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ICICI Securities Report
Bharti Infratel Ltd.’s net tenancy rose 2,116 in Q2 FY21; gross tenancy adds also accelerated to 2,609, while churn fell to 493.
Tower addition has also been strong at 1,482. Rental revenue rose 3.6% YoY and 3.4% QoQ, which benefitted from the rise in rental/tenant by 2.9% YoY, likely due to growing loading.
However, Ebitda missed our estimate by 1.8% due to higher losses in energy (negative 3.3% margin).
The company has received approval from National Company Law Tribunal for the merger of Bharti Infratel and Indus Towers; Registrar of Companies filling is pending which should complete soon.
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