28 July 2020
1QFY21 Results Update | Sector: Telecom
Bharti Infratel
Neutral
Estimate change
TP change
Rating change
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CMP: INR191
Limited impact from lockdown
TP: INR210 (+10%)
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
BHIN IN
1,897
296 / 121
-23/-14/-31
2109
LTL EBITDA declines 7% QoQ, adjusted for last quarter one-off
Adjusted for a one-off impact in the last quarter, EBITDA declined 7% QoQ.
This was lower than we anticipated, attributable to the Energy margin
turning negative. However, Rental EBITDA reported 10.8% QoQ growth to
INR17.9b.
We increase our FY21/FY22E revenue and EBITDA estimates by 13%/14%
and 26%/24%, respectively, as we shift our model to post-Ind-AS 116.
Excluding the accounting impact, EBITDA estimates are intact, building
1.5%/4.5% growth in FY21/FY22E.
Proforma consol revenue decreased 3.3% QoQ to INR35.1b (6% above est);
Rental revenue declined by 0.4% QoQ (in-line) to INR22.4b. Energy revenue
also declined by 8.1% QoQ to INR12.6b (16% beat); we anticipated it would
be lower due to falling crude prices.
Proforma consol EBITDA increased by 4% QoQ to INR17.7b (4% below est)
on a lower base as the last quarter included an INR1.93b one-time provision.
Adjusting for the same, EBITDA declined 7% QoQ. EBITDA was lower than
our estimate as our expenses factored higher decline in crude prices.
Rental EBITDA grew 11% to INR17.9b (in-line). Energy EBITDA turned to loss
of INR253m v/s INR815m profit in 4QFY20 (est: INR406m profit).
The EBITDA margin expanded 360bp QoQ to 50.4% (contracted 60bp YoY).
This was led by improvement in Rental EBITDA, which increased 840bp to
81.5% due to the last quarter’s abnormally low EBITDA.
PBT/PAT was up by 9%/8% QoQ to INR9.4b/INR7b (5%/8% below estimate).
Capex stood at INR1.9b for 1QFY21 (INR5.3b in 4QFY20), much lower due to
the lockdown; 429 towers were added in 1QFY21, taking the total count to
95,801.
Consol net tenancy dropped by 365 to 1,74,216 (est: 1,044 adds) v/s the
addition of 431 in 4QFY20. On the other hand, gross co-location exits
dropped QoQ to 1,228 v/s 2,067 in 4QFY20. Additionally, gross adds fell to
863 v/s 2,498 in 4QFY20. The average sharing factor stood at 1.82x v/s 1.84x
in 4QFY20.
New growth opportunities:
The
WFH model being the new norm would
open up demand for new technologies such as 5G, and BHIN is equipped and
well-placed to exploit them.
Increase in receivables and lower exit charges:
Management allayed
concerns of an increase in receivables, which should be considered in
conjunction with unbilled revenues (which have seen only a marginal
increase). The shortfall of INR580m in exit charges is attributable to delay in
payments.
Energy margin:
This was seasonally down in the first quarter. Furthermore,
some contracts were up for renewal, and operators chose to move to a pass-
through model that could reduce the Energy margin to 0–3% from 3–5%.
352.4 / 4.8
Financials & Valuations (INR b)
FY20 FY21E FY22E
Y/E March
Sales
146.5 143.6 149.3
EBITDA
73.5 74.6 78.0
Adj. PAT
33.0 30.8 32.8
EBITDA Margin (%)
50.2 52.0 52.2
Adj. EPS (INR)
17.8 16.7 17.7
EPS Gr. (%)
31.1 -6.5
6.3
BV/Sh. (INR)
73.2 72.5 72.8
Ratios
Net D:E
-0.1 -0.2 -0.3
RoE (%)
23.5 22.9 24.4
RoCE (%)
21.0 16.6 15.3
Payout (%)
65.7 104.4 98.2
Valuations
EV/EBITDA (x)
4.6
4.4
4.0
P/E (x)
10.7 11.5 10.8
P/BV (x)
2.6
2.6
2.6
Div. Yield (%)
5.3
7.8
7.8
FCF Yield (%)
4.7 15.2 17.6
Highlights from management commentary
Shareholding pattern (%)
As On
Promoter
DII
FII
Others
Jun-20 Mar-20
53.5
53.5
4.9
3.6
40.6
42.1
1.0
0.8
Jun-19
53.5
1.7
43.8
1.0
FII Includes depository receipts
Research Analyst: Aliasgar Shakir
(Aliasgar.Shakir@motilaloswal.com)
Suhel Shaikh
(Suhel.Ahmad@MotilalOswal.com) /
Anshul Aggarwal
(Anshul.Aggarwal@motilaloswal.com)
3 September
research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P
1
Capital.
Motilal Oswal
2019
Investors are advised to refer through important disclosures made at the last page of the Research Report.
 Motilal Oswal Financial Services
Bharti Infratel
Valuation and view
We see potential risk to BHIN’s business from two factors primarily. A) The
outlook on tenancy growth – the key driver for earnings and FCF growth remains
at risk due to the business viability of its large customer, with estimated tenancy
contribution of 40–45%. Furthermore, fresh tenancy may be tapered as telcos
have guided for lower capex. B) BHIN’s competitive position could weaken with
a reducing tenancy market share and anchor tenants.
