Hold Bharti Infratel with a 12-month target at Rs 410: JM Financial

JM Financial Institutional Equities maintain hold rating on Bharti Infratel with a 12-month target price of Rs 410. The consolidated 4QFY16 EBITDA of Rs1440 crore was 4.3 per cent above forecast.

The March quarter core EBITDA of Rs1330 crore was up 10.3 per cent YoY, and came in 1 per cent ahead of estimates, driven by 30bps higher EBITDA margin and also higher revenues. The net profit was up 19 per cent YoY and came in 11 per cent higher, entirely driven by higher EBITDA.