Bharti Airtel Q1 Review - Good Performance In Difficult Situation: ICICI Securities
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ICICI Securities Report
Bharti Airtel Ltd.’s Q1 FY22 Ebitda print reflected 3% beat at Rs 130 billion on higher Ebitda in India mobile and impressive performance in Africa.
Bharti mobile comparable revenue and Ebitda have grown at 22% and 35% YoY without tariff hike, which is huge, and indicates continued market share gains.
Next two quarters will also have strong earnings print from the recent tariff hikes and normalisation of recharge cycle in mobile.
Home and enterprise business performance continues to remain strong. Africa, under-appreciated, growth continues to surprise positively.
We like Bharti Airtel’s superior execution and rising probability of further market consolidation which should help create huge value, in our view.
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