Dolat Capital Market's research report on Indus Towers
Indus Q4FY21 operating performance was marginally better led by higher tower/tenants additions. EBITDA was better than expected due to lower other expenses. Revenue/EBITDA/APAT grew by 2.9/19.6 /38.3% YoY. Negative energy spread for 4th quarter is a dampener.
In view of increasing risk on account of weakening of VIL and with the run-up in stock price (11/33% in 3/6m); we downgrade Indus to Reduce with TP of Rs 279 @ 15x FY23E EPS (earlier Rs 268 @ 15x Dec-22E EPS).
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