We note that rental freeze and operators preferring loading as the first sneha.agarwal@icicisecurities.com mode of data network expansion is likely to have an impact on rental revenue growth. However, BIL remains a key play on rising demand of telecom towers emanating from increased 4G rollout post the spectrum auction. We highlight that Infratel is better placed from an operating matrix, balance sheet and return ratios perspective than telecom service operators who are struggling with huge leverage and increased...