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Anand Rathi’s research report on Bharti Airtel

Bharti Airtel Limited (BHARTIARTL) has reported consolidated revenue of ₹358 billion in Q3-FY23 as against ₹298 billion in Q3-FY22, a growth of 19.9%. Consolidated net revenues, after netting off access costs, license fees and cost of goods sold, stood at ₹302 billion, up 22.1% as compared to ₹247 billion in the corresponding quarter last year. India business revenues for the quarter stood at ₹249 billion, up 19.4% vis-à-vis ₹209 billion in the corresponding quarter last year. On profitability front, the company’s consolidated EBITDA margin stood at 51.5% at ₹184 billion in Q3-FY23 as against 49.2% at ₹147 billion in same quarter previous year, an improvement of ~230 basis points. India business EBITDA margin for the quarter was at 52.7% as compared to 49.8% in the corresponding quarter last year. The consolidated profit after tax (PAT) margin for the company stood 3.3% at ₹11.7 billion as against 2.5% at ₹7.5 billion in same quarter previous year. The company’s India business posted quarterly revenues of ₹249 billion, up 19.4% YoY on comparable basis. Mobile revenues grew by 20.8% YoY on account of improved realisation as well as strong 4G customer additions during the year. ARPU for the quarter stood at Rs 193 as compared to Rs 163 in Q3’22 on the back of our continued focus on quality customers and premiumization. The company added 21.2 Mn 4G data customers to our network over last year, an increase of 10.8% YoY. It also rolled out additional ~8.6k towers in the quarter to further strengthen its network coverage and provide ubiquitous connectivity.


We continue to believe that momentum in revenue backed by continued growth in customer additions and improved margins support the growth prospects for the company in long term. We maintain our Buy rating on the stock with a target price of ₹890 per share.

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Bharti Airtel - 09 -03 - 2023 - anand

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