Consolidated EBITDA came in at Rs 1,721 crore, up 12% YoY, and representing an operating margin of 47.5%
The share price of Bharti Infratel added 4 percent in the morning trade on April 24 after the company declared its March quarter numbers.
On April 23, the company posted a 7 percent YoY rise in its net profit at Rs 650 crore for the quarter ended March 31.
Its consolidated revenue for the quarter stood at Rs 3,624 crore, up 1 percent YoY against Rs 3,600 crore reported in the March quarter of FY19.
Consolidated EBITDA came in at Rs 1,721 crore, up 12 percent YoY, and representing an operating margin of 47.5 percent.
The operating free cash flow was at Rs 847 crore during the said quarter, down by 27 percent YoY.
Also Read - Bharti Infratel reports 7% YoY rise in net profit, declares a third interim dividend of Rs 4.10
Morgan Stanley | Rating: Underweight | Target: Rs 175
The gross tenancy additions were higher with higher tenancy churn on QoQ, however there were pressure on EBITDA due to past tenancy deletions & higher opex.
CLSA | Rating: Buy | Target: Raised to Rs 207 from Rs 195
The Q4 net tenancy additions was up 19% QoQ, while Q4 core rental revenue came in ahead of the estimates.
The gross and net tenancy additions picked up, led by Indus tower. However, other costs jumped, likely due to higher provisions for delayed payments.
The review of merger terms with Indus would also be a positive.
Jefferies | Rating: Underperform | Target: Cut to Rs 130 from Rs 140
The Q4 results were disappointed with revenue, EBITDA & profit missing estimates, while gross tenancy additions picked up and tenancy growth remained muted.
The delay in Indus tower merger may lead to some renegotiation in merger terms. It has cut its estimates by 1-4%.
Credit Suisse | Rating: Underperform | Target: 120
It is a weak end to the year, while the Vodafone idea’s sustainability is an overhang.
The tenancy growth was muted at 0.2% QoQ. There is a weakness in revenue due to declining revenue per tenant.
There will be uncertainty on consummation of Indus tower merger.
At 09:20 hrs Bharti Infratel was quoting at Rs 171.45, up Rs 5.30, or 3.19 percent on the BSE.First Anniversary Offer: Subscribe to Moneycontrol PRO’s annual plan for ₹1/- per day for the first year and claim exclusive benefits worth ₹20,000. Coupon code: PRO365
