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Prabhudas Lilladher Report
Bharti Airtel Ltd. - For Q1, we have factored subscriber growth of 3.0 million (Q4 FY23: 3.2 million) to 338.4 million coupled with average revenue per user increase of 1.4% QoQ to Rs 196.
Airtel Africa business is expected to see revenue growth of 4.0% QoQ, and we have factored in same growth rate for the enterprise too. Home services will see revenue growth of 4.2% QoQ and margin growth of 60 basis points QoQ. For direct-to-home we have factored flat QoQ growth. 
Accordingly, Bharti Airtel's Q1 FY24E consolidated revenue/Ebitda is expected to increase to Rs 363.3 billion (up 0.9% QoQ)/Rs 188.6 billion (+0.8% QoQ).
We expect 34% QoQ decrease in profit after tax to Rs 19.7 billion, due to higher depreciation and amortisation and tax of 25.2% versus 15.7% in Q4 FY23.
Airtel is also targeting ~Rs 500 billion market opportunity with its Enterprise offerings including communication platforms, cloud, cybersecurity and data centers as company expects 80% of corporates will put up 5G within next three years.
Reliance Jio - We expect Jio to report revenue/Ebitda of Rs 240.7 billion (+ 3% QoQ)/Rs 125 billion (+3% QoQ). We have also factored in ARPU of Rs 182 (+1.5% QoQ) and subscriber addition of 6.0 million in Q1 (6.4 million in Q4).
Due to falling competitive intensity, given weak financial position of peers, we maintain our positive stance on the sector. We also factor in delayed tariff hikes and build in ARPU of Rs 205/235.
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