{"id":29702,"date":"2024-05-21T06:21:55","date_gmt":"2024-05-21T00:51:55","guid":{"rendered":"https:\/\/fundsindia.com\/blog\/?p=29702"},"modified":"2024-05-21T09:04:26","modified_gmt":"2024-05-21T03:34:26","slug":"alpha-indus-towers-ltd-equity-research-desk","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-indus-towers-ltd-equity-research-desk\/29702","title":{"rendered":"Alpha | Indus Towers Ltd. &#8211; Equity Research Desk"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Indus-Tower-ltd.png\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Indus-Tower-ltd-1024x512.png\" alt=\"\" class=\"wp-image-29704\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Indus-Tower-ltd-1024x512.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Indus-Tower-ltd-300x150.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Indus-Tower-ltd-768x384.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Indus-Tower-ltd-1536x768.png 1536w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Indus-Tower-ltd.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Indus Towers Ltd. \u2013 Connecting Lives Across the Nation<\/span><\/strong><\/h2>\n\n\n\n<p>Formed by the merger of Indus Towers and Bharti Infratel Limited, Indus Towers Ltd. is one of the largest telecom tower companies globally. Incorporated in 2006 and headquartered in Gurugram, the company provides tower and related infrastructure sharing services. As of March 31, 2024, Indus Towers operates over 219,736 towers and 368,588 co-locations across all 22 telecom circles in India, serving major players like Bharti Airtel, Vodafone Idea, and Reliance Jio.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Market-Data-2.png\"><img loading=\"lazy\" width=\"750\" height=\"493\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Market-Data-2.png\" alt=\"\" class=\"wp-image-29706\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Market-Data-2.png 750w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Market-Data-2-300x197.png 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Product Portfolio<\/span><\/strong><\/h2>\n\n\n\n<ul><li>Tower Solutions: Offering a variety of designs\u2014from ground-based and rooftop towers to hybrid poles and monopoles\u2014for mounting operator antennae at optimal heights.<\/li><li>Power Solutions: Ensuring uninterrupted energy supply to telecom equipment, including sustainable energy options.<\/li><li>Space Solutions: Partnering with residential and commercial property owners to accommodate telecom and power equipment needs.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/SHP-2.png\"><img loading=\"lazy\" width=\"818\" height=\"301\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/SHP-2.png\" alt=\"\" class=\"wp-image-29707\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/SHP-2.png 818w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/SHP-2-300x110.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/SHP-2-768x283.png 768w\" sizes=\"(max-width: 818px) 100vw, 818px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Subsidiaries: <\/strong>As of FY23, Indus Towers has one subsidiary and no associates or joint ventures.<\/p>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Strategies<\/span><\/strong><\/h2>\n\n\n\n<ul><li>Marquee Client Base: Expansion of market share among leading Telecom Service Providers (TSPs) due to 5G deployment.<\/li><\/ul>\n\n\n\n<ul><li>Rural Expansion: Ongoing rural expansion efforts by major clients present opportunities for growth.<\/li><\/ul>\n\n\n\n<ul><li>Record Tower Additions: Achieved the highest yearly tower additions in FY24, surpassing 200,000 towers.<\/li><\/ul>\n\n\n\n<ul><li>VIL Dues and Rollout: Maintained 100% collection against billing and made progress on past dues collection from Vodafone Idea Limited (VIL).<\/li><\/ul>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Highlights<\/span><\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Revenue-Breakup-FY23-_-Total-Revenue-FY23-Rs.-28382-crore.png\"><img loading=\"lazy\" width=\"633\" height=\"481\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Revenue-Breakup-FY23-_-Total-Revenue-FY23-Rs.-28382-crore.png\" alt=\"\" class=\"wp-image-29708\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Revenue-Breakup-FY23-_-Total-Revenue-FY23-Rs.-28382-crore.png 633w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Revenue-Breakup-FY23-_-Total-Revenue-FY23-Rs.-28382-crore-300x228.png 300w\" sizes=\"(max-width: 633px) 100vw, 633px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Q4FY24 Performance<\/span><\/strong><\/h2>\n\n\n\n<ul><li>Revenue: Rs. 7,193 crore (up 7% YoY)<\/li><li>Core Rental Revenue: Rs. 4,580 crore (up 7.7% YoY)<\/li><li>Operating Profit: Rs. 4,072 crore (up 19% YoY)<\/li><li>EBITDA Margin: 57% (up 6 percentage points YoY)<\/li><li>Net Profit: Rs. 1,853 crore (up 32% YoY)<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Ratios-4.png\"><img loading=\"lazy\" width=\"750\" height=\"353\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Ratios-4.png\" alt=\"\" class=\"wp-image-29709\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Ratios-4.png 750w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Ratios-4-300x141.png 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">FY19-24 Financial Performance<\/span><\/strong><\/h2>\n\n\n\n<ul><li>Revenue and PAT CAGR: 33% and 22% <\/li><li>ROE &amp; ROCE: 22% and 20%<\/li><li>Debt-to-Equity Ratio: 0.76<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Margins-1.png\"><img loading=\"lazy\" width=\"748\" height=\"213\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Margins-1.png\" alt=\"\" class=\"wp-image-29710\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Margins-1.png 748w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Margins-1-300x85.png 300w\" sizes=\"(max-width: 748px) 100vw, 748px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Industry Outlook<\/span><\/strong><\/h2>\n\n\n\n<ul><li>Market Size: India is the second-largest telecom market with 1,190.33 million subscribers as of December 2023.<\/li><li>Affordable Tariffs and MNP: Wider availability and roll-out of Mobile Number Portability boost the market.