Further, with a moderation in capex intensity, Bharti Airtel is likely to generate significant free cash flow (~Rs 1 trillion over FY25/FY26), which should lead to significant deleveraging and improvement in shareholder returns.
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Motilal Oswal Report
Bharti Airtel Ltd. reported another strong quarter, with a further ~6%/9% QoQ increase in India Wireless revenue and Ebitda, driven by a residual flow-through of recent tariff hikes and ~90% incremental margin.
Bharti Airtel remains the biggest beneficiary of the tariff hikes, with an Rs 35 increase in wireless average revenue per user over the last two quarters (versus ~Rs 20 for RJio).
On our estimates, Bharti Airtel narrowed the wireless revenue market share gap with Reliance Jio by 300 basis points over the last two quarters. Further, Bharti Airtel's India Wireless reported Ebitda (post IND-AS) is now similar to RJio's reported Ebitda, which also includes the contribution from Home Broadband business.
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