Buy Bharti Infratel; target of Rs 500: ICICIDirect

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26 Aug, 2025 12:21

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ICICIDirect's research report on Bharti InfratelBharti Infratel reported its Q4FY16 numbers with revenues at | 3161.9 crore, up 7.3% YoY, slightly higher than our expectation of a topline of | 3142.1 crore. Revenues from rentals grew 9.3% YoY to | 2012.4 crore as consolidated tenancies grew from 2.11 to 2.19 over the same period. Rental revenues grew 4.0% YoY to | 1149.5 crore. EBITDA came in at | 1424.7 crore, up 6.6% YoY vs. expectations of | 1382.3 crore. EBITDA margins came in at 45.1%. Though lower YoY, it was higher than our expectations of 44.0%. Higher energy margins, which came in at 9.7% vs. our expectations of 5.5% led to better-than-expected margins. PAT came in at | 661.7 crore (vs. expectation of | 588.5 crore), owing to higher other income, which came in at | 179.4 crore and better-than-expected performance at the operating level. With ballooning data growth and opportunity owing to the huge quantum of spectrum purchased in past auctions coupled with impending spectrum auctions, we maintain our BUY recommendation with a target price of | 500, based on a SOTP-DCF based methodology. We have not factored in changes resulting from shift to Ind-AS at this point.For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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