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- 01 Nov 2023
- ICICI Securities
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HEALTHY OPERATING PERFORMANCE
BHARTIARTL - 1901 Change: -28.90 (-1.50 %)News: Consolidated topline at ₹ 37044 crore, was down 1.1% QoQ and up 7.3% YoY. The sequential decline, on expected lines was owing to full quarter’s impact of devaluation of the Nigerian naira and Africa Revenues at ₹ 10,277 crore, were down 9.2% QoQ. India wireless revenues were up 2.7% QoQ (up 11% YoY) at ₹ 20952 crore, with subscriber addition of 3.7 mn during the quarter. The Average Revenues per User (ARPU) came at ₹ 203, up 1.5% QoQ and ~7% YoY. It witnessed healthy 4G Net adds of ~7.7 mn during the quarter, with 4G data sub base at 237.5 mn. The post-paid subscriber base also saw robust addition of ~980k subscribers at 21.5 mn, all time highest addition in a quarter. The data usage per sub was up 2.7% QoQ at 21.7 GB per month. Consolidated EBITDA came in at ₹ 19514 crore, with margins of 52.7%, up 33 bps QoQ, aided by India margins which at 53.9%, was up 27 bps QoQ, while wireless margins at 54.9% was up 15 bps QoQ. The net debt (excl. lease liabilities) at ₹ 1.47 lakh crore was down by ₹ 1359 crore QoQ.
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 (despite elevated capex). Management commentary on overall growth drivers would be key monitorable ahead.
Impact: Positive