Bharti Airtel - Enterprise Business Under Appreciated: ICICI Securities
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ICICI Securities Report
In continuation to our deep diving into enterprise business, we are evaluating Bharti Airtel Ltd.’s enterprise business housed under Airtel Business.
Airtel Business is under-appreciated considering it is the most profitable business for Bharti with return on invested capital of 35-40% in the past three years and Ebitda compounding at an annual growth rate of 13% over FY17-21, which underpins our optimism for the business.
Airtel Business will benefit from the shift to new sales model for tapping small and medium enterprises opportunity which is adopting digital solutions like never before.
Considering SMEs buy bundled services unlike customised solutions by large enterprises, Airtel benefits from existing relationships and launch of new digital platforms.
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