Interim report
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Indus Towers Limited Registered & Corporate Office: Building No. 10, Tower A, 4th Floor, DLF Cyber City, Gurugram-122002, Haryana I Tel: +91 -124-4296766 Fax: +91124 4289333 CIN: L64201HR2006PLC073821 I Email: compliance.officer@industowers.com I www.industowers.com October 27, 2025 BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001 National Stock Exchange of India Limited Exchange Plaza, C-1, Block – G, Bandra Kurla Complex, Bandra (E), Mumbai - 400051 Ref.: Indus Towers Limited (534816/ INDUSTOWER) Sub.: Outcome of the Board Meeting - Financial Results for the second quarter (Q2) and half year ended September 30, 2025 Dear Sir/ Ma’am, In compliance with Regulation 30 and 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed following for the second quarter (Q2) and half year ended September 30, 2025: • Audited Consolidated Financial Results as per Ind-AS; • Audited Standalone Financial Results as per Ind-AS; and • Auditor’s Reports on the aforesaid Financial Results. The above financial results have been reviewed by the Audit & Risk Management Committee in its meeting held today i.e., October 27, 2025 and based on its recommendation, approved by the Board of Directors in its meeting held today i.e., October 27, 2025. The Board Meeting commenced at 03:15 p.m. (IST) and concluded at 06:10 p.m. (IST). Kindly take the same on record. Thanking you, Yours faithfully, For Indus Towers Limited Samridhi Rodhe Company Secretary & Compliance Officer Encl.: As above indus TOWERS
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Deloitte Haskins & Sells LLP Chartered Accountants 7th Floor Building 10 TowerB DLF Cyber City Complex DLF City Phase II Gurugram-122 002 Haryana, India Tel: +91 124 679 2000 Fax: +91 124 679 2012 INDEPENDENT AUDITOR'S REPORT ON AUDIT OF INTERIM CONSOLIDATED FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF INDUS TOWERS LIMITED Opinion We have audited the accompanying Statement of Consolidated Financial Results for the quarter and half year ended September 30, 2025 of Indus Towers Limited ("the Parent"/"the Company") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), ("the Consolidated Financial Results"/"the Statement") being submitted by the Parent pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"). In our opinion and to the best of our information and according to the explanations given to us, the Statement: (i) includes the results of the following entities: a. Indus Towers Limited ("ITL") ("Parent"); b. Smartx Services Limited (100% subsidiary of ITL); and c. Indus Towers Employees' Welfare Trust; (ii) is presented in accordance with the requirements of the Listing Regulations; and (iii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under section 133 of the Companies Act 2013 (the "Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India of the consolidated net profit and consolidated other comprehensive loss and other financial information of the Group for the quarter and half year ended September 30, 2025. Basis for Opinion We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the 'Auditor's Responsibilities for audit of the Consolidated Financial Results' section of our report below. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and ICAl's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion. Emphasis of Matter Material uncertainty at one of the largest customers of the Company and its consequential impact on Company's business operations We draw attention to note 3 of the Consolidated Financial Results, which describes the potential impact on the results of operations and financial position of the Company and amount receivable (including unbilled revenue) and carrying amount of property, plant and equipment, arising from the financial condition of one of the largest customers and the uncertainty relating to that customer's ability to continue as a going concern. n is not modified in respect of the above matter. Page 1 of 3 ernational Center. Tower 3, 31st floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited liability having LLP identification No: AAB-8737
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Deloitte Haskins & Sells LLP Management's and Board of Directors' Responsibilities for the Consolidated Financial Results This Statement is the responsibility of Parent's management and has been approved by the Board of Directors for issuance. The Statement has been compiled/ extracted from the Audited Interim Condensed Consolidated Financial Statements for the three and six month periods ended September 30, 2025, the Audited Consolidated Financial Results for the quarter ended June 30, 2025, the Audited Consolidated Financial Results for the quarter and year ended March 31, 2025 and the Audited Consolidated Financial Results for the quarter and half year ended September 30, 2024. This responsibility includes the preparation and presentation of the Consolidated Financial Results that give a true and fair view of the consolidated net profit/loss and consolidated other comprehensive income/loss and other financial information of the Group in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with the Listing Regulations. The respective Board of Directors/those charged with governance of the entities included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of this Consolidated Financial Results by the Directors of the Parent, as aforesaid. In preparing the Consolidated Financial Results, the respective management and the Board of Directors/those charged with governance of the entities included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective entities included in the Group orto cease operations, or has no realistic alternative but to do so. The respective Board of Directors/those charged with governance of the entities included in the Group are responsible for overseeing the financial reporting process of respective entities included in the Group. Auditor's Responsibilities for audit of the Consolidated Financial Results Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Consolidated Financial Results. As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the Consolidated Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of interna l financial control. Page 2 of 3
