Maintain faith, retain BUY. Our revised SOTP is Rs 340, 9x Sep-20E EV/E for India Wireless. Bharti Airtels 2QFY19 revenue at Rs 204.2bn (+1.7% QoQ) was in-line. EBITDA at Rs 62.4bn (-7.2% QoQ) was lower than estimate owing to steep increase in access and network costs. India wireless business disappointed with QoQ decline of 12mn subscribers, ARPU drop of 5% and rev/EBITDA of 2/22%. Africa business was healthy with QoQ rev/EBITDA growth of 7/9%.