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News: Indus Towers revenue was down 10.5% YoY at ₹ 7,133 crore. EBITDA was up 22.9% at ₹ 3456 crore. We note that base quarter had write-off of ₹ 1771 crore, thus adj. EBITDA was down 0.7%. EBITDA margin at 48.5%, was down 220 bps on adjusted basis. During the quarter, the company added 4743 colocations, largely aided by Airtel 5G expansion, in our view.
Views: The core performance continues to suffer on growth visibility as well as cash flow generation with Vodafone Idea (VIL) liquidity constraint. Any major improvement in VIL liquidity will be key for Indus business performance.
Impact: Negative
Indus Towers revenue was down 10.5% YoY at ₹ 7,133 crore. EBITDA was up 22.9% at ₹ 3456 crore. We note that base quarter had write-off of ₹ 1771 crore, thus adj. EBITDA was down 0.7%. EBITDA margin at 48.5%, was down 220 bps on adjusted basis. During the quarter, the company added 4743 colocations, largely aided by Airtel 5G expansion, in our view.