Bharti Airtel / Q3-FY24

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Positive2024-02-07Back to BHARTIARTL

Revenue

₹37,900 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

Pending

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Actual signal trajectory

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Revenue (₹ Cr)PositiveWatchNegative
12 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 37,440 · Positive source sentiment · 2023-08-01Q1 FY24Q2 FY24: 37,000 · Watch source sentiment · 2023-10-31Q2 FY24Q3 FY24: 37,900 · Positive source sentiment · 2024-02-07Q3 FY24Q4 FY24: 37,600 · Positive source sentiment · 2024-05-14Q4 FY24Q1 FY25: 38,500 · Positive source sentiment · 2024-08-07Q1 FY25Q2 FY25: 41,400 · Positive source sentiment · 2024-11-14Q2 FY25Q3 FY25: 45,130 · Positive source sentiment · 2025-01-31Q3 FY25Q4 FY25: 47,876 · Positive source sentiment · 2025-05-15Q4 FY25Q1 FY26: 49,463 · Positive source sentiment · 2025-08-04Q1 FY26Q2 FY26: 52,000 · Positive source sentiment · 2025-10-31Q2 FY26Q3 FY26: 54,000 · Watch source sentiment · 2026-02-15Q3 FY26Q4 FY26: 55,400 · Watch source sentiment · 2026-04-30Q4 FY2655,40037,000
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Bharti Airtel reported a satisfactory Q3 FY24 with consolidated revenue of INR 37,900 crore, impacted by African currency devaluation. India revenue grew 3% sequentially to INR 27,800 crore, with EBITDA margins at 53.9%. Mobile ARPU improved to INR 208 from INR 203, driven by premiumization. 4G net adds were strong at 7.4 million, and postpaid net adds remained steady. Broadband saw moderation due to discontinuation of entry-level plans, while DTH added 388,000 customers. Airtel Business growth was soft globally but accelerated domestically. The company prepaid INR 8,325 crore of high-cost DoT debt, and India net debt-to-EBITDA improved to 2.91. Management remains confident in organic ARPU growth and expects CapEx to moderate next year. Key risk: continued lack of industry tariff hikes and free 5G data delaying meaningful monetization.

Colored figures show movement against the previous available record.

Guidance to track

  • Management indicated that FY24 is an elevated CapEx year, and CapEx will moderate in the next fiscal year.
  • Harjeet Kohli stated the goal is to reach closer to 2.5 or below for India leverage in the next 4-6 quarters.
  • Management expects to start refarming 4G spectrum to 5G and move to standalone architecture over the next two years.

Risks flagged

  • Management acknowledged that meaningful ARPU improvement requires industry tariff repair, which remains uncertain.
  • Free 5G data in India is a headwind to monetization; management sees no differential pricing for 5G.
  • Consolidated revenue was impacted by devaluation of Naira and Malawian Kwacha, affecting reported numbers.
  • Airtel Business saw moderation due to global slowdown, though domestic segment is accelerating.

Key quotes

  • The real improvement will come only if there is tariff repair. As I mentioned before, it's not a question of if it will happen. It's more a question of when it will happen.
  • Unfortunately, 5G has become really about free data today in India, so there is no real monetization on the consumer side.
  • We are ready with two platforms that we can take straightaway, which we are going to lift and shift into Africa.

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