The group witnessed highest ever 4G subscriber additions at ~21mn during the quarter primarily due to IUC tariff charge by JIO. Major revenue contribution for the consolidated topline are i) Mobile services India Rs. 11,165cr (+9.6% YoY), ii) Mobile services Africa Rs. 6,270cr (+11.7% YoY) and iii) Airtel business Rs. 3,318cr (+6.6% YoY). Consolidated EBITDA stood at Rs. 9,267cr (+49.4% YoY) with EBITDA margin at 42.2% (+11.5pps YoY) due to lower costs and improvement in ARPU. Adjusted PAT came in at Rs. 15cr in Q3FY20 vs Rs. 1,328cr loss in Q3FY19. Total capex for the quarter...

Bharti Airtel's Q3FY20 performance was strong on the operating front. The key highlight was the staggering 20.7 million (mn) 4G subscribers net adds during the quarter attributable to IUC tariff charge by Jio, which led to consolidation of second SIMs and subsequent switch to Airtel. Consolidated revenues were at | 21947 crore, up 3.9% QoQ, driven by 6% QoQ growth in Africa revenues at | 6269 crore while the reported India wireless revenues came in at | 11165 crore (up 1.7% QoQ), with ARPU of | 135, up 5.3% QoQ. The consolidated EBITDA margins came in higher at 42.1% up 30 bps QoQ....

The Company has successfully raised Rs. 215,017 million of additional long term financing through a combination of Rs. 144,000 million in the form of qualified institutional placement of equity shares and Rs. 71,017 million in the form of 1.50% Foreign Currency Convertible...

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.

Robust Q2FY20 impacted by huge one-off loss Bharti Airtel Limited is a leading global telecommunications company with operations in 18 countries across Asia and Africa. The company had over...

Bharti Airtel (Bharti) and Vodafone Idea Limited (VIL) have announced to increase tariffs of their prepaid services by 15-50%, effective from December 3, 2019. Bharti has raised tariff of its popular bundled plans by 20-40% along with a 40% price hike in low-end plans. Reliance Jio (RJio) has indicated that it will take tentative price hike of 40% and will provide 300% more benefits to its customers, though RJio has not disclosed the plan-wise details. Though we await for RJio's plan-wise details as its new plans could impact equation of subscribers and the pricing gap in the popular plans, its participation in this...

We continue to maintain BUY on Airtel with a revised TP of | 550/share, given its relative superior standing and comfortable balance sheet position. For VIL, we continue to believe this price hike is just part of relief and further respite in AGR payout (waiver or payment terms) as well as fund infusion will be key. We now assign a BUY rating on VIL (vs. UNDER REVIEW, earlier) with a TP of | 9/share. Our rating is in the belief that the government's intent and comment on industry implies more measures will be seen, thereby keeping VIL afloat. We also raise our target multiple for Bharti Infratel to 7x...

Net Loss (before exceptional items) for Q2'20 at Rs 1,123 crore Net Loss (after exceptional items) for Q2'20 at Rs 23,043 crore Total Capex spend for the quarter of Rs 3,790 Cr The consolidated revenues for Q2'20 at Rs 21,131 crore grew 6.9% Y-o-Y (reported increase of 4.9%) on an underlying basis. Consolidated mobile data traffic at 4,661 PBs in the quarter has...

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.

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...

On the India wireless revenue front, this was the third consecutive quarter of revenue growth. India wireless revenue came in at | 10981 crore (up 1.1% QoQ, with ARPU of | 128, down 0.8% QOQ largely due to consolidation of TTSL customers. In the non-wireless segment, a key positive surprise was digital TV revenue growth of 6.8% QoQ and Airtel business revenue growth of 3.8% QoQ. The company added 7.9 million (mn) 4G subscribers during the quarter. The 4G base is now at 103.1 mn as on Q2FY20. The company indicated it would continue to push ARPU upwards through prudent tariff...

