Bharti Airtel Limited — Q3 FY25
Bharti Airtel delivered a consistent quarter with consolidated revenues of INR 45,130 crores and India revenue (ex-Indus) growing 4.8% sequentially to over INR 33,000 crores.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
50%Questions answered1Evaded / deflected6Questions audited
Partial answer
High priority
Impact of transferring 3,400 towers to Indus on P&L and cost structure.
Asked by Vivekanand Subbaraman, Ambit Private Limited
Acknowledged net income impact minimal but gave no precise EBITDA margin change.
no specific numbersvague on EBITDA impact
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Question
now that the transfer of 3,400 towers will happen to Indus Towers, that's almost 13% of your tower footprint. So how will that change your P&L from a cost structure standpoint?
Soumen Ray, CFO
Well, if you look at net income level, there won't be much of a difference... At a net income level, we don't expect much of a difference between what it is now and what it will be later.
Partial answer
High priority
How to model reported EBITDA margin after tower transfer.
Asked by Vivekanand Subbaraman, Ambit Private Limited
Admitted dilution but gave no specific margin impact, only 'very small'.
no quantification of dilutionvague magnitude
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Question
I was more concerned about how we should model the reported EBITDA margin. I mean, from a modeling standpoint, as an analyst, I have to ask you this question.
Soumen Ray, CFO
From an EBITDA point of view, there will be some dilution in the EBITDA consequent to the incremental IP fees... EBITDA will get very marginally diluted, but that will be very small.
Partial answer
Medium priority
Capital structure and use of cash from tower sale for Hexacom.
Asked by Vivekanand Subbaraman, Ambit Private Limited
Discussed possibilities but gave no concrete guidance on cash use.
no specific capital allocation planvague on dividend
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Question
how do we think about the capital structure now, year on, and the use of cash for Bharti Hexacom?
Soumen Ray, CFO
there is an angle of dividend payout... FWA rollout will create a need for CapEx in Hexacom... net debt to EBITDA looks very promising at just above one.
Evasive
Medium priority
CapEx guidance for FWA scale-up in next fiscal.
Asked by Vivekanand Subbaraman, Ambit Private Limited
Refused to give specific CapEx guidance, only directional comment.
no numbersdirectional onlydepends on rollout
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Question
Is there any CapEx guidance that you would like to provide in light of the FWA scale-up that you are planning? Should it significantly accelerate for you in the next fiscal or the coming?
Soumen Ray, CFO
directionally, there could be marginal increase. It all depends on the FWA rollout... directionally, not very different.
Answered
High priority
FTTH home pass and FWA coverage for Hexacom, TAM in its regions.
Asked by Piyush Choudhary, HSBC
Provided specific numbers for addressable market and home passes.
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Question
On home broadband segment, could you tell us what's the FTTH home pass coverage for Hexacom and FWA kind of coverage at this moment? What could be the TAM in the geographies where Hexacom is at the moment?
Soumen Ray, CFO and Speaker 11
In terms of addressable market, I would say this would be about 3-4 million. We are present in close to about 200 cities in Hexacom. About 2 million home passes we have currently in Bharti Hexacom.
Partial answer
Medium priority
Exceptional charge of INR 1.4 billion and legal recourse.
Asked by Vivekanand Subbaraman, Ambit Private Limited
Explained it's a provision but did not specify the exact cause or legal options.
no specific details on natureno legal recourse discussion
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Question
Could you help us understand the exceptional charge of INR 1.4 billion that was taken during the current quarter? And what is the way forward here in terms of this charge? Is there any legal recourse that you have to perhaps get some relief here?
Soumen Ray, CFO
there is a periodic review of the carrying value of various assets and liabilities... there is no cash payout or anything of that sort... It's a one-time issue.