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ICICI Securities Report
Indus Towers Ltd.'s (erstwhile Bharti Infratel) pro forma (post-merger) has changed tenancy definition, but underlying tenancy gross addition (3,584) and net addition (3,566) were steady; low churn (18) means reduced pain from Vodafone Idea Ltd. exits.
Tower addition continues to be strong at 2,465 driving tenancy addition; incremental tenancy sharing was low at 1.45 times, implying rising single tenancy towers.
We are concerned about the sustainability of tenancy adds as Bharti Airtel Ltd. and Reliance Jio recently bought huge spectrums, which may negatively impact capacity-led tenancy demand, a factor that indeed drives the sharing ratio.
We do not see Vodafone Idea significantly accelerating its tenancy expansion after relief package announced by the government.
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