Telecom Q4 Results Preview - Steady Growth Expected: Prabhudas Lilladher

Prabhudas Lilladher Report

Q4 FY24 revenue and Ebitda of telecom companies in our coverage universe (Reliance Jio (unrated) plus Bharti Airtel Ltd.) is expected to increase by 2% QoQ and 3% QoQ to Rs 646.6 billion and Rs 340.6 billion respectively led by healthy subscriber addition of 13.2 million, besides building gradual increase in average revenue per user growth (~1%QoQ).

Due to falling competitive intensity, given weak financial position of peers, we maintain our positive stance on the sector.

Maintain ‘Accumulate’ rating on Bharti Airtel with SOTP based target price of Rs 1,269 as we incorporate minor changes in our assumptions.

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