Tag: Bharti Airtel

Bharti Airtel Q3 Results: Profit jumps 54% to ₹2,442 crore; ARPU improves to ₹208

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Telecom major Bharti Airtel on Monday reported a 54% jump in its net profit at ₹2,442 crore for the quarter ended December 2023. The same stood at ₹1,588 crore a year ago. The profit figure was much lower than CNBC-TV18’s poll of ₹3,200 crore.

Revenue from operations in the reporting quarter increased 6% to ₹37,899.5 crore, partially impacted by currency devaluations in Africa. It was ₹35,804 crore in the same quarter of last year.

ARPU (average revenue per user) improved to ₹208 in the third quarter as against ₹193 in the corresponding quarter of the previous year.

Consolidated EBITDA witnessed an increase of 1.2% to ₹20,044 crore in the quarter, compared to CNBC-TV18’s poll of ₹19,800 crore. This led to an improvement in EBITDA margin to 52.9%.

The company’s capex for the quarter came in at ₹9,274 crore.

The telco’s consolidated net income before exceptional items stood at ₹2,492 crore, up by 25.0% YoY, while consolidated net income after exceptional items was at ₹2,442 crore, up by 53.8% YoY.

“We have delivered yet another quarter of consistent and competitive growth across all our businesses. Revenue from India business sustained its momentum and grew sequentially by 3.0%, while the consolidated revenue was impacted by the devaluation of the Nigerian Naira and Malawian Kwacha,” said MD Gopal Vittal.

Vittal said the quarter witnessed a strong growth trajectory for the postpaid and Homes business, while our DTH business added 388k net adds – the highest in the last 12 quarters. “We remain on course with our strategy of premiumisation that helped us add 7.4 million 4G/5G customers and exit the quarter with an industry leading ARPU of ₹208. Even at this ARPU, our return on capital employed however, continues to be low at 9.4%. To ensure industry health, tariff repair is extremely critical.”

Bharti Airtel’s overall customer base stands at 551 million across 16 countries.

On Monday, shares of Bharti Airtel settled 3.23% lower at ₹1,113.60 apiece on the NSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bharti Airtel repays ₹8,300 crore in spectrum dues for 2015 acquisition

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Since the beginning of 2024, Bharti Airtel stock has risen close to about 15%, reaching an all-time high. The telco recently announced that it made a partial payment of ₹8,300 crore towards its spectrum dues, related to the spectrum it acquired in 2015.

Although this payment is only part of what is owed, it’s a substantial amount. Bharti Airtel’s financial results will come out on February 5, and one significant factor anticipated by the market is a potential tariff hike in the telecom sector.

The last tariff increase occurred over two years ago, in November–December 2021. With elections nearing completion, there is a growing expectation of a tariff hike of around 15%. Investors are keeping a close eye on this development, as it could have a substantial impact on the industry.

Read Here | HSBC downgrades Bharti Airtel but raises target to ₹1,125 on market share gains

Surprisingly, despite the absence of tariff hikes in the last two years, Bharti Airtel has witnessed growth in its average revenue per user (ARPU). ARPU has risen from around ₹160 to surpass the ₹200 mark.

Investors in Bharti Airtel have enjoyed positive returns for the past five years, making it a consistent performer in the stock market. The company concluded the previous year with a gain of approximately 28%, marking the fifth consecutive year of positive annual returns.

Let’s take a quick look at the impressive annual returns Bharti Airtel has delivered in the last five years: 59% in 2019, 12% in 2020, 37% in 2021, 18% in 2022, and a robust 28% in 2023. These figures showcase the company’s resilience and strong financial performance over this period.

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Dove Or Data? The better defensive play between HUL and Bharti Airtel

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Hindustan Unilever Vs Bharti Airtel, yes, you read it right!

Before you believe it is not a fair comparison, think about it. You probably require your phone and mobile data as much as you need your shampoo and soap. In fact, you may need mobile data to order the same shampoo and soap from the nearest quick-delivery service!

That is what Jefferies believes too and hence, this comparison, highlighting both these respective sectoral giants as a play on India’s consumption story.

Interestingly, as different as these two stocks are, there are multiple similarities between the two as well.

