November 01, 2016 / 17:46 IST
Axis Direct's research report on Bharti Infratel
BHIN’s Q2 revenue and EBITDA were inline but tenancy additions were higher (2,393 vs. 1,367 in Q1FY17) and pricing flat (Indus down 1% QoQ due to higher impact of MSA renewal vs. Bharti Infratel standalone). Average tenancy ratio increased marginally to 2.21x (Q1: 2.2x). PAT was higher by 2.6% QoQ despite higher tax, owing to higher other income from mark-to-market of investments.
We believe monetization of data spectrum investments (Rs 660 bn) by telecom operators in recent Oct’16 auctions, RJio entry, and ongoing consolidation among telecom operators augur well for BHIN, as assets are passing to those expanding networks. Management shared it has seen acceleration in order book both for co-loading and full-blown tenancies.
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