Bharti Airtel Q4 Review – Healthy Performance: Dolat Capital

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Bharti Airtel Ltd.’s consolidated revenue/Ebitda were 1/3% below estimates led by higher network costs.

Operating performance was healthy with 13 million subscriber additions, 14 million 4G additions and 630,000 post-paid subscriber additions for third consecutive quarter.

Local area network-to-lan average revenue per user declined by modest ~0.5% QoQ (reported 12% due to interconnection usage charges abolition).

Bharti’s strong business trajectory, reasonable valuations (~7.8/6.5 times FY22/23E enterprise value/Ebitda) should keep investor confidence unabated.

While tariff increase is a welcome potential trigger and inevitable for a three-player market structure, Bharti is well-poised to gain market share and grow even in absence of the same.

Click on the attachment to read the full report:

Dolat Capital Bharti Airtel Q4FY21 Result Update.pdf


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