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.
BHARTIARTL / Q1-FY24 / risks
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Bharti Airtel · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Slow 5G device adoption
5G smartphone shipments are only 48% of total, and installed base is 14-15%, limiting 5G offload and monetization.
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.