2021-08-01 Indus Towers Ltd. ICICI Securities Limited 222.10 220.00 222.10
(-3.04%) Target met Hold

Indus Towers

The company reported net addition of 2917 co-locations (~3123 on gross basis). Revenues came in at | 6797 crore, up 4.7% QoQ. Rental revenues were at | 4211 crore, up 1.7% QoQ while energy revenues were at | 2586...

2020-10-27 Indus Towers Ltd. Dolat Capital 188.85 285.00 188.85
(14.03%) 32.34 Buy

Bharti Infratel

Bharti Infratel (BHIN) Q2FY21 was operationally healthy lead by strong tower additions, tenancy growth and rental/tenant. Energy spread was negative for 2nd consecutive quarter. BHINs short-term prognosis remains significantly positive led by potential tariff increase in the telecom sector and/or fund-raise by VIL. More importantly, BHIN-Indus merger would conclude within a month and the combined entity would declare a dividend of Rs 48bn (Rs 17.8/sh ~9.5% yield) within 3Ms. We have marginally increased our estimates to factor in the robust growth....

2020-10-24 Indus Towers Ltd. ICICI Securities Limited

192.15 220.00 192.15
(12.07%) Target met Hold 2020-10-23 Indus Towers Ltd. Motilal Oswal 192.15 210.00 192.15
(12.07%) Target met Neutral 2020-10-08 Indus Towers Ltd. Ventura 181.85 238.00 181.85
(18.42%) Target met Buy

BHARTI INFRATEL LTD

Bharti Infratel Ltd (BHIN) the market leader in the domestic telecom tower space is a proxy play on Indias telecom story. At present its consolidated asset base comprises of 95,801 towers (~20% of the industry) and post-merger with Indus Towers, its asset base would grow to ~1,70,000 towers, thereby consolidating its market share to ~30%.

2020-08-31 Indus Towers Ltd. Edelweiss 198.55 221.00 198.55
(8.46%) Target met Buy 2020-07-29 Indus Towers Ltd. ICICI Securities Limited

196.50 180.00 196.50
(9.59%) Target met Hold

Bharti Infratel

The key risk for Infratel is on tenancy growth concerns and possibly in worst case, Vodafone Ideas survival (it is an anchor tenant). While there are large opportunities in adjacent areas over the long term (viz small cells/smart cities/in building solutions/active network sharing), near/medium term challenges cannot be ruled out. Therefore, we maintain our HOLD...

2020-07-28 Indus Towers Ltd. Motilal Oswal

196.50 210.00 196.50
(9.59%) Target met Neutral

Limited impact from lockdown

Energy revenue also declined by 8.1% QoQ to INR12.6b (16% beat); we anticipated it would be lower due to falling crude prices. The average sharing factor stood at 1.82x v/s 1.84x WFH model being the new norm would open up demand for new technologies such as 5G, and BHIN is equipped and concerns of an increase in receivables, which should be considered in conjunction with unbilled revenues (which have seen only a marginal increase). Management highlighted the business is on track on a normal basis and has largely recovered from the revenue/profitability losses due The board has declared dividend of INR2.3/share as it received dividend from Indus, in line with the companys policy of passing on the dividends received from associates to shareholders.

2020-05-14 Indus Towers Ltd. Hem Securities

 

202.50 213.00 202.50
(6.35%) Target met Hold

BHARTI INFRATEL FY 20 RESULT REVIEW

Bharti Infratel, as one of the pioneers of Shared Tower Telecom Infrastructure services, Infratel has helped Telecom operators maximize their reach in a short period of time by providing them compelling capex saving opportunities, as a result, making them focus their investment in reaching out to more and more communities across the country, and contributing in offering highly affordable telecom services which helps integrate more...

2020-05-07 Indus Towers Ltd. SMC online 174.25 174.25
(23.59%) Results Update

Bharti Infratel

The Consolidated revenue for the quarter was Rs. 1682.10 Crore. Consolidated EBITDA was at Rs. 1146.50 Crore. The Operating Free Cash Flow was at Rs. 847 Crore down by 27% Y-o-Y. The net profit for the quarter was Rs. 650 Crore up by 7% Y-o-Y. The Return on Equity pre-tax and...

2020-04-24 Indus Towers Ltd. Motilal Oswal

152.00 170.00 152.00
(41.68%) Target met Neutral

Future hinges on uncontrollable levers

Proforma consol. EBITDA plunged 12.1% QoQ to INR13b (14% miss) on 16.3% QoQ decline in Rental EBITDA to INR12.2b (17.5% miss). On the other hand, Energy EBITDA grew three-fold to INR815m (v/s our est. of INR307m). The drop in EBITDA could be attributed to 2.5x increase in other expenses. EBITDA margin shrank 450bp QoQ to 36.5% (510bp miss) on decline in Rental EBITDA. While Rental EBITDA margin contracted 980bp to 55%, Energy EBITDA margin expanded 430bp to 5.9%. PBT/PAT declined 21% QoQ to INR7.9b/INR5.9b (14% miss)....

