Reiterate BUY with SoTP of Rs 404 (earlier Rs 396). We value India Wireless business at 10x and Africa at 7.5x Dec-20E EV/EBITDA. Bharti Airtels 3QFY19 revenue at Rs 205.2bn (+0.5% QoQ) and EBITDA at Rs 62.2bn (-0.4%) was in-line. Key positives were (1) flat India wireless revenue after declining for nine consequent quarters and (2) flat consol EBITDA. This is against 6.5% CQGR decline in trailing four quarters and (3) 11mn 4G sub additions.