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Dolat Capital Report
Bharti Airtel Ltd.'s consolidated revenue/Ebitda grew by a healthy 5.5/6.4% QoQ; above estimates.
India wireless revenue/Ebitda grew by a healthy 6.2% QoQ each ahead of Reliance Jio's 4.1/4.3%/ average revenue per user grew by 5.8% QoQ.
Bharti Airtel's consolidated/India wireless Ebitda has grew by 39/43% post the absorption of last tariff hike. This is commendable in our view.
Operating performance was healthy with 2.2 million subscriber additions despite tariff hikes and 8 million 4G additions (Jio -11 million).
We see Bharti Airtel as a structural growth story for the next four to five years. This growth in our view will be a two-phase process.
In the first phase it would be a combination of subscriber growth and ARPU uptick for next three to four years.
In parallel, we expect Bharti Airtel to capitalise on other revenue streams viz. fiber-to-the-home, enterprise, content, payment, education, etc.
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