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Revenue
₹37,000 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
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Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Peak CapEx in FY24; radio CapEx will moderate next year, though transport and data center spend continues.
- Airtel Air Fiber (FWA) with outdoor CPE to be launched in full by end of 2023, complementing FTTH.
- Expect global business order book to pick up in about two to three quarters as OTT spending normalizes.
Risks flagged
- Large global OTTs are deferring bandwidth and messaging spend, impacting B2B revenue growth.
- 5G usage is inflated by free unlimited data; real incremental ARPU from 5G remains unproven.
- Supreme Court disallowed deduction for license spectrum usage royalty; company made provisions but further legal recourse is uncertain.
- Management unable to commit to tariff hike timing; unilateral increases may not be followed by peers.
Key quotes
- We are not in any race to beat our drum, to say that, 'Look, we have the largest rollout, fastest rollout.' We will go where the devices are.
- The question is not whether it will happen, it's just when it will happen. We've already seen two rounds of tariff increase since the launch of Reliance. Hopefully, it will happen at some stage, not in the near, not in the distant future.
- All we're saying is regulation should keep pace with the advent of technology, since business models are determined not on the basis of technology, but on the basis of the business model.
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