We value BHIN on an SOTP basis to arrive at TP of INR210, implying EV/tenancy
of 2.2m and EV/EBITDA of 5x (post-Ind-AS 116) and 6x (pre-Ind-AS 116). The
stock offers healthy dividend yield of 8%, which could cushion further downside.
Maintain
Neutral.
FY21
FY20
FY21E
1Q
FY21E
33,051
-11.0
14,576
18,475
-2.5
7,715
1,283
478
9,955
2,575
25.9
7,380
7,380
-16.8
(INR m)
Var (%)
6.0
19.2
-4.3
-8.5
11.1
-50.0
-5.3
-4.7
-4.7
Quarterly Performance
Y/E March
(Consolidated)
Revenue from operations
YoY Change (%)
Total Expenditure
EBITDA
YoY Change (%)
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
Reported PAT
Adj PAT
YoY Change (%)
E: MOFSL Estimates
1Q
37,119
1.0
18,164
18,955
24.7
7,425
1,125
651
11,056
2,186
19.8
8,870
8,870
39.0
2Q
36,376
-0.8
17,593
18,783
26.4
7,453
1,251
349
10,428
793
7.6
9,635
9,635
55.0
FY20
3Q
4Q
1Q
2Q
3Q
36,733 36,244 35,047 35,794 36,221
0.9
0.7
-5.6
-1.6
-1.4
17,961 19,254 17,375 17,048 17,201
18,772 16,990 17,672 18,746 19,020
24.8
13.9
-6.8
-0.2
1.3
7,036 7,657 7,057 7,400 7,400
1,384 1,247 1,425 1,425 1,425
336
576
239
478
478
10,688 8,662 9,429 10,399 10,674
2,701 2,167 2,393 2,617 2,687
25.3
25.0
25.4
25.2
25.2
7,987 6,495 7,036 7,781 7,987
7,987 6,495 7,036 7,781 7,987
23.2
6.9
-20.7
-19.2
0.0
4Q
36,530
0.8
17,350
19,180
12.9
7,743
1,425
717
10,729
2,701
25.2
8,029
8,029
23.6
1,46,472 1,43,592
0.4
859.6
72,972
68,974
73,500
74,618
22.5
983.0
29,571
29,599
5,007
5,700
1,912
1,912
40,834
41,231
7,847
10,398
19.2
25.2
32,987
30,833
32,987
30,833
31.1
298.5
Key Performance Indicators
Y/E March
1Q
Bharti Infratel Standalone
Total Towers (nos)
Total Co-locations (nos)
Average sharing factor
Sharing revenue per operator per
Rental EBITDA margin (%)
Energy EBITDA margin (%)
EBITDA Margins (%)
EBIT Margin (%)
Adj. PAT Margins (%)
E:MOFSL Estimates
FY20
2Q
3Q
4Q
1Q
FY21
2Q
FY20
3Q
4Q
42,053
75,715
1.8
45,442
81.0
3.2
50.2
30.0
22.5
FY21E
1Q
FY21E
42,419
76,015
1.8
46,172
63.0
3.7
55.9
26.7
22.3
40,636 41,050 41,471 42,053 42,339 42,704 43,070 43,435
76,119 76,176 76,322 75,715 75,435 75,735 76,035 76,335
1.9
1.9
1.8
1.8
1.8
1.8
1.8
1.8
44,623 46,095 45,018 45,715 45,173 45,625 46,081 46,542
82.2
85.9
82.8
73.2
81.5
82.6
82.7
82.8
5.4
(0.3)
1.6
5.9
(2.0)
3.0
3.0
3.0
51.1
51.6
51.1
46.9
50.4
52.4
52.5
52.5
31.1
31.1
31.9
25.8
30.3
31.7
32.1
31.3
23.9
26.5
21.7
17.9
20.1
21.7
22.1
22.0
43,435
76,335
1.8
45,726
82.4
1.8
52.0
31.4
21.5
Key operating metrics
The company received notices for 3,474 co-locations exits (v/s 3,564 QoQ), but
actual exits are yet to happen.
Rentals per tenant (per month) declined 1.5% QoQ to INR42,023.
The board has declared interim dividend of INR2.3/share for FY21.
BHIN’s CEO, Mr D S Rawat, resigned from the company, which would be
effective from 3
rd
Aug’20.
2
Others
28 July 2020
 Motilal Oswal Financial Services
Bharti Infratel
Exhibit 1: Bharti Infratel – SOTP Valuation
Value (INR b)
Standalone (DCF based)
Indus (DCF based)
Indus value (42%)
Indus value post holdco discount of 20%
Total Enterprise value
Net Debt
Shares o/s (b)
Fair value
CMP
Upside
158
616
259
207
365
-24
1.8
389
Value (INR/sh)
85
333
112
197
-13
210
191
10%
Implied FY22 EV/
Tenancy (INR m)
2.0
2.6
2.1
2.1
Implied FY22
EV/EBITDA (x)
4.5
6.4
5.1
4.7
2.2
5.0
Source: MOFSL, Company
Exhibit 2: BHIN – 1-year forward EV/EBITDA
EV/EBITDA (x)
19
15
11
7
3
Avg (x)
Max (x)
Min (x)
+1SD
-1SD
15.5
11.2
8.6
3.6
5.9
4.2
Source: MOFSL, Company
Management call highlights
Key highlights
New growth opportunities:
The
WFH model, being the new norm, would open
up demand for new technologies such as 5G, and BHIN is equipped and well-
placed to exploit them.
