Is Indus Towers a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Indus Towers Ltd is a good quality company .

Is Indus Towers undervalued or overvalued?

The key valuation ratios of Indus Towers Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone .

What is Indus Towers share price return in the past 10 years?

Indus Towers Ltd share price has appreciated 1.6% annually (CAGR) over the past ten years.

Is Indus Towers a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Indus Towers Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

Indus Towers Ltd - Stock Valuation and Financial Performance

Name: Indus Towers
Brand: Indus Towers

BSE: 534816 | NSE: INDUSTOWER | Telecommunication - Service Provider | Large Cap

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Indus Towers Share Price

₹342.95 2.30 0.68%
as on 01-Nov'24 18:59

10 Year X-Ray of Indus Towers:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Standalone Basis ^P Consolidated Basis ^P

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
ROCE % ⓘ	18.3%	10.3%	19%	19.1%	22.3%	17.2%	25.5%	38.8%	16.6%	34.9%	-
Value Creation Index ⓘ	0.6	-0.1	0.7	0.7	1.0	0.5	1.3	2.5	0.5	2.1	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	5,389	5,558	6,085	6,618	6,822	6,738	13,951	27,708	28,382	28,601	29,241
Sales YoY Gr.	-	3.1%	9.5%	8.8%	3.1%	-1.2%	107%	98.6%	2.4%	0.8%	-
Adj EPS ⓘ	13.6	5.9	12.4	13.5	13.7	8.2	11.8	22.9	8.2	21.7	28.6
YoY Gr.	-	-56.5%	110.7%	8.5%	1.8%	-40.1%	44%	93.5%	-64.3%	165.4%	-
BVPS (₹) ⓘ	94.6	99.7	87.8	95.8	84.7	75	59	82.3	78.4	100.4	107.7
Adj Net Profit ⓘ	2,567	1,120	2,299	2,493	2,538	1,521	3,192	6,175	2,202	5,842	7,542
Cash Flow from Ops. ⓘ	1,721	1,980	1,915	2,471	2,042	2,305	7,477	9,112	7,907	11,583	-
Debt/CF from Ops. ⓘ	0	0	0.2	0	0	1.1	1.1	0.6	0.6	0.4	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	20.4%	33.2%	27%	0.8%
Adj EPS ⓘ	5.4%	9.6%	22.3%	165.4%
BVPSⓘ	0.7%	3.5%	19.4%	28.1%
Share Price	1.6%	11.1%	6.3%	80.1%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
Return on Equity % ⓘ	14.4	6.1	13.1	14.7	15.2	10.3	21.4	32.4	10.2	24.2	27.5
Op. Profit Mgn % ⓘ	44.3	44.8	46.4	47.6	44.3	52.8	51.1	53.3	34.1	50.6	58.2
Net Profit Mgn % ⓘ	47.6	20.2	37.8	37.7	37.2	22.6	22.9	22.3	7.8	20.4	25.8
Debt to Equity ⓘ	0	0	0	0	0	0.2	0.5	0.3	0.2	0.2	0
Working Cap Days ⓘ	264	256	156	91	91	91	159	158	165	175	66
Cash Conv. Cycle ⓘ	9	10	-40	-82	-72	-57	-25	16	34	31	2

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 27.50%

Sales growth is growing at healthy rate in last 3 years 27.04%

Net Profit is growing at healthy rate in last 3 years 22.34%

Sales growth is not so good in last 4 quarters at 5.49%

Latest Financials - Indus Towers Ltd.

	Standalone	Consolidated
TTM EPS (₹)	28.6	28.6
TTM Sales (₹ Cr.)	29,241	29,241
BVPS (₹.) ⓘ	107.7	107.7
Reserves (₹ Cr.) ⓘ	25,784	25,761
P/BV ⓘ	3.17	3.18
PE ⓘ	11.95	11.95

From the Market
52 Week Low / High (₹)	176.45 / 460.70
All Time Low / High (₹)	121.25 / 505.00
Market Cap (₹ Cr.)	90,172
Equity (₹ Cr.)	2,638.2
Face Value (₹)	10
Industry PE ⓘ	70.6

Management X-Ray of Indus Towers:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

30.58

30.50

5.88

5.66

* Pledged shares as % of Promoter's holding (%)

