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Last Updated : Apr 25, 2019 04:40 PM IST | Source: Moneycontrol.com

Bharti Infratel plummets 10% on flat Q4 earnings; CLSA downgrades to sell

At the closing bell, Bharti Infratel was quoting Rs 270.95, down 10.33 percent from the previous closing price on the BSE.

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Shares of Bharti Infratel tumbled more than 10 percent on April 25 after reporting flat earnings for the quarter ended March 2019.

Consolidated net profit rose 0.33 percent to Rs 608 crore from Rs 606 crore, while revenue fell 1.69 percent from Rs 3,662 crore to Rs 3,600 crore YoY in Q4.

In separate news, managing director and chief executive D S Rawat said that he is not willing to hold his current position following the completion of merger Indus Tower.

Global brokerage house CLSA downgraded Bharti Infratel to sell from outperform and also slashed price target to Rs 285 from Rs 300 earlier, as tenancy outlook after March quarter earnings will remain muted.

Tenancy exits spiked 60 percent QoQ while tenancy additions were down 11 percent QoQ in Q4.

Hence, the research house cut FY20-21 estimates by 2-4 percent and expects tenancies to see a 2.5 percent CAGR over FY19-21.

"4 percent yield a key support and special payouts or buybacks could be catalysts," CLSA said.

At the closing bell, Bharti Infratel was quoting Rs 270.95, down 10.33 percent from the previous closing price on the BSE.
First Published on Apr 25, 2019 10:31 am
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