06-Nov-2026 08:18:20
BHARTIARTLExpansion
CITI on Bharti Airtel ; Buy, TP Rs 2230
Delivered a robust 2Q, with India mobile revenue/EBITDA growing 3.4%/3.8% qoq, both 1% ahead of estimates. This performance came despite elevated churn on account of premiumisation initiative taken during quarter (withdrawal of Rs299 plan), with stronger-than-expected ARPU accretion offsetting lower net subscriber additions Enterprise segment too reported a strong quarter, with Airtel Business revenue/EBITDA growing 11%/15% yoy. Overall India (ex-Indus) revenue/EBITDA grew 11%/12% yoy. Consolidated EBITDA at Rs352bn (+5% qoq) was 1.5% ahead of estimates. Capex & FCF generation were steady, although net debt rose 6% qoq on account of the dividend payout during the quarter.
BHARTI AIRTEL LIMITED