Indus Towers Q4 Review - Gross Addition Strong; Visibility On Sustainability Low: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.Indus Towers Ltd.’s (erstwhile Bharti Infratel Ltd.) pro-forma (post-merger) Ebitda came in 10% higher than expected at Rs 34 billion (up 19.6% year-on-year) due to: Lower than expected energy losses, which has been unpredictable in past few quarters; andLower other expenses and negligible corporate social responsibility cost.Net tenancy addition was higher at 4,128 (our estimate 3,500) on higher tower adds (3,715).However, we are concerned about the sustainability of strong tenancy adds as Bharti Airtel Ltd./Reliance Jio Infocomm Ltd. recently bought huge quantity of spectrum, which may impact capacity-led tenancy demand, which indeed drives the sharing ratio.Also, Vodafone Idea Ltd.’s going concern risk has not receded..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint. .Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Indus Towers Q4 Review - Gross Addition Strong; Visibility On Sustainability Low: ICICI Securities

Indus Towers Q4 Review - Gross Addition Strong; Visibility On Sustainability Low: ICICI Securities

Choose a plan