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Dolat Capital Report
Indus Towers Ltd.'s Q1 FY22 operating performance was marginally better led by higher rentals/tenant and lower opex.
Revenue/Ebitda/adjusted profit after tax grew by 2.9/19.6/38.3% YoY.
Indus Towers' energy spread was negative for fifth quarter in a row.
Receivables increased sharply QoQ from Rs 38 billion to Rs 52 billion.
Risk on tenancy loss from Vodafone Idea Ltd. has increased materially in absence of fund raise, weak operating performances and lack from relief from Supreme Court on adjusted gross revenue liabilities.
Vodafone Idea shutdown may lead to reduction of ~45% of tenancies (partly may be absorbed by competition telcos) but impact on profitability will be severe.
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