Bharti Airtel (BHARTI) delivered healthy EBITDA growth of 5% QoQ on a consol basis (5% above est.), led by EBITDA growth of 5.1%/5.3% in the India Mobile / Africa businesses despite subscribers/ARPU for the India business being impacted by the lockdowns. However, it had high capex toward network investments in India and paid dues towards a deferred spectrum liability for the spectrum acquired from the recent auction. As a result, it continues to post negative FCF and higher leverage. a) Subscriber recovery over JuneJuly'21, b) the management indicating...