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

ICICI Securities Limited

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

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External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<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><p><em>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.</em></p>

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