Bharti Infratel. Result Update Q4 FY15

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1 Change in Estimates Rating Target Bharti Infratel Q4 FY15 Steady quarter with beat on margins and PAT; revenues flat qoq, up 7.8% yoy Fuel reimbursement margin continues on its upward journey; rental revenues up 2.4% qoq Q4 AFFO up 3.3% qoq, 19.7% yoy; FY15 capex at Rs. 2,081cr Retain positive outlook on business but valuation adequately captures the cash generation capabilities and ~3% dividend yield; maintain accumulate with revised 9 12mth target of Rs405 Result table (Rs cr) Q4 FY15 Q3 FY15 % qoq % yoy FY15 % yoy Net sales 2,947 2,949 (0.1) , Power & fuel (984) (1,054) (6.7) (0.6) (4,195) 3.3 Rent (250) (239) (946) 6.5 Repair & maintenance (230) (230) (6.5) (907) 3.0 Staff (103) (100) (400) 8.9 Other expenses (44) (53) (17.4) (47.7) (216) (5.0) Operating profit 1,337 1, , OPM (%) bps 406 bps bps Depreciation (561) (557) (2,185) 2.8 Interest (66) (70) (5.5) (20.3) (290) (27.4) Other income PBT , Tax (323) (262) (1,059) 31.5 Effective tax rate (%) bps 422 bps bps PAT , PAT margin (%) bps 199 bps bps Revenues lag but beat on margins, PAT Bharti Infratel reported a largely stable topline qoq and +7.8% yoy vs our estimate of +2.3% qoq, +8.1% yoy. Standalone tower base increased 1.2% qoq but more importantly co locations improved 2% qoq, translating into 0.02x gain in tenancies to 2.03x; our estimate had been for an 0.03x rise in standalone tenancies. Standalone rentals continued with their steady sequential decline falling 0.3% qoq in Q4 FY15. Indus tower base inched up 0.8% qoq while similar to standalone Infratel, co locations jumped 2% qoq; average Q4 tenancy gained 0.03x over Q3. Energy reimbursements declined 3.9% qoq slower than the 6.7% sequential drop in power and fuel costs. This drove energy margins to 12.3% above the actual fuel costs and has been a consistent source of revenue driver over the past several quarters. Consolidated rental revenues increased 2.4% qoq, the highest growth since Q3 FY13. OPM came in ahead of our 43.6% estimate primarily driven by lower fuel costs which in turn led the beat on PAT (+10% qoq vs est. +3.8% qoq). Adjusted fund flow from operations (AFFO) grew at a slower 3.3% qoq (+19.7% yoy) as compared to 7.7% qoq in Q3. FY15 AFFO grew 15.8% yoy. Q4 capex at Rs. 565cr or 19.2% of revenues and FY15 capex of Rs. 2,081cr included 25% of maintenance capex. This report is published by IIFL India Private Clients research desk. IIFL has other business units with independent research teams separated by 'Chinese walls' catering to different sets of customers having varying objectives, risk profiles, investment horizon, etc. The views and opinions expressed in this document may at times be contrary in terms of rating, target prices, estimates and views on sectors and markets. Rating: Sector: Sector view: Telecom Positive Sensex: 27, Week h/l : 422 / 204 Market cap (Rscr) : 75,931 6m Avg vol ( 000Nos): 547 Bloomberg code: BHIN IB BSE code: NSE code: INFRATEL FV : 10 Price as on April 28, 2015 Share price trend Accumulate Target: Rs405 CMP: Rs401 Upside: 1.0% Bharti Infratel Sensex Apr 14 Oct 14 Apr 15 Share holding pattern % Sep 14 Dec 14 Mar 15 Promoters Insti Others Research Analyst: Bhavesh Gandhi research@indiainfoline.com April 29, 2015 Result Update

2 Bharti Infratel (Q4 FY15) Key operational indicators Bharti Infra consolidated Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY14 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 Towers 82,321 82,476 82,813 83,368 83,778 84,303 85,064 85,892 % qoq Co locations 158, , , , , , , ,294 % qoq Avg tenancy Closing tenancy ,222 65,608 66,760 67,942 68,886 69,740 70,805 71,828 % qoq (2.5) ,079 33,996 34,124 34,155 34,113 34,016 33,970 34,011 % qoq (2.5) (0.2) (0.1) (0.3) (0.1) 0.1 Bharti Infra standalone Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY14 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 Towers 35,288 35,376 35,515 35,905 36,112 36,381 36,747 37,196 % qoq Co locations 64,345 65,391 66,871 69,137 70,544 72,597 74,331 75,819 % qoq Avg tenancy Closing tenancy ,399 68,720 70,982 71,119 72,159 73,202 73,825 74,382 % qoq (0.3) ,097 37,430 38,046 37,346 37,204 37,073 36,744 36,630 % qoq (0.4) (1.8) (0.4) 0.4) (0.9) (0.3) Indus Towers Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY14 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 Towers 111, , , , , , , ,942 % qoq Co locations 223, , , , , , , ,513 % qoq Avg tenancy Closing tenancy ,717 63,283 63,745 66,001 66,706 67,554 68,802 70,370 % qoq 1.6 (0.7) ,075 31,636 31,488 32,145 32,075 32,055 32,129 32,371 % qoq 1.7 (1.4) (0.5) 2.1 (0.2) (0.1) Conference call highlights Key takeaways from Q4 earnings call are as follows: 1) Q4 roll outs were predictably slow as operators looking towards auctions despite which results remained healthy. 