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Dolat Capital Report
Bharti Airtel Ltd. reported strong all-round beat in Q2 FY21 across both India Wireless and Africa.
A solid 14 million subscriber, 14.5 million 4G additions, 3.4% QoQ average revenue per user (computed 5.5%) in India wireless and 5 million subscriber additions in Africa with 8.8% QoQ ARPU growth were key highlights.
Other business segments too especially DTH reported healthy performance.
Bharti's strong business trajectory, reasonable valuations (approximately 8/6.4 times FY21/22E enterprise value/Ebitda) should re-impose investor confidence and lead to reversal of some of its recent underperformance.
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