Bharti Infratel reported its Q1FY17 numbers under the new IND AS wherein Indus numbers were reported under equity account (share of profit from JV) vs. proportionate consolidation earlier • On a like to like basis, revenues came in at | 3210.6 crore, up 6.9% YoY, lower than our expectation of a topline of | 3142.1 crore. Revenues from rentals grew 9.1% YoY to | 2057.3 crore as consolidated tenancies grew from 2.13 to 2.2 over the same period. Rental revenues grew 2% YoY to | 1153.3 crore. ICICI Securities Limited maintain our BUY recommendation with a target price of | 450, based on a SOTP-DCF based methodology.Trendlyne has 8 reports on INFRATEL updated in the last year from 3 brokers with an average target of Rs 461.7. Brokers have a rating for INFRATEL with 2 price downgrades in past 6 months and 4 price downgrades in past 1 Year.