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Revenue
₹37,600 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
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Quarter read
What the record says.
Bharti Airtel delivered a solid Q4 FY24 with consolidated revenue of ~INR 37,600 crore, impacted by Naira devaluation. India revenue grew 2.5% sequentially to INR 28,513 crore. EBITDA margin was 53.6% (54.1% adjusting for Beetel). Mobility added 6.7M REC net adds and 7.8M smartphone net adds; ARPU reached INR 209. The company achieved lifetime high revenue market share across all businesses. Management highlighted the need for tariff repair, noting ROCE of 9.5% is too low. CapEx is expected to moderate in FY25 after a peak year. Key risks include competitive intensity, delayed tariff hikes, and global enterprise headwinds. Overall, execution remains strong with strategic focus on quality customers, digital, and cost optimization.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects clear moderation in overall CapEx in FY25 after peak levels in FY24, driven by lower wireless CapEx.
- Fixed wireless access will be at scale in the coming eight weeks (by Q2 FY25), complementing FTTH in weak fiber areas.
- Expect to roll out over 25,000 sites in the next couple of quarters to plug coverage gaps in rural areas.
- Domestic enterprise business continues to grow at 18-20%, driven by adjacencies like CPaaS, IoT, and cloud.
Risks flagged
- Industry ARPU remains low (~INR 200); management stressed need for substantial tariff hikes but cannot act alone due to competitive dynamics.
- Analyst raised concern about Vodafone Idea's CapEx plans potentially slowing Bharti's market share gains; management acknowledged need to stay at top of game.
- Global business (50% of enterprise) under pressure from OTT cutbacks and messaging shift; domestic growth may not fully offset.
- Free 5G data weighs on ARPU; management sees no near-term monetization and expects only gradual improvement via tariff repair.
Key quotes
- Our pricing and tariffs are at an absurdly low level relative to any other part of the world. So tariff repair is sorely needed for return ratios to improve.
- We have a simple and very clear strategy, winning with quality customers, delivering a great experience for them, putting digital at the core of all we do, and stripping out waste.
- I think India will be well-served if it has three operators, three good private operators working there.
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