Bharti Airtel (BUY): Mixed results- strong in India, weak in Africa - Ambit

Bharti's 4QFY13 performance, whilst strong in India, continued to disappoint on the African front. Growth in India was led by a growth in network traffic and data growth. However, Africa disappointed due to seasonality and poor than anticipated pick up. With RPMs likely to move upwards in India, given the reduction in tariff discounting, and the growth in network traffic, the outlook on the sector is improving.

We upgrade our target price marginally to Rs355 given that Indian operations are likely to improve and remain BUYers on Bharti.

Source : Equity Bulls

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