Valuation of Indus Towers

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Price to Earnings

Enterprise Value to EBIT

Price to Book-Value

Price to Sales

Dividend History

Analyst's Notes

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Key Ratios of Indus Towers

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Sales	5,389	5,558	6,085	6,618	6,822	6,738	13,951	27,708	28,382	28,601
Operating Expenses ⓘ	3,002	3,139	3,260	3,621	3,803	3,181	6,818	12,938	18,713	14,124
Manufacturing Costs	2,383	2,382	2,523	2,688	2,888	2,617	5,878	11,612	11,941	12,549
Material Costs	0	0	0	0	0	0	0	0	0	0
Employee Cost	244	258	275	292	292	294	513	772	774	782
Other Costs ⓘ	374	499	462	641	623	271	428	553	5,997	793
Operating Profit ⓘ	2,387	2,420	2,825	2,998	3,019	3,557	7,132	14,771	9,669	14,476
Operating Profit Margin (%)	44.3%	43.5%	46.4%	45.3%	44.3%	52.8%	51.1%	53.3%	34.1%	50.6%
Other Income ⓘ	2,003	641	1,716	1,482	1,763	466	862	576	578	1,570
Interest ⓘ	-7	33	39	47	53	333	835	1,602	1,670	1,864
Depreciation ⓘ	1,122	1,155	1,166	1,180	1,064	1,277	2,843	5,320	5,322	6,056
Exceptional Items ⓘ	0	0	0	-26	0	0	0	0	-493	0
Profit Before Tax ⓘ	3,274	1,872	3,336	3,227	3,665	2,412	4,316	8,424	2,762	8,127
Tax ⓘ	549	545	631	813	886	666	978	2,057	719	2,086
Profit After Tax	2,725	1,327	2,705	2,414	2,779	1,747	3,338	6,367	2,043	6,041
PAT Margin (%)	50.6%	23.9%	44.5%	36.5%	40.7%	25.9%	23.9%	23.0%	7.2%	21.1%
Adjusted EPS (₹)	14.4	7.0	14.6	13.1	15.0	9.4	12.4	23.6	7.6	22.4
Dividend Payout Ratio (%)	76%	43%	109%	107%	100%	111%	162%	47%	0%	0%

Balance Sheet

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Equity and Liabilities
Shareholders Fund	17,905	18,917	16,232	17,718	15,658	13,875	15,893	22,166	21,123	27,059
Share Capital ⓘ	1,894	1,897	1,850	1,850	1,850	1,850	2,695	2,695	2,695	2,695
Reserves ⓘ	16,011	17,021	14,382	15,868	13,808	12,025	13,198	19,471	18,428	24,364
Minority Interest	0	0	0	0	0	0	0	0	0	0
Debt	0	0	279	0	6	2,418	6,970	3,293	3,174	2,380
Long Term Debt	0	0	0	0	0	0	1,505	2,374	2,434	1,504
Short Term Debt	0	0	279	0	6	2,418	5,465	919	740	875
Trade Payables	102	65	1,121	1,100	1,083	806	3,258	2,125	2,120	2,278
Others Liabilities ⓘ	5,660	4,280	3,831	1,333	1,323	2,841	18,826	20,405	18,957	23,109
Total Liabilities ⓘ	23,667	23,262	21,463	20,150	18,069	19,940	44,947	47,989	45,373	54,826
Fixed Assets
Gross Block	12,835	12,927	13,597	14,271	14,799	16,901	67,543	70,292	74,540	85,713
Accumulated Depreciation	6,365	6,864	7,806	8,682	9,474	10,221	35,773	38,478	42,167	46,420
Net Fixed Assetsⓘ	6,470	6,063	5,791	5,589	5,325	6,679	31,770	31,814	32,373	39,294
CWIP ⓘ	68	70	59	100	104	53	271	177	354	422
Investmentsⓘ	11,924	10,486	11,666	12,830	10,842	11,492	2,286	1,667	291	23
Inventories	0	0	0	0	0	0	0	0	0	0
Trade Receivables	339	196	300	275	545	367	3,829	7,058	4,869	6,451
Cash Equivalents	888	3,155	2,249	31	2	147	13	980	22	58
Others Assetsⓘ	3,977	3,292	1,397	1,326	1,251	1,201	6,778	6,292	7,465	8,579
Total Assets ⓘ	23,667	23,262	21,463	20,150	18,069	19,940	44,947	47,989	45,373	54,826

