The company will be holding its analyst call later today and more brokerages are likely to come out with their reviews following the call.
The telecom major reported a 54% year-on-year (YoY) jump in consolidated net profit at Rs 2,442 crore for the quarter ended December 2023. The profit figure was lower than the ET NOW poll estimate of Rs 2,596 crore. The profit in Q3FY23 stood at Rs 1,588 crore. The company also reported an increase in the average revenue per user (ARPU) to Rs 208 in Q3FY24 versus Rs 193 in Q3FY23.
Read more: Bharti Airtel Q3 Results: Profit jumps 54% YoY to Rs 2,442 crore, but misses estimates; ARPU at Rs 208
Here’s what brokerages recommended:
Macquarie: Outperform | Target: 990
Macquarie has maintained an outperform rating on the Airtel shares for a price target of Rs 990. In its post-earnings stock review, the brokerage noted that steady execution in India mobile was seen in the December quarter though the enterprise and Africa businesses were a drag. Growth deceleration in India Enterprise drives EBIT miss.
Q3 results again underscore Bharti’s focus on its premiumisation strategy which is driving higher blended ARPU and positive operating leverage.
Motilal Oswal: Buy
According to Motilal Oswal, the company reported moderate growth with consolidated revenue and EBITDA led by the India mobile segment. The PAT miss was due to African currency devaluation and higher interest costs, Motilal said. It has maintained a buy view, however, not given the target.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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