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ICICI Direct: Bharti Infratel - Healthy Core Performance Led By Better Tenancy Addition; Outlook Remains Uncertain

ICICI Direct: Bharti Infratel - Healthy Core Performance Led By Better Tenancy Addition; Outlook Remains Uncertain

A telecom tower stands on top of a building. (Photographer: Susana Gonzalez/Bloomberg)
A telecom tower stands on top of a building. (Photographer: Susana Gonzalez/Bloomberg)

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ICICI Direct Report

Bharti Infratel Ltd. reported a mixed performance. While core performance led by net tenancy addition of 2116 (highest in the last 13 quarters) was a pleasant surprise, negative energy spread led to a lower margin.

Revenues (on a proportionate consolidation basis) came in at Rs 3695 crore, up 5.4% QoQ driven by energy revenues, up 9% QoQ, at Rs 1375 crore.

Core rental revenues came in at Rs 2320 crore, up 3.4% QoQ. Ebitda came in at Rs 1817 crore, with margins of 49.2%, down 126 basis points QoQ.

Click on the attachment to read the full report:

ICICI Direct Bhartii Infratel Q2FY21 Result Update.pdf

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