Motilal Oswal: Airtel Africa Puts Up A Subdued Performance As Covid-19 Impacts Voice Usage

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.Airtel Africa’s revenue/Ebitda decreased 5%/6% QoQ to $851 million/$368 million while margins declined 50 basis point QoQ to 43.2%.On constant currency basis, revenue/Ebitda declined 1.6%/1.3% QoQ to $856 million /$377 million (below estimate 10%/11% – approximately 6% impact was due to shift in CC rates from March 2019 to March 2020).However, margins were up 10 basis point QoQ to 44%. The revenue decline was led by 4% QoQ average revenue per user decrease to 2.6 U.S. dollar (versus 2.7 U.S. dollar in Q4 FY20), which was partially offset by 0.8% growth is net subscriber base to 111.5 million.Reported profit after tax was down 26% QoQ to $57 million. In CC terms, it fell 44% QoQ to $80 million, mainly on account of lower revenue and higher taxes of $61 million in Q1 FY21 (versus $27 million in Q4 FY20).Airtel Africa’s capex reduced to $66 million in Q1 FY21 (versus $246 million in Q4 FY20) due to the lockdown.Subsequently, its operating free cash flow increased to $310 million (versus $136 million in Q4 FY20). .Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint. .Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Motilal Oswal: Airtel Africa Puts Up A Subdued Performance As Covid-19 Impacts Voice Usage

Motilal Oswal: Airtel Africa Puts Up A Subdued Performance As Covid-19 Impacts Voice Usage

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