Tulip Telecom

Tulip Telecom (ICICI securities) In line with estimates

Highlights of the quarter

Date	Rating	Target Price	Recommendation Price	Broker house
1 Aug 2011	buy	189	157	ICICI securities Report

Tulip Telecom (Citi) 1Q In Line; +ve Newsflow Emerging from Data Centre Business

In-line results;Encouraging trends emerging from data centre;Order wins update;Earnings adjusted;Maintain Buy

Date	Rating	Target Price	Recommendation Price	Broker house
29 Jul 2011	buy	210	157	Citi Report

Tulip Telecom (Emkay) Growth momentum on track, Maintain BUY

Better than expected results;Fiber based data connectivity business continues to drive revenue;Net-debt further rise to Rs16.5bn;Nnew client additions;Valuations attractive - BUY with target of Rs218

Date	Rating	Target Price	Recommendation Price	Broker house
29 Jul 2011	buy	218	157	Emkay Report

tulip telecom (JPMorgan) Another good quarter with positive indications for FY12; reiterate Overweight

Business strength continues; Watching debt and leverage; Forecast changes; New Mar-12 PT of Rs230 (40% upside)

Date	Rating	Target Price	Recommendation Price	Broker house
16 May 2011	overweight	230 (From 244)	164	JPMorgan Report

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tulip telecom (ICICIsec) In line with estimates

Date	Rating	Target Price	Recommendation Price	Broker house
16 May 2011	buy	189	164	ICICI securities Report

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tulip telecom (Citi) 4Q Ahead on Strong Business Momentum

4Q EBITDA beats expectations; Fiber remains the growth engine; Data centre: global aspirations; Capex intensity has been high; Maintain Buy

Date	Rating	Target Price	Recommendation Price	Broker house
15 May 2011	buy	210	163	Citi Report

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tulip telecom (Emkay) Growth on track, Maintain BUY

Revenue and EBITDA growth on track; Fiber based data connectivity business continues to drive revenue; Net-debt rises to Rs1 3.5bn on account of data centre acquisition; Highlights on new client addition and order wins; Valuations attractive - BUY with target of Rs218

Date	Rating	Target Price	Recommendation Price	Broker house
13 May 2011	buy	218	163	Emkay Report

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tulip telecom (JPMorgan) Q4'FY11: Operational performance beat; watching debt

Q4 revenue of INR 6,380mn, +6% Q/Q, +20% Y/Y; Healthy margin expansion; Net profit was INR 827mn (+1% Q/Q), 2%/3% below JPMe/cons ; FY11 capex is INR 5.3bn;