BHARTI AIRTEL LTD. Q3 FY25 Results

We delivered another consistent quarter with consolidated revenue of 45,129 crores. Indus Towers consolidation is effective this quarter. India revenue (excluding Indus) grew by 4.8% sequentially. Africa maintained strong constant currency sequential growth trajectory of 5.6%. India mobile delivered strong performance led by residual flow-through of tariff repair and underlying levers of premiumization. We reported another quarter of industry leading ARPU growth to reach Rs 245. We added 6.5 Mn smartphone users underpinned by our focus on acquiring quality customers and portfolio premiumization. Homes business saw further step up in customer additions with acceleration of FWA expansion. Airtel Business delivered stable performance but continues to remain challenged. We are in the middle of comprehensive re-tooling of our Airtel Business portfolio by stepping-up investments in digital services across Cloud, Security and loT while shedding very low margin commodity voice and wholesale business. This is likely to impact the top line of this business in the coming quarters but will have an insignificant impact on the margins. Our balance sheet remains solid, supported by robust cash generation, prudent capital allocation and continued deleveraging. During the quarter, we prepaid another tranche of Rs 3,626 crore of high-cost spectrum dues. At the same time, we believe the industry needs further tariff repair to ensure sustained investments and long term value creation.