Bharti Infratel Q2FY19E Result Expectation

Bharti Infratel Q2FY19E Result Expectation

Consensus expectations for Q2FY19E:

• Revenue: Rs3,591cr, down 2.3% qoq
• EBITDA: Rs1,459cr, down 4.1% qoq
• EBITDA Margin: 40.6%, down 77bps qoq
• PAT: Rs601cr, down 5.8% qoq

Q1FY19 Performance Highlights: 

• Revenue: Rs3,648cr, up 0.3% qoq
• EBITDA: Rs1,633cr, down 4.5% qoq
• EBITDA Margin: A contraction of 208bps qoq
• PAT: Rs638cr, down 2.7% qoq

Remarks:

• Tenancy exits due to the consolidation of operations of Vodafone-Idea would impact revenues for Bharti Infratel. However, this impact would be offset to some extent by tower additions and energy reimbursements. As a result, revenues for Bharti Infratel are likely to fall 2.3% qoq for Q2FY19E.
• EBITDA is likely to fall 4.1% qoq with margins falling 77bps qoq. Margins are likely to shrink as average sharing ratio for Bharti Infratel is likely to fall to 2x in Q2FY19E against 2.3x in FY18.

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