Bharti Airtel Q3 results review, Prabhudas Lilladher

Bharti Airtel Ltd. reported strong operational results with consolidated Ebitda/profit after tax of Rs 184.5 billion (up 4.9% QoQ; our estimate: Rs 178.5 billion) and Rs 15.8 billion (down 26%QoQ; our estimate: Rs 22.5 billion), led by strong performance across businesses.

Bharti Airtel’s profit after tax had one-time prior period license fee charge of Rs 6.7 billion.

India mobile revenues were up 2.1% QoQ and Ebitda margins were up 140 bps QoQ to 53.8% led by average revenue per user rise to Rs 193 (up 1.9% QoQ; our estimate: Rs 196) and 6.4 million high value 4G subscribers (overall addition was 4.5 million).

Africa mobile and enterprise revenues were up 3.2%QoQ and 2.4%QoQ, while Ebitda margins were flat QoQ at 49.1% and 39.9% (up 70 bps QoQ) respectively.

Home services (fixed line plus broadband) along with direct-to-home had ARPU decline by 1-3% QoQ. Bloomberg