ICICI Direct's research report on Indus Towers
Indus Towers was formed by the merger of Bharti Infratel and Indus Towers. This combined strength makes Indus one of the largest telecom tower companies in the world. It has 185447 towers and 335791 co-locations (as on Q4FY22) and a nationwide presence covering all 22 telecom circles.
We value Indus at Rs 205 i.e. 5x FY24E EV/EBITDA.
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