New Street Research - Bharti Airtel (532454) ... Indian Telcos Q1 FY25 review: Slower mobile with modest rise in margins

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New Street Research

Chris Hoare

EUR 9453.00 For Business Accounts Only

Indian Telcos Q1 FY25 review: Slower mobile with modest rise in margins

Indian mobile revenue rose steadily despite slowing this quarter due to softer ARPU trend. Both Bharti and Jio continue to take share from Vodafone Idea again. Mobile EBITDA kept ahead of topline with all three seeing YoY improvements in margin. Overall, Bharti remained ahead on both metrics.

16/08/2024 1 EN

Underlyings

Bharti Airtel

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Bharti Airtel Limited

Bharti Airtel provides telecommunication systems and services to individuals and businesses in India with operations in 20 countries across Asia and Africa. In India, Co.'s product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high speed DSL broadband, IPTV, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G wireless services and mobile commerce. Co. had nearly 287 million customers across its operations at the end of Dec 2013.

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INE397D01024 National Stock Exchange of India India

Vodafone Idea Ltd

Idea Cellular provides Global System for Mobile Communications (GSM) based mobile services and related telephony services to individuals and businesses in India. The company operates through three segments: Mobility Services, which provides GSM based mobile and related telephony services; International Long Distance (ILD), which provides international long distance services; and Passive Infrastructure, which provides passive infrastructure services. Co. offers 2G and 3G services that comprise roaming arrangements; ILD and other services; and a range of mobile broadband devices, including dongles and 3G smartphones that provide 3G applications and data services.

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INE669E01016 National Stock Exchange of India India

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New Street Research

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Analysts

Chris Hoare

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Indian Telcos Q1 FY25 review: Slower mobile with modest rise in margins

Indian Mobile Q2 FY25 review: Renewed acceleration off tariff hike, FWA development very positive

5G FWA in EM Hold on for a massive acceleration in FWA demand, Bharti & RIL back to Buy

Indian Mobile Broadband upgraded as FWA takes off; Bharti price target upgraded and Recommendations of both RIL and Bharti back to Buy

TalkTalk H1 results: Guidance looks at risk

Odido (T-Mobile NL) (Equal Weight) Q3 24: Positioned nicely for a possible IPO in 2025

EU Pharma 2025 Outlook - The Correction Was Due, Tread Carefully

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