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ICICI Securities Report
Bharti Airtel Ltd.'s Q2 FY21 result shows its superior execution in India mobile, and across other segments.
Airtel's India mobile print shows marked improvement in many areas such as growth in total subscribers without average revenue per user dilution which shows quality of customer addition; lower churn rate increasing life-time value of customers and continued delivery of 4G net add, which has now likely matched the market leader.
Our estimates for FY21 had downside risk on delay in tariff hike; however, robust Q2 FY21 performance has offset much of it.
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