ICICI Direct is bullish on Bharti Airtel recommended buy rating on the stock with a target price of Rs 400 in its research report dated August 05, 2019.
ICICI Direct's research report on Bharti Airtel
The key takeaway from Bharti Airtel’s Q1FY20 performance was stable KPI prints across the business segments. Consolidated revenues (excluding Ind-AS 116 and DTH revenues re-alignment) at Rs 21147 crore, was up 2.6% QOQ with healthy 2.2% QoQ growth in India wireless revenues and 2.6% QOQ growth in Africa revenues at US$802 million (in constant currency). Consolidated EBITDA margins at 33.7% were largely driven by superior India margins at 31.4%, up 90 bps QoQ while Indian wireless EBITDA margins were up 100 bps QoQ to 23.2%, on an adjusted basis.
We now incorporate the Ind-AS 116 effect and Tata Tele customers/revenues base in our estimates. With resilient performance amid challenging times for second consecutive quarter, we now upgrade it to BUY (vs. HOLD earlier) with a DCF based target price of Rs 400/share.
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