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News: Consolidated topline came in at Rs 36,009 crore, up 0.6% QoQ, 14.3% YoY. India wireless revenues were up 1% QoQ (up 11% YoY) at Rs 19549 crore, with subscriber addition of 3.2 mn and average revenue per user (ARPU) at Rs 193.3, flat QoQ and up 8.4% YoY. It witnessed healthy 4G Net adds of ~7.4 mn during the quarter, with 4G data sub base at 224.1 mn (overall data customers base of 232.7 mn). The post-paid subscriber base also saw robust addition of ~663,000 subscribers at 19.7 mn, highest in the last two years. Consolidated EBITDA came in at Rs 18697 crore, up 1.3% QoQ, with margins of 51.9%, up 38 bps QoQ, aided by broadband and enterprise margins improvement.
Views: While the quarter was muted on some front, Airtel continues to report a 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). The management commentary on overall growth drivers would be key monitorable ahead.
Impact: Positive