We remain positive from medium term perspective. Our SOTP is Rs 487, 9x FY20E EV/e for India wireless. Bharti Airtels 4QFY18 revenue at Rs 196.3bn (-3.4% QoQ) was marginally below estimates led by Africa. EBITDA at Rs 69.3bn (-7.2 QoQ; 35.3% margin) was in-line. EBITDA includes negative impact of IUC rate cut on international incoming calls of Rs 0.9bn. Modest revenue decline in India wireless business (-3.7% QoQ) despite 6% ARPU decline to Rs 116 and healthy margin in Africa were the key highlights.