- 16 May 2023
- ICICI Securities
Bharti Airtel Q4 Results 2023: Muted performance; underlying KPIs remain healthy
Bharti Airtel Ltd | CMP: 1353 | Market Cap: 818,119.13
Muted performance; underlying KPIs remain healthy
Bharti Airtel’s Q4FY23 performance was muted on ARPU, albeit saw beat on margins. Nonetheless, the underlying Key Performance Indicators (KPIs) such as postpaid and data subscriber addition (reflecting customer quality), margins and debt reduction momentum remained healthy.
Q4FY23 earnings summary
Views: While the quarter was muted on some front, Airtel continues to report decent performance on Indian wireless business front with resilient and industry leading KPIs in terms of India post-paid/4G subscribers, margins and cash flow generation (despite elevated capex). Management commentary on overall growth drivers would be key monitorable ahead. While tariff hike timing is unknown and may not be possible in near term, we remain constructive on Airtel for the medium to long term, given the disproportionate benefits of market consolidation in the Telecom Sector.
Impact: Positive