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Motilal Oswal Report
Bharti Airtel Ltd. reported in-line revenue/Ebitda growth of 2%/3% QoQ for its India business, supported by 0.6%/1.0% QoQ subscriber/average revenue per user growth.
Bharti Airtel continued with its deleveraging exercise, aided by healthy free cash flow generation during the quarter. Capex moderated at Rs 80 billion.
Over the next two-three years, Bharti Airtel is well poised to gain from sector consolidation and tariff hikes and drive strong FCF generation. We maintain our estimates for FY25/26.
Reiterate Buy with an SoTP-based target price of Rs 1,650.
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