We upgrade BHIN to Neutral from Sell with revised TP of Rs 312. Bharti Infratels (BHIN) 4QFY18 revenue and EBITDA were in-line, though subdued. Loss of 7,880 tenancies was the key negative. Sustainably higher energy margin at 6.8/8% in FY17/18 (11% in 4QFY18) vs. guidance of 4-6% is positive.