Bharti Airtel (Buy, TP: INR 1,500, +34%) Marginal margin continuing to drive upside. Buy, pt to INR 1,500 (from INR 1,400)
Following a very strong H2 2023, Bharti has retraced nearly INR 100/share. We remain bullish and would see the sell-down as a buying opportunity. Consensus forecasts continue to look too low to us; in this note we focus on the consumer margin, which we think is likely to surprise to the upside.
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