Indus Towers shares fall up to 4% after co. announces Rs 2,640 crroe share buyback

Indus Towers shares gained traction in Wednesday's trade as the company reported its earnings on Tuesday after market hours. In early trade, the stock fell up to 3.69 per cent to day's low price of Rs 430.5 per share on the BSE.

The company's results came in slightly lower than expected. Revenue at the company during the review period increased 2.6 per cent sequentially to Rs 7,383 crore as against Rs 7,193 crore in the previous quarter. The company's EBITDA during the reporting quarter also increased 10.8 per cent to Rs 4,545 crore as against Rs 4,102 crore in the March quarter. The adjusted EBITDA also inched higher by 1.1 per cent sequentially to Rs 3,785 crore as against Rs 3,742 crore in the same quarter last year.

The company's margin climbed sharply in the reporting quarter to 61.6 per cent, a substantial 460 bps increase. Zee Business research desk estimate margin to come in at 51 per cent.

Indus Towers share buyback 

The company announced a Rs 2,640 crore share buyback or share repurchase at a price of Rs 465 per share, a 4 per cent premium over the previous close. The buyback is announced via the tender route with the record date of August 9. 

Promoter Bharti Airtel has confirmed that it shall not be participating in the share buyback.