Indus Towers Q4 Review - Short-Term Fine, Medium-Term Uncertain: Dolat Capital
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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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