New Street Research - Bharti Airtel (532454) Bharti Airtel (Buy, TP: INR 1,400, +26%) Q3 FY24 Quick Take: In-line, with domestic mobile trends ahead of peers again

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New Street Research

Chris Hoare

EUR 9486.00 For Business Accounts Only

Bharti Airtel (Buy, TP: INR 1,400, +26%) Q3 FY24 Quick Take: In-line, with domestic mobile trends ahead of peers again

Excluding the Naira devaluation impact, Bharti Airtel reported in-line results for its Indian businesses, with sustained margin expansion again. Indian mobile performance remained strong, with ARPU and revenue growth ahead of peers ahead. Trends also remained strong for Home Services, with Digital TV seeing a nice acceleration post the inflection last quarter.

05/02/2024 1 EN

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Bharti Airtel

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Chris Hoare

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Bharti Airtel (Buy, TP: INR 1,400, +26%) Q3 FY24 Quick Take: In-line, with domestic mobile trends ahead of peers again

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

Indian Telcos – Final AGR ruling and Vodafone IDEA Equipment deal – Our thoughts.

China AI capex, Semicap in 2025, Auto & Smartphone cycles, and more. Tech weekly wrap-up

CelcomDigi (Buy, TP: RM6, +80%) Q3 24 Quick Take: Lowered service revenue guidance on Prepaid SIM consolidation; EBIT trend improving

BABA FY2Q25 Results: Monetization Starts to Stabilize for Taobao and Tmall

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