Last Update: May 17, 2023, 2:53 PM IST
Airtel has declared its results for the fourth quarter of FY23.
Shares of Bharti Airtel were trading higher on Wednesday morning; Should you invest?
Bharti Airtel Share Price: Shares of Bharti Airtel were trading higher on Wednesday morning, a day after the company announced its March quarter earnings.
Bharti Airtel’s consolidated net profit rose 50 per cent to Rs 3,006 crore for the quarter ended March 2023, from Rs 2,008 crore a year ago. Sequentially, this was an increase of 89 percent.
Revenue from operations stood at Rs 36,009 crore, up 14 per cent from Rs 31,500 crore a year ago. Revenue was up 1 per cent sequentially, Bharti Airtel said in an exchange filing.
Although the company beat estimates on the profit level, it missed topline expectations.
What should investors do now?
Jefferies maintained ‘Buy’ on Bharti Airtel with a price target of Rs 900. Revenue/EBITDA were in line but profits were ahead of its estimates. The company reported strong 4G and postpaid customer additions in the January-March quarter with strong FCF generation. The brokerage said growth in the homes and enterprise business remained strong.
Credit Suisse has ‘Outperform’ recommendation on Bharti Airtel counter with a price target estimate of Rs 950. Q4FY23 earnings were broadly in line with its estimates. The brokerage further said India mobile revenue grew 1% QoQ on the back of subscriber growth, while home broadband growth remained strong at 6% QoQ. Meanwhile, the weakness in the ‘Direct to Home’ business continues.
Prabhudas Lilladher reiterated ‘Buy’ on the counter, noting that the overall operating performance remained strong for the company.
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