Airtel shares up 3% after report of Q2 profit

Bharti Airtel share price rose nearly 3 percent in the early trade on November 3 a day after the company had reported its September quarter results.

Telecom services provider Bharti Airtel, on November 2, reported a strong growth in profit after tax (PAT) which came in at Rs 1,134 crore as compared to a loss of Rs 763 crore in the corresponding quarter last year.

On a quarterly basis, PAT has jumped 300 percent from Rs 284 crore reported in the previous quarter.

The company reported a 13 percent y-o-y growth in consolidated revenue from Rs 25,060 crore in the previous year to Rs 28,326 crore for the reported quarter.

Sequentially, the revenues have improved by 5 percent from Rs 26,854 in the preceding quarter.

Here is what brokerages have to say about the stock and the company post September quarter earnings:

Jefferies
Research house maintained a buy call on the stock with a target at Rs 860 as revenue/EBITDA was in-line while profit beat the estimates.

The mobile ARPU missed estimate, however lower than expected churn offset this.

The subscriber mix has improved further, a reflection of its network investments, while homes & enterprise segments also surprised positively.

CLSA
Research firm has maintained a buy call with a target at Rs 860 per share.

The Q2 consolidated revenue & EBITDA rose QoQ/YoY, and was ahead of estimates.

CLSA forecast a 15% consolidated EBITDA CAGR by FY24.

At 09:17 hrs Bharti Airtel was quoting at Rs 726.70, up Rs 13.80, or 1.94 percent on the BSE. Moneycontrol