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Bharti Airtel Q1 Review - Good Performance In Difficult Situation: ICICI Securities

Bharti Airtel Q1 Review - Good Performance In Difficult Situation: ICICI Securities

A pedestrian looks up while walking past a Bharti Airtel Ltd. store in Mumbai. (Photographer Dhiraj Singh/Bloomberg)
A pedestrian looks up while walking past a Bharti Airtel Ltd. store in Mumbai. (Photographer Dhiraj Singh/Bloomberg)

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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.

Click on the attachment to read the full report:

ICICI Securities Bharti Airtel Q1FY22 Results Update.pdf

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