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Motilal Oswal Report
Indus Towers Ltd. reported a flat revenue QoQ, but provision write-offs and lower power costs led to 14%/20% QoQ growth in Ebitda/profit after tax (a beat of 12%/41%). The tower additions were led by only one operator, which moderated the average sharing factor.
Vodafone Idea's fund raise and investments in the network will benefit Indus from towers and tenancy additions, and will also provide comfort in collections of past dues (Rs 54 billion). We raise our revenue/Ebitda for FY26E and factor in 8%/11% growth in revenue/profit after tax over FY24-26E. Reiterate Neutral.
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