2/5/2025, 4:43:02 pm

Neutral Indus Towers; target of Rs 395: Motilal Oswal

Indus Towers' 4QFY25 results were impacted by one-offs but showed operational stability with tenancy additions. Adjusted EBITDA grew 4% QoQ to INR41b. FY25 FCF surged to INR98.5b, driven by past dues and lower capex. INR27.5b was used for buybacks and INR18.3b for tower acquisitions, leaving INR53b for potential dividends. The Neutral rating stands with a target price of INR395.