Consol. 2Q FY18 EBITDA of INR 16.34bn [+12.4% yoy] was 1.2% below our forecast. Core EBITDA [+9.3%] miss of 3.5% was driven entirely by revenues [+9.2%], as net tenancy-adds crashed 78% qoq to 1687 [-30%]gross adds halved qoq to 4398 and tenancy churn or exits surged by 136% to 2711 in 2Q, vs. an average of 723 in the previous four quarters. We maintain FY18 will likely be the last year of double-digit EBITDA growth for BHIN. While tenancy adds from Jio should remain strong, the underlying losses would continue, as smaller telcos are rushing for the exit door. Moreover, Idea/Voda merger will result in significant tenancy losses, likely from FY19....