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Motilal Oswal: Bharti Infratel Q2 Review - Healthy Earnings Growth On Better Tenancies, Rates; Outlook Remains Uncertain

Motilal Oswal: Bharti Infratel Q2 Review - Healthy Earnings Growth On Better Tenancies, Rates; Outlook Remains Uncertain

A telecom tower stands alongside a tree (Photographer Waldo Swiegers/Bloomberg)
A telecom tower stands alongside a tree (Photographer Waldo Swiegers/Bloomberg)

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Motilal Oswal Report

Bharti Infratel Ltd. reported healthy revenue growth of 5% and Ebitda growth of 3% QoQ due to improvement in tenancies, rates and falling exits.

Yet, there was a marginal miss on energy Ebitda, solely due to:

  1. operators moving to passthrough model from fixed energy model, and
  2. some payment disputes with operators.

We largely maintain our Ebitda estimates factoring in higher tenancies/rates, partly offset by lower energy Ebitda for FY21/FY22E.

Click on the attachment to read the full report:

Motilal Oswal Bharti Infratel Q2FY21 Result Update.pdf

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