Mirae Asset Sharekhan's research report on Bharti Airtel
Consolidated revenue stood at Rs. 49,463 crores, up 3.3% q-o-q/28.5% y-o-y, beating our estimate of Rs. 48,205 crore. Consolidated EBITDA margin stood at 56.3%, down 13 bps q-o-q/up 510 bps y-o-y, missing our estimates of 56.7%. Reported ARPU for India wireless business stood at Rs.250, up 2% q-o-q/up 18.5% y-o-y. Overall capex to trend lower, with peak radio capex behind.
Outlook
We maintain Buy rating with a revised PT of Rs. 2,200. At CMP, the stock trades at 24.6x FY27E EPS and 10.2xFY27E EV/EBITDA.
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