Indus Towers has recorded a decline in free cash flow (FCF) now for two straight quarters, a trend that analysts link to increased capital expenditures of Rs 2,300 crore during the second fiscal quarter, compared to Rs 2,200 crore in Q1FY24. The elevated capex was to support tower and tenancy additions, which respectively grew 3% and 2% sequentially. Despite growth in tower numbers and tenancy, revenue per tower/tenancy declined 3%/1% on-quarter, leading to flat rental revenue growth, they said
