BHARTI INFRATEL LTD.

NSE : INFRATELBSE : 534816ISIN CODE : INE121J01017Industry : Telecommunication - Service ProviderHouse : Bharti

BSE259.90-2.65 (-1.01 %)

PREV CLOSE ( ) 262.55

OPEN PRICE ( ) 265.00

BID PRICE (QTY) 0.00 (0)

OFFER PRICE (QTY) 0.00 (0)

VOLUME 37986

TODAY'S LOW / HIGH ( )257.30 266.60

52 WK LOW / HIGH ( )241.8 333.8

NSE259.50-3.65 (-1.39 %)

PREV CLOSE( ) 263.15

OPEN PRICE ( ) 264.00

BID PRICE (QTY) 0.00 (0)

OFFER PRICE (QTY) 259.50 (1414)

VOLUME 1446163

TODAY'S LOW / HIGH( ) 257.20 266.85

52 WK LOW / HIGH ( )242.25 335

AnalystEmailId	varnika.gupta@narnolia.com
AnalystName	Varnika Gupta
BSECode	534816
CP1Designation	MD & CEO
CP1Name	Mr. D S Rawat
CP2Designation	CFO
CP2Name	Mr. S. Balasubramani
CP3Designation	NA
CP3Name	NA
CallDate	24 Jan 2019
Description	The Indian telecom industry has undergone unprecedented consolidation last year driven by the high competitive intensity after the entry of new operator. The management believes that the industry will now focus to higher network rollout to cater better 4G user experience and company is already witnessing the early signs with new demands for new towers and co-locations from the operators. 5G Company has witnessed faster progress toward the 5G than anticipated and the Mobile World Congress in Barcelona next month; it is expected to give in depth view of the progress of 5G Globally. The 5G prospect will open opportunity for Infrastructure Company and will ensure growth. Co-location exit and exit charges The company believes with Idea Vodafone merger, consolidation phase largely behind. Total exit penalties is Rs 2000 Cr (Infratel+42% of Indus) out of which company will receive cash settlement of Rs 1100 Cr and for the rest of the amount would be settled by way of extension of the existing contracts. Out of the Rs.1100 Cr of cash settlement, Company has received Rs 55 Cr in Q3FY19 and balance amount will be received over 36 Months period with interest. The Interest rate is 7% p.a. The EMI to the tune of Rs 90 Cr will be accounted from the next quarter as revenue for next 12 quarter. Update on Merger with Indus Company is in process of getting approvals from creditors and shareholders for which meeting have been scheduled on 2nd February 2019. The company expects merger to be completed by Q1FY20. The EPS improvement on merger will be on account of reduction in tax outgo. For Overall Business The maintenance Capex decline was due to seasonality factor, but the management has maintained the guidance for the full year. The Margins in the ENERGY Segment were up due to seasonality that is lower consumption of diesel and higher energy availability, management has maintained guidance of 5-8% margins annually. The profitability in Indus is on account of decline in account of co-locations. The absolute rent went down due to negotiation in rent agreement by the company. The increase in the other financial asset was on account of increase in unbilled receivables which are yet to be converted
Subject	Q3FY19 EARNING CONFERENCE CALL

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