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Motilal Oswal Report
Bharti Airtel Ltd. delivered healthy Ebitda growth of 5% QoQ on a consolidated basis (5% above estimate), led by Ebitda growth of 5.1%/5.3% in the India mobile / Africa businesses – despite subscribers/ average revenue per user for the India business being impacted by the lockdowns.
However, Airtel had high capex toward network investments in India and paid dues towards a deferred spectrum liability for the spectrum acquired from the recent auction.
As a result, it continues to post negative free cash flow and higher leverage.
subscriber recovery over June–July 2021,
the management indicating growth opportunities in the enterprise and digital verticals, and
flat to declining capex in FY22 (versus a high spend in Q1 FY22), underscores a healthy earnings and FCF outlook.
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