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Motilal Oswal's research report on Indus Towers

Indus Towers (Indus)’ 4QFY25 reported financials were impacted by several one-offs on account of the consummation of tower purchases from Bharti Airtel, prior period revenue, and provision reversals. Adjusted for one-offs, operational performance was broadly in line with the pick-up in tenancy additions. Indus’ 4Q recurring EBITDA grew 4% QoQ (+10% YoY) to ~INR41b and was largely in line with our estimate. Driven by clearance of past dues (~INR51b) and moderation in capex, Indus’ FY25 FCF jumped to ~INR98.5b. Indus has used ~INR27.5b for buyback and paid ~INR18.3b to acquire towers from Bharti, which leaves ~INR53b (or ~INR20/share) for potential dividend distribution.

Outlook

We reiterate our Neutral rating with a revised DCF-based TP of INR 395 as risk-reward remains fairly balanced (bull case: INR450, bear case: INR355).

For all recommendations report, click here

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Indus Towers - 02052025 - moti

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