Buy Bharti Infratel; target of Rs 500:ICICIDirect

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26 Aug, 2025 12:21

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Bharti Infratel's research report on Bharti InfratelBharti Infratel reported its Q3FY16 numbers with revenues at | 3093.0 crore, up 4.9% YoY, slightly higher than our expectation of a topline of | 3053.1 crore. Revenues from rentals grew 9.0% YoY to | 1966.7 crore as consolidated tenancies grew from 2.08 to 2.17 over the same period. Energy revenues declined 2.0% YoY to | 1126.3 crore as input prices declined EBITDA came in at | 1343.0 crore, up 5.5% YoY vs. expectations of | 1357.1 crore. EBITDA margins came in at 43.4%, up 25 bps YoY, as expenses towards rent (expansion in cities) & other expenses were up 12.4% YoY and 37.5% YoY, respectively. Energy margins remained at 4.8% as it continued to pass on the energy benefits PAT came in at | 565.4 crore (vs. expectation of | 554.8 crore), owing to higher other income, which came in at | 132.9 crore With ballooning data growth and tremendous opportunity, going ahead, considering the kind of spectrum purchased by telcos and stable annuity based business model, we maintain our BUY recommendation with a target price of | 500, based on a SOTP-DCF based methodology. The target price is slightly reduced factoring in the lower EBITDA commentary by the management. 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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