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Deloitte Haskins & Sells LLP • Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal financial controls. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management and approved by the Board of Directors. • Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under the Listing Regulations. • Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the Consolidated Financial Results, including the disclosures, and whether the Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation. Materiality is the magnitude of misstatements in the Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Consolidated Financial Results. We communicate with those charged with governance of the Parent and other entity included in the Consolidated Financial Results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal financial controls that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. Place: Gurugram Date: October 27, 2025 Page 3 of 3 For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No.117366W/W-100018) Partner Membership No. 063828 UDIN: 25063828BMJDJN9161
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Indus Towers Limited (CIN: L64201HR2006PLC0 73821) Regd. Office: Building No. 10, Tower A, 4th Floor, DLF Cyber City, Gurugram-122002, Haryana Telephone no. +91 124 4296766, Fax no.+ 91 124 4289333, Email id: compliance.officer@industowers.com Statement of Audited Consolidated Financial Results for the quarter and half year ended September 30, 2025 (In Rs. Million rmp t per shm d1t1) Qoarttrcadtd Hairyarffldtd Yruanlcd f>articllm .,_,_,.._ 111 2025 J111t30,llll5 Stottchtr JO,mt Stotem.ber JO, ms Sailelllher 38,2824 MarcUI, 2025 Audlttd Aldiltd ..\irdittd AJidittd Audited Awlltcd lnrome Re\"enue from op,:rations (refer note 3) 81,882 80,576 74,653 162,458 148,483 301,228 Oilier income 829 851 1,139 1,680 1,703 3,458 Total income 82,7ll 81,427 75,792 164,138 150,186 304,686 fapenses Co,1 of materials consumed 7 l4 21 38 Power and fuel 30,869 30,687 28,925 61,556 57,931 114,450 Employee benefit exp,:nses 2,051 2,133 2,073 4,184 4,044 8,414 Repair; and maintenance 3,765 3,697 3,831 7,462 7,424 14,410 Olher exp,:nses (refer note S) (937) 144 (9,248) (793) (15,440) (44,531) Totalnpenm 35,755 36,675 25,582 72,430 53,959 92,781 Prolit before deprttialioo and amortisalion, finance costs, finance income, 46,956 -14,752 50,210 91,708 96,227 211,905 charity and donation and tai Depreciation and amonisation exp,:nses 18,207 17,247 16,025 35,454 31,861 64,899 Less: adjusted 11ith gen~I resave in accordance with lhe scheme of arrangement (199) (204) (224) {403) (455) (878) 18,008 17,04.l IS,801 35,051 31,406 6-1,021 Finance costs 4,624 4,747 4,614 9,371 9,172 18,579 Finance income (866) {782) (439) (1,648) (915) (4,179) Charity and donation 406 406 433 812 845 1,947 Profit before tax 24,784 23,338 29,801 48,122 55,719 131,537 Tneipense 6,391 5,970 7,566 12,361 14,225 32,220 Current tax 5,195 5,427 3,998 10,622 8,432 17,405 Deferred tax 1,196 543 3,568 1,739 5,i93 14,815 Profit for the period / yrar 18,393 17,368 22,235 35,761 41,m 99,317 Other comprehensive income ('OCl'} Items that wm not he re-rlassified to profit or loss Remeasurement gain/ (loss) of defined benefit plans (net} (36) - (16) (36) (16) (40) fa'{ impact on abow 9 4 9 4 10 Other comprehensil"f income/ 0oss) for the period I year (net of tai) (27) (12) (27) (12) (30) Total comprebmire income for the period/ year (net of tax) 18,366 17,368 22,223 35,734 41,482 99,287 Paid-up equity share capital (Face value Rs. lO each) 26,381 26,381 26,381 26,381 26,381 26,381 Other equity 334,625 316,670 257,607 334,625 257,607 298,602 Earnings per equity share (nominal value of equity· share is R!. 10 each)h Basic 6.97 6.59 830 1356 15.45 37.31 Diluted 6.97 6.59 8.30 13.56 15.45 37.31 "EPS is not annualised for the uarter and half year ended September 30, 2025, quarter ended June 30, 2025, and quarter and half year ende ~ ~~;19;: . Page 1 of6
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Notes to Audited Consolidated Financial Results I. The above financial results for the quarter and half year ended September 30, 2025, have been reviewed by the Audit & Risk Management Committee at its meeting held on October 27, 2025 and approved by the Board of Directors at its meeting held on October 27, 2025. 2. These Audited Consolidated Financial Results are compiled / extracted from the Audited Interim Condensed Consolidated Financial Statements for the three and six month periods ended September 30, 2025, the Audited Consolidated Financial Results for the quarter ended June 30, 2025, quarter and year ended March 31 , 2025 and quarter and half year ended September 30, 2024. The Audited Interim Condensed Consolidated Financial Statements for the three and six month periods ended September 30, 2025 have been prepared in accordance with Ind AS 34 "Interim Financial Reporting" as prescribed under Section 133 of the Companies Act, 2013 (the Act) read together with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 ( as amended from time to time) and other relevant provisions of the Act. The statutory auditors have expressed an unmodified audit opinion on these financial results. The Company, together with its wholly owned subsidiary and controlled trust is hereinafter referred to as "the Group". 