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Revenue
₹41,400 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 solid Q2 FY25 with consolidated revenue of INR 41,400 crore and India EBITDA margins expanding 110 bps to 54.8%. The tariff repair flow-through is on track, with ARPU rising to INR 223 (from INR 211 QoQ) and minimal SIM consolidation or downtrading. Broadband added ~600k customers, driven by FWA expansion now live in 2,000+ cities. The company generated record operating free cash flow of INR 11,000 crore (EBITDA minus CapEx), with CapEx moderating to INR 6,250 crore. Management reiterated the need for further tariff repair given sub-7% industry ROCE, and guided for lower full-year CapEx. Key risks include potential AGR liability from the rejected curative petition and slower-than-expected B2B order conversion.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the full impact of the recent tariff increase to be reflected in the coming quarters, with normalization of customer trends already seen in October.
- CapEx will be lower than FY24, which was a peak year due to 5G and site rollout. Q2 CapEx was INR 6,250 crore, and the trend is expected to continue.
- Trials for standalone 5G on FWA are underway, and commercial deployment is planned by December 2024 to improve uplink performance.
- The project to add 25,000 rural sites will be mostly completed by the end of the fiscal year, with only a few circles remaining.
Risks flagged
- The Supreme Court rejected the curative petition on AGR dues. A review petition is pending, but the moratorium period is yet to start, creating uncertainty.
- While customer discussions have improved, they have not yet translated into firm orders, posing a risk to B2B revenue growth.
- DTH lost over 500,000 customers in the quarter, attributed to pronounced seasonality, which could persist if competitive pressures intensify.
Key quotes
- We delivered a solid quarter. Consolidated revenue of INR 41,400-odd crores. India revenues were strong, with about 8.7% sequentially to just over INR 31,500 crore.
- The only way to improve this is further tariff repair. Underlying ARPU drivers remain intact: feature phone to smartphone upgrades, prepaid to postpaid upgrades, data monetization, and international roaming.
- We are moving to standalone 5G on FWA by December. We're in the midst of doing some trials, and we want to just test whether we are able to get better uplink performance with SA for a fixed wireless access.
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