24 September 2019 The impact from downtrading and the minimum recharge plans has largely played out in the subscriber and ARPU trends. Notably, even post the roll out of the minimum recharge program, the company has retained 50-60m of the total 100-120m low-ARPU (i.e. INR10-15) subscribers, which has driven a 3-4x rise in ARPUs. This apart, tariff upgrades (some minor tweaks in price plans/validity) and Airtel Thanks are contributing to incremental ARPUs. Even though the second quarter is seasonally weak, BHARTI is likely to benefit from TTSL merger revenue contribution and network cost efficiencies (incremental EBITDA margin at 70%). In contrast to fears, the company has witnessed only limited churn post RJios recent Jio fiber launch (35-40% of recent plan renewals were annual). In fact, the recently launched Xstream website and app (rebranded version of Airtel Thanks) offer wide content, which should further increase FTTH subscriber stickiness.

4G penetration & Debt reduction key monitorable Bharti Airtel Limited is a leading global telecommunications company with operations in 18 countries across Asia and Africa. The company had over...

Consolidated revenue from operations rose by 5 per cent to Rs 20,737.90 crore in Q1FY20 as against Rs 19,799.20 crore in Q1FY19. Higher loss was due to an exceptional cost of Rs 1,469 crore for network refarmingredeploying spectrumand other provisions during the first quarter. And adoption of the Ind AS 116 accounting standard also aided numbers. Other income de-grew by 37% to Rs 167.7 crore and interest cost jumped 50% to Rs 3181.50...

The key takeaway from Bharti Airtel's Q1FY20 performance was stable KPI prints across the business segments. Consolidated revenues (excluding IndAS 116 and DTH revenues re-alignment) at | 21147 crore, was up 2.6% QOQ with healthy 2.2% QoQ growth in India wireless revenues and 2.6% QOQ growth in Africa revenues at US$802 million (in constant currency). Consolidated EBITDA margins at 33.7% were largely driven by superior India margins at 31.4%, up 90 bps QoQ while Indian wireless EBITDA...

Bharti Airtel (Airtel) reported healthy performance across parameters, especially in the India business in Q1FY2020. Reported financials are not comparable on account of the switch to IndAS-116. For comparison, we have adjusted numbers only for IndAS-116. Revenue growth was in-line, at 0.5% q-o-q. India business revenue grew 0.7% q-o-q and 3.4% q-o-q adjusted for the DTH business. India wireless business revenue rose by 2.2% q-o-q, led by a 3.2% q-o-q rise in ARPU to Rs. 127 (reported Rs. 129). Africa revenue grew 2.6% q-o-q...

Bharti Airtel (BHARTI) has set a price band of USD1.0-1.3 (GBP0.8-1.0) for its Africa business IPO. This will lead to post issue equity dilution of 16-19%, leaving BHARTI's stake at 55-57%.

q-o-q to Rs. 6,632 crore, above our estimates, led by 31.6% q-o-q growth in India wireless EBITDA. Strong EBITDA growth in India wireless business was led by robust revenue growth and higher cost-efficiency measures. As a result, EBITDA margin in India wireless business expanded by 500 BPS q-o-q to 24.1%, above our estimates. Management of Airtel highlighted a one-off...

Bharti Airtel (Bharti) seemed to have ticked all the right boxes, notwithstanding continued challenges on pricing in the industry. We note that Q4FY19 marked a return of Indian wireless growth (on a like-to-like basis) after almost 12 quarters, clearly signifying wireless revenue has finally stabilised. The recent rights issue, Africa stake sale and proposed IPO are likely to provide the interim cash flow support as well as leverage breather, till the industry pricing improves from here. With comfortable leverage levels, relative to peers, post rights issue and Africa monetisation, Airtel...

Post conclusion of the rights issue, Bharti reported detailed 4QFY19 operating metrics. Marred by competition for the past several quarters, Bharti's India wireless EBITDA saw a strong turnaround in 4QFY19, up 32% QoQ (31% beat), primarily on the back of 4% QoQ revenue growth coupled with steady cost control. Consequently, margins expanded 500bp QoQ to 24.1% (est. of 19%)