New Street Research - Bharti Airtel Limited (BHARTIARTL) ... New Street: Indian Mobile Slightly slower quarter, next quarter set to benefit from better ARPU; Q3FY22 review

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New Street Research

Chris Hoare

EUR 9212.00 For Business Accounts Only

New Street: Indian Mobile Slightly slower quarter, next quarter set to benefit from better ARPU; Q3FY22 review

Q3 was a slightly slower quarter overall for the Indian telco market. However, the market continued to post double digit growth and we started to see in this quarter’s ARPU the benefits from the late November/early December price revisions.

22/03/2022 1 EN

Underlyings

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

VODAFONE INDIA LTD

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Analysts

Chris Hoare

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New Street: Indian Mobile Slightly slower quarter, next quarter set to benefit from better ARPU; Q3FY22 review

Indian Mobile VIL Capital Increase – should you participate and what does it mean for Bharti, Jio and Indus? Indus to Reduce

Indian Spectrum Auctions – what do we expect? Modest spending anticipated

Vodafone IDEA actively looking to raise equity – our thoughts and implications for Bharti and Jio

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

VEON (Buy, TP: $40, +55%) Thoughts after the call

Reddit (RDDT, Neutral, $54 target) Data licensing tracking our base case after OpenAI deal

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