Strong tenancy additions bolster Sept quarter show for Bharti Infratel

The company, which has received the go ahead on merger with Indus Towers, expects the trend to continue in the near term

Bharti Infratel reported a robust September quarter (Q2) performance, led by a beat on revenue growth. The company posted a 5.4 per cent increase in consolidated revenues on a sequential basis as against estimates of 3 per cent growth. Within this, while rental revenues were up 3.4 per cent due to a sharp rise in tenancies, lower exits and higher tenancy rates, energy revenues grew by 9 per cent. This was better than estimates by 3-5 per cent. 

The key takeaway was the uptick in tenancy additions. Consolidated net tenancies were up by over 2,000 as compared to a decline