Could not get a thread on Bharti Infratel, hence started it.
I. About Bharti Infratel (as mentioned in their website)
A leading provider of tower and related infrastructure. One of the largest tower infrastructure providers in India with more than 39000+ Towers, based on the number of towers that Bharti Infratel owns and operates and the number of towers owned or operated by Indus, that are represented by Bharti Infratelâs 42% equity interest in Indus.
They are also pioneers in the concept of environment friendly Towers or âGreenTowersâ and energy efficient methods for maintenance of these towers.
II. Services : Establishing, operating and maintaining mobile towers.
a) Tower Infra Solutions
b) Tower Operations Center : Managing Day to day operations of Towers.
c) Infratel Enterprise Suite : Online ERP platform, where the user can raise and manage their respective business requests on an end-to-end basis. The entire process of requesting a new cell site or a cabinet expansion can now be administered through this smooth, transparent and efficient mechanism.
III. Key Differentiators
- Undisputed benefits of scale and experience â leading to cost and operational efficiencies
- Proven O&M, and uptime capabilities for large scale operations
- State-of-the-art fully automated Tower Operations Center â to monitor alarms and SLA delivery - leading to superior customer satisfaction
- Business Performance centric processes, technologies and IT systems â including Customer Portal and CIT
- Commitment to Green energy and energy efficient technologies â we have the largest Tower Infrastructure installation of solar powered Towers in the world
IV. Financials :
-ve Stagnating sales growth. As highlighted in the screenshot.
+ve Increasing OPM.
Taken from (Screener): https://www.screener.in/company/INFRATEL/consolidated/
V. FY 19-20 annual report can be seen : https://www.bseindia.com/bseplus/AnnualReport/534816/5348160320.pdf
Went through the complete annual report, some interesting insights which I would like to highlight.
- Profile of Board members looks extensive & quite top notch. (Page 24)
- Through out they have shown images of employees working, what is more interesting is the CSR details. Where they have shown images of ppl benefiting (Page 60 onwards) & testimonials from ppl (page 65 & 68).
- Though the sales has taken a dip of around 1.2%, their travelling expense has taken a much more dip. Which is in fact good. From Rs 160 million (FY 18-19) to Rs 140 million (FY 19-20). (Page 207)
Being in to corporate travel, I always take it as +ve. (Any growing company should have a growing travel spend & vice versa).
Few red flags :
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I fail to understand why their Debt has increased, as visible on Screener as well. Highlighted in Blue.
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Dependence is on Airtel & Vodafone, both of them are not in good financial shape. AGR dues would literally kill them.
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Deferment in merger with Indus Tower.
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Dues from Vodafone Idea
Would like to have thoughts coming from fellow members.
Disc : Not Invested.