ICICI Securities: Bharti Infratel’s Gross Tenancy Additions Impacted Due To Lockdown 
A telecom tower stands on top of a building. (Photographer: Susana Gonzalez/Bloomberg)

ICICI Securities: Bharti Infratel’s Gross Tenancy Additions Impacted Due To Lockdown 

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Bharti Infratel Ltd.’s net tenancy dipped by 366 in Q1 FY21; gross tenancy adds decelerated to 862 (impacted from lockdown), but churn also fell to 1,228.

Fall in churn rate increases visibility of net tenancy growth as gross add recovers; however, we see lower incremental profit/return on capital employed due to rise in single tenant towers.

Uncertainty on adjusted gross revenue resolution continues, so does the risk of Vodafone Idea Ltd. remaining a going concern. Our stress test shows, if VIL shuts shop, Bharti Infratel’s tenancy, revenue and Ebitda (recurring cash) would decline by 36%, 32% and 48% versus our base case estimates.

Click on the attachment to read the full report:

ICICI Securities Bharti Infratel Q1FY21 Result Review.pdf


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