Dolat Capital Market has given Accumulate recommendation for Indus Towers with a target price of Rs. 279 in its research report issued on Apr 23, 2021

Dolat Capital Market’s research report on Indus Towers

Indus Q4FY21 operating performance was marginally better led by higher tower/tenants additions. EBITDA was better than expected due to lower other expenses. Revenue/EBITDA/APAT grew by 2.9/19.6 /38.3% YoY. Negative energy spread for 4th quarter is a dampener.


In view of increasing risk on account of weakening of VIL and with the run-up in stock price (11/33% in 3/6m); we downgrade Indus to Reduce with TP of Rs 279 @ 15x FY23E EPS (earlier Rs 268 @ 15x Dec-22E EPS).