New Street Research - Bharti Airtel (532454) Bharti Airtel (Buy, INR 2,070, +13%) Q4 FY25 Quick Take: Dividend doubled (again). Strong margins. Bodes well for Singtel.

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New Street Research

Chris Hoare

EUR 8937.00 For Business Accounts Only

Bharti Airtel (Buy, INR 2,070, +13%) Q4 FY25 Quick Take: Dividend doubled (again). Strong margins. Bodes well for Singtel.

Bharti Airtel printed a decent EBITDA beat, supported by momentum in Domestic mobile and better margins in Enterprise thanks to a deliberate move away from lower margin commodity voice and messaging in global accounts.

14/05/2025 1 EN

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Bharti Airtel

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New Street Research

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Chris Hoare

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Bharti Airtel (Buy, INR 2,070, +13%) Q4 FY25 Quick Take: Dividend doubled (again). Strong margins. Bodes well for Singtel.

Indian Telcos Q3 FY25 review: Sustained margin expansion from July’s price increase

EM FWA-Watch S-Curve continuing to accelerate in India, with implications for EM generally

Inwit (Neutral, €11.7, +12%) 1Q25: Solid quarter supported by small cell strength

SoftBank 4FQ24: GenAI end-to-end portfolio shaping up. Attractive Valuation.

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