3. A large customer of the Group accounts for a significant part of revenue from operations for the quarter and half year ended September 30, 2025 and constitutes a significant part of outstanding trade receivables and unbilled revenue as at September 30, 2025. The statutory auditors of the said customer have reported material uncertainty related to going concern in its report to the latest published unaudited results for the quarter ended June 30, 2025. The said customer stated that its ability to settle its liabilities is dependent on support from the Department of Telecommunications (DoT) regarding the AGR matter, fund raise through equity and debt, and generation of cash flow from operations. Further, it stated that, based on current efforts, it believes that it would be able to get DoT support, successfully arrange funding and generate cash flow from operations. Accordingly, the said customer prepared its financial statements on a going concern basis. The customer is paying an amount equivalent to monthly billing to the Group. The Group continues to recognise revenue from operations relating to the customer for the seivices rendered, however, the Group does not recognise revenue equalisation asset on account of straight lining of lease rentals considering the customer's financial condition. In case of loss of business from the said customer due to its inability to continue as a going concern, and the Group's failure to attract new customers, there could be an adverse effect on the results of operations and financial position of the Group and amounts receivable (including unbilled revenue) and canying amount ofprope1ty, plant and equipment related to this customer. The Group will continue to monitor the financial condition of the customer. 4. Indus Towers Employees Welfare Trust [a trust set up for administration of Employee Stock Option Plan ('ESOP') of the Company] was incorporated in FY 2014-15. During the half year ended September 30, 2025, the Trust has acquired 750,000 shares at an average price of Rs. 347.89 per share and transferred 642,258 equity shares of exercise price of Rs. 10 each to employees upon exercise of stock options. As of September 30, 2025, the Trust holds 1,027,649 shares (March 31, 2025: 919,907 shares) of face value of Rs. 10 each of the Company. 5. Other expenses include allowances for doubtful receivables as below: (lo Rs. Million) Puticolars Quarter ended Se ember 30, 202S June 30, 2025 rmb(r 30, 2024 March 31, 1025 Allwances for doubtful receivables (net) (1,952) (883) (18,363) (50,868) Page 2 of6
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6. Statement of Consolidated Assets and Liabilities: (In Rs. Million ) Asat Particulars .Senttmber 30, 2025. Marth 31, 2025 Audiled Auditc,d A Assets Non-current assets Property, plant and equipments 314,560 294,082 Right of use assets 154,150 149,337 Capital work-in-progress 6,231 5,672 Intangible assets 395 380 Financial assets Investment 104 - Other financial assets 15,064 14,653 Income tax assets (net) 8,667 8,561 Deferred tax assets (net) 8 23 Other non-current assets 31,428 29,696 530,607 502,404 Current assets Inventories 202 76 Financial assets Investments 29,185 14,861 Trade receivables 48,515 47,675 Cash and cash equivalents 210 1,497 Other bank balance 15,079 17,064 Other financial assets 42,178 38,839 Other current assets 5,938 9,286 141,307 129,298 Total assets 671,9U 631,702 B Equity and liabilities Equity Equity share capital 26,381 26,381 Other equity 334,625 298,602 361,006 324,983 Liabilities Non-current liabilities Financial liabilities Borrowings . 1,532 Lease liabilities 166,228 163,257 Other financial liabilities 3,887 3,978 Provisions 25,939 24,656 Deferred tax liabilites (net) 5,788 4,072 Other non-current liabilities 12,030 11,356 213,872 208,851 Current liabilities Financial liabilities Borrowings 14,806 21,on Lease liabilities 28,442 25,677 Trade payable 25,462 24,450 Other financial liabilities 18,310 18,607 Other current liabilities 6,798 5,876 Provisions 898 843 Current tax liabilities (net) 2,320 1,323 97,036 97,868 Total Liabilities 310,908 306,719 Total equity and liabilities 671,914 631,702 Page 3 of6
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7. Statement of Consolidated Cash Flows: ruttculars Cash flows from operating aclhities Profit before tax Adjll!ilments for Depreciation and amortisation expenses Finance income Finance costs Profit on sale of property, plant and equipment Allowances for doubtful receivableS and advances (net) Revenue equalisation Others Operating profit before changes in assets and liabilities Decrease/ (increase) in other financial assets Decrease/ (increase) in other assets Decrease/ (increase) in inventories Decrease/ (increase) in trade receivables Increase/ (decrease) in other financial liabilities Increase/ (decrease) in provisions Increase/ (decrease) in other liabilities Increase/ (decrease) in trade payables Cash generated from operations Income tax paid (net ofrefunds) Net cash flow from/ (used in) operating acli\ities (A) Cash flows from investing acti1ities Purchase of property, plant & equipment, intangible assets and capital work in progress Proceeds from sale of property, plant & equipment Proceeds from/ (investment in) mutual funds (net) {Investment in) equity instruments Interest received Proceeds from/ (inve-stment in) bank deposits and re,,iricted balances with banks (net) Net cash Row from I (used in) investing activities (B) Cash flows from financing acti,ities Repa}ment oflong-tenn borrowings Proceeds from I (repayment of) short-tenn borrowings (net) Sale/ (purchase) oftreaswy shares Payment for buyback of equity shares TraDSaction costs and tax paid related to buyback of equity shares Interest paid Proceeds from exercise of stock options Repa}ment oflease liabilities (including interest) Net cash flow from/ (used in) financing activities (C) Net (decrease)/ increase in cash and cash equivalents during the period (A+B+C) c.ash and cash equivalents at the beginning of the period Cash and cash equivalent••• ti.a and of the period ( In Rs. Million) Halfyearended September 30, 2025 September 30, 2024 Andikd 48,122 35,051 (1,648) 9,371 (1,469) (2,759) (2,166) {91) 84,411 (3,183) 3,992 {126) 1,995 (1,576) 91 1,765 1,396 88,765 (9,731) 79,034 (43,271) 3,037 (13,751) (l04) 452 2,024 (51,613) (6,139) (1,681) (263) {490) 6 (20,141) {28,708) (1,287) 1,497 210 Audikd 55,719 31,406 (915) 9,172 (1,307) {18,312) (2,766) (219) 72,778 (9,748) (875) 26,581 (504) 100 5,641 1,260 95,233 (8,985) 86,248 (37,858) 2,385 (2,394) 733 74 (37,o60) (9,014) 5,332 (26,400) (1,087} (878) 7 (17,523) (49,563) (375} 631 256 Page 4 of6
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8. The Group was set-up with the object of, inter alia, establishing, operating and maintaining wireless communication towers. This is the only activity performed and is thus also the main source ofrisks and returns. The Group's segments as reviewed by the Chief Operating Decision Maker (CODM) do not result into identification of different ways / sources into which they see the performance of the Group. Accordingly, the Group has a single reportable and geographical segment. Hence, the disclosures as per Regulation 33(1)(e) read with Clause (L) of Part A of Schedule IV of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended are not applicable to the Group. 9. The disclosure required as per the prov1s1ons of Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is given below: - - --- - . . -- . --- ··-· -- ·Qrufmadcd ilil1a1~ ... YiumW &No. Pll1irllm S,.,-,Jt.lffi ,hd,lm ~Jt,lC4 ~Jt, lt!S Sctlaaer.lt,21?1 JJirdil l,]425 hdit!d Ariiln! .i\lilcd .uditcd Wied \tditcd (i) Mtffl.itl"rriJ(oo. or times) O.ol 0.01 o.u 0.0-I o.u om Oil Mt senic~ OJ\trage ratio (II). of limes) 4.01 1.B9 tlO 3.15 J.38 JjJ tiii) fnlcresl sen-ire roreragil ratio (ro. of ti~) 11.18 !053 12.17 II.II 11.66 12.17 (iv) Nehronh (Rs, Mn) 355,071 336,m 2i9,652 JSS,Oll 259,652 319,38-1 (r) C111t~it l1llID (oo. of times) 1.-16 U1 I.OJ 1.-16 1.03 1.31 {Ii) Loog-tenn o.t< iJ ~orking capital (11).of rimes) O.ol 2.35 2.35 0.05 (iii) Boo ddJls to ~wunt recei1abk ratio (%) 0.50% 0.90% (1iii) Cumntlintilf ratio (no. of times) OJI OJI OJj OJI 0.35 0.Jl (i\) Tei.al ddJls to kllal assels {rn. oftimes) 0.01 0.01 0.07 O.D2 0.o7 ON (\) IM\JrruFll)m (annualised) (rn. ~f lit'.o) 7.11 if.'IJ 5.16 6.76 rn 5.37 (xi) ~-.,:i11-:udil rrorrin (%) :;mi, r ,, •. • ). )) I +15i,, 33.&l'l mm H.9i% !xii) Nctprofit maron(%) 22.461, 2155'i 29.78!, 22.01% mm 31.91% (xlii) Carita! r~ lfl r~nt (Rs. Mn) 1,039 1,039 1,039 1,039 1,039 1,039 (~v) Net profit after ta., (1\s. Mn) 1~393 17)68 21.135 15,761 41,m 99,Jl7 lw) Baic an! di'lr..-J min~~ s!ll.t (cPS) (Rs. ~r srore) (ll,.it a.-lJlllile( 6.91 6j9 &.30 13.56 li.45 37.31 forth: qi.11~m!li mlf yearerL-w) The basis of computation of above parameters is provided in the table below: (i) Debt-equity ratio Debt-equity ratio is computed by dividing total borrowings (i.e. long-term borrowings and short-term borrowim1.s excluding lease liabilities) bv total eQuitv as on date. Debt service coverage ratio is computed by dividing profit before depreciation and amortisation, finance costs, (ii) Debt service coverage ratio finance income, charity and donation and tax excluding other income by interest on borrowings and interest on lease liabilities and repavments of long-term borrowings and lease liabilities. Interest service coverage Interest service coverage ratio is computed by dividing profit before depreciation and amortisation, finance (iii) costs, finance income, charity and donation and tax excluding other income by interest on borrowings and ratio interest on lease liabilities. (iv) Net worth Net worth is computed as per section 2(57) of Companies Act, 2013. (v) Current ratio Current ratio is computed bv dividing the total current assets bv total current liabilities as on date. (vi) Long-term debt to working Long term debt to working capital is computed by dividing long-term borrowings by working capital (where capital working capital is cw-rent assets as reduced by cwrent liabilities) . (vii) Bad debts to account Bad debts to account receivable ratio is computed by dividing bad debts ,nitten off with gross trade receivable ratio receivables as on date. (viii) Current liability ratio Current liabilitv ratio is coml)uted by dividing the total current liabilities by total liabilities as on date . (ix) Total debts to total assets Total debts to total assets is computed by dividing total borrowings (ie, long-term borrowings and short-term borrowings excludin11: lease liabilities) by total assets as on date. (x) Debtor turnover Debtor turnover is computed by dividing revenue from operations by average (of opening and closing) net trade receivables (after allowances for doubtful receivables) during the period/year . (xi) Operating profit margin Operating profit margin is computed by dividing profit before finance costs, finance income, charity and donation and tax excluding other income by revenue from operation for the period/year. (xii) Net profit marl!in Net profit mar2in is computed bv dividing net orofit after tax by revenue from operation for the neriod/vear. Note: As the principal activities of the Group are in the nature of services, hence, inventory turnover ratio is not relevant. Page S of6
