Our SOTP is Rs 600 (9x Dec-19E EV/e for India wireless, plus Rs 63 for Tata/Uninor). Bharti Airtels 3QFY18 revenue at Rs 203bn (-6.7% QoQ, -12.9% YoY) was marginally below estimates led by IUC rate cut. EBITDA at Rs 74.7bn (-5.7/-11.9% QoQ/YoY; 36.8% margin) was in-line. EBITDA includes negative impact of IUC rate cut of Rs 3.4bn.