Increase in receivables and lower exit charges:
Management allayed concerns
of an increase in receivables, which should be considered in conjunction with
unbilled revenues (which have seen only a marginal increase). The shortfall of
INR580m in exit charges is attributable to delay in payments.
Energy margin:
This was seasonally down in the first quarter. Furthermore,
some contracts were up for renewal, and operators chose to move to a pass-
through model that could reduce the Energy margin to 0–3% from 3–5%.
Business normalizing:
The
business is on track and has largely recovered from
the revenue/profitability losses due to large-scale exits.
Operational performance
Operating metrics:
The
consolidated towers/co-locations base increased by
3.4%/0.6% YoY to 95,801/174,260, with an average sharing factor of 1.82x. The
28 July 2020
3
 Motilal Oswal Financial Services
Bharti Infratel
number of co-locations declined QoQ by 0.6% as BHIN continues to see some
exits and two operators are currently not rolling out tenancies.
Adjusted EBITDA:
After adjusting for INR1.25b write-backs in Jun’19 and
INR580m exit charges (not recognized in 1QFY21), EBITDA would stand at
INR18.65b, similar to EBITDA in 1QFY20.
Increase in receivables:
Receivables increased on a reduction in unbilled
revenue, which was higher in 4QFY20 due to technical issues. As a result, a
marginal increase was seen in both receivables and unbilled revenue.
Exit charges:
Exit charges are lower due to shortfall of INR580m, which is
delayed as the company is yet to receive the payment. The amount is finalized
and agreed to by the payor; however, as per company policy, it recognizes exit
charges only after receiving them.
Return ratios:
RoCE pre-tax and RoE post-tax would be ~24% for 1QFY21.
Business recovery:
Management highlighted the business is on track on a
normal basis and has largely recovered from the revenue/profitability losses due
to large-scale exits.
Dividend:
The board has declared dividend of INR2.3/share as it received
dividend from Indus, in line with the company’s policy of passing on the
dividends received from associates to shareholders.
Change in management; update on merger/AGR
Merger update:
The board has extended the long stop date of the merger to
31
st
Aug’20, with each party retaining the right to terminate the contract.
AGR update:
The Supreme Court, in its last hearing, upheld the amount decided
by DoT and reserved the order on the timelines of repayment. The next hearing
is scheduled for 10
th
Aug’20, and the management is hopeful of a favorable
outcome.
MD & CEO’s resignation:
Mr D S Rawat would cease to be the CEO of the
company from 3
rd
Aug’20. However, he would continue as Advisor to the Board
for a few months to provide guidance.
Interim CEO:
Mr Sachin Nayak would be interim CEO until the completion of the
merger or a new CEO is appointed.
COVID-19 impact
Increased demand:
BHIN witnessed a surge in demand for connectivity, with a
heavy reliance on the wireless network.
Delayed new rollouts:
Due to lockdown restrictions, new rollouts were delayed
by a few weeks. However, the impact has not been material on financial
numbers. Furthermore, new rollouts have resumed at healthy levels, and state
authorities are also being supportive owing to the essential nature of the
business.
Outlook
Energy margin:
The company changed its guidance on the Energy margin to 0–
3% from 3–5%. However, it is continuously engaging with telcos to move them
back to long-term fixed energy contracts. In the long run, this could bring
margins back to previous levels.
28 July 2020
4
 Motilal Oswal Financial Services
Bharti Infratel
New growth opportunities:
Management believes WFH being the new norm
would open up demand for new technologies such as 5G, and BHIN is equipped
and well-placed to exploit these new growth opportunities.
Active sharing:
Management is continuously following up with DoT on this issue
and believes it could present significant growth opportunity. It could be a good
revenue stream and would be a win-win situation for operators and
infrastructure provides as it would lower their cost.
Non-tower revenue opportunity:
BHIN has won the smart city project for
Bhopal and deployed capex of INR1–1.25b. Moreover, the company has started
to generate revenue and achieved breakeven already. Furthermore, it has
managed to sell fiber to an operator and seeks to scale this business to other
avenues. Management believes the government could scale up these projects
over six to eight months. The need for fiber infrastructure would increase with
5G as every tower would need to be connected with fiber. Management is
confident that non-tower revenue could contribute more than 10–15% to
overall revenue in future.
