Our SOTP is Rs 618 (9x Sep-19E EV/e for India wireless, plus Rs 59 for Tata/Uninor). Bharti Airtels 2QFY18 revenue at Rs 218bn (-0.8% QoQ, -11.7% YoY) was in line with estimates. EBITDA at Rs 79.2bn (+2.1/-16.1% QoQ/YoY; 36.4% margin) was the key surprise, led by (1) Strong cost control in the India wireless business, and (2) Healthy revenue as well as margin performance in Africa. Stringent cost control helps cushion the impact of IUC rate-cuts from 3QFY18.