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.
Dolat Capital Report
Indus Towers Ltd. Q4 FY21 operating performance was marginally better led by higher tower/tenants additions.
Ebitda was better than expected due to lower other expenses. Revenue/Ebitda/adjusted profit after tax grew by 2.9/19.6 /38.3% YoY.
Negative energy spread for fourth quarter is a dampener.
The medium-term risk for the company are with-respect-to survivability of Vodafone Idea Ltd. and/or reduction in rental/tenant.
Shutdown of Vodafone Idea may significantly impact the business of the company.
It may lead to approximately 40-45% reduction in tenancies in our view (partly absorbed by competing telcos) but with severe impact on profitability.
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