Cash Flow

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Cash Flow From Operating Activity ⓘ	1,721	1,980	1,915	2,471	2,042	2,305	7,477	9,112	7,907	11,583
PBT ⓘ	3,274	1,872	3,336	3,227	3,665	2,412	4,316	8,424	2,762	8,127
Adjustment ⓘ	-931	623	-523	-64	-556	986	2,600	5,986	11,767	6,370
Changes in Working Capital ⓘ	-102	177	-102	116	-256	-548	1641	-3385	-4403	-1044
Tax Paid ⓘ	-502	-693	-796	-809	-811	-545	-1,080	-1,913	-2,219	-1,870
Cash Flow From Investing Activity ⓘ	1,076	1,476	718	-855	2,718	-1,009	1,804	-2,182	-1,739	-7,565
Capex	-940	-869	-905	-939	-822	-728	-1,950	-2,873	-3,168	-8,447
Net Investments	381	2,150	497	-1,304	2,289	-369	3,294	639	1,382	279
Others ⓘ	1,635	194	1,126	1,388	1,252	88	461	52	47	603
Cash Flow From Financing Activityⓘ	-2,838	-1,453	-2,671	-3,556	-4,796	-1,179	-9,381	-5,964	-7,126	-3,983
Net Proceeds from Shares ⓘ	49	0	0	0	0	0	0	0	0	0
Net Proceeds from Borrowing ⓘ	0	0	0	0	0	0	0	0	0	0
Interest Paid ⓘ	-1	0	0	-2	-2	-130	-145	-442	-367	-407
Dividend Paid ⓘ	-1,682	-1,233	-555	-2,959	-3,977	-2,571	-5,986	0	-2,964	0
Others ⓘ	-1,203	-220	-2,116	-595	-818	1,522	-3,250	-5,522	-3,795	-3,576
Net Cash Flow ⓘ	-41	2,003	-38	-1,940	-36	117	-99	967	-958	36

Finance Ratio

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Ratios
ROE (%)	15.34	7.21	15.39	14.22	16.65	11.83	22.43	33.46	9.44	25.08
ROCE (%)	18.3	10.33	19.04	19.12	22.27	17.18	25.53	38.77	16.57	34.91
Asset Turnover Ratio	0.23	0.24	0.27	0.32	0.36	0.35	0.43	0.6	0.61	0.57
PAT to CFO Conversion(x)	0.63	1.49	0.71	1.02	0.73	1.32	2.24	1.43	3.87	1.92
Working Capital Days
Receivable Days	21	18	15	16	22	25	55	72	77	72
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0

Indus Towers Ltd Stock News

Indus Towers Ltd FAQs

What is the share price of Indus Towers?

Company share prices are keep on changing according to the market conditions. The closing price of Indus Towers on 01-Nov-2024 18:59 is ₹342.9.

What is the market cap of Indus Towers?

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 01-Nov-2024 18:59 the market cap of Indus Towers stood at ₹90,172.4.

What is the P/E ratio of Indus Towers?

The latest P/E ratio of Indus Towers as of 01-Nov-2024 18:59 is 11.95.

What is the P/B ratio of Indus Towers?

The latest P/B ratio of Indus Towers as of 01-Nov-2024 18:59 is 3.17.

What is the 52-week high and low of Indus Towers?

The 52-week high of Indus Towers is ₹460.7 and the 52-week low is ₹176.4.

What is the TTM revenue of Indus Towers?

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indus Towers is ₹29,241 ( Cr.) .

About Indus Towers Ltd

Bharti Infratel Limited was incorporated on November 30, 2006 with the object of, inter-alia, setting up, operating and maintaining wireless communication towers. The Company is publicly traded on National Stock Exchange of India (NSE) and BSE Limited. The company is a subsidiary of Bharti Airtel Limited.

Mid 90s & early-2000s: Infratel is a function within Airtel and is responsible for managing the tower infrastructure of Airtel's wireless business ('Tower Infrastructure' collectively refers to the Tower, the real-estate area in the tower site, the diesel generator sets, and the equipment shelter).
Early to mid-2000s: Airtel is at the forefront, of the Telecommunication revolution sweeping the country. More and more players enter the telecom business; reducing ARPUs increase pressure on operators to minimize capital investment and maximize reach in a short time.
July 2007: Bharti Infratel is created as an independent tower company to provide compelling capex saving opportunities to telecom service providers, while optimally utilising Airtel's large tower base.
November 2007: Indus Towers created as a Joint Venture between Bharti Infratel, Vodafone and Aditya Birla Telecom. Infratel has 42% stake in Indus.

Business area of the company

The company is a telecom tower infrastructure service provider that deploys, owns and manages telecom towers and communication structures, for various mobile operators.

Awards

2009:

In 2009, Bharti Infratel bagged the prestigious Essar Steel Infrastructure Excellence Award as 'Telecom Infrastructure Company of the Year' for its leadership in this field.