Exhibit 3: Performa consolidated performance (INR m)
Consolidated Revenue
-Rent
-Energy and other reimbursements
Operating Expenses
Consolidated EBITDA
EBITDA margin (%)
Consolidated EBITDA pre IND AS 116
EBITDA margin (%)
Depreciation and amortization
EBIT
Net finance cost
Profit Before Taxes & Exceptional items
Exceptional item
Profit Before Taxes
Tax
Effective Tax Rate (%)
Proforma Profit After Tax
Adj. PAT
Energy/Non-energy mix
Rental EBITDA
Rental EBITDA margin (%)
Rental EBITDA pre IND AS 116
Rental EBITDA margin (%)
Energy EBITDA
Energy EBITDA margin (%)
1QFY20
37,119
22,606
14,513
18,164
18,955
51.1
14,999
40.4
7,425
11,530
474
11,056
0
11,056
2,186
19.8
8,870
8,870
1QFY20
18,178
82.2
14,222
62.9
777
5.4
4QFY20
36,244
22,513
13,731
19,254
16,990
46.9
12,980
35.8
7,657
9,333
671
8,662
0
8,662
2,167
25.0
6,495
6,495
4QFY20
16,175
73.2
12,165
54.0
815
5.9
1QFY21
35,047
22,430
12,617
17,375
17,672
50.4
13,716
39.1
7,057
10,615
1,186
9,429
0
9,429
2,393
25.4
7,036
7,036
1QFY21
17,925
81.5
13,915
62.0
-253
-2.0
YoY%
-5.6
-0.8
-13.1
-4.3
-6.8
-64bps
-8.6
-127bps
-5.0
-7.9
150.2
-14.7
NM
-14.7
9.5
561bps
-20.7
-20.7
YoY%
-1.4
-70bps
-2.2
-88bps
-132.6
-736bps
QoQ%
-3.3
-0.4
-8.1
-9.8
4.0
355bps
5.7
332bps
-7.8
13.7
76.8
8.9
NM
8.9
10.4
36bps
8.3
8.3
QoQ%
10.8
838bps
14.4
800bps
-131.0
-794bps
1QFY21E
33,051
22,159
10,892
18,532
18,475
55.9
14,519
43.9
7,715
10,760
805
9,955
0
9,955
2,575
25.9
7,380
7,380
1QFY21E
18,123
81.8
14,113
63.7
406
3.7
v/s est (%)
6.0
1.2
15.8
-6.2
-4.3
-547bps
-5.5
-479bps
-8.5
-1.3
47.4
-5.3
NM
-5.3
-7.1
-49bps
-4.7
-4.7
v/s est (%)
-1.1
-24bps
-1.4
-165bps
-162.3
-573bps
Source: MOFSL, Company
28 July 2020
5
 Motilal Oswal Financial Services
Bharti Infratel
Exhibit 4: KPI performance
Revenue Drivers
Consolidated
Total Towers (nos)
Total Co-locations (nos)
Average sharing factor
Sharing revenue per operator per month (INR)
Bharti Infratel Standalone
Total Towers (nos)
Total Co-locations (nos)
Average sharing factor
Sharing revenue per operator per month (INR)
Indus Towers (100% basis)
Total Towers (nos)
Total Co-locations (nos)
Average sharing factor
Sharing revenue per operator per month (INR)
1QFY20
92,632
1,73,247
1.87
42,591
40,636
76,119
1.88
44,623
1,23,799
2,31,256
1.86
40,989
4QFY20
95,372
1,74,581
1.84
42,267
42,053
75,715
1.82
45,715
1,26,949
2,35,396
1.85
39,590
1QFY21
95,801
1,74,216
1.82
42,023
42,339
75,435
1.79
45,173
1,27,291
2,35,192
1.85
39,596
YoY%
3.4
0.6
-2.5
-1.3
4.2
-0.9
-4.8
1.2
2.8
1.7
-0.6
-3.4
QoQ%
0.5
-0.2
-0.8
-0.6
0.7
-0.4
-1.6
-1.2
0.3
-0.1
-0.2
0.0
1QFY21E
95,822
1,75,259
1.83
42,669
42,419
76,015
1.80
46,172
1,27,149
2,36,296
1.86
39,986
v/s est (%)
0.0
-0.6
-0.3
-1.5
-0.2
-0.8
-0.3
-2.2
0.1
-0.5
-0.3
-1.0
Source: MOFSL, Company
Exhibit 5: QoQ tenancy analysis
Opening co-locations
Gross Adds
Exits
Net Add/(Deletions)
Closing co-locations
1QFY20
1,72,724
1,479
956
523
1,73,247
4QFY20
1,74,150
2,498
2,067
431
1,74,581
1QFY21
1,74,581
863
1,228
-365
1,74,216
YoY%
1.1
-41.6
28.5
-169.8
0.6
QoQ%
0.8
68.9
116.2
-17.6
0.8
Source: MOFSL, Company
Exhibit 6: Rental revenue/EBITDA ex-exit charges
Rental revenue
Exit penalty charges
Rental revenue (ex-exit charges)
Rental EBITDA (ex-exit charges)
EBITDA margin (%)
Sharing revenue per operator per month (INR)
1QFY20
22,606
0
22,606
18,178
80.4%
40,989
4QFY20
22,513
1,073
21,440
15,102
70.4%
39,590
1QFY21
22,430
543
21,887
17,382
79.4%
39,596
YoY%
-0.8
NA
-3.2
-4.4
-100bps
-3.4
QoQ%
-0.4
-49.4
2.1
15.1
898bps
0.0
Source: MOFSL, Company