2020-04-24 Indus Towers Ltd. ICICI Securities Limited

157.40 175.00 157.40
(36.82%) Target met Hold

Bharti Infratel

Bharti Infratel reported another muted operating performance. Revenues (on a proportionate consolidation basis) came in at | 3624 crore, up 0.7% QoQ. Core rental revenues came in at | 2251 crore, down 1.4% QoQ. Revenues would have been lower but for extended occupation of exiting tenants (~3564 collocations where actual exits yet to happen despite exit notice). Furthermore, it should be noted that underlying Q3FY20 revenue growth was weak while reported numbers are higher on account of exit penalty (| 107.3 crore) and Ind-AS 116 adoption (rent equalisation of | 63.6 crore)....

2020-02-03 Indus Towers Ltd. SMC online 240.05 240.05
(-10.29%) Results Update

Bharti Infratel

Q3FY20 was yet another quarter of improved net additions on both towers and co-locations. Total towers and co-locations(including 42% of Indus Towers numbers) as end of Dec 31, 2019 stood at 94244 numbers and 174150 numbers reflecting an addition of 823 numbers of towers and 744 numbers of co-locations over Sep 30, 2019 numbers. Consolidated Total income rose 2.1% to Rs 2069.70 crore in Q3 December 2019 as compared to...

2020-01-31 Indus Towers Ltd. Hem Securities 248.30 285.00 248.30
(-13.27%) Buy

Result Review - Bharti Infratel

Bharti Infratel, as one of the pioneers of Shared Tower Telecom Infrastructure services, Infratel has helped Telecom operators maximize their reach in a short period of time by providing them compelling capex saving opportunities, as a result, making them focus their investment in reaching out to more and more communities across the country, and contributing in offering highly affordable telecom services which helps...

2020-01-31 Indus Towers Ltd. ICICI Securities Limited

229.30 250.00 229.30
(-6.08%) Target met Hold

Bharti Infratel

Bharti Infratel continued to report a muted operating performance. Revenues (on a proportionate consolidation basis) came in at | 3673 crore, up 1% QoQ. Core rental revenues were at | 2283 crore, up 2% QoQ, driven by extended occupation of exiting tenants (~2798 collocations where actual exits yet to happen despite exit notice). Furthermore, it should be noted that underlying Q3FY20 revenue growth was weak and reported numbers are higher on account of exit penalty (| 105.3 crore) and Ind-AS 116 adoption (rent equalisation of | 70.5 crore). The company reported net increase of 744...

2019-10-23 Indus Towers Ltd. ICICI Securities Limited

259.35 270.00 259.35
(-16.97%) Target met Hold

Bharti Infratel

Bharti Infratel continued to report a muted performance on the topline front given the weak gross tenancy addition. Revenues (on a proportionate consolidation basis) came in at | 3637.6 crore, down 2% QoQ with core rental revenues of | 2328.5 crore, down 1% QoQ. It should be noted that underlying Q2FY20 revenue growth was weak, albeit exit penalty (| 101 crore), Ind-AS 116 adoption (rent equalisation of | 76.7 crore) and extended occupation of exiting tenants (~3750 collocations where actual exits are yet to happen despite exit notice) led to a better-than-expected show on a...

2019-10-22 Indus Towers Ltd. Motilal Oswal

258.80 280.00 258.80
(-16.79%) Target met Neutral

Muted tenancy adds drag earnings; outlook still blurred

22 October 2019 quarter performance was below our expectations. On a pre-Ind-AS 116 basis, pro forma consol. revenue/EBITDA declined by 1.9%/1.4% QoQ to INR35.6b/INR14.8b (3%/3.5% miss). Rental and energy revenue dropped 4.4% and 3.6% QoQ to INR21.6b and INR14b, respectively. Further, rental EBITDA declined 1.4% QoQ to INR14.8b, with the margin contracting 40bp QoQ to 67.

2019-07-29 Indus Towers Ltd. SMC online 256.50 256.50
(-16.04%) Results Update 2019-07-26 Indus Towers Ltd. ICICI Securities Limited 270.20 275.00 270.20
(-20.30%) Target met Hold

Bharti Infratel

During the quarter, the company reported net increase of 523 co-locations on consolidated basis vs. our expectation of net loss of 1,750 tenancies. We, however, note that positive net addition is largely owing to delay in exits rather than any improved traction of network addition by incumbents. We note that Vodafone Idea had guided for further ~21000 exits, the timing of which should be over the next couple of quarters. Moreover, we build in tepid gross tenancy addition ahead, given the measured approach of incumbents in expansion. Hence, we build in 181877 net co-locations in...

2019-07-25 Indus Towers Ltd. Motilal Oswal 261.90 290.00 261.90
(-17.77%) Target met Neutral

Healthy tenancy rates; uncertainty looms over growth

Healthy tenancy rates; uncertainty looms over growth Strong 6% rental EBITDA Jump: Bharti Infratel reported healthy 1QFY20 results, beating our estimates. On pre IND-AS 116 basis, Proforma consol. revenue/EBITDA grew 1% QoQ to INR36.3b/INR15b (4% beat). A key surprise was the rental revenue growth of 4% QoQ to INR21.8b, driven by 6% jump in the...

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