2010:

Again, in 2010, Bharti Infratel was honoured with the Essar Steel Infrastructure Excellence Award as the 'Innovative Infrastructure Company of the Year', for its world-class service delivery, and for successfully deploying green energy initiatives. For this category, Infratel competed with some of the biggest infrastructure players having presence across sectors like Power, Roads & Highways, and Water.

2011:

Bharti Infratel was awarded the 'Telecom Infrastructure Company of the Year' Award at the 2011 Infra Awards. The Dun & Bradstreet - Axis Bank Infra Awards recognise and felicitate India's leading Infrastructure Companies across four sectors of Construction, Ports, Power and Telecom. Infratel was recognised for its strong business leadership within its sector and world-class delivery.
The Confederation of Indian Industry (CII) conferred upon Bharti Infratel, the National Award for Excellence in Energy Management 2011 at the 12th Energy Efficiency Summit 2011. Infratel's GreenTowers P7 programme clinched the award as the 'Most Innovative Energy Saving Product / Service' adding on another prestigious accolade to this highly acclaimed landmark green energy initiative.
Bharti Infratel was honoured at the 2011 - CIO100 Awards platform, when it won the highly coveted GreenEdge Award out of the 100 nominations shortlisted for recognizing sustainable and eco-friendly efforts in developing breakthroughs in IT infrastructure and technology. Infratel's state-of-art Tower Operations Center was selected and lauded for its pioneering concept of remotely managing telecom tower infrastructure as well as presenting a unique example of 'Green IT Implementation'.
Infratel bagged the 'Green Mobile Award' at the 2011 GSMA Annual Global Mobile Awards - one of the most prestigious global awards in the mobile industry. It clinched this accolade for its ground-breaking P7 GreenTowers initiative, of adopting cleaner technologies for power generation across its wide telecom tower footprint. The GSMA award jury stamped the programme by calling it A great effort, one of the largest green power initiatives for mobile towers anywhere, helping prove the viability of green energy technologies on a large commercial scale.

2012:

Bharti Infratel was conferred the CIO 100 Efficient Enterprise Special Awards 2012 for using information technology in innovative ways to deliver business value, create competitive advantage, optimize business processes and enable overall growth.
The company won the PCQUEST Best IT Implementation Of The Year Award 2012 for implementing Infratel Enterprise Suite (IES) that was designed to automate and align business processes within six value streams in the organization.
The company was awarded the 2012 - CNBC Essar Steel, Infrastructure Excellence Award as the ‘Telecom Infrastructure Company of the Year’.
Infratel won the globally coveted 2012 iCMG IT Architecture Award for its landmark end-to-end enterprise tool - Infratel Enterprise Suite. This first of its kinds IT platform within the telecom infrastructure industry, was awarded the Best Enterprise & IT Architecture Award in Telecom category, and was recognised for its intricate stack of technology platforms, integration with multiple applications and the significant cross-functional benefits which it has delivered. The category saw participation across 25 countries and over 100 global organisations.

2013:

Dun & Bradstreet conferred upon Bharti Infratel, the Top Infrastructure Company Award under the Telecom Infrastructure Development category at the Dun & Bradstreet Infra Awards 2013, for the third year in a row. The Dun & Bradstreet Infra Awards recognise and felicitate India's Leading Infrastructure Companies that have delivered exemplary performance in their respective sectors.
Bharti Infratel and OMC Power's joint initiative in developing the RESCO (Renewable Energy Service Company) model and usage of Micropower plants for telecom tower infrastructure in rural communities was awarded the Consumer Service Innovation Award at Global Telecoms Business Innovation Awards 2013.
Bharti Infratel was conferred with ‘Amity Telecom Excellence Award’ for being the ‘Top Telecom Towers Company of the Year 2013’ by Amity Institute of Telecom Engineering and Management during the 10th Annual National Telecom Seminar ‘Telefocus’.

2014:

Bharti Infratel was conferred with ‘Amity Telecom Excellence Award’ for being the ‘Top Telecom Tower Company of the Year 2014’ by Amity Institute of Telecom Engineering and Management during the 11th Annual National Telecom Seminar ‘Telefocus’.
Bharti Infratel was awarded the Top Infrastructure Company Award under the Telecom Infrastructure Development category at the Dun & Bradstreet Infra Awards 2014. The Infra Awards recognise and felicitate India's Leading Infrastructure Companies who have delivered exemplary performance.
Bharti Infratel has been conferred with ‘Global Business Excellence Award-2014’ for Outstanding Business category. Bharti Infratel was recognized as one of India’s largest telecom tower infrastructure providers that deploys, owns and manages telecom and communication towers for wireless operators.