For instance, a decade ago, both had similar market capitalisation and its no different even in 2024 as they both are currently at ₹6 lakh crore market capitalisation.

An adverse regulatory environment coupled with rising competition weighed on Bharti Airtel until 2019, whereas margin-led growth had propelled HUL’s market capitalisation to be triple of the telecom giant at one point, according to Jefferies.

Both companies also operate in industries that have similar addressable markets. The telecom industry has grown at a Compounded Annual Growth Rate of 5.5%, while the FMCG industry grew by 7% over the last decade.

If these isn’t enough similarities, both companies also have a nearly similar market share of around 34% to 35%.

Now, here’s a difference. While Bharti’s market share is uniform across regions, which reflects a largely consolidated market, HUL operates in a very competitive market across most of its categories.

Over the last decade, Bharti Airtel’s revenue has grown at a 6% CAGR and Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) grew at 9%. On the other hand, HUL’s revenue and EBITDA has grown slightly faster, at 9% and 12% respectively, over the same period.

A standout for HUL though, is the strength of its balance sheet. Bharti’s invested capital is over ₹1.5 lakh crore and touched ₹2 lakh crore last year, whereas HUL invests just over 2.5% of that amount on an annual basis. In fact, if you account for the cash that HUL generates, their invested capital is a lot lower.

That explains why Bharti Airtel has a net debt worth over ₹2 lakh crore, while HUL, on the flip side, has a cash balance of nearly a billion dollars. This, despite having a much higher dividend payout ratio of nearly 90%.

The question to be asked though, is what next?

Jefferies believes that entry barriers in the FMCG industry are going down, while the barriers to entry in the telecom market have significantly increased. Competition is increasing in the consumer space, even as the telecom market is moving towards a duopoly.

However, growth and valuations are both at odds and at a disadvantage for HUL. In fact, Jefferies is expecting a 9% EPS CAGR for HUL compared to a 54% CAGR projected for Bharti Airtel over financial year 2023 – 2026.

Hence, their view is, a better defensive play on India’s consumption story would be Bharti and not HUL at the current juncture. Therefore, they have a BUY rating on Bharti with a target of 1300 while they recommend a HOLD on HUL with a target of 2800 per share.

Therefore, Jefferies’ view is that Bharti Airtel would be a better defensive play on India’s consumption story and not Hindustan unilever. As a result, they have a “buy” recommendation on Bharti with a price target of ₹1,300, while they have a “Hold” rating on HUL with a price target of ₹2,800.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

HSBC downgrades Bharti Airtel but raises target to ₹1,125 on market share gains

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Bharti Airtel opened a percent higher in trade Thursday after global brokerage firm HSBC downgraded the stock to ‘Hold’ but raised its target price to ₹1,125 from ₹1,020 a share earlier, saying the stock of telecom services provider appears to be fairly valued.

Analysts at HSBC said that Bharti Airtel’s growth drivers remain intact. It expects a rise in average revenue per user (ARPU) and market share gains in mobile. However, they expect the growth in non-mobile and capex intensity to decline.

The brokerage also sees pricing in benefits from mobile tariff hikes and lower capex intensity.

Earlier on January 10, BofA Securities upgraded the Bharti Airtel stock to ‘Neutral’ and also raised the target price on expectations of a tariff hike. The brokerage expects a “meaningful tariff hike” in the next 12 months and expect Bharti Airtel to benefit.

“We estimate over 20 percent tariff hike in 2024. The capex cycle pick-up is expected as Bharti’s capex is based on improving handset penetration. We expect faster market share shift towards Bharti and Jio as 5G rollout scales up. However, the stock’s valuations are not cheap at 9.4x FY25 proportionate EV/EBITDA,” the brokerage firm said.

Domestic brokerage house Prabhudas Lilladher expects subscriber growth of 3.6 million and a 1.1% quarter on quarter increase in ARPU in the October-December period.

Accordingly, the brokerage expects Bharti Airtel’s third-quarter consolidated revenue and earnings before interest, tax, depreciation, and amortisation (EBITDA) to rise 2.3% and 2% QoQ, respectively.

