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Bharti Infratel

CMP

Rs. 173

Not Rated

Rating

Bharti Infratel

Result Update (Q4 FY20)

April 24, 2020 at 6:40:22 PM

Quick Update

Bharti Infratel reported annual revenues of Rs.14,647 crs. up by 0.4% y-o-y, EBITDA of Rs. 7,442 cr and a PAT of Rs. 3,299 crs. for the period FY19-20. However, after adjusting for the accounting impacts due to IndAS 116, the EBITDA decreased ~2% y-o-y basis in FY20 compared to whole year FY19. The company also declared its 3rd interim dividend of Rs. 4.10 / share taking the cumulative dividend to Rs. 10.50 / share in FY20. The company payed a hefty dividend of Rs. 10.5/share in FY20 implying a dividend yield of ~7%. However, the growth outlook looks tepid due to ongoing consolidation among telecom operators. The fate of Bharti Infratel is dependent on the co-existence of all the 3 telecom operators namely Bharti Airtel, Vodafone Idea & Reliance JIO. We assign a neutral rating to the stock and await any further development in the telecom operators financial condition before turning constructive.

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Registered Office: 701, PJ Towers, Dalal Street, Fort, Mumbai 400001.

Corporate Office: 411 Atlantic Commercial Towers, RB Mehta Road, Ghatkopar (E), Mumbai-400077

Pankaj Mangaldas Securities: SEBI Reg. No.: INZ000206433 | CDSL: IN-DP-1662015 | CIN: U67120MH1998PTC116967 | GSTIN: 27AABCP0578N1Z0 | PAN: AABCP0578N

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