2015:

Bharti Infratel has been felicitated with the 'Top Telecom Tower Company of the Year 2015' award at Amity Telecom National Awards for Excellence. The award ceremony was a part of the 'Telecom Networks - Evolving from Hardware to Software' seminar which recognises the importance of innovation in the business of technology and communications. The seminar is also known to be a platform to discuss opportunities programs like Make in India and Digital India.
Bharti Infratel has won two awards under the Best Growing Infrastructure Company, and Telecom Infrastructure Development categories at the ‘Dun & Bradstreet Infra Awards 2015’.Bharti Infratel was recognised for its strong business leadership within its sector and its world-class service delivery. The Dun & Bradstreet Infra Awards recognize and felicitate India’s leading infrastructure companies who have delivered exemplary performances, under various verticals of infrastructure.
Bharti Infratel won 'Developer of the Year - Off Grid Projects' award at the 5th Global Solar EPC Summit 2015. The company was recognised for its pioneering efforts in expanding solar powered sites across India creating a positive impact on the environment by reducing carbon footprints.
Bharti Infratel has won the prestigious Firm of the Year Award 2015 in the Infrastructure Category at the ICICI Lombard & CNBC TV18 India Risk Management Awards. The awards felicitate companies with strong risk mitigation practices.

2016:

Bharti Infratel has won Top Telecom Tower Company of the Year 2016 award at Amity Telecom National Awards for Excellence Telefocus. Amity Telecom National Awards for Excellence was organised at 14th Annual National Telecom Seminar in Delhi NCR. The theme of the seminar was to discuss the role of 'Internet of Things' and its potential impact on society.
Bharti Infratel was announced as the winner under the category Telecom Infrastructure Development by Dun & Bradstreet Infra Awards 2016. Dun & Bradstreet Infra Awards recognize and felicitate India’s leading infrastructure companies who have delivered exemplary performances, under various verticals of infrastructure. The esteemed panel of jury members at Dun & Bradstreet rigorously scrutinised each award application and recognised the ones with noteworthy contributions in the infrastructure sector.
Bharti Infratel has been recognised as the Best Infrastructure Brand of 2016, at The Economic Times Best Infrastructure Brands conference. The Economic Times Best Infrastructure Brands conference honours organisations with the exemplary track record in the infrastructure sector and those who have significantly contributed to India's economic growth story.
Bharti Infratel has won top honours for its best people practices at the 'Aon Hewitt Best Employers' 2016 Awards. Bharti Infratel has been adjudged as one of the 'Best Employers' in India for its culture theme of 'winning with customers' for the second year in a row. The Aon Hewitt Best Employers study is the most comprehensive study of its kind in the Asia Pacific Region. The study's research methodology involved a rigorous process and covered 113 companies across 12 industries, cumulatively employing approximately 950,000 employees.

2017:

Bharti Infratel has been adjudged with D&B Infra Awards 2017 listings and publication for the year 2017.
Bharti Infratel was felicitated with Golden Peacock Award for Risk Management at The Singapore Global Convention.
Bharti Infratel has been recognised as one of the Best Employers 2017 by Aon Hewitt for the third time in a row. The Aon Best Employers India 2017 Study was done in partnership with Business Insider, People Matters in the HR editorial space and NDTV Prime.

2018:

Bharti Infratel received the Responsible Business award at SABERA Summit and Awards organized on December 6, 2018 at Teen Murti Bhavan, Nehru Museum, New Delhi. The awards recognize and felicitate India's leading companies who have delivered excellence in building a sustainable future under various categories of social and business responsibility.
Bharti Infratel was awarded under the category Telecom Infrastructure Development by Dun & Bradstreet Infra Awards 2018 for contributing in building an India of Tomorrow.
Bharti Infratel received the ‘ET NOW CSR Leadership Award 2018’ for its efforts towards building an inclusive world, by supporting inclusion of differently abled people into the mainstream through the Bharti Infratel Scholarship Program, a CSR initiative being implemented in the North-east region of the country. It is an appreciation of efforts towards driving the agenda of inclusion through equal participation and access to opportunities through education for people with disabilities.

2019:

Bharti Infratel was awarded under the category Telecom Equipment and Infra Services at Dun & Bradstreet Corporate Awards 2019 held in Mumbai on May 29, 2019.
Bharti Infratel has been awarded for the category Innovation in Telecom Infrastructure at the 9th edition of Aegis Graham Bell Awards hosted by the Government of Goa held on February 01, 2019 at Entertainment Society of Goa.
Bharti Infratel was adjudged with the coveted Golden Peacock Award for Corporate Social Responsibility by Institute of Directors at Hotel Taj Lands End, Mumbai (India) on January 17, 2019.