“Airtel Africa business is expected to see revenue growth of 4% QoQ, and we have factored in a 4% QoQ growth rate for the enterprise business. Home services will see revenue growth of 8.1% QoQ with margin expansion of 20 bps QoQ. For DTH, we have factored a muted growth of 0.7% QoQ,” it said.

In the past six months, the stock has surged nearly 20% against a 9% rise in the benchmark Sensex.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bharti Airtel’s B2B arm to power 20 million smart meters for Adani Energy Solutions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Bharti Airtel has entered into a partnership with Adani Energy Solutions to power 20 million smart meters for the company with its IT solutions.

Airtel Business, the B2B arm of Bharti Airtel, is set to power a total of 20 million smart meters for Adani Energy Solutions with its transformative smart Internet of Things (IoT) solutions, the telecom operator said in a stock exchange filing on Tuesday, January 9. The smart meters are from the power utilities of Assam, Andhra Pradesh, Bihar, Maharashtra and Uttarakhand.

The country’s leading telecommunications service provider has stated that it will deliver reliable and secure connectivity for all the smart meter deployments of Adani Energy Solutions, making use of its robust nationwide communications network. Further, Airtel’s transformative smart metering solutions which are powered by NB-IoT, 4G and 2G will be useful in ensuring real-time connectivity and uninterrupted transfer of critical data between smart meters and headend applications.

The solution shall also have Airtel’s IoT platform, which is called ‘Airtel IoT Hub’ that allows smart meter tracking and monitoring with advanced analytics and diagnostic capabilities, along with providing real-time insights and services which are known to empower customers to enhance control over their energy consumption.

“The meters are critical building blocks for smart grids and fundamental enablers for the digitalisation of the power sector. Airtel expects its NB-IoT technology to play a significant role in the utilities space to connect and manage smart meters at scale with enhanced coverage, high reliability and security,” said Airtel Business (India) CEO Ganesh Lakshminarayanan in a press release.

Bharti Airtel Ltd shares were trading 0.7% higher at ₹1,056.2 per piece at 12:25pm on Tuesday, January 9.

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Telecom outlook 2024: Experts weigh in on key sector drivers, Vodafone’s debt woes

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Sanjay Kapoor, former CEO of Airtel, and Balaji Subramanian, Vice President of IIFL Securities discussed the major trends from tariffs to new technologies that could drive the telecom sector in 2024.

They also shared their view on Vodafone Idea’s debt pile in the context of the spike in its stock. Shares of the telecom service provider were up 10% on January 2 after having gained 21% on Friday, December 29.

The shares gained as the Vodafone management had earlier said that the promoters plan to infuse up to ₹2,000 crore by the end of the December quarter. There were also media reports that the government could sell its 33% stake in Vodafone Idea to Elon Musk, the owner of “X” and Tesla. However, Vodafone denied any such discussions in a stock exchange filing. 

“The moot question here is what happens to Vodafone Idea given the huge amount of debt that they carry. From a business perspective, I actually don’t see a business case where somebody from any part of the world will come and say, I am willing to fund this company, and bear all the debt burden that this company has, and catch up with the market players and compete with them and make a business virtue out of this going forward, I actually don’t see that happening,” Kapoor said.

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Subramanian said there is potential for promoters to inject equity into Vodafone Idea. However, there is still need for substantial investment, considering the looming moratorium on spectrum and adjusted gross revenue (AGR) payments until late 2025.

“…the government also has got an option to convert the principal during the moratorium into equity, which means that whoever enters the stock right now sees a significant dilution potentially. So that is why It makes things a little tricky,” he noted.

Also Read |Bharti Airtel Services to acquire 97.1% stake in Beetel Teletech

The telecom experts also shed light on the challenges for the telecom sector. Kapoor believes the biggest dilemma that most telecom companies face now is whether to double down on 5G or try and cover up the investments that have made since it’s become tough to monetise 5G. “There are more newer technologies coming in we are talking AI, we are talking IoT, we are talking storage,” he noted.

Disclosure: RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bharti Airtel Services to acquire 97.1% stake in Beetel Teletech

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Bharti Airtel Services, a wholly-owned subsidiary of Bharti Airtel, has entered into an agreement for the acquisition of 49.45 lakh shares or 97.1% stake in Beetel Teletech, another Bharti Group company, according to a filing.

