BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Indus Towers Ltd.'s revenue/Ebitda grew 4.7%/3%, led by steady 3,000 tenancy additions and lower operating expenses driving 4.1% rental Ebitda growth.
Adjusted for one-time lower operating expenses, rental Ebitda was up 2.5% QoQ.
Net tenancy additions at 3,000 have been stable and improved in the last year, with significantly lower exits reported.
However, lower penalty receipts from Vodafone Idea Ltd. in FY23E should taper Indus Towers' growth.
Subsequently, we estimate a consolidated FY21–23E revenue/Ebitda compound annual growth rate of 5.1%/6.8%.
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