Shares of Indus Towers on Wednesday plunged 6 per cent in the early trade after the company reported a consolidated loss of Rs 708.2 crore for the December quarter. The scrip declined 6.04 per cent to Rs 160.20 apiece in the morning trade on the BSE. On the NSE, it tanked 6.01 per cent to Rs 160.20.
The country's largest telecom infrastructure company Indus Towers on Tuesday posted a consolidated loss of Rs 708.2 crore for the December 2022 quarter, mainly on account of doubtful recovery from Vodafone Idea. Indus Towers posted a profit of Rs 1,570 crore in the same period a year ago.
"The loss in the books was a result of the adoption of stringent accounting practices by the Company due to continued shortfall in collections from one of the major customers," the company in a statement said -- in an apparent reference to debt-ridden Vodafone Idea (VIL). The company's revenue declined by about 2 per cent to Rs 676.5 crore during the reported quarter from Rs 692.74 crore in the December 2021 quarter, it said in a regulatory filing.