Exhibit 7: Summary of estimate change
Total towers (000's)
Old
97.2
Actual/New
97.1
Change (%)
0.0
Total co-locations (000's)
Old
177.3
Actual/New
175.9
Change (%)
-0.8
Sharing revenue per operator (INR 000's/month)
Old
43.1
Actual/New
42.5
Change (%)
-1.3
EPS (INR)
Old
15.6
Actual/New
16.7
Change (%)
7.0
FY21E
FY22E
99.0
98.9
0.0
180.0
178.1
-1.1
44.4
43.6
-1.7
16.8
17.7
5.5
Revenue (INR b)
Old
Actual/New
Change (%)
EBITDA (INR b)
Old
Actual/New
Change (%)
EBITDA margin (%)
Old
Actual/New
Change (%)
PAT (INR b)
Old
Actual/New
Change (%)
FY21E
127.4
143.6
12.7
59.5
74.6
25.5
46.7
52.0
530bps
28.8
30.8
7.0
FY22E
130.7
149.3
14.3
62.9
78.0
24.1
48.1
52.2
412bps
31.1
32.8
5.5
28 July 2020
6
 Motilal Oswal Financial Services
Bharti Infratel
Exhibit 8: BHIN-Indus post-merger proforma financials (INR b)
Revenue from operations
-Rental Revenue
-Energy Reimbursements
Operating Expenditure
Power and fuel
Rent
Employee benefits expenses
Repair and maintenance expenses
Other expenses
Charity and donation
Total Opex
EBITDA
EBITDA margin
Depreciation
EBIT
EBIT margin
Net Finance cost/(Finance Income)
Exceptional Item
PBT
Total tax expense
Effective tax rate (%)
PAT
EPS (INR)
*Assuming cash election by Vodafone Idea and Providence
FY18
254
156
98
FY19*
253
145
108
99
25
8
14
6
1
153
100
39%
38
62
24%
2
-1
63
20
32%
42
23
FY20*
256
154
102
97
0
8
13
10
1
130
126
49%
52
74
29%
-5
0
69
24
34%
46
17
FY21E*
247
155
92
FY22E*
255
160
95
89
25
8
16
6
1
145
108
43%
40
69
27%
2
-1
70
23
32%
47
26
89
92
0
0
8
9
13
13
8
8
1
1
119
123
127
132
52%
52%
52
0
76
132
31%
52%
1
0
0
0
77
132
26
45
34%
34%
51
87
19
33
Source: MOFSL, Company
28 July 2020
7
 Motilal Oswal Financial Services
Bharti Infratel
Story in charts
Exhibit 9: Consol. revenue declines 3.3%; consol. EBITDA margin expands 360bp (INR b, %)
Consol Revenue (INR b)
45.6
Consol EBITDA margin (%)
51.1 51.6 51.1
46.9
41.4 40.5 41.3 41.4
50.4
42.9 43.1 43.9
43.4 44.0 43.5 44.7 44.7 44.3 43.7 43.5
30.0 30.4 31.1 31.8 32.1 32.9 34.0 35.2 35.2 36.5 36.6 36.6 36.7 36.7 36.4 36.0 37.1 36.4 36.7 36.2 35.0
Source: MOFSL, Company
Exhibit 10: Rental revenue declines 0.6% QoQ (INR b, %)
Rental Revenue (INR b)
Rental EBITDA margin (%)
Exhibit 11: Energy revenue declines 8.1% QoQ (INR b, %)
Energy Revenue (INR b)
Energy EBITDA margin (%)
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 12: Tenancies flat QoQ
Towers (000's)
Average Sharing Factor
Co-locations (000's)
Exhibit 13: Sharing revenue/operator/month down 0.6%
QoQ
Sharing revenue per operator per month (INR)
QoQ growth (%)
1
0
0
0
0
-2 0 -1
3
4
7
1
7
-1
2
-2 -1
Source: MOFSL, Company
Source: MOFSL, Company
28 July 2020
8
 Motilal Oswal Financial Services
Bharti Infratel
Exhibit 14: 430 tower adds QoQ
Exhibit 15: Net 0.4k tenancy exits (‘000)
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 16: Tower portfolio breakup (000s)
Infratel Standalone
Indus (100%)
Total Towers
169 171 174
158 162 163 164
153
142 142 147 149
123 124 124 127 128 129
112 113 116 120
109 109
35
36
37
38
39
40
40
42
43
45
Exhibit 17: Co-location breakup (000s)
Infratel Standalone
329
Indus (100%)
352
378 367
Total Co-locations
303
274 285
259
306 311 313 317
289 278
254 270
229 235 237 239
233
201 214 222
58
60
64
69
76
82
89
89
76
76
76
78
33
33
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 18: Average sharing factor (x)
Consolidated
2.5
2.3
2.0
1.8
1.5
1.7
1.8
1.9
2.0
2.1
2.2
Infratel Standalone (x)
2.3 2.3
2.3
2.1
1.9 1.9 1.9
2.1
1.8
1.8 1.8
Indus (x)
