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Motilal Oswal Report
Bharti Airtel Ltd.’s Q1 FY21 performance was better than expectations despite the Covid-19 led lockdown.
India Mobile Ebitda grew 3% QoQ (10% above estimate.) while consolidated Ebitda growth 2.4% QoQ, which reflects healthy recovery in June 2020.
Positive free cash flow and de-leveraging resumed with Rs 23 billion net debt reduction.
We largely maintain our FY21/FY22E consolidated Ebitda estimates. We have built in 7%/14% average revenue per users (ARPU) increase for FY21/FY22E, translating into 20% Ebitda compound annual growth rate over FY20-22E.
Q2 FY21 is expected to see healthy 4-5% India mobile revenue growth QoQ based on exit ARPU/subscribers as at Q1 FY21 and 4G subscribers adds trajectory in June 2020.
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