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Last Updated : Aug 03, 2020 04:19 PM IST | Source: Moneycontrol.com

Buy Bharti Airtel; target of Rs 700: ICICI Direct

ICICI Direct is bullish on Bharti Airtel has recommended buy rating on the stock with a target price of Rs 700 in its research report dated July 31, 2020.

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ICICI Direct's research report on Bharti Airtel


Bharti Airtel’s Q1FY21 performance was stable on the operating front. Key highlight was ARPU growth of ~1.8% at Rs 157 (vs. expectation of ~2% QoQ decline), in a challenging quarter coupled with continued expansion in India wireless margins. Consolidated revenue was at Rs 23939 crore, up 0.9% QoQ. Indian wireless revenues at Rs 12,877 crore, fell 0.6% QoQ while Africa revenues were down 0.6% QoQ at Rs 6451 crore. Consolidated EBITDA margins were at 43.5% (up 60 bps QoQ). The margin expansion was led by Indian margin, up 160 bps QoQ at 44.3% (we expected flattish margins) with Indian wireless margins at 40.6%, up 140 bps QoQ, largely a function of tariff hike pass through and cost control.


Outlook


We maintain our BUY rating on the stock with a DCF based target price of Rs 700/share.


For all recommendations report, click here


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First Published on Aug 3, 2020 11:49 am
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