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Motilal Oswal Report
Bharti Airtel Ltd. posted a strong Q2 FY22, with consolidated Ebitda up 6% QoQ (above our estimate) on India Mobile/Africa Ebitda growth of 6%/5%, led by a 5% increase in India Mobile average revenue per user.
This has continued to drive free cash flow, post interest, despite higher capex.
The only dampener was the steady rise in net debt, which should fall with rising free cash flow and proceeds from the rights issue.
Bharti Airtel's management is making the right noise in terms of steady market share gains, premiumisation, cross selling through digital initiatives, and healthy inroads in non-mobile revenue streams like payments bank, home, and enterprise segments.
It expects 20% consolidated Ebitda compound annual growth rate over FY21- 23E, along with tariff/consolidation to drive free cash flow/deleveraging.
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