25 April 2019 BHIN reported muted performance witnessing continued negative net tenancies, pulled down by exits. revenue/EBITDA declined 1% QoQ to INR36b/14.9b (4% miss) led by flat rental revenue at INR21b. Rental EBITDA fell 4% QoQ on increasing opex, dragging rental margins by 280bp. PAT at INR6.1b declined 6% QoQ (-5% YoY, 14% miss) due to EBITDA de-growth and lower net finance income. For FY19, revenue/EBITDA grew 1%/-6% YoY, while PAT was flat YoY. Expect completion over the next few months, (2) Most exits from VIL have come in; adopting a wait-and- watch approach in case there are more, (3) Management indicated that it is witnessing an uptick in gross tower additions. BHIN continued to report net tenancy deletions. Management indicated that majority of exits are behind and investment in data network rollout should accelerate tenancy additions. We have marginally tweaked our revenue/EBITDA est.