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IO. The Audited Standalone Financial Results of the Company are available on the Company's website www.industowers.com and on the Stock Exchanges websites www.nseindia.com and www.bseindia.com. Key numbers of Audited Standalone Financial Results of the Company are as under: Particulars Revenue from operations Profit before tax Profit after ta, Quarter ended September 30, 2025 JoneJ0,2025 Septemhtr 30, 2024 81,882 80,576 14,653 24,748 23,306 29,790 18,366 17,344 22,224 (lo Rs. Million) Half year ended Year ended SepttmherJ0,2025 September JO, 2024 March 31, 2025 162,458 148,483 301,228 48,054 55,713 131,466 35,7!0 41,488 99,223 For and on behalf of the Board of Directors of Indus Towers Limited Prachur Sah Managing Director and CEO DIN: 07871676 Place: Gurugram Date: October 27, 2025 "The Company", wherever stated stands for Indus Towers Limited. For more details on the financial results, please visit our website www.industowers.com Page 6 of6
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Deloitte Haskins & Sells LLP Chartered Accountants 7th Floor Building 1 O TowerB DLF Cyber City Complex DLF City Phase II Gurugram-122 002 Haryana, India Tel: +91 124 679 2000 Fax: +91 124 679 2012 INDEPENDENT AUDITOR'S REPORT ON AUDIT OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF INDUS TOWERS LIMIT ED Opinion We have audited the accompanying Statement of Standalone Financial Results for the quarter and half year ended September 30, 2025 of Indus Towers Limited ("the Company"), ("the Standalone Financial Results"/"the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"). In our opinion and to the best of our information and according to the explanations given to us, the Statement: (i) is presented in accordance with the requirements of the Listing Regulations; and {ii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under section 133 of the Companies Act 2013 (the "Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India of the net profit and other comprehensive loss and other financial information of the Company for the quarter and half year ended September 30, 2025. Basis for Opinion We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the 'Auditor's Responsibilities for audit of the Standalone Financial Results' section of our report below. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI'') together with the ethical requirements that are relevant to our audit of the Standalone Financial Results under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and ICAl's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion. Emphasis of Matter Material uncertainty at one of the largest customers of the Company and its consequential impact on Company's business operations We draw attention to note 3 of the Standalone Financial Results, which describes the potential impact on the results of operations and financial position of the Company and amount receivable (including unbilled revenue) and carrying amount of property, plant and equipment, arising from the financial condition of one of the largest customers and the uncertainty relating to that customer's ability to continue as a going concern. Our opinion is not modified in respect of the above matter. Page 1 of 3 Regd. Office: One International Center, Tower 3, 31st floor, Senapati Bapat Marg. Elphinstone Road (West}, Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737
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Deloitte Haskins & Sells LLP Management's and Board of Directors' Responsibilities for the Standalone Financial Results This Statement is the responsibility of the Company's management and has been approved by the Board of Directors for issuance. The Statement has been compiled / extracted from the Audited Interim Condensed Standalone Financial Statements for the three and six month periods ended September 30, 2025, the Audited Standalone Financial Results for the quarter ended June 30, 2025, the Audited Standalone Financial Results for the quarter and year ended March 31, 2025 and the Audited Standalone Financial Results for the quarter and half year ended September 30, 2024. This responsibility includes the preparation and presentation of the Standalone Financial Results that give a true and fair view of the net profit/loss and other comprehensive income/loss and other financial information in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with the Listing Regulations. The responsibility of the Board of Directors includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the Standalone Financial Results, the management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors is also responsible for overseeing the financial reporting process of the Company. Auditor's Responsibilities for audit ofthe Standalone Financial Results Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Standalone Financial Results. As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the Standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal financial control. • Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal financial controls. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management and approved by the Board of Directors. Page 2 of 3
