Near term outlook: Competitive intensity though high, substantial pain is behind. Positive news flow of Infratel stake sale and Africa IPO are likely. Bharti Airtels 4QFY19 results were ahead of estimates. India revenue growth of 1.3% QoQ (wireless 4.3%) despite two days less and estimated EBITDA growth of ~9.8% were key positives. Bharti reported meaningful revenue/EBITDA growth in India business nearly after ten quarters (albeit Jio launch). Sustainability of this is key catalyst. Reiterate BUY with SoTP of Rs 374 (India Wireless @ 10x and Africa at 7.5x FY21E EBITDA).