Indus Towers Q4 Review - Short-Term Fine, Medium-Term Uncertain: Dolat Capital
A cell phone tower (Photographer: Aaron Harris/Bloomberg News)

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.

Click on the attachment to read the full report:

Dolat Capital Indus Towers Q4FY21 Result Update.pdf

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