Scheme 2008 (ESOP Scheme 2008) and Employee Stock Option Scheme 2014 (ESOP Scheme 2014) with the approval of shareholders. The said schemes are in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, (ESOP Regulations). The HR, Nomination and Remuneration Committee monitors the Company?s ESOP schemes.

In accordance with the ESOP Regulations, the Company had set up Indus Towers Employees? Welfare Trust (formerly Bharti Infratel Employees? Welfare Trust) (ESOP Trust) for the purpose of implementation of ESOP Schemes. Both the ESOP schemes are administered through ESOP Trust, whereby shares held

   

Indus Towers Ltd Company Background

Narayanan KumarPrachur Sah
Incorporation Year2006
Registered Office901 Park Centra,Sector-30 NH-8
Gurugram,Haryana-120001
Telephone91-124-4132600,Managing Director
Fax91-124-4109580
Company Secretary
AuditorDeloitte Haskins & Sells LLP
Face Value10
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarKFin Techologies Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032

Indus Towers Ltd Company Management

Director NameDirector DesignationYear
Narayanan KumarChairman & Independent Directo2023
Gopal VittalNon-Exec & Non-Independent Dir2023
Harjeet Singh KohliNon-Exec & Non-Independent Dir2023
PANKAJ TEWARINon-Exec & Non-Independent Dir2023
Rajan Bharti MittalNon-Exec & Non-Independent Dir2023
Randeep Singh SekhonNon-Exec & Non-Independent Dir2023
RAVINDER TAKKARNon-Exec & Non-Independent Dir2023
SUNIL SOODNon-Exec & Non-Independent Dir2023
Thomas ReistenNon-Exec & Non-Independent Dir2023
Prachur SahManaging Director & CEO2023
Anita KapurIndependent Non Exe. Director2023
Ramesh AbhishekIndependent Non Exe. Director2023
Sonu BhasinIndependent Non Exe. Director2023
Sharad BhansaliIndependent Non Exe. Director2023

Indus Towers Ltd Listing Information

Listing Information
BSE_500
BSE_200
BSEDOLLEX
BSE_TECK
CNX500
CNXMIDCAP
CNXMID50
CNX200
CNXDIVIDEN
BSEALLCAP
BSELARGECA
BSETELECOM
LMI250
BSE100LTMC
NFTYLM250
NFTYMC150
NFTYMSC400
NFTY100ESG
NF500M5025
NFTYTOTMKT

Indus Towers Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Rent NA 00017598.1
Energy & Other Reimbursements NA 00010110.1
Service Revenue NA 0000

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