Motilal Oswal 's research report on Bharti Infratel
Adjusted for a one-off impact in the last quarter, EBITDA declined 7% QoQ. This was lower than we anticipated, attributable to the Energy margin turning negative. However, Rental EBITDA reported 10.8% QoQ growth to INR17.9b. We increase our FY21/FY22E revenue and EBITDA estimates by 13%/14% and 26%/24%, respectively, as we shift our model to post-Ind-AS 116. Excluding the accounting impact, EBITDA estimates are intact, building 1.5%/4.5% growth in FY21/FY22E.
The stock offers healthy dividend yield of 8%, which could cushion further downside. Maintain Neutral.
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