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Indus Towers share price: Shares of telecom infrastructure firm Indus Towers cracked over 7% on Friday, May 2, following the announcement of the January-March quarter results, wherein the company posted a nearly 4% fall in consolidated profit after tax.

Indus Towers' Q4 profit after tax stood at ₹1,779 crore, down 4% year-on-year from ₹1,853 crore posted in the corresponding quarter last year. Meanwhile, the company's revenue from operations witnessed a 7.4% YoY uptick to ₹7,727 crore, as against ₹7,193 crore posted in the same period a year ago,

Its consolidated earnings before interest, tax, depreciation and amortisation stood at ₹4,395 during the quarter under review, up 7.1% YoY.

Moreover, the investors were keenly eyeing the announcements on Indus Towers' dividend, bonus share issue and buyback along with the Q4 results. However, the board deferred its decision.

"Board considered various avenues of enhancing returns to its shareholders including buy back, bonus by way of shares and/or debentures or dividend. After detailed deliberations, the Board decided to constitute a Committee to comprehensively evaluate all options/dimensions and make a suitable recommendation to the Board for a final decision," said Indus Towers.

Anshul Jain, Head of Research at Lakshmishree Investments, said Indus Towers broke out of a bullish 89-day rectangle at 375 and rallied towards 410. However, Jain said this base lacked institutional participation, and the breakout wasn’t backed by above-average volumes. 

“The current correction appears to be a retest of the 375 breakout level. With no institutional volume support, there’s a high chance the retest might fail, pushing the stock back to its base low of 315. Only a strong defence and breakout above 395 will revive bullish momentum," Jain added.

More to come...

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