Strong support from the Sponsor having significant and strategic international presence with deep
infrastructure and telecommunications expertise, and robust governance standards.
Strategically located asset portfolio across all telecom circles, with strong geographic diversification.
Stable and predictable cash flows driven by long-term service agreements and low counterparty risk with
downside protection.
Experienced Investment Manager with a strong corporate governance framework and experienced Project
Managers.
Growth potential driven by both organic and inorganic opportunities, backed by value-accretive and
opportunistic M&A.
Attractive industry fundamentals supported by accelerating 5G adoption, expanding smartphone penetration,
rising data consumption and supportive government policies.
Our revenues are significantly concentrated in Summit. Any adverse development affecting Summit's
commercial relationship with its tenants could affect the Trust's business, financial condition, cash flows
and distributions.
We carry a substantial quantum of external debt, and any increase in interest rates, any inability to
refinance debt at equivalent terms, or any breach of debt covenants could materially adversely affect our
financial condition, cash flows, and distributions to Unitholders.
Distributions to Unitholders are not guaranteed and may vary or cease, and past distributions are not
indicative of future distributions.
Summit has incurred losses in each of the last three Fiscals, and any inability to return to profitability
could adversely affect the Trust's net worth.
Failure to maintain agreed service levels under our customer agreements and portfolio operation and
maintenance frameworks could, in certain circumstances, result in financial penalties or affect our
customer relationships.
We have significant capital expenditure requirements, including for maintenance capital expenditure
across our portfolio and new tower additions. Any shortfall in our internally generated cash flows or any
restriction on our ability to raise external financing could require us to defer capital expenditure, which
could adversely affect our asset quality and long-term revenue-generating capacity.
Our debtors and receivables position is subject to collection risk. Any increase in debtor days, build-up of
disputed receivables, or deterioration in the payment discipline of our Telecom Service Providers ("TSPs")
tenants could adversely affect our cash flows, NDCF, and ability to service debt.
Further consolidation in the Indian telecom sector, including the potential exit or further weakening of
any TSPs could reduce the number of active TSPs seeking co-location infrastructure and could adversely
affect our tenancy ratio and co-location revenues.
We may be unable to identify or execute future acquisitions or ROFO transactions on acceptable terms or
on account of regulatory or other conditions. If we are not successful in realising the anticipated benefits of, or integrating, future acquisitions, our financial condition and results of operation may be adversely
impacted.
The Investment Manager is subject to regulatory reporting obligations and periodic inspections by SEBI,
and any non-compliance or adverse observation may result in regulatory action.