Exhibit 19: Sharing revenue/operator (INR000s/month)
Consolidated (INR'000)
Infratel Standalone (INR'000)
Indus (INR'000)
47.1
45.4 45.7
39.2
37.0 36.9 37.0 37.1 36.9 37.0 37.0 37.9
40.2 40.0 40.9
34.0 34.8
30.6 31.5 31.5 31.7 32.1 32.7 32.9
56.0
48.0
40.0
32.0
24.0
2.0
2.2
2.0
2.1
1.8 1.8
1.9
Source: MOFSL, Company
Source: MOFSL, Company
28 July 2020
9
 Motilal Oswal Financial Services
Bharti Infratel
Exhibit 20: Consolidated revenue growth (%)
Rental
22 21
18
Energy and other reimbursements
Aggregate
Exhibit 21: EBITDA margin (%)
60
45
454
30
15
0
Consolidated
Indus
Infratel Standalone
15 15
11
9
9
5
10 11 10
8 8 9
8 9
8
6
6
6
5 7
3
1
0 1
9
0
-5
-7
-2
-7
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 22: Net capex intensity to increase over FY20
Net Capex (INR b)
28.5
16.1 15.7
12.4
15.5 15.8
6.7
13.4
Net Capes/Sales (%)
Exhibit 23: Return ratio trend
RoE (%)
RoCE (%)
23.5 22.9 24.4
16.2 15.6 16.0
13.2 13.7 13.2
21.0
16.6
15.3
10.8
5.0
7
10.2 9.5
6.3
4.0 5.3
15
14
4.4
5.7 6.6
8.6
8.6
11.4
12.7
11.1 11.2
24
15
16
13
18
19
9
19
16
Source: MOFSL, Company
Source: MOFSL, Company
28 July 2020
10
 Motilal Oswal Financial Services
Bharti Infratel
Exhibit 24: Bharti Infratel – A snapshot
Towers (000s)
Consolidated
YoY (%)
Net additions
-Infratel Standalone
-Indus
Co-locations (000s)
Consolidated
YoY (%)
Net additions
-Infratel Standalone
-Indus
Average sharing factor (x)
Consolidated
-Infratel Standalone
-Indus
Sharing revenue per operator (INR '000/month)
Consolidated
YoY (%)
-Infratel Standalone
-Indus
Revenue break-up (INR b)
Rental revenue
YoY (%)
-Bharti Infratel standalone
-Indus
Energy and other reimbursements
YoY (%)
-Bharti Infratel standalone
-Indus
Total revenue (INR b)
YoY (%)
-Bharti Infratel standalone
-Indus
EBITDA (INR b)
YoY (%)
EBITDA margin (%)
EBITDA per tower (INR m)
FY14
83
2
1.3
0.8
1.2
167
7
10.6
5.6
12.0
2.0
1.9
2.0
33.9
0.6
37.1
31.7
65.8
3.0
29.6
86
42.5
9.3
20.4
52.3
108
5.4
50
139
44
15.6
40.6
0.5
FY15
86
3
2.5
1.3
2.9
182
9
15.1
6.7
20.0
2.1
2.0
2.1
34.1
0.5
36.9
32.1
71.3
8.3
32.1
94
45.4
6.9
21.8
55.8
117
7.8
54
150
50
13.7
42.9
0.6
FY16
89
3
2.9
1.3
3.9
195
7
12.7
5.8
16.5
2.2
2.1
2.2
34.5
1.2
37.0
32.7
77.9
9.4
35.0
103
45.2
-0.5
20.8
59.0
123
5.7
56
162
54
8.1
43.9
0.6
FY17
91
2
1.8
0.6
2.8
211
8
15.6
7.6
18.9
2.3
2.2
2.3
34.7
0.5
37.0
32.9
84.3
8.2
38.0
110
49.9
10.4
22.9
64.8
134
8.9
61
175
59
9.0
43.9
0.7
FY18
91
1
0.8
0.4
0.9
206
-2
-5.0
-0.6
-10.5
2.3
2.3
2.3
35.6
2.8
37.9
34.0
89.5
6.2
40.4
116
55.2
10.6
25.8
71.8
145
7.9
66
187
64
8.2
44.0
0.7
FY19
92
0.9
0.8
0.9
-0.1
173
-16.0
-32.9
-12.3
-48.9
2.1
2.1
2.1
36.7
3.0
39.2
34.8
85.2
-4.8
38.8
106
60.6
9.8
29.4
78.7
146
0.6
68
185
60
-5.9
41.2
0.7
FY20E
95
3.4
3.1
1.7
3.4
175
1.1
1.9
-0.6
5.9
1.9
1.8
1.9
42.5
15.8
45.4
40.2
FY21E
97
1.9
1.8
1.4
0.9
176
0.7
1.3
0.6
1.6
1.8
1.8
1.9
42.5
0.0
45.7
40.0
FY22E
99
1.9
1.8
1.5
0.8
178
1.3
3.9
2.1
4.2
1.8
1.7
1.9
43.6
2.6
47.1
40.9
90.3
91.2
94.5
6.0
1.0
3.6
41.5
41.7
43.5
112
113
117
56.1
52.4
54.8
-7.3
-6.7
4.7
25.9
24.8
26.1
76.2
66.8
68.4
146
144
149
0.4
-2.0
4.0
67
67
0
188
180
185
74
75
78
22.5
1.5
4.5
50.2
52.0
52.2
0.8
0.8
0.8
Source: Company, MOFSL
28 July 2020
11
 Motilal Oswal Financial Services
Bharti Infratel
Financials and valuations
Consol. - Income Statement
Y/E March
Total Income from Operations
Change (%)
Power and fuel
Rent
Employee benefits expenses
Other Expenses
Total Expenditure
% of Sales
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
PBT bef. EO Exp.
EO Items
PBT after EO Exp.
