Bharti Airtel Q4 Review - Under-Appreciated Businesses Are Also Creating Value: ICICI Securities

Bharti Airtel Q4 Review - Under-Appreciated Businesses Are Also Creating Value: ICICI Securities

A pedestrian walks in front of a Bharti Airtel Ltd. money agent shop in Mombasa, Kenya. (Photographer: Luis Tato/Bloomberg)

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ICICI Securities Report

Bharti Airtel Ltd.’s Q4 FY21 print was in-line with a bit of disappointment on average revenue per user and higher network cost eating positive surprise in Ebitda.

The company has expanded its market share across businesses with many businesses under-appreciated.

Mobile revenue market share likely reached life-time high. The company is investing in network which should continue to aid market share even in FY22.

In Q4, it has achieved mobile revenue and Ebitda growth of 19% and 32% YoY without any tariff hike help, which is commendable.

Click on the attachment to read the full report:

ICICI Securities Bharti Airtel Q4FY21 Results Update.pdf
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