Bharti Airtel rallies 4% on strong Q3 earnings, ARPU growth

Shares of Bharti Airtel rallied nearly 4 percent in the opening trade on February 6 after the company reported strong Q3 earnings despite challenges from forex losses.

At 9.22am, the shares of Bharti Airtel were trading at Rs 1,135.50 on the NSE.

The company’s consolidated net profit came at Rs 2,442.2 crore for the October-December quarter, growing 54 percent from the same quarter a year ago. However, it still missed Moneycontrol’s estimate of Rs 3,308.50 crore.

Revenue came in at Rs 37,900 crore for Q3, up 6 percent from Rs 36,062 crore a year ago. The company’s revenue met the Street expectations.

“Revenue from the India business sustained its momentum and grew sequentially by 3 percent, while the consolidated revenue was impacted by the devaluation of the Nigerian Naira and Malawian Kwacha,” said Gopal Vittal, managing director of Bharti Airtel.

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However, the average revenue per user (ARPU) came at Rs 208 as against Rs 193 last year aided by the consistent strategy of acquiring high-value customers and improved realisations. The ARPU for Bharti Airtel also bear the analyst estimate of Rs 205.

In Q3, the telecom company reached a customer base of 48.3 million as it continued to garner strong market share of 4G/5G customers. Bharti Airtel also added 28.2 million 4G/5G data customers to its network, an increase of 13.0 percent on year.

The company’s EBITDA margin also improved across businesses in India, rising to 53.9 percent in Q3 from 52.7 percent in the base period. It attributed the improved margins to better operating leverage and cost efficiencies arising from its ‘War on Waste’ programme.

Brokerage firm Morgan Stanley sees an improvement in the company’s revenue from the India mobile business and EBITDA on the back of better subscriber mix as the key highlights of its Q3 earnings. The firm has a ‘equal-weight’ call on the stock with a price target of Rs 1,015.
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