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ICICI Securities Report
RailTel Corporation of India Ltd.’s Q1 FY23 Ebitda was up 12% YoY, but down 30% QoQ, to Rs 670 million. It was impacted by lower billing in telecom services, higher cost of equipment due to chip-set issues and lower-margin defence project execution.
RailTel believes telecom revenue should sequentially improve and project revenue should see a good jump with acceleration in execution, particularly on the video surveillance system project for railways.
RailTel has guided for 20% growth in both revenue and Ebitda for FY23. Project revenue is guided at Rs 8 billion-9 billion for FY23 with Ebit margin of 8-8.5% versus Rs 1 billion and 3.9% in Q1 FY23.
Telecom services margin should benefit from lower equipment prices on better chip-set availability. Rail display network and content on demand projects should partly add to Ebitda in H2 FY23 while towers and Edge-DC will start contributing from H2 FY24.
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