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- 06 Feb 2024
- ICICI Securities
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BHARTI AIRTEL'S STRONG OPERATING PERFORMANCE
BHARTIARTL - 1936 Change: -0.40 (-0.02 %)News: Consolidated topline at ₹ 37900 crore, was up 1.2% QoQ and 9.8% YoY. India wireless revenues were up 3.3% QoQ (up 11.8% YoY) at ₹ 21639 crore, with subscriber addition of 3.3 mn during the quarter. The Average Revenues per User (ARPU) came at ₹ 208, up 2.5% QoQ and ~7.5% YoY, much superior than Jio which had flattish ARPU and VIL wherein ARPU grew ~2% QoQ. It witnessed healthy 4G Net adds of 7.4 mn during the quarter, with 4G data sub base at 244.9 mn. The post-paid subscriber base also saw robust addition of ~870k subscribers at 22.3 mn. The data usage per sub was up 1.2% QoQ at 22 GB per month. Africa Revenues at ₹ 10,297 crore, were flattish QoQ. Consolidated EBITDA came in at ₹ 19815 crore, with margins of 52.3%, down 39 bps QoQ as Africa Margins at 49.1% was down 80 bps QoQ. India margins at 53.9%, was flat QoQ, while wireless margins at 55.1% was up 20 bps QoQ. The net debt (excl. lease liabilities) at ₹ 1.42 lakh crore was down by ₹ 5103 crore QoQ, clearly reflecting strong cash flow generation.
Views: Airtel continues to report strong performance on Indian wireless business front with resilient and industry leading KPIs in terms of APRU growth, post-paid/4G subscribers’ addition, margins and cash flow generation. Management commentary on overall growth drivers would be key monitorable ahead.
Impact: Positive