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Motilal Oswal Report
The consolidation in the telecom sector has been favorable for Bharti Airtel Ltd. as the company, after many years of weak returns on capital, is now set to see a swing in its fortunes.
Consistent market share gains, organic average revenue per user improvements and controlled costs have boosted Bharti Airtel's Ebitda, offsetting the higher capex internally and continued deleveraging.
Over the next couple of years, we believe that Bharti Airtel will continue to benefit from the favorable market construct, which should result in improvements in free cash flow and return on capital employed.
The company is expected to execute awaited tariff hikes in the next couple of quarters, which could act as a catalyst for the stock, in our view.
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