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Prabhudas Lilladher Report
Q1 FY25 revenue and Ebitda of telecom companies in our coverage universe (Reliance Jio (unrated) + Bharti Airtel Ltd.) is expected to increase by 2% QoQ and 3% QoQ to Rs 647.6 billion and Rs 337.7 billion respectively led by healthy subscriber addition of 11.5 million, besides building gradual increase in average revenue per user growth (~1% QoQ).
We maintain our positive stance on the telecom sector given the much needed tariff hikes undertaken by the company.
Maintain ‘Accumulate’ rating on Bharti with SOTP based target price of Rs 1,618 as we incorporate minor changes in our assumptions.
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