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Motilal Oswal Report
Bharti Airtel Ltd.'s revenue grew 4% QoQ to Rs 189.6 billion in Q2 FY23 (in line) on the back of a healthy average revenue per user growth of 4%. The same was slightly better than Reliance Jio's 3% QoQ revenue growth.
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The company's consolidated Ebitda grew 6.4% QoQ, led by a healthy 6%/8% growth in the India mobile/Africa business, resulting in a stable free cash flow of Rs 43.7 billion.
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Payment of 5G spectrum dues led to a substantial increase in net debt to Rs 2 trillion, with the net debt-to-Ebitda ratio at three times.
Bharti Airtel should continue to clock a strong Ebitda compound annual growth rate of 19% over FY22- 24E, led by:
an improvement in the 4G mix,
market share gains, and
steady inroads into the non-wireless business.
In the near term, higher investments in 5G can dilute FCF going forward and may lead to elevated debt levels.
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