External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Bharti Airtel (BHARTI) reported a strong 2QFY25, driven by flow-through of tariff hikes in the India wireless business (ARPU: +11% QoQ, vs. 7% QoQ for RJio) and robust incremental margins (~71% vs. 60% for RJio).</li><li>FCF generation (before spectrum prepayments) improved to INR98b as operational cash flows rose and capex moderated further.</li><li>Our FY25-26 earnings estimates are broadly unchanged.</li></ul><p><em>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.</em></p>

Bharti Airtel (BHARTI) reported a strong 2QFY25, driven by flow-through of tariff hikes in the India wireless business (ARPU: +11% QoQ, vs. 7% QoQ for RJio) and robust incremental margins (~71% vs. 60% for RJio).FCF generation (before spectrum prepayments) improved to INR98b as operational cash flows rose and capex moderated further.Our FY25-26 earnings estimates are broadly unchanged.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 - Strong 2Q on Tariff Hike Flow-Through