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Deloitte Haskins & Sells LLP • Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under the Listing Regulations. • Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the Standalone Financial Results, including the disclosures, and whether the Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation. Materiality is the magnitude of misstatements in the Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Results. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal financial controls that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationsh ips and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. Place: Gurugram Date: October 27, 202S Page 3 of 3 For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No. 117366W/W -100018) Partner Membership No. 063828 UDIN: 25063828BMJDJL7953
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Indus Towers Limited (CIN: L64201HR2006PLC073821) Regd. Office: Building No. 10, Tower A, 4th Floor, DLF Cyber City, Gurugram-122002, Haryana Telephone No. +91 124 4296766 Fax no.+ 91 124 4289333, Email id: compliance.officer@industowers.com Statement of Audited Standalone Financial Results for the quarter and half year ended September 30, 2025 (In Rs. Million mtpl ptr share data) Quarter aided Halfycarmdal Y,tat:ttdro IPutiadars Seottml!er 30, 202S lune 30, 2025 Snlan'berl&, 2ffl 8eatt111J;cr ~ 2025 Smtc■llcr 30, lOM Mtrdij), 2025 Aaditrd A1dilcll Audilal Aud~nl Aldilril Auditrd ln~ome Re1·enue from operations (refer note 3) 81,882 80,576 74,653 162,458 148,483 301,228 Other income 829 851 1,138 1,680 1,702 3,458 Total income 82,711 81,427 75,791 164,138 150,185 3~,686 Expum Cost of materials consumed 7 14 21 38 Power and fuel 30,869 30,687 28,925 61,556 57,931 114,HO Employee benefit expens.s 2.050 2,133 2,072 4,183 4,043 8,413 Repairs and maintenance 3,765 3,697 3,832 7,462 7,424 14,410 Other expenses (refer note 5) (894} 181 (9.232) (713) (15,423) (44.438) Total expmses 35,797 36,712 25,597 72,509 53,975 92,873 Profit before depredation and amortisation, fmanre costs, finance 46,914 44,715 50,194 91,629 96,210 211,813 income, charity and donation and tax Depredation and amortisation expenses 18.201 IW2 16,020 3W3 31,850 64.878 Less: adjll5ted with general resem in accordance 11ith the scheme of (199) (204) (224) (403) (455) (878) arrangement 18.002 17,038 15,796 35,0~0 31,395 64,000 finance costs 4,624 4,747 4,614 9,371 9,172 18,579 Finance income (866) (i82) (439} (1,648) (915) (4,179) Charil) and donation 406 406 4,, JJ 812 845 1,9U Profit bdore tax 24,748 23,.106 29,790 48,0~ 55,713 131,466 Tax eipeose 6,382 5,962 7,566 12,3-f.l 14,225 32,243 Current ta\ 5,193 5,427 1998 l0,620 8,432 17,405 Deferred la\ 1,189 535 3,568 1,724 5,793 14,838 Profit for the period/ year 18J66 17,3-f.l 22,224 35,710 41,488 99,223 Other comprehensive income ('OCI') ltelllll that will not he re-classified to profit or loss Remeasurement gain/ (loss) of defined benefit plans (net) (36) (16) (36) (16) (40) Ta\ impact on abore 9 4 9 4 10 Othercompreheruire income/ Ooss) for the period/ year (net of tu) (27) (12) (27) (12) (30) Total comprehensive income for the period/ year(net of tax) 18,339 17.J.U 22,212 35,683 41,476 99,193 Paid-up equi~· share capital (face ralue Rs. IO each) 26,381 26,381 26,381 26,381 26,381 26,381 Other equi~· 335,029 317,032 257,837 335,029 257,837 298,989 Earnings per equity share (nominal value of equity share is Rs. 10 earh)A Basic 6.96 6.57 8.30 13.54 15.44 37.27 Diluted 6.96 6.57 8.30 13.54 1m 37.27 /\ EPS is not annualisedjj half year ended September 30, 2025, quarter en nd quarter and half year ended September UJ•I.)?;~ --.:: Page 1 of6
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Notes to Audited Standalone Financial Results 1. The above financial results for the quarter and half year ended September 30, 2025 have been reviewed by the Audit & Risk Management Committee at its meeting held on October 27, 2025 and approved by the Board of Directors at its meeting held on October 27, 2025. 2. These Audited Standalone Financial Results are compiled / extracted from the Audited Interim Condensed Standalone Financial Statements for the three and six month periods ended September 30, 2025, the Audited Standalone Financial Results for the quarter ended June 30, 2025, quarter and year ended March 31, 2025 and quarter and half year ended September 30, 2024. The Audited Interim Condensed Standalone Financial Statements for the three and six month periods ended September 30, 2025 have been prepared in accordance with Ind AS 34 "Interim Financial Reporting" as prescribed under Section 133 of the Companies Act, 2013 (the Act) read together with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and other relevant provisions of the Act. The statutory auditors have expressed an unmodified audit opinion on these financial results. 