Financials Indus Towers Limited

Equities

INDUSTOWER

INE121J01017

Integrated Telecommunications Services

Market Closed - NSE India S.E. Other stock markets 07:40:30 2024-07-09 am EDT			5-day change	1st Jan Change
385 ^INR	-0.19%		-1.19%	+93.42%

Jul. 02	Vodafone UK Reportedly May Offer INR 20 Billion Equity Top Up to Vi	CI
Jun. 26	UK's Vodafone May Invest INR30 Billion in Indian Arm Vodafone Idea	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	579,459	295,851	660,244	598,306	385,337	1,037,153	-	-
Enterprise Value (EV) ¹	548,365	276,718	811,648	769,243	574,206	989,009	1,229,393	1,189,742
P/E ratio	23.2 x	8.97 x	13.3 x	9.39 x	18.9 x	13 x	15.9 x	14.1 x
Yield	4.79%	6.56%	8.21%	4.95%	-	0.94%	2.9%	4.43%
Capitalization / Revenue	3.97 x	2.02 x	2.57 x	2.16 x	1.36 x	2.74 x	3.35 x	3.1 x
EV / Revenue	3.76 x	1.89 x	3.16 x	2.78 x	2.02 x	3.46 x	3.97 x	3.55 x
EV / EBITDA	9.03 x	3.72 x	6.12 x	5.15 x	5.88 x	6.73 x	7.6 x	6.73 x
EV / FCF	40.2 x	6.41 x	11.3 x	13.2 x	13.4 x	52.5 x	24.3 x	17 x
FCF Yield	2.48%	15.6%	8.83%	7.59%	7.46%	1.91%	4.12%	5.87%
Price to Book	3.99 x	2.19 x	4.16 x	2.7 x	1.83 x	2.9 x	3.42 x	3.11 x
Nbr of stocks (in thousands)	1,848,944	1,849,070	2,694,872	2,694,467	2,694,668	2,693,904	-	-
Reference price ²	313.4	160.0	245.0	222.0	143.0	385.0	385.0	385.0
Announcement Date	4/24/19	4/23/20	4/22/21	5/5/22	4/26/23	4/30/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	145,823	146,472	256,729	277,172	283,818	286,006	309,984	335,013
EBITDA ¹	60,733	74,422	132,575	149,429	97,670	146,939	161,698	176,827
EBIT ¹	37,773	43,929	77,575	95,207	43,447	84,967	96,129	108,218
Operating Margin	25.9%	29.99%	30.22%	34.35%	15.31%	29.71%	31.01%	32.3%
Earnings before Tax (EBT) ¹	41,021	40,834	66,537	84,307	27,593	81,224	87,056	99,151
Net income ¹	24,938	32,987	49,751	63,731	20,400	60,362	65,484	74,511
Net margin	17.1%	22.52%	19.38%	22.99%	7.19%	21.11%	21.12%	22.24%
EPS ²	13.49	17.84	18.46	23.65	7.570	22.40	24.18	27.33
Free Cash Flow ¹	13,626	43,155	71,695	58,361	42,822	18,846	50,674	69,825
FCF margin	9.34%	29.46%	27.93%	21.06%	15.09%	6.59%	16.35%	20.84%
FCF Conversion (EBITDA)	22.44%	57.99%	54.08%	39.06%	43.84%	12.83%	31.34%	39.49%
FCF Conversion (Net income)	54.64%	130.82%	144.11%	91.57%	209.91%	31.22%	77.38%	93.71%
Dividend per Share ²	15.00	10.50	20.12	11.00	-	3.617	11.17	17.04
Announcement Date	4/24/19	4/23/20	4/22/21	5/5/22	4/26/23	4/30/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	68,765	69,274	71,163	68,973	79,666	68,548	67,529	70,759	71,325	71,990	71,932	74,493	76,000	78,000	80,000
EBITDA ¹	36,405	37,243	40,698	23,222	28,124	11,626	34,466	35,138	34,559	35,840	41,026	39,239	39,894	41,258	42,440
EBIT ¹	23,007	23,743	26,792	9,466	15,045	-1,951	21,127	21,145	19,030	19,883	25,071	21,985	-	-	-
Operating Margin	33.46%	34.27%	37.65%	13.72%	18.89%	-2.85%	31.29%	29.88%	26.68%	27.62%	34.85%	29.51%	-	-	-
Earnings before Tax (EBT) ¹	20,334	20,889	24,314	6,431	11,750	-9,521	18,933	18,103	17,467	20,765	24,889	25,617	22,000	23,000	23,000
Net income ¹	15,585	15,708	18,285	4,773	8,718	-7,082	13,991	13,479	12,947	15,405	18,531	16,603	17,000	17,000	17,000
Net margin	22.66%	22.68%	25.69%	6.92%	10.94%	-10.33%	20.72%	19.05%	18.15%	21.4%	25.76%	22.29%	22.37%	21.79%	21.25%
EPS ²	5.789	5.830	6.786	1.771	3.235	-2.628	5.190	5.000	4.800	5.720	6.880	6.281	6.140	6.534	6.849
Dividend per Share ²	-	-	11.00	-	-	-	-	-	-	-	0.0450	-	-	-	9.219
Announcement Date	10/25/21	1/27/22	5/5/22	8/2/22	10/27/22	1/24/23	4/26/23	7/27/23	10/25/23	1/23/24	4/30/24	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	151,404	170,937	188,869	204,679	192,240	152,589
Net Cash position ¹	31,094	19,133	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	1.142 x	1.144 x	1.934 x	1.393 x	1.189 x	0.8629 x
Free Cash Flow ¹	13,626	43,155	71,695	58,361	42,822	18,846	50,674	69,825
ROE (net income / shareholders' equity)	15.8%	24.3%	29.6%	57.5%	9.43%	25.1%	22.2%	23%
ROA (Net income/ Total Assets)	13.6%	17.7%	10.9%	13.7%	4.32%	11.8%	11%	11.2%
Assets ¹	184,044	186,446	456,264	464,556	472,704	512,202	595,023	662,664
Book Value Per Share ²	78.50	73.20	58.90	82.20	78.30	100.0	113.0	124.0
Cash Flow per Share ²	17.10	12.50	39.90	33.80	29.30	43.00	44.70	48.40
Capex ¹	17,961	18,708	35,868	32,851	41,210	96,975	77,373	59,171
Capex / Sales	12.32%	12.77%	13.97%	11.85%	14.52%	33.91%	24.96%	17.66%
Announcement Date	4/24/19	4/23/20	4/22/21	5/5/22	4/26/23	4/30/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Indus Towers Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

385 INR

Average target price

348.2 INR

Spread / Average Target

-9.56%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Telecommunications Network Infrastructure

	1st Jan change	Capi.
INDUS TOWERS LIMITED	+93.42%	12.45B
PT DAYAMITRA TELEKOMUNIKASI TBK.	-3.55%	3.55B
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STATE GRID INFORMATION & COMMUNICATION CO., LTD.	+7.92%	2.57B
PT SARANA MENARA NUSANTARA TBK.	-20.71%	2.3B
DIGITAL TELECOMMUNICATIONS INFRASTRUCTURE FUND	+1.29%	2.29B
CHORUS LIMITED	-1.91%	2.05B
3BB INTERNET INFRASTRUCTURE FUND	-13.60%	1.18B
GTL INFRASTRUCTURE LIMITED	+186.15%	601M
PT INTI BANGUN SEJAHTERA TBK	0.00%	465M

Telecommunications Network Infrastructure