Total Tax
Tax Rate (%)
Minority Interest
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
FY14
1,08,267
5.4
40,612
8,886
3,670
11,098
64,266
59.4
44,001
40.6
21,259
22,742
3,997
4,487
23,232
0
23,232
8,053
34.7
0
15,179
15,179
51.6
14.0
FY15
1,16,683
7.8
41,950
9,460
3,997
11,235
66,642
57.1
50,041
42.9
21,847
28,194
2,902
5,223
30,515
0
30,515
10,591
34.7
0
19,924
19,924
31.3
17.1
FY16
1,23,314
5.7
42,598
10,322
4,279
12,006
69,205
56.1
54,109
43.9
22,235
31,874
-1,847
2,048
35,769
0
35,769
13,293
37.2
0
22,476
22,476
12.8
18.2
FY17
1,34,237
8.9
46,533
11,628
4,679
12,428
75,268
56.1
58,969
43.9
22,626
36,343
-4,414
1,455
42,212
0
42,212
14,742
34.9
0
27,470
27,470
22.2
20.5
FY18
1,44,896
7.9
50,772
12,615
5,002
12,706
81,095
56.0
63,801
44.0
23,462
40,339
0
2,423
42,762
-500
42,262
17,325
41.0
0
24,937
25,232
-8.1
17.4
FY19
1,45,823
0.6
56,384
12,551
4,914
11,962
85,811
58.8
60,012
41.2
22,239
37,773
-1,571
2,034
41,378
-357
41,021
16,083
39.2
0
24,938
25,155
-0.3
17.3
FY20
1,46,472
0.4
54,360
0
5,001
13,611
72,972
49.8
73,500
50.2
29,571
43,929
5,007
1,912
40,834
0
40,834
7,847
19.2
0
32,987
32,987
31.1
22.5
FY21E
1,43,592
-2.0
51,443
0
5,423
12,107
68,974
48.0
74,618
52.0
29,599
45,019
5,700
1,912
41,231
0
41,231
10,398
25.2
0
30,833
30,833
-6.5
21.5
FY22E
1,49,333
4.0
53,322
0
5,597
12,440
71,359
47.8
77,974
52.2
30,085
47,889
5,985
1,912
43,816
0
43,816
11,029
25.2
0
32,788
32,788
6.3
22.0
(INR m)
Consolidated - Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Total Loans
Lease liabilities
Deferred Tax Liabilities
Capital Employed
Net Fixed Assets
Capital WIP
Right of use assets
Total Investments
Curr. Assets, Loans&Adv.
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability & Prov.
Account Payables
Other Current Liabilities
Provisions
Net Current Assets
Appl. of Funds
E: MOFSL Estimates
FY14
18,893
1,61,489
1,80,382
26,836
11,249
2,18,467
1,53,205
1,527
74,803
56,821
3,075
1,655
52,091
67,889
1,894
45,422
20,573
-11,068
2,18,467
FY15
18,938
1,51,262
1,70,200
17,131
12,247
1,99,578
1,48,121
2,260
58,822
62,344
3,532
9,120
49,692
71,969
1,342
43,694
26,933
-9,625
1,99,578
FY16
18,967
1,64,512
1,83,479
10,767
12,249
2,06,495
1,44,868
2,245
38,811
83,265
1,916
31,916
49,433
62,694
959
41,139
20,596
20,571
2,06,495
FY17
18,496
1,36,369
1,54,865
22,249
7,150
1,84,264
1,36,326
2,568
56,211
53,350
3,664
22,970
26,716
64,191
17,387
40,699
6,105
-10,841
1,84,264
FY18
18,496
1,51,048
1,69,544
22,402
6,223
1,98,169
1,30,740
4,066
67,850
37,207
9,185
759
27,263
41,694
18,580
16,448
6,666
-4,487
1,98,169
FY19
18,496
1,26,749
1,45,245
29,242
6,153
1,80,640
1,25,871
2,485
47,973
46,167
14,883
1,371
29,913
41,856
20,991
13,547
7,318
4,311
1,80,640
FY20
18,496
1,16,884
1,35,380
42,649
67,107
-389
2,44,747
1,21,655
1,546
51,298
54,383
56,483
20,683
2,039
33,761
40,618
18,430
14,097
8,091
15,865
2,44,747
FY21E
18,496
1,15,534
1,34,030
1,09,756
67,107
-389
3,10,504
1,06,773
1,546
51,298
54,383
1,35,043
20,472
81,173
33,398
38,539
18,019
12,433
8,086
96,504
3,10,504
FY22E
18,496
1,16,139
1,34,635
1,09,756
67,107
-389
3,11,109
90,873
1,546
51,298
54,383
1,52,677
20,897
97,886
33,895
39,668
18,583
12,988
8,097
1,13,009
3,11,109
(INR m)
28 July 2020
12
 Motilal Oswal Financial Services
Bharti Infratel
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
FCF per share
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Leverage Ratio (x)
Current Ratio
Interest Cover Ratio
Net Debt/Equity
FY14
8.0
19.3
95.5
4.4
63.5
FY15
10.5
22.1
89.9
11.0
121.0
18.2
8.7
2.1
2.7
6.2
5.7
11.5
11.4
11.1
13.6
0.8
0.6
0
11
4
0.9
9.7
-0.3
FY15
30,515
21,847
2,946
-8,420
-1,655
45,233
-5,338
39,895
-18,144
21,751
17,588
17
-539
490
-7,601
-3,010
-21,755
0
-31876
7,480
1,640
7,982
FY16
11.8
23.6
96.7
3.0
29.2
16.1
8.1
2.0
2.5
5.6
1.6
12.9
12.7
11.2
15.2
0.9
0.6
0
6
3
1.3
-17.3
-0.3
FY16
36,207
22,693
2,181
-11,547
630
50,164
-6,218
43,946
-19,433
24,513
25,887
7,504
13,958
338
-8,755
-2,180
-15,676
0
-26273
31,631
285
31,916
FY17
14.9
27.1
83.7
16.0
125.0
12.9
7.1
2.3
2.2
5.0
8.4
10.6
16.2
13.2
20.0
1.0
0.7
0
10
47
0.8
-8.2
-0.4
FY17
35,797
11,657
365
-7,961
-1,017
38,841
-10,179
28,662
-9,060
19,602
8,913
970
823
-19,969
0
0
-6,679
0
-26,648
2,837
20,133
22,970
FY18
13.6
26.3
91.7
14.0
120.5
14.0
7.3
2.1
2.1
4.8
7.3
9.1
15.6
13.7
20.9
1.1
0.7
0
23
47
0.9
NA
-0.3
FY18
42,262
23,462
0
-17,325
-28,565
19,834
16,430
36,264
-19,374
16,890
-11,639
5,680
-25,333
0
154
0
-30,038
0
-29,885
-18,954
19,713
759
FY19
13.6
25.6
78.5
15.0
129.1
14.1
7.5
2.4
2.3
5.6
7.8
1.3
16.0
13.2
18.1
1.2
0.8
0
37
53
1.1
-24.0
-0.1
FY19
41,021
22,239
-1,571
-16,083
-8,186
37,420
-19,158
18,262
-15,789
2,473
19,877
5,291
9,379
0
6,840
1,571
-32,183
0
-23,772
3,869
-2,498
1,371
FY20
17.8
33.8
73.2
10.1
65.7
10.7
5.7
2.6
2.3
4.6
5.3
8.6
23.5
21.0
22.5
1.2
0.6
0
52
46
1.4
8.8
-0.1
FY20
37,875
12,815
3,350
-5,465
-5,370
43,205
-20,054
23,151
-7,288
15,863
-3,686
1,770
-9,204
-39
23,853
-4,682
-30,986
0
-11,854
2,093
-54
2,039
FY21E
16.7
32.7
72.5
15.0
104.4
11.5
5.9
2.6
2.3
4.4
7.8
27.0
22.9
16.6
18.7
1.3
0.5
0
52
46
3.5
7.9
-0.2
FY21E
41,231
29,599
5,700
-10,398
-1,505
64,627
0
64,627
-14,717
49,910
0
918
-13,799
0
67,107
-5,700
-32,183
0
29,224
80,052
1,121
81,173
FY22E
17.7
34.0
72.8
15.0
98.2
10.8
5.6
2.6
2.1
4.0
7.8
29.7
24.4
15.3
21.7
1.6
0.5
0
51
45
3.8
8.0
-0.3
2.3
13.8
8.6
8.6
9.6
0.7
0.5
0
10
6
0.8
5.7
-0.3
FY14
23,232
21,259
3,864
-4,345
1,160
45,170
-5,646
39,524
-13,389
26,135
-35,977
25,904
-23,462
57
-4,254
-3,805
-7,003
0
-15005
1,057
598
3,009
Consolidated - Cash Flow
Y/E March
OP/(Loss) before Tax
Depreciation
Interest & Finance Charges
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
Others
CF from Operating incl EO
(Inc)/Dec in FA
Free Cash Flow
(Pur)/Sale of Investments
Others
CF from Investments
Issue of Shares
Inc/(Dec) in Debt
Interest Paid
Dividend Paid
Others
CF from Fin. Activity
Inc/Dec of Cash
Opening Balance
Closing Balance
(INR m)
FY22E
43,816
30,085
5,985
-11,029
208
69,066
0
69,066
-14,185
54,881
0
918
-13,267
0
0
-5,985
-32,183
0
