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Dolat Capital Report
Bharti Airtel Ltd.’s Q2 FY23 was ahead of estimates led by healthy average revenue per user growth of 3.6% QoQ, India wireless revenue/Ebitda growth of 4/6.4% QoQ and of Africa by 7.7/8.2% QoQ.
In absence of tariff increases, India average revenue per user growth is exciting and reflects Bharti’ Airtel's superior customer profile and execution.
Tariff increase in near-term, listing process initiation for Reliance Jio and further weakening of Vodafone Idea Ltd. are key triggers.
We see Bharti Airtel as a growth story for two-three years driven by ARPU uptick (~8-10% compound annual growth rate per annum) and accelerated growth in home broadband and enterprise services.
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