Sharekhan is bullish on Bharti Airtel has recommended buy rating on the stock with a target price of Rs 520 in its research report dated April 25, 2018.
Sharekhan's research report on Bharti Airtel
The consolidated revenue of Bharti Airtel (Airtel) declined by 3.3% on a sequential basis (down 10.3% y-o-y) to Rs. 19,710 crores in Q4FY2018, broadly in-line with expectations. The decline in overall revenues was mainly due to the ongoing tariff war with RJio, 3.3% q-o-q/13.1% y-o-y drop in India business and disinvestment in some of assets in Africa and Bangladesh. Africa (14 countries) reported revenue growth of 1% q-o-q/10.7% y-o-y on constant currency terms,
OutlookThe recovery in ARPU is still some time away and we expect the African business to strengthen profitability.Given the consistency in execution despite challenges, we maintain our Buy rating on the stock with a revised price target of Rs. 520.
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