ICICI Direct also said Infratel's reported revenues (without the impact of IndAS 116) at Rs 3,629.7 crore were better than its estimate of Rs 3,558.3 crore
Shares of Bharti Infratel rallied nearly 6 percent intraday on July 25 as Morgan Stanley retained positive stance on the stock after strong Q1 show.
While having an overweight call on the stock with a target price at Rs 323 (implying a 22 percent potential upside from current levels), the global brokerage house said revenue in Q1FY20 was in-line with its estimates.
The investment firm further said tenancy movement was positive this quarter with fewer tenancy deletions.
ICICI Direct also said Infratel's reported revenues (without the impact of IndAS 116) at Rs 3,629.7 crore were better than its estimate of Rs 3,558.3 crore.
The outperformance was on account of core rental revenues that came in at Rs 2,182 crore, up 3.5 percent YoY against its expectation of Rs 2,065 crore.
The company reported a net increase of 523 co-locations on consolidated basis against brokerage's expectations of net loss of 1,750 tenancies. The addition of tenancy happened after six quarters which was anyway positive development.
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