15 November 2019 Despite all the hustle in the telecom space, BHARTI surprised with 7% QoQ EBITDA growth to INR88.6b (10% beat without adjusting for Ind-AS 116 impact). Particularly, India mobile EBITDA trended higher (+3% QoQ) for the third consecutive quarter, led by stable domestic wireless revenue (+1% QoQ) despite seasonal weakness. SG&A; costs were down INR6b in the quarter. Moreover, net finance cost declined 9% QoQ to INR29.1b, led by the recent deleveraging efforts. The big dampener this quarter was INR307b exceptional charge toward AGR liability (license fee/SUC) and Africa pre-IPO investor indemnity, which led to a net loss of INR228.3b. loss was at INR11.2b versus our estimate of a net loss of INR14b. Moderating capex intensity down nearly 40% from FY19 to a meager INR88.4b in 1HFY20 (20% below our estimate) coupled with declining debt (excluding AGR liability) led to a reduction in interest cost.