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Dolat Capital Report
Bharti Airtel Ltd.'s consolidated revenue/Ebitda grew by 4.3/5.3% QoQ; marginally above estimates led by beat in Africa.
Operating performance was subdued in India wireless led by Covid-19 with flat subscriber base QoQ and 5 million 4G additions (average 14 million over Q2- Q4 FY21).
We believe this is transitionary.
Average revenue per user increased by modest ~0.6% QoQ. Performance was better than Covid-19 impacted Q1 FY20.
Reliance Jio reported 14 million net adds and flat ARPU QoQ.
We see Bharti Airtel as a structural growth story for the next four to five years.
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