2) No opportunities for acquisitions so far. 3) Management says 800MHz and 900MHz would have to be supplemented by 2100 for 3G and 1800MHz and 2300MHz for 4G which itself would have a large capacity requirement; hence no concern on lower tower requirement for sub 1GHz bands like 800MHz and 900MHz. 4) Energy margins should hover in the 3 5% range on annual basis with quarterly variations built in. 5) No inherent conflict between 3G and 4G as both technologies would coexist for a long time; expect other operators who have 3G to go for 4G spectrum in a matter of years. 6) Tenancy growth has been 9 10% yoy vs tower base growth of 2 3% in past few years so increasing co location is the key to operating leverage. 2

3 Bharti Infratel (Q4 FY15) Revenue breakup: fuel reimbursements declined qoq but still at an elevated level Revenues (Rs cr) Q4 FY13 Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY14 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 Rent 1,641 1,608 1,622 1,655 1,694 1,727 1,758 1,799 1,842 % qoq 0.6 (2.0) Energy & other reimbursements 1,033 1,014 1,062 1,076 1,096 1,116 1,172 1,150 1,105 % qoq 3.8 (1.8) (1.9) (3.9) Total 2,674 2,622 2,684 2,731 2,790 2,843 2,930 2,949 2,947 Power & fuel costs (983) (999) (1,041) (1,030) (992) (1,057) (1,101) (1,054) (984) % reimbursed Capex Capex/sales % Price builds in cash generation capabilities; accumulate We expect steady tower count and tenancy growth to continue over next 2 3 years with co locations driving most of the gains in revenue and operating leverage. Bharti Infratel remains a robust play on the increased 3G/4G tenancy requirements of telcos with proven cash generation capabilities and dividend support (2.8% FY15 dividend yield at CMP). However stock trades close to its fair value range and we retain our accumulate rating with revised 9 12mth target of Rs405 (earlier Rs390). Financial Summary Y/e 31 Mar (Rs cr) FY14 FY15 FY16E FY17E Revenues 10,827 11,667 12,842 13,621 yoy growth (%) Operating profit 4,400 5,003 5,351 5,676 OPM (%) Reported PAT 1,518 1,991 2,242 2,461 yoy growth (%) EPS P/E (x) Price/Book (x) EV/EBITDA (x) Debt/Equity (x) RoE (%) RoCE (%)

4 Best Broker of the Year by Zee Business for contribution to broking Nirmal Jain, Chairman, IIFL, received the award for The Best Broker of the Year (for contribution to broking in India) at India's Best Market Analyst Awards 2014 organised by the Zee Business in Mumbai. The award was presented by the guest of Honour Amit Shah, president of the Bharatiya Janata Party and Piyush Goel, Minister of state with independent charge for power, coal new and renewable energy. 'Best Equity Broker of the Year' Bloomberg UTV, 2011 IIFL was awarded the 'Best Equity Broker of the Year' at the recently held Bloomberg UTV Financial Leadership Award, The award presented by the Hon'ble Finance Minister of India, Shri Pranab Mukherjee. The Bloomberg UTV Financial Leadership Awards acknowledge the extraordinary contribution of India's financial leaders and visionaries from January 2010 to January 'Best Broker in India' Finance Asia, 2011 IIFL has been awarded the 'Best Broker in India' by Finance Asia. The award is the result of Finance Asia's annual quest for the best financial services firms across Asia, which culminated in the Country Awards 2011 Other awards , 2012 & BEST BROKING HOUSE WITH GLOBAL PRESENCE BEST MARKET ANALYST FASTEST GROWING LARGE BROKING HOUSE BEST BROKERAGE, BEST BROKER, MOST IMPROVED, Recommendation parameters for fundamental reports: Buy Absolute return of over +15% Accumulate Absolute return between 0% to +15% Reduce Absolute return between 0% to 10% Sell Absolute return below 10% Call Failure In case of a Buy report, if the stock falls 20% below the recommended price on a closing basis, unless otherwise specified by the analyst; or, in case of a Sell report, if the stock rises 20% above the recommended price on a closing basis, unless otherwise specified by the analyst India Infoline Group (hereinafter referred as IIFL) is engaged in diversified financial services business including equity broking, DP services, merchant banking, portfolio management services, distribution of Mutual Fund, insurance products and other investment products and also loans and finance business. India Infoline Ltd ( hereinafter referred as IIL ) is a part of the IIFL and is a member of the National Stock Exchange of India Limited ( NSE ) and the BSE Limited ( BSE ). IIL is also a Depository Participant registered with NSDL & CDSL, a SEBI registered merchant banker and a SEBI registered portfolio manager. IIL is a large broking house catering to retail, HNI and institutional clients. It operates through its branches and authorised persons and sub brokers spread across the country and the clients are provided online trading through internet and offline trading through branches and Customer Care. Terms & Conditions and Other Disclosures: a) This research report ( Report ) is for the personal information of the authorised recipient(s) and is not for public distribution and should not be reproduced or redistributed to any other person or in any form without IIL s prior permission. 