Prabhudas Lilladher's research report on Bharti Airtel
We believe Bharti is a compelling play on multiple growth opportunities in emerging digital economy given 1) strong brand presence across mobile, enterprise business, home services, DTH and Africa business, 2) focus on attracting high quality discerning customers for ARPU expansion (ARPU at ~Rs266 in FY25E v/s Rs163 in FY22), 3) digitization and innovation with supportive government policies and 4) affordable 5G rollout wherein Bharti will use existing 4G infrastructure with 3.5GHz spectrum acquired recently. The Indian telecom sector is expected to enter into a strong growth phase as wireless revenues will grow at 17.7% CAGR to Rs2.9trn over FY22-25E. Underpinned by these positives, we expect Bharti’s consolidated EBIDTA/PBT to increase at 21.8%/84.2% CAGR over FY22-25E. Initiate BUY.
Outlook
We initiate coverage on Bharti Airtel Ltd (Bharti) with ‘BUY’ rating at SOTP based TP of Rs1,032.
More Info
At 13:15 hrs Bharti Airtel was quoting at Rs 749.50, down Rs 11.80, or 1.55 percent.
It has touched an intraday high of Rs 759.70 and an intraday low of Rs 736.10.
It was trading with volumes of 675,029 shares, compared to its thirty day average of 428,067 shares, an increase of 57.69 percent.
In the previous trading session, the share closed up 2.79 percent or Rs 20.65 at Rs 761.30.
The share touched its 52-week high Rs 792.65 and 52-week low Rs 629.05 on 24 August, 2022 and 14 July, 2022, respectively.
Currently, it is trading 5.44 percent below its 52-week high and 19.15 percent above its 52-week low.
Market capitalisation stands at Rs 424,314.70 crore.
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