Pegging the cost of acquisition at ₹669 crore, the filing said this acquisition is a part of the company’s strategy to enable indigenisation initiatives within its own ecosystem of telecom products in line with the Government’s policy of ‘Make In India’ and add distribution and service capabilities (including system integration) largely for the enterprise business.

“…as a part of group restructuring, Bharti Airtel Services Limited, a wholly-owned subsidiary company of Bharti Airtel Limited has entered into an agreement for acquisition of 49,45,239 equity shares representing 97.1% stake in another Bharti Group company, Beetel Teletech Limited, which also has 49% stake in Joint Venture having two manufacturing facilities which produce telecom and networking products including those qualifying for Production Linked Incentive (PLI) Scheme,” the filing said adding that this is a cash transaction.

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Consequently, Beetel will become a subsidiary of the company.

The acquisition is a related party transaction in terms of the provisions of SEBI listing regulations. Bharti Group companies namely Bharti Enterprises (Holding) Private Ltd, Bharti (RM) Holdings Private Ltd, Bharti (RBM) Holdings Private Ltd, and Bharti (LM) Enterprises Private Ltd hold a 97.1% stake in Beetel.

Beetel Teletech was incorporated on March 30, 1999.

On the strength of its in-house technical capabilities, relationship with global OEMs and channel composing of a large number of channel partners, distributors and retailers, it is engaged in designing and delivering technical solutions and services and distributing a wide range of products from IT peripherals, network and enterprise solutions to fixed landlines and mobile accessories.

Beetel distributes a host of leading brands including Avaya, HP/Poly, Samsung, Siemens, QSC, RADWIN, Ruckus, RAD, ADVA, and Actelis.

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Beetel also holds a 49% stake in a Joint Venture which has two facilities for the manufacturing of landlines, telecom, and networking products including products that are manufactured in compliance with the ‘Production Linked Incentive (PLI) Scheme to Promote Telecom and Networking Products Manufacturing in India’ notified by the Ministry of Communications, the BSE filing added.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bharti Airtel Block Deal: Stock dips 2% after 1.8 crore shares change hands

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Bharti Airtel dropped more than 2% in morning trade on Thursday (December 7) after 0.8% equity shares worth ₹1,856 crore of the telecom firm changed hands in a block deal.

A total of 1.8 crore equity shares, amounting to 0.8 stake of the company, worth ₹1,856 crore were transacted on the exchange. However, the buyer and seller of the shares were not known immediately.

This comes a day after Bloomberg reported that the US private equity major Warburg Pincus would sell its stakes in Bharti Airtel and IDFC First Bank.

According to the report, the private equity firm aimed to raise $211 million by offloading a stake in Bharti Airtel through a block deal. It was expected to offer 17.5 million shares at a floor price of ₹1,005 apiece.

This is the second instance when Warburg Pincus is planning to divest its stake in the telecom firm. Earlier in June, it offloaded shares aggregating to ₹1,649 crore through its affiliate Lion Meadow Investment Ltd, through a block deal.

Earlier on Tuesday, the American private equity giant exited Computer Age Management Services Ltd (CAMS). Great Terrain Investment Ltd, an affiliate of Warburg Pincus, sold its entire 19.8% stake for ₹2,700 crore via a block trade.

Great Terrain Investment reportedly made a four-fold profit at exit.

Last week, Bharti Telecom Ltd (BTL), a key promoter company, acquired 1.35% shares of Bharti Airtel. Bharti Telecom acquired 1.35% shares of Bharti Airtel from Indian Continent Investment Limited (ICIL) through a block deal amounting to ₹8,301.73 crore.

Shares of Bharti Airtel were trading 1.93 lower at ₹1,004.20 apiece on BSE at 10:26AM.

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Warburg Pincus set to sell stake in Bharti Airtel, IDFC First Bank after CAMS exit this week

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Warburg Pincus is offloading its stake in three portfolio companies, selling total shares worth over ₹5,000 crore this week, taking advantage of the window provided after the state assembly election run-up in equity markets.

