Macquarie has reiterated its “Underperform” rating on Indus Towers, with a target price of Rs 310. The firm noted that Indus Towers is no longer the market leader as the sector consolidates to 2-3 key players. Brookfield has completed the 100% acquisition of American Towers’ India business at an enterprise value of $2.2 billion and plans to combine its telecom infrastructure in India under a new brand called ‘Altius.’
Although Jio largely uses Summit for rural sites, it remains a tenant of Indus Towers in certain urban locations. Macquarie believes that FY24 may represent peak earnings for Indus Towers, especially if Vodafone-Idea continues to gradually lose market share.
