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Yes Securities Report
Indus Towers Ltd. reported inline performance for the quarter. The sequential revenue growth and Ebitda margin were as per expectation.
It reported revenue growth of 0.9% QoQ, led by 2.0% QoQ increase in the number of colocations and 1.7% QoQ decline in average sharing revenue per sharing operator.
Core sharing revenue increased QoQ to Rs 44,131million. There was sequential increase in Ebitda margin (up 185 basis points QoQ) on account of lower power and fuel cost. Average sharing factor for the quarter was 1.72 times versus 1.74 times in previous quarter
We maintain our 'Add' rating on the stock with revised target price of Rs 263/share based on price to earnings ratio of 10.0 times on FY26E.
The stock trades at PER of 9.6 times/8.8 times on FY25E/FY26E earnings per share.
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