Altius Telecom Infrastructure Trust: A 19% Dividend Yield… or Just a Tall Tower of Debt?

1. At a Glance

India’s highest dividend InvIT with a juicy 19% yield, 40%+ OPM, and assets lifted straight from Reliance Jio. But dig deeper, and this tower could be shakier than a Jenga stack in an earthquake.

2. Introduction with Hook

Imagine if someone paid you 19% a year just to own their telecom towers. Welcome to Altius Telecom Infrastructure Trust, formerly known as Data Infrastructure Trust (DIT)—a Brookfield-backed REIT-but-not-a-REIT for towers.

• ₹45,000 Cr+ market cap
• ₹840 Cr profit on ₹19,500 Cr revenue (FY25)
• But ₹50,000 Cr in borrowings and cash flow that screams “please refinance me”

3. Business Model (WTF Do They Even Do?)

This isn’t your traditional telecom stock—it’s an InvIT (Infrastructure Investment Trust). Think of it as a landlord for Jio towers:

• Owns & leases towers (from RJIL) to RJIL
• Earns lease income + infra fees
• 100% of operating tower business transferred to SDIL (its subsidiary)
• Bought Crest, an indoor coverage company, for ₹900 Cr

It’s a predictable cash cow… with the debt diet of a distressed startup.

4. Financials Overview

Takeaways:

• Massive OPM, but equally massive interest outgo (₹3,630 Cr!)
• Profits compressed under depreciation and interest
• EPS low due