Hold Indus Towers, target price Rs 158: ICICI Securities

ICICI Securities has hold call on Indus Towers with a target price of Rs 158. The current market price of Indus Towers is Rs 141.95.

Indus Towers, incorporated in the year 2006, is a Large Cap company (having a market cap of Rs 38699.29 Crore) operating in Telecommunications sector.

Indus Towers key Products/Revenue Segments include Income from Infrastructure Activity for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 6854.80 Crore, down -14.63 % from last quarter Total Income of Rs 8029.50 Crore and down -2.37 % from last year same quarter Total Income of Rs 7021.30 Crore. Company has reported net profit after tax of Rs -708.20 Crore in latest quarter.

The company’s top management includes Mr.N Kumar, Mr.Sonu Bhasin, Mr.Sharad Bhansali, Mr.Thomas Reisten, Mr.Ravinder Takkar, Mr.Randeep Singh Sekhon, Mr.Rajan Bharti Mittal, Mr.Gopal Vittal, Mr.Harjeet Singh Kohli, Mr.Sunil Sood, Mr.Bimal Dayal, Ms.Anita Kapur. Company has Deloitte Haskins & Sells LLP as its auditors. As on 31-12-2022, the company has a total of 269 Crore shares outstanding.

Investment Rationale
The brokerage expects Indus Towers’ performance to be aided by rise in tenancy net adds and higher 5G loading; its EBITDA is likely to benefit from the absence of any provision for doubtful debts related to VIL receivables.

Promoter/FII Holdings
Promoters held 69 per cent stake in the company as of 31-Dec-2022, while FIIs owned 26.6 per cent, DIIs 2.87 per cent.