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ICICI Securities Report
Indus Towers Ltd.'s Q2 FY25 performance was good on two counts:
stable net tenancy addition at 4,308 with some benefit already showing from Vodafone Idea Ltd./BSNL rollout; and
strong cash collection, including Rs 10.8 billion collected towards past overdue.
Indus has also seen a rise in rental/tenant, reflecting the benefit of rising 5G loading, and lower drag from renewals. Vodafone Idea should embark on a capex cycle, which will likely provide opportunity for tenancy growth for Indus immediately; and Indus is prepared for increased competitive intensity or price pressure.
We have baked in dominant incremental tenancy share for Indus in the Vodafone Idea rollout, which remains unchanged; but our DCF-based target price has increased to Rs 280 (from Rs 270), factoring in buy back. Maintain Sell, as risk-reward is still unfavorable.
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