After exiting Computer Age Management Services Ltd (CAMS) in a large ₹2,700 crore block sale, the US private equity giant is set to sell its stakes in Bharti Airtel and IDFC First Bank.

Warburg Pincus is set to raise $211 million in telecom major Bharti Airtel in a block deal, offering 17.5 million shares at a floor price of Rs 1,005 apiece, as per Bloomberg.

The PE firm-owned Cloverdell Investment is also likely to sell a 1.3% stake in IDFC First Bank through a block deal for $100 million at ₹85.7 per share, sources told CNBC-TV18.

Cloverdell Investment currently holds a 2.74% stake in IDFC First Bank, and after the 1.3% stake sale, it will be left with a 1.44% holding.

Cloverdell Investment (Warburg Pincus) likely to sell 1.3% stake in IDFC First Bank via block deal, sources to @VivekIyer72

Here’s more 👇 pic.twitter.com/ejulxEkaI6

— CNBC-TV18 (@CNBCTV18Live) December 6, 2023

Earlier on Tuesday, Great Terrain Investment Ltd, an affiliate of Warburg Pincus, sold its entire 19.8% stake for ₹2,700 crore via a block trade.

The promoter entity of CAMS offloaded 97.5 lakh shares of the company at ₹2,766.47 apiece, according to data from the BSE. Great Terrain Investment reportedly made a four-fold profit at exit.

“The promoter entity (Great Terrain Investment Ltd) had acquired the stake in 2018 at an average weighted cost of Rs 717.80 per share,” a media report said.

Meanwhile, equity benchmarks Sensex and Nifty rallied for the seventh straight session to hit fresh lifetime highs on Wednesday, driven by gains in index majors Reliance Industries, ITC, and L&T amid sustained foreign fund inflows.

The benchmark 30-share BSE Sensex surged 357.59 points, or 0.52%, to settle at a new record of 69,653.73. It rose to 69,744.62 during intra-day. The broader 50-share index Nifty also climbed 82.60 points, or 0.40%, to hit its fresh peak of 20,937.70.

—With inputs from Vivek Iyer and Abhishek Kothari

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bharti Airtel becomes the 8th company to surpass ₹6 lakh crore Mcap

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The full market capitalisation of Bharti Airtel (partly plus fully paid-up) hit ₹6 lakh crore for the first time on Monday, after Bharatiya Janata Party’s (BJP) resounding victory in state elections buoyed the overall market sentiment.

Share of Bharti Airtel added another 2% in Monday’s trade, taking their year-to-date gain to 28%. In contrast, the benchmark Nifty has gained 14.3% during the same period. The stock has been generating positive returns for the last five years, with 2019 being the highest. After a close to 60% surge in 2019, the stock of Bharti Airtel gained 12% and 37%, respectively in 2020 and 2021.

Other companies that surpassed the Rs 6 lakh crore milestone in the past include—Reliance Industries, TCS, HDFC Bank, ICICI Bank, HUL, Infosys, and ITC. However, an 8% drop in ITC stock since July 20 saw its valuation dropping below the mark.

The net profit of Bharti Airtel came in below street estimates in the second quarter of FY24 hurt by a one-time charge. Yet, the operating margin of the telecom provider expanded on the back of subscriber addition. According to Jefferies, the Q2 performance of Bharti Airtel was encouraging as the company added higher postpaid/4G subscribers, reported higher margin in India, while growth in Africa business helped improve free cash flow.

The brokerage which maintained its rev/EBITDA estimates, expects the company to deliver 16/17% India revenue/EBITDA CAGR over FY24-26. “This along with moderating capex will support deleveraging of $7 billion over FY25-26 which should add to stock returns,” wrote Jefferies in an investor note.

During the financial year 2023, Bharti Airtel had allotted as many as 39.23 crore shares at an issue price of ₹535 per piece (with ₹133.75 paid on application and the balance to be paid in two more additional calls as may be decided by the Board / Committee of the Board of the Company from time to time) to the eligible applicants under the rights issue.

Further during the year, the company also gave out ₹4 as a dividend for fully paid-up equity shares and ₹1 for partly paid-up equity shares. Each carries a face value of ₹5.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow