Indus Towers Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Revenues (on a proportionate consolidation basis) came in at | 3648.2 crore, up 10.8% YoY, 3.5% QoQ, slightly higher than our estimate of | 3637.3 crore aided by energy revenues that came in at | 1383.8 crore vs. our estimate of | 1333.4 crore. Core rental revenues grew 9.2% YoY to | 2264.4 crore, lower than our estimate of | 2303.9, as sharing revenues per tower declined 1% QoQ. Net colocations addition at 1687 were lower than our estimates of 4588, as the company witnessed the impact of exits of 2,711, reflecting the...

Colocation exits may put pressure on growth Rental revenue/EBITDA disappoints: Consol. revenue increased 3.5% QoQ (+11% YoY) to INR36.5b (in-line), despite flat QoQ rental revenue (at INR22.6b; 1% miss), offset by a 9% QoQ rise in energy revenue. Consol. EBITDA rose 2.5% QoQ (+11% YoY) to INR16.1b (in-line), with the margin down ~40bp QoQ at 44.3% (40bp miss). This was led by rental EBITDA decline of 2% QoQ to INR14.9b, offset by nearly doubling of energy EBITDA. Lower finance income pulled down PAT by 4% QoQ to INR6.4b....

Consol. 2Q FY18 EBITDA of INR 16.34bn [+12.4% yoy] was 1.2% below our forecast. Core EBITDA [+9.3%] miss of 3.5% was driven entirely by revenues [+9.2%], as net tenancy-adds crashed 78% qoq to 1687 [-30%]gross adds halved qoq to 4398 and tenancy churn or exits surged by 136% to 2711 in 2Q, vs. an average of 723 in the previous four quarters. We maintain FY18 will likely be the last year of double-digit EBITDA growth for BHIN. While tenancy adds from Jio should remain strong, the underlying losses would continue, as smaller telcos are rushing for the exit door. Moreover, Idea/Voda merger will result in significant tenancy losses, likely from FY19....

Bharti Infratel (BHIN) recorded highest tenancies (7K gross) in Q1FY18 on accelerated data rollouts by Top 3 incumbents and material benefits from RJio rollouts (esp. BHIN standalone).In-line revenue, higher EBITDA and lower PAT (on higher tax) summarize Q1FY18 performance.

ICICI Securities Ltd | Retail Equity Research Revenues (on a proportionate consolidation basis) came in at | 3523.9 crore, up 9.8% YoY and flattish QoQ, slightly lower than our estimates on | 3543.9 crore owing to lower energy revenues that was at | 1264.4 crore vs. our estimate of | 1302 crore. Core rental revenues grew 9.8% YoY to | 2259.5 crore. The co-locations addition at 7795 was much ahead of our estimates of 5299, as the company remained a beneficiary of Jio's incremental tenancy addition along...

Revenue grew by 4.92% to Rs. 1605.3 Cr in Q4FY17 when compared to the previous quarter. Also it rose by 13.2% when compared with Q4FY16.

ICICI Securities Ltd | Retail Equity Research Revenues (on a proportionate consolidation basis) came in at | 3520.4 crore, up 10.6% YoY and 3.5% QoQ, slightly higher than our estimate of | 3457.7 crore led by higher-than-expected energy revenues. The co-locations addition at 5672 was largely in line with our estimates of 5509, as the company remains a beneficiary of Jio's incremental tower addition and ended the year with total colocations of 210606 (average tenancy ratio at 2.30x, up 2.7% QoQ) EBITDA came in at | 1572.3 crore (I-direct estimate of | 1515.7 crore),...

ICICI Securities Ltd | Retail Equity Research Revenues (on a proportionate consolidation basis) were at | 3401 crore, up 9.5% YoY, 3.3% QoQ, slightly higher than our estimate of | 3351.5 crore. Co-locations addition at 6139 was higher than our estimates of 5687, indicating the company was a beneficiary of Jio's...

Revenue rose by 2.25% to Rs. 1530.0 Cr in Q3FY17 when compared to the previous quarter. Also, it grew by 9.61% when compared with Q3FY16.