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5 e) IIL has other business segments / divisions with independent research teams separated by 'chinese walls' catering to different sets of customers having varying objectives, risk profiles, investment horizon, etc and therefore, may at times have, different and contrary views on stocks, sectors and markets. f) This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to local law, regulation or which would subject IIL and its affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this Report may come are required to inform themselves of and to observe such restrictions. g) As IIL along with its associates, are engaged in various financial services business and so might have financial, business or other interests in other entities including the subject company/ies mentioned in this Report. However, IIL encourages independence in preparation of research report and strives to minimize conflict in preparation of research report. IIL and its associates did not receive any compensation or other benefits from the subject company/ies mentioned in the Report or from a third party in connection with preparation of the Report. Accordingly, IIL and its associates do not have any material conflict of interest at the time of publication of this Report. h) As IIL and its associates are engaged in various financial services business, it might have: (a) received any compensation (except in connection with the preparation of this Report) from the subject company in the past twelve months; (b) managed or co managed public offering of securities for the subject company in the past twelve months; (c) received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months; (d) received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months; (e) engaged in market making activity for the subject company. i) IIL and its associates collectively do not own (in their proprietary position) 1% or more of the equity securities of the subject company/ies mentioned in the report as of the last day of the month preceding the publication of the research report. j) The Research Analyst/s engaged in preparation of this Report or his/her relative (a) does not have any financial interests in the subject company/ies mentioned in this report; (b) does not own 1% or more of the equity securities of the subject company mentioned in the report as of the last day of the month preceding the publication of the research report; (c) does not have any other material conflict of interest at the time of publication of the research report. k) The Research Analyst/s engaged in preparation of this Report: (a) has not received any compensation from the subject company in the past twelve months; (b) has not managed or co managed public offering of securities for the subject company in the past twelve months; (c) has not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months; (d) has not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months; (e) has not received any compensation or other benefits from the subject company or third party in connection with the research report; (f) has not served as an officer, director or employee of the subject company; (g) is not engaged in market making activity for the subject company. We submit that no material disciplinary action has been taken on IIL by any regulatory authority impacting Equity Research Analysis. A graph of daily closing prices of securities is available at and quotes. (Choose a company from the list on the browser and select the three years period in the price chart). Published in India Infoline Ltd 2015 India Infoline Limited (Formerly India Infoline Distribution Company Limited ), CIN No.: U99999MH1996PLC132983, Corporate Office IIFL Centre, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai Tel: (91 22) Fax: (91 22) , Regd. Office IIFL House, Sun Infotech Park, Road No. 16V, Plot No. B 23, MIDC, Thane Industrial Area, Wagle Estate, Thane Tel: (91 22) Fax: (91 22) E mail: mail@indiainfoline.com Website: Refer for detail of Associates. National Stock Exchange of India Ltd. SEBI Regn. No. : INB / INF / INE , Bombay Stock Exchange Ltd. SEBI Regn. No.:INB / INF / BSE Currency, MCX Stock Exchange Ltd. SEBI Regn. 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