Indus Towers surges 9% following robust Q3 profit

Indus Towers share surge: Shares of telecommunication giant Indus Towers witnessed a surge of 8.7 per cent on Wednesday, January 24. This positive momentum comes on the heels of the company's impressive financial results for the December quarter, showcasing a consolidated profit of Rs 1,541 crore.

Indus Towers shares surged 8.7 per cent to an intraday high of Rs 236 apiece on the National Stock Exchange today. 

During the mid-trading session on Wednesday, the broader market indices were also exhibiting positive trends. The 30-share BSE Sensex displayed a marginal gain of 17.49 points, or 0.02 per cent, standing at 70,388.04. Meanwhile, the NSE Nifty recorded a rise of 0.13 per cent, reaching 21,266 points.

Indus Towers' stellar performance follows its financial disclosure on Tuesday, January 23, where the company reported a consolidated profit after tax of Rs 1,541 crore for the third quarter of the fiscal year 2023-24. This marks a significant turnaround from the year-ago period when the company posted a loss of Rs 708 crore.

Indus Towers generated a revenue of Rs 7,199 crore in the quarter under review, further solidifying its robust financial position. The surge in profitability is indicative of the company's strategic initiatives and operational efficiency, reflecting positively on investor sentiment.

(With PTI inputs.)