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...