Bharti Airtel Q3 Results Review - Inline With Healthy Internals, Capex A Pain: Dolat Capital

Dolat Capital Report

Bharti Airtel Ltd.’s Q3 FY23 was inline and healthy led by robust 4.4 million subs (including 650,000 of postpaid) and 6.4 million 4G additions. Average revenue per user grew by 1.9% QoQ, Consolidated revenue/Ebitda grew by 3.7/4.9% and India up 2.6/4.5% QoQ.

Steep capex of Rs 93.1 billion in Q3 and notable increase in capex to ~Rs 950 billion over FY23-25 versus earlier ~Rs 750-800 billion is a dampener. 

Tariff increases, persistent weakening of Vodafone Idea Ltd. and listing process initiation for Jio and are key triggers in medium term. We see Bharti Airtel as a growth story for two-three years driven by ARPU uptick (~8-10% CAGR per annum) and accelerated growth in home broadband and enterprise services.

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