Bharti Airtel - Q2FY21 - Angel Broking

Mr. Keshav Lahoti - Associate Equity Analyst, Angel Broking Ltd

On a consolidated basis, Bharti Airtel reported 7.7%/22.0% revenue growth on QoQ/YoY basis to ₹25,785 crore beats street expectation of ₹24,571 crore. EBIDTA also registered growth of 8.3%/28.4% QoQ/YoY to ₹11,790 crore led by tariff hike. Margins also maintained a positive growth trajectory by improving by 20 bps QoQ and 220 bps YoY. Company reported a loss of ₹34 crore for the quarter. Overall, Company reported better numbers than street expectations.

Mobile ARPU improved significantly by 26.5% YoY to ₹162 due to tariff hikes and increase in data usage. 4G data customers was at 15.3 crore, up by 1.4 crore for the quarter. India's subscriber base grew by 4.9% QoQ to ~32.1 crore. India business delivered good growth across revenue, margins and customers. We are bullish on the Bharti Airtel considering that industry dynamics are looking favorable, it is expected to gain revenue market share and stock has corrected ~30% from its high which provides valuation comfort.

Shares of BHARTI AIRTEL LTD. was last trading in BSE at Rs.433 as compared to the previous close of Rs. 434.05. The total number of shares traded during the day was 540949 in over 12171 trades.

The stock hit an intraday high of Rs. 438.7 and intraday low of 427.55. The net turnover during the day was Rs. 234245829.

Source : Equity Bulls

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