We maintain Neutral on BHIN (after upgrading from Sell in 4QFY18) as (a) stock has corrected by ~40% from peak (b) on account of savings on DDT and earnings accretion from Indus acquisition and (c) prognosis for rental renegotiations though a risk but weak. Bharti Infratels (BHIN) 1QFY19 operating performance was weak with 4,818 net tenancy losses. Gross tenancy additions too were weak at meager 838. BHIN has lost 19k net tenancies in last three quarters. But, BHIN is yet to see the impact of ~6.7k tenancy loss on financials as it has received termination notices but services continue. Thus, revenue and EBITDA were better than expected.