Sequential improvements in ARPUs on continued growth in subscriber base, coupled with equally strong growth seen in broadband and DTH verticals bodes well for Bharti Airtel. We reiterate our BUY rating on the stock with a revised TP of Rs. 544 based on SOTP methodology....

We maintain our Buy rating on Bharti Airtel with an unchanged price target (PT) of Rs. 710, given favourable market structure and continued weakness in Vodafone Idea. Beat on revenue and margin fronts; ARPU improvement surprised positively, led by strong net 4G subscriber additions; growth was broad-based across portfolio, though star segment was India wireless business (EBITDA grew 12.8% q-o-q) Digital capabilities have been helping Bharti to acquire quality customers, increase wallet share,...

Bharti posted better-than-expected performance in 2QFY21 despite no tariff hikes. This was attributable to 7.4% QoQ growth (5% beat) in India Mobile revenues, with EBITDA growth of 13% QoQ (10% beat). ARPU/sub...

We maintain BUY with SOTP based valuation at Rs 676 from earlier Rs 650 because of better margins, stronger subscriber growth and higher data consumption.

The key highlight was net subscriber addition of ~13.9 million coupled with low monthly churn of 1.7% and ARPU growth of 3.4% QoQ at | 162. It also witnessed strong 4G net adds of ~14.4 mn. The company also added ~695000 post-paid subscribers driven by omni-channel capabilities & corporate customer acquisition. It witnessed ~| 3365 crore of consolidated FCF generation in Q2 (vs. ~| 2906 crore in Q1). Airtel continues to root for near term ARPU of | 200 and medium to long term ARPU of | 300, to make decent RoCE. It would drive ARPU growth ahead through natural upgrade to...

Bharti reported strong all-round beat in Q2FY21 across both India Wireless and Africa. A solid 14mn subscriber, 14.5mn 4G additions, 3.4% QoQ ARPU (computed 5.5%) in India Wireless and 5mn sub adds in Africa with 8.8% QoQ ARPU growth were key highlights. Other...

The Supreme Court of India (SC) allowed telecom players to pay Adjusted Gross Revenue (AGR)-related dues to the Department of Telecommunications (DoT) on a staggered basis over next 10 years subject to certain conditions. The apex court has directed telecom companies to make a 10% upfront payment of outstanding AGR dues by March 31, 2021, and the balance over a 10-year timeline starting February 7, 2022. As per the SC verdict, Bharti Airtel will have to pay ~Rs. 2,600 crore upfront in FY2021 and ~Rs. 3,500 crore annually from FY2022. As the SC has not mentioned anything...

The Supreme Court of India (SC) allowed telecom players to pay Adjusted Gross Revenue (AGR)-related dues to the Department of Telecommunications (DoT) on a staggered basis over next 10 years subject to certain conditions. The apex court has directed telecom companies to make a 10% upfront payment of outstanding AGR dues by March 31, 2021, and the balance over a 10-year timeline starting February 7, 2022. As per the SC verdict, Bharti Airtel will have to pay ~Rs. 2,600 crore upfront in FY2021 and ~Rs. 3,500 crore annually from FY2022. As the SC has not mentioned anything...

Bharti Airtel recorded topline of Rs. 23,939cr, a rise of 15.4% YoY, on account of higher growth in Mobile services in India and Africa, and Airtel business. India Mobile revenue rose 18.5% YoY to Rs. 12,877cr with rising 4G customers and tariffs. ARPU rose to Rs. 157 (vs. Rs. 129 in Q1FY20) on account of 2G to 4G upgrade and addition of postpaid customers. Africa Mobile services revenue grew 16.4% YoY supported by net addition in customers of 857k (+4.6% YoY) and rising ARPU of USD 2.6 (+1.6% YoY). However, it was partially offset by churn rate of 5.7% (vs. 5.0% in Q1FY20). Airtel business went up 9.2% YoY to Rs. 3,502cr. On the other hand, Tower Infrastructure services fell 4.9%...

