Bharti Airtel Q4 Review - Strong Subscriber Growth Across Mobile, Home Businesses: Motilal Oswal

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Motilal Oswal Report

Bharti Airtel Ltd.'s consolidated Ebitda grew 2% QoQ (in line) in Q4 FY21 on the back of India mobile Ebitda growth of 4% (in line), even without a tariff hike, led by steady subscriber gains.

The miss in estimate was on lower than estimated flattish average revenue per user and higher opex curbing incremental Ebitda margin at 40% versus our expectation of 60-65%.

Bharti’s consistent and commendable rise in 4G subscribers/average revenue per user/India mobile Ebitda of 32%/7%/32% over the last four quarters, translating to better free cash flow, should continue.

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