Sell Bharti Infratel, target price Rs 145: Emkay Global

Emkay Global has given a sell rating to Bharti Infratel with a target price of Rs 145 over 12 months.
The 13% EBITDA miss was primarily on account of provision for doubtful debts of Rs 1.93 billion accounted in other expenses. Energy margin continued to be volatile and stood at 5.9 per cent, (+430 bps quarter on quarter), while it was in-line with estimates.

Although gross additions improved, higher exits impacted net tenancy additions, with standalone net tenancies declining by 607. Overall, net tenancies were up 1 per cent, supported by Indus. The brokerage has factored in 5,000 and 5,500 net tenancy additions for FY21E and FY22E.