The story is unfolding. First the resignation of MD a few days before the announcement of result and now a cool provision of 1232.6 Crore! recognised against the outstanding receivables from Vodafone Idea. This is a dangerous place to be in.
I believe the stock could fall significantly from current levels but the interesting dilemma is that the entire network back bone of Airtel is also provided by the same company.
Another important factor to consider is the trend of revenue per tower as pasted below:
I believe this drop is primarily on account of revised agreement signed with Airtel during the last quarter. In short Indus revenue and margins seems to have peaked out by March 2022.
See the results here.
Disclosure: Invested - consideirng an exit.
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