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Indus Towers drops 10% in a month and reaches a 52-week low in a stable market

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Shares of Indus Towers slipped 3 per cent to hit a 52-week low of Rs 177.10 on the BSE in Tuesday’s firm intra-day trade. Analysts said an improvement in Vodafone Idea’s long-term revenue visibility might lead to additional increases in earnings expectations.

The board of Indus Towers is scheduled to meet on January 24, 2023 to consider and approve the audited financial results for the third quarter (Q3) and nine months ended on December 31, 2022. In the past one month, the stock has declined 10 per cent as compared to a 1.4 per cent fall in the S&P BSE Sensex.

Indus Towers is India’s leading provider of passive telecom infrastructure and it deploys, owns and manages telecom towers and communication structures for various mobile operators. The company’s portfolio of over 187,000 telecom towers makes it one of the largest tower infrastructure providers in the country.

For the second quarter of FY23, Indus Towers saw a 44 per cent drop in net profit to Rs 872 crore. Revenue for the period grew 16 per cent on a YoY basis to Rs 7,967 crore but profit declined due to challenges in recovery of dues from Vodafone Idea.

Indus Towers had a difficult year with receivables from VIL, its second largest tenant, increasing. This resulted in Indus Towers lowering its dividend payout. During the quarter, the company registered a net addition of 1,452 macro towers and 1,746 corresponding co-locations.

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Management said that VIL has presented a payment plan in which the company has agreed to clear its past dues by first half of 2023. However, it believes VIL’s ability to service its liabilities will depend on its ability to raise funds. Further consolidation of the Indian telecom industry is a downside risk for Indus.

Tenancy addition will largely be led by Airtel’s 5G rollout, according to ICICI Securities. Rental revenues likely to be down 9.8 per cent QoQ but up 1.9 per cent on adjusted basis as Q2 had one-time provision reversal benefit.

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Vistara cancellations: Amid delays and interruptions, the airline may cancel 60 flights today; the centre requests a report

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Vistara has announced the cancellation of several flights due to a shortage of pilots and crew.

The Ministry of Civil Aviation (MoCA) is seeking a detailed report from Vistara regarding flight cancellations and major delays, as the airline has cancelled or delayed over 100 flights in the past week. The number of flights may increase to 70. Vistara attributed the disruptions to a shortage of pilots and announced measures to alleviate the situation, including reducing flight operations and using wide-body aircraft on domestic routes.

What Vistara said on flight delays and disruptions

Vistara has reported numerous flight cancellations and delays due to a shortage of pilots and crew, as stated by a company spokesperson. The company has experienced numerous crew unavailability issues in recent days.

The spokesperson stated that efforts are being made to stabilize the situation and that regular operations will resume soon.

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The spokesperson stated that teams are working diligently to minimize customer discomfort.

The airline has deployed larger aircraft, such as the B787-9 Dreamliner and A321neo, on select domestic routes to accommodate more customers. They are offering alternate flight options or refunds to affected customers. They apologize for the inconvenience caused by the disruptions and are working to stabilize the situation. They aim to resume regular capacity soon.

Vistara is utilizing larger aircraft, such as the Boeing 787 Dreamliner, on certain domestic routes to accommodate more passengers as per a spokesperson.

The airline also experienced similar disruptions last month.

The Economic Times reports that first officers of Vistara, unhappy with their new employment contract, have been reporting sick for the past two days, leading to multiple flight delays.

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Investors valued Swiggy at $10.7 billion in 2022. It is said that the business intends to go public this year.

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In the nine months leading up to December 2023, Swiggy lost $200 million, as per a corporate internal document. This occurs as the company, funded by SoftBank, looks to go public on the stock market. Swiggy may begin listing by the end of 2025, according to prior reports.

According to an internal document seen by Reuters, Swiggy lost $500 million during the course of the fiscal year 2022–2023. The report, which cited unidentified sources, asserted that the corporation reduced losses for the entire year 2023–24 thanks to lower wage payouts and spending reductions in marketing.Swiggy’s losses for the first nine months of the fiscal year 2023–2024, from April to December 2023, totaled $207 million. During that time, the company’s sales was $1.02 billion, down from $1.05 billion in the fiscal year 2022–2023.According to an internal document seen by Reuters, Swiggy lost $500 million during the course of the fiscal year 2022–2023. The report, which cited unidentified sources, asserted that the corporation reduced losses for the entire year 2023–24 thanks to lower wage payouts and spending reductions in marketing.

Swiggy’s losses for the first nine months of the fiscal year 2023–2024, from April to December 2023, totaled $207 million. During that time, the company’s sales was $1.02 billion, down from $1.05 billion in the fiscal year 2022–2023.

Investors valued Swiggy at $10.7 billion in 2022. The business began by delivering meals, then it grew to include groceries and reservations for restaurants.

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Meesho’s $300 million fundraising round: SoftBank’s invitation, Tiger Global wagers, and more

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Tiger Global and Peak XV Partners are leading the latest round, with a combined investment of $150 million.

Meesho is set to raise $300 million from Tiger Global and SoftBank, along with existing and other investors like Peak XV Partners and Mars Growth Capital. This is Tiger Global’s first major round in India since Scott Shleifer stepped down in November. This is one of the few large rounds for Meesho in the past 12 months.

Tiger Global and Peak XV Partners are leading a $150 million round in Meesho, with Peak XV and some limited partners expected to contribute $70 million. Tiger Global is a new investor, while Peak XV is an existing backer. Meesho’s current valuation is $3.9 billion, 20% lower than its previous 2021 valuation. SoftBank, an existing investor, is pushing $30 million for the remaining $150 million.

Meesho is relocating its base from Delaware to India, with a significant portion of the new capital being used to pay taxes before its upcoming IPO.

Meesho’s losses decreased from ₹3,251 crore in FY22 to ₹1,675 crore in FY23, while its revenue from operations increased by 77% from ₹3,232 crore in FY22 to ₹5,735 crore in FY23.

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