External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Indus’ 2QFY25 reported financials came in ahead of our estimate owing to a higher-than-estimated reversal of prior period bad debt provisions (INR10.8b vs. our estimate of INR5b).</li><li>However, its core operational performance was slightly below with Indus’ recurring EBITDA at INR37.9b (+1% QoQ, +7% YoY), coming in ~2% below our estimate on lower tower net additions and weaker energy spreads.</li><li>Tower additions further moderated QoQ to 3.7k (vs. our est. 5.5k) on adverse weather events, which also led to moderation in capex (-19% QoQ).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Indus’ 2QFY25 reported financials came in ahead of our estimate owing to a higher-than-estimated reversal of prior period bad debt provisions (INR10.8b vs. our estimate of INR5b).However, its core operational performance was slightly below with Indus’ recurring EBITDA at INR37.9b (+1% QoQ, +7% YoY), coming in ~2% below our estimate on lower tower net additions and weaker energy spreads.Tower additions further moderated QoQ to 3.7k (vs. our est. 5.5k) on adverse weather events, which also led to moderation in capex (-19% QoQ).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indus Towers - Core Performance Slightly Weaker

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Indus Towers’ (Indus) Q2FY25 performance was good on two counts: 1) stable net tenancy addition at 4,308 with some benefit already showing from VIL/BSNL rollout; and 2) strong cash collection, including INR 10.8bn collected towards past overdue.</li><li>Indus has also seen a rise in rental/tenant, reflecting the benefit of rising 5G loading, and lower drag from renewals.</li><li>VIL should embark on a capex cycle, which will likely provide opportunity for tenancy growth for Indus immediately; and Indus is prepared for increased competitive intensity or price pressure.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Indus Towers’ (Indus) Q2FY25 performance was good on two counts: 1) stable net tenancy addition at 4,308 with some benefit already showing from VIL/BSNL rollout; and 2) strong cash collection, including INR 10.8bn collected towards past overdue.Indus has also seen a rise in rental/tenant, reflecting the benefit of rising 5G loading, and lower drag from renewals.VIL should embark on a capex cycle, which will likely provide opportunity for tenancy growth for Indus immediately; and Indus is prepared for increased competitive intensity or price pressure.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indus Tower - Provision Recovery Continues Aiding Earnings

<ul><li>Motilal Oswal's research report onIndus Towers Indus Towers (Indus) reported a flat revenue QoQ, but provision write-offs and lower power costs led to 14%/20% QoQ growth in EBITDA/PAT (a beat of 12%/41%).</li><li>The tower additions were led by only one operator, which moderated the ASF.</li><li>VIL’s fund raise and investments in the network will benefit Indus from towers and tenancy additions, and will also provide comfort in collections of past dues (INR54b).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Motilal Oswal's research report onIndus Towers Indus Towers (Indus) reported a flat revenue QoQ, but provision write-offs and lower power costs led to 14%/20% QoQ growth in EBITDA/PAT (a beat of 12%/41%).The tower additions were led by only one operator, which moderated the ASF.VIL’s fund raise and investments in the network will benefit Indus from towers and tenancy additions, and will also provide comfort in collections of past dues (INR54b).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indus Towers - Reversal in VIL Provision Improves EBITDA

<ul><li>Indus Towers was formed by the merger of Bharti Infratel and Indus Towers</li><li>This combined strength makes Indus one of the largest telecom tower companies in the world</li><li>Target Price and Valuation: We value Indus at Rs 280 i.e. 6x FY24E EV/EBITDA.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Indus Towers was formed by the merger of Bharti Infratel and Indus TowersThis combined strength makes Indus one of the largest telecom tower companies in the worldTarget Price and Valuation: We value Indus at Rs 280 i.e. 6x FY24E EV/EBITDA.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indus Towers: Receivables from VIL Stretch Working Capital

<p>The company reported net addition of 2917 co-locations (~3123 on gross basis). Revenues came in at Rs 6797 crore, up 4.7% QoQ. Rental revenues were at Rs 4211 crore, up 1.7% QoQ while energy revenues were at Rs 2586...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

The company reported net addition of 2917 co-locations (~3123 on gross basis). Revenues came in at Rs 6797 crore, up 4.7% QoQ. Rental revenues were at Rs 4211 crore, up 1.7% QoQ while energy revenues were at Rs 2586...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indus Towers: VIL Stress Begins to Show with Stretched Receivables

India

Indus Towers Limited is a telecommunication infrastructure company. The company operates and provides telecommunication tower and related infrastructure services in India. Indus Towers serves customers in India.

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Indus Towers (INDUSTOW IN)

Indus Towers - Core Performance Slightly Weaker

Indus’ 2QFY25 reported financials came in ahead of our estimate owing to a higher-than-estimated reversal of prior period bad debt provisions...

Motilal Oswal

Indus Tower - Provision Recovery Continues Aiding Earnings

VIL should embark on a capex cycle, which will likely provide opportunity for tenancy growth for Indus immediately; and Indus is prepared for...

ICICI Securities Limited

Indus Towers - Reversal in VIL Provision Improves EBITDA

VIL’s fund raise and investments in the network will benefit Indus from towers and tenancy additions, and will also provide comfort in collections...

Motilal Oswal

Indus Towers: Receivables from VIL Stretch Working Capital

Indus Towers was formed by the merger of Bharti Infratel and Indus Towers. This combined strength makes Indus one of the largest telecom tower...

ICICI Securities Limited

Indus Towers: VIL Stress Begins to Show with Stretched Receivables

The company reported net addition of 2917 co-locations (~3123 on gross basis). Revenues came in at Rs 6797 crore, up 4.7% QoQ. Rental revenues were...

ICICI Securities Limited

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