EUR 120.00 For Business Accounts Only

MOSL: Morning India (6/February/20): 1. Bharti Airtel (Improving ARPU drives earnings); 2. Divi's Labs; 3. Bosch; 4. Cipla; 5. HPCL; 6. Cadila Healthcare; 7. Gujarat Gas; 8. Thermax

MOrning India (6/February/20): 1. Bharti Airtel (Improving ARPU drives earnings); 2. Divi's Labs; 3. Bosch; 4. Cipla; 5. HPCL; 6. Cadila Healthcare; 7. Gujarat Gas; 8. Thermax

 

Today’s top research idea

Bharti Airtel: Improving ARPU drives earnings

• Recent price hike along with healthy 4g subscriber adds improved ARPU, which in turn increased EBITDA. Further, slowing down of network opex and capex generated healthy annualized FCF.
• revenue at INR219.5b was up 4% QoQ (in-line), due to increase in both the India and Africa business. Consol. EBITDA at INR92.7b was up 5% QoQ, (in- line), due to lower network cost; EBITDA margin improved 30bp to 42.2%. Reported PAT loss stood at INR10.4b. Excluding exceptional items, adjusted PAT stood at INR10.8b v/s INR11.2b QoQ (v/s est. -INR4b).
• India wireless revenue grew 2% QoQ to INR109b, while EBITDA remained flat at INR40.1b. Excluding reclassification, revenue grew 5% QoQ (in-line) mainly due to increase in bundle net additions, 4G penetration and partial realization of price increase in Dec'19; EBITDA grew 7% on lower network cost partially offset by higher SG&A expense due to promotion of Airtel Xtreme and to gain 4g subscribers.

Piping hot news

Cabinet Clears Amendments To Ensure Greater RBI Control Over Cooperative Banks

The Union Cabinet on Wednesday approved amendments to the Banking Regulation Act to give the Reserve Bank of India greater control over cooperative banks . The changes will cover nearly 1,500 cooperative banks and will be implemented in a phased manner, Javadekar said. The RBI will soon come out with a blueprint, he said.