External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>In Q3FY24, Bharti Airtel Ltd. (Bharti) reported revenue of Rs 37,900 Cr, up 2.3% QoQ and up 5.85% YoY, which stood below our expectations.</li><li>This was mainly on account of the devaluation of Nigeria's Naira and other currencies during the period.</li><li>The company posted an operating profit of Rs 19,815 Cr leveraging higher 4G conversions and a better service mix. </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.

In Q3FY24, Bharti Airtel Ltd. (Bharti) reported revenue of Rs 37,900 Cr, up 2.3% QoQ and up 5.85% YoY, which stood below our expectations.This was mainly on account of the devaluation of Nigeria's Naira and other currencies during the period.The company posted an operating profit of Rs 19,815 Cr leveraging higher 4G conversions and a better service mix. 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 India Business; ARPU Gains Continues

<ul><li>In Q2FY24, Bharti Airtel Ltd. (Bharti) reported revenue of Rs 37,044 Cr, down 1.1% QoQ but up 7.3% YoY, which stood below our expectations. </li><li>This was mainly on account of the devaluation of Nigeria's Naira and other currencies during the period. </li><li>The company posted an operating profit of Rs 19,514 Cr with operating margins growing by 40bps, largely led by larger 4G conversions and a better service mix.</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.

In Q2FY24, Bharti Airtel Ltd. (Bharti) reported revenue of Rs 37,044 Cr, down 1.1% QoQ but up 7.3% YoY, which stood below our expectations. This was mainly on account of the devaluation of Nigeria's Naira and other currencies during the period. The company posted an operating profit of Rs 19,514 Cr with operating margins growing by 40bps, largely led by larger 4G conversions and a better service mix.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 - Broad-Based Growth; Gain in Market Share Continues

<ul><li>In Q4FY23, Bharti Airtel Ltd (Bharti) reported revenue of Rs 36,009 Cr, up 0.6% QoQ and 14.3% YoY, which stood below our expectations.</li><li>The company posted an operating profit of Rs 18,807 Cr with operating margins growing by 125bps, largely led by larger 4G conversions and a better service mix.</li><li>Its net profit for Q4FY23 stood at Rs 2,592 Cr, registering a healthy growth of 39.3% YoY.</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.

In Q4FY23, Bharti Airtel Ltd (Bharti) reported revenue of Rs 36,009 Cr, up 0.6% QoQ and 14.3% YoY, which stood below our expectations.The company posted an operating profit of Rs 18,807 Cr with operating margins growing by 125bps, largely led by larger 4G conversions and a better service mix.Its net profit for Q4FY23 stood at Rs 2,592 Cr, registering a healthy growth of 39.3% YoY.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. - Broad-Based Growth; Market Share Gain Continues

<ul><li>Bharti Airtel (Airtel) is India’s second largest telecom operator with ~32.8 crore wireless customers in India and ~13.2 crore subscribers across 14 African countries.</li><li>It enjoys industry leading ARPU in the wireless business.</li><li>It also has strong portfolio of digital services like DTH internet and other digital services with highest penetrations in domestic market.</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 (Airtel) is India’s second largest telecom operator with ~32.8 crore wireless customers in India and ~13.2 crore subscribers across 14 African countries.It enjoys industry leading ARPU in the wireless business.It also has strong portfolio of digital services like DTH internet and other digital services with highest penetrations in domestic market.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.

<ul><li>Digital portfolio gaining momentum along with market share gains</li><li>The company continued a strong share of 4G net ads in the market as the 4G customer base grew by 6.4 Mn QoQ and 21.2 Mn YoY. (This forms 65% of the overall customer base now).</li><li>ARPU continues to be the best in the industry and average data usage per data customer at 20.3GBs/month.</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.

Digital portfolio gaining momentum along with market share gainsThe company continued a strong share of 4G net ads in the market as the 4G customer base grew by 6.4 Mn QoQ and 21.2 Mn YoY. (This forms 65% of the overall customer base now).ARPU continues to be the best in the industry and average data usage per data customer at 20.3GBs/month.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.

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 - Strong India Business; ARPU Gains Continues

In Q3FY24, Bharti Airtel Ltd. (Bharti) reported revenue of Rs 37,900 Cr, up 2.3% QoQ and up 5.85% YoY, which stood below our expectations.

Axis Direct

Pick of the Week - Bharti Airtel Ltd

Bharti Airtel (Airtel) is India’s second largest telecom operator with ~32.8 crore wireless customers in India and ~13.2 crore subscribers across...

Axis Direct

Bharti Airtel Ltd. - Broad-Based Growth

The company continued a strong share of 4G net ads in the market as the 4G customer base grew by 6.4 Mn QoQ and 21.2 Mn YoY. (This forms 65% of the...

Axis Direct

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