External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Bharti reported consol EBITDA of Rs245.9bn (up 12.6%QoQ; PLe: Rs230.6bn, BBGe: Rs237.4bn).</li><li>Adj PAT came in at Rs72.3bn (up 62.7%QoQ; PLe: Rs48.6bn, BBGe: Rs50.2bn).</li><li>There was an exceptional gain of Rs75.5bn primarily due to consolidation of Indus Towers and lower tax rate due to recognition of deferred tax asset on unrecognized losses.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti reported consol EBITDA of Rs245.9bn (up 12.6%QoQ; PLe: Rs230.6bn, BBGe: Rs237.4bn).Adj PAT came in at Rs72.3bn (up 62.7%QoQ; PLe: Rs48.6bn, BBGe: Rs50.2bn).There was an exceptional gain of Rs75.5bn primarily due to consolidation of Indus Towers and lower tax rate due to recognition of deferred tax asset on unrecognized losses.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti Airtel - Tariff Hike Drives Earnings

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Bharti Airtel (Bharti) delivered another strong quarter with an improvement in its key focus criteria, mainly: 1) AGR market share win with Bharti continuing to narrow the gap vs. RJio.</li><li>2) Higher incremental EBITDA margin, and profits growing faster.</li><li>3) Disciplined capital allocation with tight control on capex. The company has been calibrated on capex into spectrum, SA- 5G, FWA, and allied service</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti Airtel (Bharti) delivered another strong quarter with an improvement in its key focus criteria, mainly: 1) AGR market share win with Bharti continuing to narrow the gap vs. RJio.2) Higher incremental EBITDA margin, and profits growing faster.3) Disciplined capital allocation with tight control on capex. The company has been calibrated on capex into spectrum, SA- 5G, FWA, and allied serviceContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti Airtel - Value Creation from AGR Market Share Win + Capital Allocation + FCF + Deleveraging

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The company's digital portfolio is gaining momentum along with market share gains</li><li>The company maintained a substantial share of 4G/5G net ads in the market, with the 4G customer base expanding by 6.5 Mn QoQ and 25.2 Mn YoY.</li><li>This now constitutes 77.8% of the overall customer base.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The company's digital portfolio is gaining momentum along with market share gainsThe company maintained a substantial share of 4G/5G net ads in the market, with the 4G customer base expanding by 6.5 Mn QoQ and 25.2 Mn YoY.This now constitutes 77.8% of the overall customer base.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti Airtel Ltd - Strong Business Matrix; ARPU Gains Continue

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Bharti Airtel (BHARTI) reported a strong 2QFY25, driven by flow-through of tariff hikes in the India wireless business (ARPU: +11% QoQ, vs. 7% QoQ for RJio) and robust incremental margins (~71% vs. 60% for RJio).</li><li>FCF generation (before spectrum prepayments) improved to INR98b as operational cash flows rose and capex moderated further.</li><li>Our FY25-26 earnings estimates are broadly unchanged.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti Airtel (BHARTI) reported a strong 2QFY25, driven by flow-through of tariff hikes in the India wireless business (ARPU: +11% QoQ, vs. 7% QoQ for RJio) and robust incremental margins (~71% vs. 60% for RJio).FCF generation (before spectrum prepayments) improved to INR98b as operational cash flows rose and capex moderated further.Our FY25-26 earnings estimates are broadly unchanged.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti Airtel - Strong 2Q on Tariff Hike Flow-Through

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Consolidated revenue stood at Rs 41,473 crore, up 7.7% q-o-q/ 12% y-o-y , marginally beating our estimates of Rs 41,375 crore.</li><li>Consolidated EBITDA margin stood at 52.7%, rising 150 bps q-o-q, but missed our estimates of 54.3%.</li><li>Reported ARPU for India wireless business stood at Rs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consolidated revenue stood at Rs 41,473 crore, up 7.7% q-o-q/ 12% y-o-y , marginally beating our estimates of Rs 41,375 crore.Consolidated EBITDA margin stood at 52.7%, rising 150 bps q-o-q, but missed our estimates of 54.3%.Reported ARPU for India wireless business stood at Rs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti Airtel Ltd - Good Q2, Maintain Buy

India

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications services throughout India. The Company provides GSM Mobile Services, broadband, fixed line telephone services, long distance services (international & national) and enterprise services.

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Bharti Airtel (BHARTI IN)

Bharti Airtel - Tariff Hike Drives Earnings

Bharti reported consol EBITDA of Rs245.9bn (up 12.6%QoQ; PLe: Rs230.6bn, BBGe: Rs237.4bn).Adj PAT came in at Rs72.3bn (up 62.7%QoQ; PLe: Rs48.6bn,...

Prabhudas Lilladhar

Bharti Airtel Ltd - Strong Business Matrix; ARPU Gains Continue

The company's digital portfolio is gaining momentum along with market share gains. The company maintained a substantial share of 4G/5G net ads in...

Axis Direct

Bharti Airtel - Strong 2Q on Tariff Hike Flow-Through

Bharti Airtel (BHARTI) reported a strong 2QFY25, driven by flow-through of tariff hikes in the India wireless business (ARPU: +11% QoQ, vs. 7% QoQ...

Motilal Oswal

Bharti Airtel Ltd - Good Q2, Maintain Buy

Consolidated revenue stood at Rs 41,473 crore, up 7.7% q-o-q/ 12% y-o-y , marginally beating our estimates of Rs 41,375 crore. Consolidated EBITDA...

Sharekhan

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52-week Range

Market Cap (USDm)

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Bharti Airtel - Tariff Hike Drives Earnings

Bharti reported consol EBITDA of Rs245.9bn (up 12.6%QoQ; PLe: Rs230.6bn, BBGe: Rs237.4bn).Adj PAT came in at Rs72.3bn (up 62.7%QoQ; PLe: Rs48.6bn,...

Prabhudas Lilladhar

Bharti Airtel - Value Creation from AGR Market Share Win + Capital Allocation + FCF + Deleveraging

Bharti Airtel (Bharti) delivered another strong quarter with an improvement in its key focus criteria, mainly: 1) AGR market share win with Bharti...

ICICI Securities Limited

Bharti Airtel Ltd - Strong Business Matrix; ARPU Gains Continue

The company's digital portfolio is gaining momentum along with market share gains. The company maintained a substantial share of 4G/5G net ads in...

Axis Direct

Bharti Airtel - Strong 2Q on Tariff Hike Flow-Through

Bharti Airtel (BHARTI) reported a strong 2QFY25, driven by flow-through of tariff hikes in the India wireless business (ARPU: +11% QoQ, vs. 7% QoQ...

Motilal Oswal

Bharti Airtel Ltd - Good Q2, Maintain Buy

Consolidated revenue stood at Rs 41,473 crore, up 7.7% q-o-q/ 12% y-o-y , marginally beating our estimates of Rs 41,375 crore. Consolidated EBITDA...

Sharekhan