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Bharti Airtel Limited — Q2 FY24
Bharti Airtel reported consolidated revenues of approximately INR 37,000 crore for Q2 FY24, impacted by currency devaluation in Africa.
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Bharti Airtel reported consolidated revenues of approximately INR 37,000 crore for Q2 FY24, impacted by currency devaluation in Africa. India mobile revenue grew 2.3% sequentially, with ARPU improving to INR 203 from INR 200. EBITDA margin expanded 30 bps QoQ to 53.7%, driven by cost efficiencies. The company added 7.7 million 4G subscribers and achieved record postpaid net adds. However, the B2B segment saw moderation due to global OTT spending deferrals. Management reiterated focus on premiumization, rural expansion (30,000 sites), and digital adjacencies. CapEx remained elevated at INR 7,787 crore, but is expected to moderate next fiscal. Tariff hikes remain a question of 'when' not 'if', though no specific timeline was given. Risk: Global macro slowdown could further pressure B2B revenue recovery.
भारती एयरटेल ने सितंबर 2024 तिमाही में करीब 37,000 करोड़ रुपये की कमाई की, लेकिन अफ्रीका में मुद्रा के कमजोर होने से असर पड़ा। भारत में मोबाइल कमाई 2.3% बढ़ी और हर ग्राहक से औसत कमाई (ARPU) 200 से बढ़कर 203 रुपये हो गई। कंपनी ने लागत बचाकर मुनाफा (EBITDA) 53.7% तक पहुंचाया। 77 लाख नए 4G ग्राहक जुड़े और पोस्टपेड ग्राहकों की संख्या रिकॉर्ड स्तर पर पहुंची। हालांकि, कारोबारी ग्राहकों (B2B) से कमाई धीमी रही क्योंकि बड़ी कंपनियों ने खर्च कम किया। कंपनी ग्रामीण इलाकों में 30,000 नए टावर लगा रही है और प्रीमियम सेवाओं पर ध्यान दे रही है। पूंजी खर्च 7,787 करोड़ रुपये रहा, लेकिन अगले साल इसमें कमी आएगी। टैरिफ बढ़ोतरी तय है, लेकिन तारीख तय नहीं। जोखिम: दुनिया भर में मंदी से B2B कमाई पर और दबाव पड़ सकता है।
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Global OTT spending deferral
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Read Transcript →Quarter Snapshot
4G net adds
7.7M
+7.7M QoQ
Strong 4G subscriber additions driven by rural expansion and premiumization strategy.
ARPU
INR 203
+INR 3 QoQ
ARPU improvement from premium mix, postpaid growth, and data monetization.
5G unique customers
55M
+55M since launch
5G network covers 5,000+ cities; customers get unlimited data but no tariff premium.
Home broadband net adds
470K
+470K QoQ
Highest ever quarterly adds; home passes expanded to 1,239 cities.
What Changed vs Last Quarter
NEW
CapEx moderation in FY25
Peak CapEx in FY24; radio CapEx will moderate next year, though transport and data center spend continues.
NEW
FWA full rollout by end of calendar 2023
Airtel Air Fiber (FWA) with outdoor CPE to be launched in full by end of 2023, complementing FTTH.
NEW
Global B2B order book improvement in 2-3 quarters
Expect global business order book to pick up in about two to three quarters as OTT spending normalizes.
DROPPED
Full-year CapEx guidance of INR 28,000-31,000 crore
CapEx front-loaded in H1, with full-year spend in line with guidance, focused on 5G, broadband, and data centers.
DROPPED
ARPU target of INR 300 as longer-term goalpost
Management targets ARPU of INR 300 over the long term, driven by premiumization levers and potential tariff reset.
DROPPED
Rural site rollout completion by November-December 2023
60% of 60,000 high-potential villages already covered; rollout expected to conclude by year-end.
NEW RISK
Global OTT spending deferral
Large global OTTs are deferring bandwidth and messaging spend, impacting B2B revenue growth.
NEW RISK
5G monetization uncertainty
5G usage is inflated by free unlimited data; real incremental ARPU from 5G remains unproven.
NEW RISK
Tax dispute from Supreme Court order
Supreme Court disallowed deduction for license spectrum usage royalty; company made provisions but further legal recourse is uncertain.
NEW RISK
Competitive tariff dynamics
Management unable to commit to tariff hike timing; unilateral increases may not be followed by peers.
RISK GONE
JioBharat phone competition in feature phone segment
Reliance Jio's low-cost 4G feature phone could slow Airtel's upgrade from feature phones to smartphones, impacting ARPU growth.
RISK GONE
Slow 5G device adoption
5G smartphone shipments are only 48% of total, and installed base is 14-15%, limiting 5G offload and monetization.
RISK GONE
Elevated CapEx and leverage
CapEx remains high at INR 9,300 crore in Q1, and India net debt-to-EBITDA is 3.19x, though deleveraging is underway.
Fast read
Guidance and risk preview
Peak CapEx in FY24; radio CapEx will moderate next year, though transport and data center spend continues.
Large global OTTs are deferring bandwidth and messaging spend, impacting B2B revenue growth.
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