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ICICI Direct Report
Bharti Infratel Ltd. reported a mixed performance. While core performance led by net tenancy addition of 2116 (highest in the last 13 quarters) was a pleasant surprise, negative energy spread led to a lower margin.
Revenues (on a proportionate consolidation basis) came in at Rs 3695 crore, up 5.4% QoQ driven by energy revenues, up 9% QoQ, at Rs 1375 crore.
Core rental revenues came in at Rs 2320 crore, up 3.4% QoQ. Ebitda came in at Rs 1817 crore, with margins of 49.2%, down 126 basis points QoQ.
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