The de-rating and downgrade cycle for Bharti Infratel which started a month before is expected to continue over the next three quarters. December quarter numbers will give an idea of the pressure the company faces, given tenancy losses from RCom's wireless business exit and shutdown of operations by Aircel in six circles.
Revenue growth is expected to be flat on a sequential basis. This will continue in the March quarter as Aircel curtails operations. From the first half of FY19 as Vodafone and Idea Cellular merge operations, their overlapping tenancies would get accounted for loading instead of separate tenancies.
Himanshu Shah of
