External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>In Q4FY23, Bharti Airtel Ltd (Bharti) reported revenue of Rs 36,009 Cr, up 0.6% QoQ and 14.3% YoY, which stood below our expectations.</li><li>The company posted an operating profit of Rs 18,807 Cr with operating margins growing by 125bps, largely led by larger 4G conversions and a better service mix.</li><li>Its net profit for Q4FY23 stood at Rs 2,592 Cr, registering a healthy growth of 39.3% YoY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q4FY23, Bharti Airtel Ltd (Bharti) reported revenue of Rs 36,009 Cr, up 0.6% QoQ and 14.3% YoY, which stood below our expectations.The company posted an operating profit of Rs 18,807 Cr with operating margins growing by 125bps, largely led by larger 4G conversions and a better service mix.Its net profit for Q4FY23 stood at Rs 2,592 Cr, registering a healthy growth of 39.3% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti Airtel Ltd. - Broad-Based Growth; Market Share Gain Continues

<ul><li>Bharti Airtel (Airtel) is India’s second largest telecom operator with ~32.8 crore wireless customers in India and ~13.2 crore subscribers across 14 African countries.</li><li>It enjoys industry leading ARPU in the wireless business.</li><li>It also has strong portfolio of digital services like DTH internet and other digital services with highest penetrations in domestic market.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti Airtel (Airtel) is India’s second largest telecom operator with ~32.8 crore wireless customers in India and ~13.2 crore subscribers across 14 African countries.It enjoys industry leading ARPU in the wireless business.It also has strong portfolio of digital services like DTH internet and other digital services with highest penetrations in domestic market.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Digital portfolio gaining momentum along with market share gains</li><li>The company continued a strong share of 4G net ads in the market as the 4G customer base grew by 6.4 Mn QoQ and 21.2 Mn YoY. (This forms 65% of the overall customer base now).</li><li>ARPU continues to be the best in the industry and average data usage per data customer at 20.3GBs/month.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Digital portfolio gaining momentum along with market share gainsThe company continued a strong share of 4G net ads in the market as the 4G customer base grew by 6.4 Mn QoQ and 21.2 Mn YoY. (This forms 65% of the overall customer base now).ARPU continues to be the best in the industry and average data usage per data customer at 20.3GBs/month.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thematic (Sector/Industry)

<ul><li>The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth momentum led by uncertainties in the US and UK.</li><li>However, IT spending in North America and Europe has continued to be relatively strong owing to the demand for digital transformation and cloud transformations.</li><li>We believe it is likely to remain intact, at least for the quarter. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth momentum led by uncertainties in the US and UK.However, IT spending in North America and Europe has continued to be relatively strong owing to the demand for digital transformation and cloud transformations.We believe it is likely to remain intact, at least for the quarter. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IT Q3FY23 Result Preview – Demand Slowing Down; Margins Remain Stable

<ul><li>Bharti Airtel Ltd (Airtel) reported strong numbers in Q2FY23 and reported consistent growth across the overall portfolio, mainly led by enterprise and Home Business.</li><li>The company posted revenue of Rs 34,527 Cr for the quarter, up 5.3%/21.9% QoQ/YoY.</li><li>Its consolidated EBITDA Margin expanded by 60bps QoQ to 51% driven by the company’s efficient execution, superior customer mix, and strong customer additions in 4G.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti Airtel Ltd (Airtel) reported strong numbers in Q2FY23 and reported consistent growth across the overall portfolio, mainly led by enterprise and Home Business.The company posted revenue of Rs 34,527 Cr for the quarter, up 5.3%/21.9% QoQ/YoY.Its consolidated EBITDA Margin expanded by 60bps QoQ to 51% driven by the company’s efficient execution, superior customer mix, and strong customer additions in 4G.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti Airtel Ltd - Healthy Broad-Based Revenue Growth

India

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications services throughout India. The Company provides GSM Mobile Services, broadband, fixed line telephone services, long distance services (international & national) and enterprise services.

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Bharti Airtel (BHARTI IN)

Pick of the Week - Bharti Airtel Ltd

Bharti Airtel (Airtel) is India’s second largest telecom operator with ~32.8 crore wireless customers in India and ~13.2 crore subscribers across...

Axis Direct

Bharti Airtel Ltd. - Broad-Based Growth

The company continued a strong share of 4G net ads in the market as the 4G customer base grew by 6.4 Mn QoQ and 21.2 Mn YoY. (This forms 65% of the...

Axis Direct

IT Q3FY23 Result Preview – Demand Slowing Down; Margins Remain Stable

The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth...

Axis Direct

Bharti Airtel Ltd - Healthy Broad-Based Revenue Growth

Bharti Airtel Ltd (Airtel) reported strong numbers in Q2FY23 and reported consistent growth across the overall portfolio, mainly led by enterprise...

Axis Direct

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