Bharti Airtel Q4 Review - Healthy Performance: Dolat Capital
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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.
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