3. A large customer of the Company accounts for a significant part ofrevenue from operations for the quarter and half year ended September 30, 2025 and constitutes a significant part of outstanding trade receivables and unbilled revenue as at September 30, 2025. The statutory auditors of the said customer have reported material uncertainty related to going concern in its report to the latest published unaudited results for the quarter ended June 30, 2025. The said customer stated that its ability to settle its liabilities is dependent on support from the Department of Telecommunications (DoT) regarding the AGR matter, fund raise through equity and debt, and generation of cash flow from operations. Further, it stated that, based on current efforts, it believes that it would be able to get DoT support, successfully arrange funding and generate cash flow from operations. Accordingly, the said customer prepared its financial statements on a going concern basis. The customer is paying an amount equivalent to monthly billing to the Company. The Company continues to recognise revenue from operations relating to the customer for the services rendered, however, the Company does not recognise revenue equalisation asset on account of straight lining of lease rentals considering the customer's financial condition. In case of loss of business from the said customer due to its inability to continue as a going concern, and the Company's failure to attract new customers, there could be an adverse effect on the results of operations and financial position of the Company and amounts receivable (including unbilled revenue) and carrying amount of property, plant and equipment related to this customer. The Company will continue to monitor the financial condition of the customer. 4. Indus Towers Employees Welfare Trust [a trust set up for administration of Employee Stock Option Plan ('ESOP') of the Company] was incorporated in FY 2014-15. During the half year ended September 30, 2025, the Trust has acquired 750,000 shares at an average price of Rs. 347.89 per share and transferred 642,258 equity shares of exercise price of Rs. 10 each to employees upon exercise of stock options. As of September 30, 2025, the Trust holds 1,027,649 shares (March 31, 2025: 919,907 shares) of face value of Rs. 10 each of the Company. 5. Other expenses include allowances for doubtful receivables as below: (In Rs. )lilli on) PArtitulan \'eaunded Allowances for doubtful receivables (net} (50,868) Page 2 of 6
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6. Statement of Assets and Liabilities: Partic.lilars A Assets Non-current assets Property, plant and equipments Right of use assets Capital work-in-progress Intangible assets Financial assets Investments in subsidiary Other investments Other financial assets Income tax assets (net) Other non-current assets Current assets Inventories Financial assets Investments Trade receivables Cash and cash equivalents Other bank balances Other financial assets Other current assets Total assets B Equity and liabilities Equity Equity share capital Other equity Liabilities Non-current liabilities Financial liabilities Borro,vings Lease liabilities Other financial liabilities Provisions Deferred tax liabilities (net) Other non-current liabilities Current liabilities Financial liabilities Borrowings Lease liabilities Trade payables Other financial liabilities Other current liabilities Provisions Current tax liabilities (net) Total liabilities Total equity and liabilities (In R s. Milli o n) As.•t se·m,;miher 30. 202$ March 31, 2025 Audited 314,525 154,150 6,231 394 200 104 15,064 8,659 31,428 530,755 202 29, 185 48,514 203 15,079 42,178 6,292 141,653 672,408 26,381 335,029 361,410 - 166,228 3,887 25,939 5,788 12,030 213,872 14,806 28,442 25,562 18,310 6,788 898 2,320 97,126 310,998 672,40 8 - "S\j'-JEJ?o'< ( ~ ~~NA ~l 0 "'I ~ ◊17-; * A udited 294,036 149,337 5,672 378 200 - 14,653 8,559 29,696 502,531 76 14,861 47,675 1,490 17,064 38,839 9,568 129,573 632,104 26,381 298,989 325,370 1,532 163,257 3,978 24,658 4,072 11,356 _208,8S3 21,092 25,677 24,465 18,607 5 ,874 843 1,323 97,881 306,73 4 632,104 Page 3 of6
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7. Statement of Cash Flows: Cash flows from operating activities Profit before tax Adjustments for Depreciation and amortisation expenses Finance income Finance costs Profit on sale of property, plant and equipment Allowances for doubtful receivables and advances (net) Revenue equalisation Others Operating profit before changes in assets and liabilities Decrease/ (Increase) in other financial assets Decrease / (Increase) in other assets Decrease/ (Increase) in inventories Decrease/ (Increase) in trade receivables Increase/ (Decrease) in other financial liabilities Increase/ (Decrease) in provisions Increase/ (Decrease) in other liabilities Increase/ (Decrease) in trade payables Cash generated from operations Income tax paid (net of refunds) Net cash flow from/ (used in) operating acthilies (A) Cash flows from investing aclilitics Purchase of property, plant & equipment, intangible assets and capital work-in-progress Proceeds from sale of property, plant & equipment Proceeds from / (investment in) mutual funds (net) Loan given to trust Interest received Inveslment in equity instruments Loan (given)/ received back (to)/ from subsidiary (net) Proceeds from / (investment in) bank deposits and restricted balances with banks (net) Net cash flow from/ (wed in) iomting actilities (B) Cash flows from fmancing activities Repayment oflong-term borroncings Proceeds from I (repayment ol) short-term borrO\~ings (net) Payment for buyback of equity shares Transaction costs and tax paid related to buyback of equity shares Interest paid Repayment of lease liabilities (including interest) Proceeds from exercise of stock options Net cash Dow from/ (med in) financing actilities (C) Netincrease/(decrease) in cash and cash equiuleots during the period (A+B+C) Cash and cash equivalents at the beginning of the period Cash and cash equival ~ INl«Pe period (Io Rs. Million) Half year ended September 30, 2025 September 30, 2024 Audited Audited 48,054 55,713 35,040 31,395 (1,648) (915) 9,371 9,172 (1,469) (1,307) (2,759) (18,312) (2,166) (2,766) (91) (219) 84,332 72,761 (3,183) (9,748) 3,987 (870} (126) 1,996 26,582 (1,576) (504) 89 100 1,757 5,639 1,482 1,257 88,758 95,217 (9,723) (8,98~) 79,035 86,233 {43,272) (37,821) 3,037 2,385 (13,751) (2,394) (263) 4S2 733 (!04) - - 23 2,024 74 (51,877) (37,000) (6,139) (9,014) (1,681) 5,332 (26,400) - (1,087) (490) (878) (20,141) (17,523) 6 7 (28,4~5) (49,563) (1,287) (330) 1,490 580. 203 250 0 \S'l~f?.s, Page 4 of 6 I,,,~< ( ~ H,QQNA : 1] ~ <:}7 I ·-
