Bharti Airtel Q1 Results Review - Catalyst Missing: Dolat Capital

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Dolat Capital Report.Bharti Airtel Ltd.’s Q1 FY25 operating and financial performance was in-line. Consolidated revenue grew 2.8/2.4% and Ebitda 0.2/1.8% YoY/QoQ. However, currency depreciation in Africa impacted YoY performance. Thus, Ebitda margin declined for third consecutive quarter. The company’s solid growth trajectory driven by superior execution makes it a healthy compounding story with multiple triggers including-tariff hike-led ARPU growth (~13% compound annual growth rate over FY24-27), with another hike 18-24 months away,5G pick-up,accelerated growth in Home BB and Enterprise,benefits from AGR liability reduction and deleveraging,weakening of Vodafone Idea Ltd., if any and potential listing of Jio..We reduce our FY25-27E Ebitda by -0.3/-1.1/-2.5% to factor tad soft margins. We remain constructive on Bharti driven by multiple growth triggers highlighted above. But given the sharp stock price run-up of 32/65% in last six/12 months, catalysts will likely be gradual and partly priced in. Bharti is largely domestic and defensive play and shall do well in a weaker market. We reiterate ‘Reduce’ rating with a revised target price of Rs 1,400 @ 12 times H1 FY27E enterprise value/Ebitda for India Wireless (earlier Rs 1,440).Click on the attachment to read the full report:.Bharti Airtel Q1 Results Review - Capex Moderates; Deleveraging Continues: Motilal Oswal .DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Bharti Airtel Q1 Results Review - Catalyst Missing: Dolat Capital

The telecom major is largely domestic and defensive play and shall do well in a weaker market, says the brokerage.

NDTV Profit

NDTV Profit

Follow Us

DOWNLOAD THE APP

Bharti Airtel Q1 Results Review - Catalyst Missing: Dolat Capital

The telecom major is largely domestic and defensive play and shall do well in a weaker market, says the brokerage.

Choose a plan

Follow Us

DOWNLOAD THE APP