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Prabhudas Lilladher Report
We believe Bharti Airtel Ltd. is a compelling play on multiple growth opportunities in emerging digital economy given-
strong brand presence across mobile, enterprise business, home services, direct-to-home and Africa business,
focus on attracting high quality discerning customers for average revenue per user expansion (ARPU at ~Rs 266 in FY25E versus Rs 163 in FY22),
digitisation and innovation with supportive government policies and
affordable 5G rollout wherein Bharti Airtel will use existing 4G infrastructure with 3.5 GHz spectrum acquired recently.
The Indian telecom sector is expected to enter into a strong growth phase as wireless revenues will grow at 17.7% compound annual growth rate to Rs 2.9 trillion over FY22-25E.
Underpinned by these positives, we expect Bharti Airtel’s consolidated Ebitda/profit before tax to increase at 21.8%/84.2% CAGR over FY22-25E.
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