Total revenues increased by 15.4% year-on-year (YoY) to Rs 23,939 crore during the quarter. EBITDA jumped 25.3% to Rs 10,639 crore in Q1 FY21 from Rs 8,493 crore in Q1 FY20. EBITDA margin stood at 44.4% as on 30 June 2020 as against 41% as on 30 June 2019. With respect to the mobile services-India business, the company said its average revenue per user (ARPU) rose 21.3% to Rs 157 in Q1 FY21 from Rs 129 in Q1 FY20. The company's total...

Q1FY20 was an interim break in the company's India wireless revenues growth as the bottom of pyramid customers resorted to Sim consolidation amid lockdown, leading to exit of 3.8 million (mn) revenue paying customers. Key highlight for the quarter was ARPU growth of ~1.8% at | 157, in a challenging quarter coupled with continued expansion in India wireless margins. Another highlight was India PBT turning positive coupled with ~US$ 400 mn of consol. FCF generation during Q1. The company, notwithstanding the recent tariff hike, roots for near term ARPU of | 200 and...

Bharti Airtel delivered in-line revenue and margin performance despite strict nationwide lockdown mandates, while net loss widened owing to incremental provision for the AGR dues. Further, the company positively surprised by reporting improvement in ARPU despite slower 4G subscriber additions, nil revenue from international segment, SIM consolidation at the bottom of the pyramid and increase in worker migration. Consolidated revenues increased by 0.9% q-o-q (up 15.4% y-o-y) to Rs. 23,939 crore, in-line with our estimates. India wireless/Africa businesses revenue declined 0.6% each on q-o-q basis, but they grew 18.5%/16.4%...

With strong growth in broadband connections and postpaid customers, we reiterate our BUY rating on the stock with a revised target price of Rs. 693 based on SOTP methodology. Postpaid customers support topline growth In Q4FY20, Bharti Airtel posted 15.1% YoY growth in revenue of Rs. 23,723cr, majorly driven by Mobile services in India and Africa, along with Airtel business. India Mobile revenue grew 21.8% YoY to Rs. 12,953cr with rising 4G customers and tariffs. ARPU rose to Rs. 154 (vs. Rs. 123 in Q4FY19), owing to additions of postpaid customers and...

Bharti Airtel Ltd, is Asia's leading integrated telecom services provider with operations in India, Africa and Sri Lanka. Bharti Airtel has been at the forefront of the telecom revolution and has transformed the sector...

Bharti Airtel continues to report a gain in revenue market share with stable KPI across and also enjoys a comfortable leverage vis--vis peers. We note that while the AGR issue is sub-judice, fund raising has ensured it would be able to serve the same. With a resilient performance amid challenging times, Airtel is one the better placed telecom players. We maintain our BUY rating on the stock with a DCF based target price of | 700/share. The target price increase is expected to be largely led by superior medium term growth over...

Bharti Airtel limited misses estimates and reported loss in the quarter ended March even as revenue bounced back with a rise in tariffs and customer additions. Net sales jumped 15.1% to Rs 23,722.70 crore during the period under review. PBITDA degrew by 62% to Rs 3352 crore in Q4 FY20 over Q4 FY19. Operating margin stood at 13.33% as...

In today's time where effects of COVID-19 are being felt around the world, work from home and social distancing became buzzwords in today's business landscape. In this situation where most businesses floundering, telecom sector has been the backbone of economy and being able to maintain & sustain its present earnings power has limited impact on telecom sector as a whole due to the services being considered as essential during lockdown. Besides , telecom co's benefited from the surge in demand for voice and data services...

19 May 2020 The price hikes taken in Dec19 and healthy 4G subscriber adds improved ARPU, which in turn led to an increase in EBITDA. However, capex doubled QoQ to INR113b, which resulted in operating FCF turning negative. Further, the QIP amount was utilized to partly pay AGR liabilities. We largely maintain our FY21E consol. EBITDA estimates building ARPU increase of 8% on favorable 4G subscriber mix. We increase our FY22E EBITDA by 5% with higher ARPU increase of 14%, after building in some tariff increase. revenue/EBITDA on post Ind-AS 116 basis was up 8%/10% QoQ (in- line) to INR237.2b/INR102b due to strong ARPU growth in the India wireless business. EBITDA margin expanded 80bp to 43% (40bp below est.). Adjusting for reclassification in the DTH business, consol. Reported net loss stood at INR52.4b due to higher interest cost (up 11% QoQ) of INR33.