Bharti Airtel Q3 Results Review - Steady Operating Performance: Prabhudas Lilladher

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..Prabhudas Lilladher Report.Bharti Airtel Ltd.'s reported Ebitda/profit after tax of Rs 198.1 billion (plus 1.5%QoQ; our estimate Rs 198.9 billion) and Rs 24.4 billion (plus 82%QoQ; our estimate Rs 15.4 billion). India mobile revenues were up 3.3%QoQ and Ebidta margin was stable at 55.1%. Average revenue per user grew 2.5% QoQ to Rs 208 (our estimate Rs 205) with 7.4 million growth in 4G subscribers (overall net addition was 3.3 million).Africa mobile Revenue/Ebitda remained flat QoQ, while Enterprise revenue grew 1.7% QoQ, while there was a muted growth in Ebitda with a 57 basis points fall in margins. Home services (fixed line plus broadband) had an ARPU decline of 2% while direct-to-home ARPU grew 2.5%.We maintain our positive stance on the sector, due to falling competitive intensity, given weak financial position of peers.Maintain ‘Accumulate’ rating at SOTP based target price of Rs 1225 based on 11 times FY26 enterprise value/Ebitda for India mobile multiple, six times FY26 enterprise value/Ebitda for Airtel Africa, enterprise segment at nine times FY26 enterprise value/Ebitda, three times FY26 enterprise value/Ebitda for DTH and 6 times enterprise value/Ebitda for home services..Click on the attachment to read the full report:.India Will Be Largest Source For Global Oil Demand Growth Till 2030: IEA.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 Q3 Results Review - Steady Operating Performance: Prabhudas Lilladher

Average revenue per user at Rs 208; net subscriber addition was at 3.3 million.

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Bharti Airtel Q3 Results Review - Steady Operating Performance: Prabhudas Lilladher

Average revenue per user at Rs 208; net subscriber addition was at 3.3 million.

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