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Motilal Oswal Report
Adjusted for a one-off impact in the last quarter, Bharti Infratel Ltd.'s Ebitda declined 7% QoQ.
This was lower than we anticipated, attributable to the Energy margin turning negative. However, Rental Ebitda reported 10.8% QoQ growth to Rs 17.9 billion.
Proforma consolidated revenue decreased 3.3% QoQ to Rs 35.1 billion (6% above estimate); Rental revenue declined by 0.4% QoQ (in-line) to Rs 22.4 billion.
Energy revenue also declined by 8.1% QoQ to Rs 12.6 billion (16% beat); we anticipated it would be lower due to falling crude prices.
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