5 February 2020 The recent price hike, along with healthy 4G subscriber adds, improved ARPU, which in turn led to an increase in EBITDA. Further, moderating network opex and capex resulted in healthy annualized FCF. revenue and EBITDA estimate for FY20/21. We build in 16%/24% ARPU increase in FY20/21 to capture the recent price hikes and the 4G subscribers-driven mix improvements. revenue was up 4% QoQ at INR219.5b (in-line), led by growth in both India/Africa business. EBITDA grew 5% QoQ to INR92.7b (in- line) led by lower network cost; margin improved 30bp QoQ to 42.2%. BHARTI reported a loss of INR10.4b at the PAT level. Excluding exceptional India wireless revenue grew 2% QoQ to INR109b, while EBITDA was flat QoQ at INR40.