Indus Towers Ltd. share price target

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...

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.

fell 20bps qoq due to higher employee and rental expenses. Lowerthanexpected energy spreadledtoanegativesurpriseonEBITDAandloweroperatingmargins.Tenancyaddition of1,366waslowestinthelastthreeyearsandwasimpactedbytheexitofVideoconina couple of circles. However, tenancy from incumbents continues at a steady rate, implying thatdatarolloutishappeningatanacceleratedpace.Themanagementhasindicatedthat the capital expenditure forthe telecom sector is risingdue to aggressive 3G/4G rollouts ...

ICICI Securities Ltd | Retail Equity Research Bharti Infratel reported its Q4FY16 numbers with revenues at | 3161.9 crore, up 7.3% YoY, slightly higher than our expectation of a...

4QFY16 results above estimates: BHIN's consolidated revenue grew by 7.3% YoY and 2% QoQ to INR 31.6b (1% higher than our estimate of INR31.85b). Consolidated EBITDA grew 8% YoY and QoQ to INR14.44b (vs. our estimate of...

Rental revenue growth in line; energy reimbursements marginally higher Net tenancy addition of 3,114 and tower addition of 753 was lower than estimates Core EBITDA margin (ex-energy spread) fell qoq, despite increase in rental income...

Key highlights: Though the reported revenue was in line, lower tenancy addition was disappointing.Core EBITDAmargin declined 20bps qoq due tohigher rental costs (+12.5% yoy).Higherthanexpectedenergyspreadmadeupforlowerrentalincomes,henceEBITDA...

Key highlights: Though the reported revenue was in line with our estimates, EBITDA was belowbecauseoflowerthanexpectedenergyspreads(energyspreadof3.5%inthecurrent quarter is thelowest in the last nine quarters). EBITDA(exenergy savings)growth of 10%...

BHIN's Q1FY16 results were in line with our estimates with a revenue growth of 2.3%/6.1% qoq/yoy. PAT at Rs 5.8bn (+3.3% qoq, +24.2% yoy) was driven by healthy operating performance and higher other income. BHIN may not spring huge earnings surprises over...