Indus Towers to diversify into electric vehicle charging infrastructure; launches pilot in Bengaluru-Gurgaon

Indus Towers Ltd will enter electric vehicle charging infrastructure as India’s second-largest telecom tower provider looks to diversify its business.

“The company is well-positioned to leverage its expertise in managing and delivering space, power, and operations and maintenance (O&M) to achieve seamless operations and efficiencies,” the company said in a statement to the exchange on Thursday. , to contribute to the electric vehicle charging infrastructure sector, subject to Board approval, “This is consistent with the company’s plans to complement its long-term growth with related adjacent business opportunities.”

Indus has launched pilot electric vehicle charging stations in Gurgaon and Bengaluru.

The move to diversify the business comes against the backdrop of the company’s decision to pursue “adjacent business opportunities” to support its long-term growth. Indus Towers deploys, owns and manages telecom towers and communication structures for various mobile operators. The company has 234,643 towers nationwide in all 22 telecom circles, second only to Brookfield Asset Management-backed Altius, which has 257,000 sites.

During the game

Indus will compete with companies such as Tata Power Ltd.’s EZ Charge, Statiq, ChargeZone and GLIDA in the Indian electric vehicle market, which has grown rapidly in the past few years and is dominated by two companies: Wheelcart by volume. The Indian Energy Storage Alliance estimates that India needs to invest $20-30 billion in electric vehicle charging infrastructure to double the growth rate in this sector. Currently, it is growing at a rate of 25-30% per year.

Wutong Building third quarter results

The net profit of Wutong Building is $4,003 crore for the quarter ended December 2024, up approximately 160% from the previous quarter $1,541 crore compared to the same period last year.

Ebitda increased by 93.2% in the third quarter $6,997 Crores Rs. $3,622 crore in the same period last year. Revenue increased by 4.8% year-on-year $7,547 Crores.

Dues to be collected $One of Indus’ key customers, Vodafone Idea, earned revenue of Rs 5,427 crore in the December quarter, while strong tower additions also led to higher profits. Vi monthly payments starting from January 2023, paid so far $Pending dues estimated at around Rs 7,575 crore $100 billion rupees. Also received $Vodafone Group made a gain of Rs 1,909 crore after selling its 3% stake in Indus and finally exiting as a shareholder.

“Strong new business and significant overdue collections from key customers helped us deliver outstanding financial results,” Prachur Sah, managing director and chief executive officer of Indus Towers, said in a statement. “We expect our key customers to resume network expansion , coupled with other customer launches, will be a strong growth lever.”