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8. The disclosure required as per the provisions of Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is given below: Qunrrto4fll llall)tarmdrd \'urendfll S.Nt. P21'1iawrs Stp!ttotr JO, 2015 Jlllle 30, 2025 StptllllherJO, 2024 SmemlitrJO, 201..5 Sniltlilher JO, 11124 )lard! 31, 2025 A..tited Audited Au4i1ed ..\udHNI Audiltd Aadi!N (i) Dcl>t-equitv ratio (no. of limes) 0,04 0.1)-1 0.14 0.04 0.14 0.07 (ii) Debt senice coverage ratio (no. of times) 4.00 2.89 4.40 3.37 3.38 3.57 (iii} lntere;t senire com age ratio (no. of timi:s) 11.17 10.52 12.17 l0.84 11.66 12.76 (iv) Net worth (Rs. Mn) 354,116 335,817 258.836 35Ul6 258,836 31&,480 (r) Current ratio (no. of times) 1.46 1.42 I.OJ 1.46 1.03 1.32 (1i) Long term debt to working capital (no. of times) . 0.02 2.33 2.33 0.05 {iii) Bad debts to account =i1able ratio(%) . . 0.50% 0.90% (1iii) Current liabilih· ratio (no. of times) 0.31 0.31 0.35 0.31 0.35 0.32 (i.,) Totaldebls to total assels {no. of times) 0.02 0.02 O.D7 0.02 0.07 OJtt (x) Debtortumom(annualised) (no. oftim.:s) 7.11 7.06 5.26 6.76 4.92 5.37 (xi) Operating profit margin(%) 34.30% 33.29% #.55% 33.&0% 42.51% 47.92% (xii) Net profit margin(%) 22.43% 21.53% 29.71% 21.98% 27.9-1% JZ.9-1% (xiii) Capital redemption reserve ( Rs. Mn) 1,039 1,039 1,039 1,039 1,039 1,039 (xiv) Net profit after tax (Rs. Mn) 18,366 17,341 22,224 35,710 41,488 99,223 Basic and diluted earnings per share (EPS) [Rs. per (x1-) share) (not annualised for the quarter and half year 6.96 6.57 8.30 13.54 15A4 3117 ended) The basis of computation of above parameters is provided in the table below: (i) Debt-equity ratio Debt-equity ratio is computed by dividing total borrowings {i.e. long-term borrowings and short tenn borrowings excluding lease liabilities) by total equity as on date. Debt service coverage ratio is computed by dividing profit before depreciation and amortisation, finance costs, finance (ii) Debt service coverage ratio income, charity and donation and tax excluding other income by interest on borrowings and interest on lease liabilities and repayments oflong-term borrowings and lease liabilities. (iii) Interest service coverage Interest service coverage ratio is computed by dividing profit before depreciation and amortisation, finance costs, finance ratio income, charity and donation and tax excluding other income by interest on borrowings and interest on lease liabilities. (iv) Networtb Net worth is computed as per section 2(57) of Companies Act, 2013. (v) Current ra lio Current ratio is computed by dividing the total current assets by total current liabilities as on date. (vi) Long term debt to working Long term debt to working capital is computed by dividing long-term borrowings by working capital (where working capital capital is current assets as reduced by current liabilities). (vii) Bad debts to account Bad debts to account receivable ratio is computed by dividing bad debts written off with gross trade receivables as on date. nceivable ratio (viii) Current liability ratio Cmrent liability ratio is computed by dividing the total current liabilities by total liabilities as on date. (ix) Total debts to total assets Total debts to total assets is computed by dividing total borrowings (i.e. long-term borrowings and short tenn borrowings excluding lease liabilities) by total assets as on date. (x) Debtor turnover Debtor turnover is computed by dividing revenue from operations by average ( of opening and closing) net trade receivables (after allowances for doubtful receivables) during the period/year. (xi) Operating profit margia Operating profit margin is computed by dividing profit before finance costs, finance income, charity and donation and tax excluding other income by revenue from operation for the period/year. (xii) Net profit margin Net profit margin is computed by dividing net profit after tax by revenue from operation for the period/year. Note: As the principal activities of the Company are in the nature of services, hence, inventory turnover ratio is not relevant. Page 5 of 6
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9. The Company was set- up with the object of, inter alia, establishing, operating and maintaining wireless communication towers. This is the only activity performed and is thus also the main source of risks and reh1ms. The Company's segments as reviewed by the Chief Operating Decision Maker (COD~I) do not result into identification of different ways / sources into which they see the performance of the Company. Accordingly, the Company has a single reportable and geographical segment. Hence, the disclosures as per Regulation 33(1)(e) read with Clause (L) of Part A of Schedule IV of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended are not applicable to the Company. For and on behalf of the Board of Directors of Indus Towers Limited ~~s-s PrachurSah Managing Director and CEO DIN: 07871676 Place: Gurugram Date: October 27, 2025 "The Company", wherever stated stands for Indus Towers Limited For more details on the financial results, please visit our website www.industowers.com Page 6 of6