-38,168
17,631
80,255
97,886
28 July 2020
13
 Motilal Oswal Financial Services
Bharti Infratel
NOTES
28 July 2020
14
 Motilal Oswal Financial Services
Bharti Infratel
Explanation of Investment Rating
Investment Rating
Expected return (over 12-month)
BUY
>=15%
SELL
< - 10%
NEUTRAL
< - 10 % to 15%
UNDER REVIEW
Rating may undergo a change
NOT RATED
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within
following 30 days take appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the
Regulations, is engaged in the business of providing Stock broking services, Investment Advisory Services, Depository participant services & distribution of various financial
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available on www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a
registered Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and
National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National
Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance
Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products.
Details of associate entities of Motilal Oswal Financial Services Limited are
available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and
buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other
compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have
any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the
specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report
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https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental
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Kong Securities and Futures Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst
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to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these
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located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under
applicable state laws in the United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers
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Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-
dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this
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The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S.
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appearances and trading securities held by a research analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets
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Specific Disclosures
1 MOFSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
28 July 2020
15
 Motilal Oswal Financial Services
Bharti Infratel
9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
********************************************************************************************************************************
The associates of MOFSL may have:
-
financial interest in the subject company
-
actual/beneficial ownership of 1% or more securities in the subject company
-
received compensation/other benefits from the subject company in the past 12 months
-
other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on
the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL
even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
-
acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
-
be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the
company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies)
-
received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not
consider demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from
clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the
research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
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This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and
may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent
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customers by virtue of their receiving this report.
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The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or
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The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
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securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of
the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and
should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make
modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their directors and the employees may from
time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to
perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a
separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of
information that is already available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or
may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on,
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expenses that may be suffered by the person
accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263;
Website www.motilaloswal.com.CIN no.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road,
Malad(West), Mumbai- 400 064. Tel No: 022 7188 1000.
Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst:
INH000000412. AMFI: ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate Agent: CA0579;PMS:INP000006712. Motilal Oswal Asset Management Company
Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth
Management Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is
a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt.
Ltd. which is a group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL.
Research & Advisory services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no
assurance or guarantee of the returns. Investment in securities market is subject to market risk, read all the related documents carefully before investing. Details of Compliance
Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National
Company Law Tribunal, Mumbai Bench.
28 July 2020
16