Bharti Airtel Q4 Review - Under-Appreciated Businesses Are Also Creating Value: ICICI Securities
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ICICI Securities Report
Bharti Airtel Ltd.’s Q4 FY21 print was in-line with a bit of disappointment on average revenue per user and higher network cost eating positive surprise in Ebitda.
The company has expanded its market share across businesses with many businesses under-appreciated.
Mobile revenue market share likely reached life-time high. The company is investing in network which should continue to aid market share even in FY22.
In Q4, it has achieved mobile revenue and Ebitda growth of 19% and 32% YoY without any tariff hike help, which is commendable.
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