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Bharti Airtel Q4 Review - Healthy Performance: Dolat Capital

Bharti Airtel Q4 Review - Healthy Performance: Dolat Capital

Signage for Bharti Airtel is displayed atop one of the company’s stores in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)
Signage for Bharti Airtel is displayed atop one of the company’s stores in Mumbai, India. (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.

Dolat Capital Report

Bharti Airtel Ltd.’s consolidated revenue/Ebitda were 1/3% below estimates led by higher network costs.

Operating performance was healthy with 13 million subscriber additions, 14 million 4G additions and 630,000 post-paid subscriber additions for third consecutive quarter.

Local area network-to-lan average revenue per user declined by modest ~0.5% QoQ (reported 12% due to interconnection usage charges abolition).

Bharti’s strong business trajectory, reasonable valuations (~7.8/6.5 times FY22/23E enterprise value/Ebitda) should keep investor confidence unabated.

While tariff increase is a welcome potential trigger and inevitable for a three-player market structure, Bharti is well-poised to gain market share and grow even in absence of the same.

Click on the attachment to read the full report:

Dolat Capital Bharti Airtel Q4FY21 Result Update.pdf

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