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- 01 Nov 2022
- ICICIdirect Research
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BHARTI AIRTEL REPORTS HEALTHY OPERATING PERFORMANCE
BHARTIARTL - 1937 Change: -0.10 (-0.01 %)News:
Bharti Airtel’s Q2FY23 performance was healthy with beat on India ARPUs and margins. Consolidated topline came in at Rs 34,527 crore, up 5.2% QoQ and 21.9% YoY. India wireless revenues were up 4% QoQ (up 24.8% YoY) at Rs 18958 crore, led by ARPU, which came in at Rs 190, up 3.7% QoQ, driven by higher no. of days and subscriber mix improvement. Overall sub base saw a modest addition of 0.5 mn QoQ at 327. 8 mn. It witnessed healthy 4G Net adds of ~5 mn during the quarter, with 4G data sub base at 210.3 mn. The post-paid subscriber base also saw robust addition of ~283k subscribers at 18.3 mn. The India non-wireless segment also posted strong growth. Consolidated EBITDA came in at Rs 17594 crore, up 6.4% QoQ, with margins of 51%, up 57 bps QoQ led by India wireless margins which were at 52.4% (up 116 bps QoQ), driven by lower SUC charges after new spectrum purchase
View:
Airtel continues to report healthy performance on Indian wireless business front with resilient and industry leading KPIs in terms of India postpaid/4G subscribers, ARPUs and margins. We remain constructive on Airtel given the disproportionate benefits of market consolidation in Telecom Sector. Management commentary on overall growth drivers would be key monitorable ahead.
Impact:
Positive