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Motilal Oswal Report
Bharti Airtel Ltd.'s consolidated revenue/Ebitda grew 1% QoQ due to soft 1% growth in each of the India Mobile/Africa businesses. As expected (recent report), capex rose 23% QoQ to Rs 114 billion, leading to moderation in free cash flow and deleveraging.
In the near term, we believe earnings growth is expected to remain soft due to slow market share gain, limited tariff hikes and moderating 4G mix benefits.
Moreover, higher capex for the 5G rollout and rural coverage could lead to moderate FCF generation. As a result, we believe the stock could remain range-bound in the near term.
However, Bharti Airtel is well poised to benefit from sectoral tailwinds for the next two years (Ebitda compound annual growth rate of 12% over FY23-25E).
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