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Revenue
₹38,500 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Bharti Airtel delivered a consistent quarter with consolidated revenues of just over INR 38,500 crore and India EBITDA margins of 53.7%. India mobile revenue grew 1.9% sequentially to INR 29,046 crore, driven by ARPU improvement to INR 211 and strong customer additions (2.3M net adds, 6.7M smartphone adds). The company prepaid INR 24,250 crore of high-cost spectrum debt over the past year, reducing India net debt/EBITDA to 2.75x. Management highlighted the need for industry ARPU of INR 300 for sustainable returns, with tariff repair in early July showing encouraging early signs. Key growth drivers include fixed wireless access (FWA) launch, postpaid momentum, and B2B adjacencies like cloud and CPaaS. Risk: Enterprise segment growth has softened significantly, with global OTT spend deferrals and domestic rationalization pressuring near-term B2B revenue.
Colored figures show movement against the previous available record.
Guidance to track
- The July tariff hike is expected to fully reflect in revenue within two quarters, with early signs encouraging.
- Management reiterated that the industry requires ARPU of at least INR 300 for sustainable investment and respectable returns.
- Fixed wireless access will be launched on standalone 5G architecture nationally by August/September 2024.
- Full-year capex will be lower than FY24, with India mobile capex expected to moderate.
Risks flagged
- B2B revenue growth softened to 1% sequentially, impacted by global OTT spend deferrals and domestic rationalization.
- Early signs show modest SIM consolidation among 2G users post tariff hike; full impact on churn and downgrades remains uncertain.
- Globally, 5G lacks major use cases beyond FWA; monetization relies on tariff upgrades, which may face customer resistance.
- Reverse auctions for government tenders and PSU contracts continue to exert pricing pressure, though management views it as business as usual.
Key quotes
- The industry needs a minimum of INR 300 ARPU for long-term sustainable investment and respectable return ratios.
- We are ready and are planning to go live with SA technology for FWA within this quarter that we are in.
- The strength of our performance is predicated on solid execution. All our businesses are delivering consistent growth and market share gains.
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