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Bond Market News
Bharti Airtel Reports 164% Surge in Profits
May 18, 2022
Bharti Airtel reported a net profit of INR 20.1bn ($260mn) on a consolidated basis in quarter ending March 2022, surging 164% YoY. The company posted revenues of INR 315bn ($4.1bn), 22% higher YoY driven by healthy growth in mobile services, home business, and digital TV segments. Consolidated EBITDA stood at INR 159.98bn ($2.1bn) and margins at 51%, improving 192 bps YoY. Mobile ARPU (Average revenue per user) increased 22.7% YoY to INR 178 ($2.30). Airtel paid INR 88.15bn ($1.14bn) towards part prepayment of deferred liabilities for spectrum acquired in 2015. Net debt increased 4.34% YoY to $21.17bn and capex for the quarter was at $798mn. As of quarter-end, the overall customer base was around 491mn across 16 countries with 42.2% YoY growth. Airtel acquired an additional 4.8% stake in Indus Tower, taking total shareholding to 46.5%. Airtel’s homes business segment posted strong momentum with revenue growth of 46% YoY and net customer additions of 323k, leading to a total base to 4.5mn. For the Africa business, revenue was up 19% YoY and EBITDA margins were at 49.6%, up 187 bps YoY.
Bharti Airtel’s dollar bonds were lower with its 5.65% Perp down 0.45 points to 96.83, yielding 6.98%.
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