<\/li><li>Government Initiatives: Support for digitization and conducive regulatory environment.<\/li><li>Mobile Penetration: Expected addition of 500 million new internet users in five years.<\/li><li>Tele-density: Overall 85.69%, with rural at 59.19% and urban at 133.72%.<\/li><\/ul>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Drivers<\/span><\/strong><\/h2>\n\n\n\n<ul><li>100% FDI is now allowed in the telecom sector with the inflow at US$ 39.31 billion between April 2000-December 2023.&nbsp;<\/li><\/ul>\n\n\n\n<ul><li>In Union Budget 2023-24, the Department of Telecommunications was allocated Rs. 97,579.05 crore (US$ 11.92 billion).<\/li><\/ul>\n\n\n\n<ul><li>India is aiming to manufacture mobile phones worth $126 Bn by 2025-26.<\/li><\/ul>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Competitive Advantage<\/span><\/strong><br><\/h2>\n\n\n\n<p>Indus Towers is the most undervalued stock in the large-cap segment, consistently translating steady sales growth into expanding margins and earnings compared to competitors like Suyog Telematics Ltd and Sar Televenture Ltd.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Peers-2.png\"><img loading=\"lazy\" width=\"1024\" height=\"151\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Peers-2-1024x151.png\" alt=\"\" class=\"wp-image-29711\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Peers-2-1024x151.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Peers-2-300x44.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Peers-2-768x113.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Peers-2.png 1440w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Outlook<\/span><\/strong><\/h2>\n\n\n\n<ul><li>Market Share Gains: Aiming to increase market share.<\/li><\/ul>\n\n\n\n<ul><li>Cost Efficiency: Optimizing diesel consumption for cost savings.<\/li><\/ul>\n\n\n\n<ul><li>Network Uptime: Ensuring high network uptime.<\/li><\/ul>\n\n\n\n<ul><li>Sustainability: Focused on sustainable practices.<\/li><\/ul>\n\n\n\n<ul><li>5G Rollout: Extensive 5G deployment leading to increased revenue streams.<\/li><\/ul>\n\n\n\n<ul><li>Growth Opportunity: Positioned to capitalize on the intersection of heightened data usage and rapid 5G adoption.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/image-3.png\"><img loading=\"lazy\" width=\"1024\" height=\"712\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/image-3-1024x712.png\" alt=\"\" class=\"wp-image-29712\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/image-3-1024x712.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/image-3-300x208.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/image-3-768x534.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/image-3.png 1226w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Valuation<\/span><\/strong><\/h2>\n\n\n\n<p>The healthy demand outlook for telecom infrastructure, driven by strong data consumption, accelerated 5G rollouts, and gaps in 4G services, positions Indus Towers well for growth.&nbsp; We recommend a BUY rating in the stock with the <strong>target price (TP) of Rs. 406, 14x FY26E EPS.<\/strong><\/p>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Risks<\/span><\/strong><\/h2>\n\n\n\n<ul><li>Financial Stability of TSPs: Investments in 5G rollouts and spectrum acquisitions may strain TSPs&#8217; financials, affecting payments to Indus Towers.<\/li><li>Contract Renewal Terms: Unfavorable alterations to contract terms with clients, such as reduced pricing or escalations, pose risks.<\/li><\/ul>\n\n\n\n<p dir=\"ltr\" style=\"line-height: 1.8; margin-top: 0pt; margin-bottom: 0pt; text-align: center;\"><a href=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/Indus+Towers+Ltd+-+May+24.docx.pdf\" target=\"_blank\" rel=\"noopener\"><img alt=\"\" src=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/button_read-the-full-alpha-report.png\" style=\"width: 320px; height: 49px;\"><\/a><\/p>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Recap of our previous recommendations (As on 18 May 2024)<\/span><\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Recap-3.png\"><img loading=\"lazy\" width=\"1024\" height=\"225\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Recap-3-1024x225.png\" alt=\"\" class=\"wp-image-29713\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Recap-3-1024x225.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Recap-3-300x66.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Recap-3-768x169.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/05\/Recap-3.png 1164w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-gulf-oil-lubricants-india-ltd-equity-research-desk\/29633\">Gulf Oil Lubricants India Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-aurobindo-pharma-ltd-equity-research-desk\/29563\">Aurobindo Pharma Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-man-infraconstruction-ltd-equity-research-desk\/29536\">Man Infraconstruction Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-petronet-lng-ltd-equity-research-desk\/29484\">Petronet LNG Ltd<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indus Towers Ltd. \u2013 Connecting Lives Across the Nation Formed by the merger of Indus Towers and Bharti Infratel Limited, Indus Towers Ltd. is one of the largest telecom tower companies globally. Incorporated in 2006 and headquartered in Gurugram, the company provides tower and related infrastructure sharing services. As of March 31, 2024, Indus Towers [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":29704,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[743,59],"tags":[744,746,1033,745,897,1050,892,648,272,1051,870],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Indus Towers Ltd (May 2024) - ALPHA Report<\/title>\n<meta name=\"description\" content=\"INDUSTOWER, stock name of Indus Towers Ltd, pioneers telecom infrastructure for sustainable connectivity, driving transformative impact and innovation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-indus-towers-ltd-equity-research-desk\/29702\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indus Towers Ltd (May 2024) - 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