INDUSTOWER Q4FY23 Result Update:
- 5G rollouts in full swing with plans for a Pan India rollout in the next 12 to 15 months. Increased demand seen for 5G equipment seen at existing sites as well as new sites.
- Leaner towers are Capex and Opex economical, and the return profile is better than macro towers at a single tenancy level.
- Tenancy addition accelerated with net add of 3,396 despite 512 exits.
- Lean tower addition was 1,235 in Q4FY23 vs 1,408 in Q3FY23. The company expects single tenancy lean towers to have better RoCE vs macro towers.
- VIL has made entire payment due for Q4 FY23. There is Nil Provision as of now. Earlier dues are still pending though.
- Capex was Rs15.3bn (22.7% of revenue) in Q4FY23, and it was at Rs41bn (14.7% of revenue) in FY23.
Brokerages are putting a HOLD on the stock with Expected Revenue of 29000 crs and Expected PAT of 59000 crs.
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