*Bharti Airtel:
Stellar EBITDA up 12 QoQ (9% beat); India mobile EBITDA up 13% QoQ (10% beat); without a tariff hike*
*KEY POSITIVE*
*MASSIVE EBITDA BEAT, DESPITE NO PRICE HIKE:* Stock has been a big underperformer in last one quarter, but earnings growth has been resounding. Consol rev/EBITDA jumped 7%/12% QoQ (9% beat), *India mobile EBITDA grew 13% QoQ, and 16% in last two quarter, @70% incremental margin* on 7% QoQ rev growth; all this without a price hike.
*ADDING QUALITY 4G SUBS, aid ARPU:* India mobile *added strong 14.4m subs, ARPU increased by 3% to INR162.* Gross subs saw healthy 14m adds recovering over 1QFY21 lockdown loss.
*OTHER SEGMENT OFFERING TAILWIND* : *Africa saw strong 14% QoQ EBITDA growth* recovering over 1QFY21 loss. Home/Enterprise EBITDA up -3%/5%; have added healthy subs; poised for healthy growth ahead
*SUPERIOR NETWORK CAPACITY*: Despite robust *data traffic of 7.6b GB with 16.4GB/user* data traffic/subs are <50% of RJio, while gap in network capacity is much lower. It has *healthy 537k/199k base stations/towers (closer to RJio).*