Bharti Airtel (Bharti) has delivered strong operating performance with in-line revenue performance. EBITDA grew by 7% q-o-q, ahead of our estimates., led by robust performance in both the Indian and African business. Reported net loss stood at Rs. 23,045 crore, dragged by adjusted gross revenue (AGR) provisioning of Rs. 28,450 crore. Excluding exceptional items, adjusted net loss stood at Rs. 1,123 crore. We believe continued investment in the tough times and availability of spectrum for its capacity expansion would help Bharti gain market share during the...