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Prabhudas Lilladher Report
Q3 FY24 revenue and Ebitda of telecom companies in our coverage universe (Reliance Jio (unrated) plus Bharti Airtel Ltd.) is expected to increase by 3%QoQ and 4% QoQ to Rs 617.9 billion and Rs 324.7 billion respectively led by healthy subscriber addition of 13.2 million, besides building gradual increase in average revenue per user growth (1.1% QoQ).
Due to falling competitive intensity, given weak financial position of peers, we maintain our positive stance on the sector. We also factor in delayed tariff hikes and build in ARPU of Rs 225/236 for FY25/26.
Reiterate ‘Accumulate' on Bharti Airtel at SOTP based target price of Rs 1088 as we incorporate minor changes in our assumptions.
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