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Axis Securities Report
Bharti Airtel Ltd. reported strong growth in Q4 FY22 and reported better numbers than our estimates. The company posted revenue of Rs 31,500 crore for the quarter, growing by 5.5%/22.3% QoQ/YoY.
Its consolidated Ebitda margin expanded 170 basis points to 50.9% on account of its efficient execution, superior customer mix, and strong customer additions in 4G.
Aided by strong 4G momentum, Bharti Airtel’s India business reported a growth of 5.1% QoQ to Rs 22,500 crore. Average revenue per user improved by 9.2% QoQ to Rs 178.
The company undertook capex of Rs 5,997 crore in Q4 FY22 (India: Rs 4,277 crore and Africa: Rs 1,682 crore).
The management witnessed sustainability in customer addition as well as strong traction in the data consumption post the advent of the pandemic.
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