Prabhudas Lilladher has given Buy recommendation for Bharti Airtel with a target price of Rs. 1032 in its research report issued on Sep 05, 2022

Prabhudas Lilladher’s research report on Bharti Airtel

We believe Bharti is a compelling play on multiple growth opportunities in emerging digital economy given 1) strong brand presence across mobile, enterprise business, home services, DTH and Africa business, 2) focus on attracting high quality discerning customers for ARPU expansion (ARPU at ~Rs266 in FY25E v/s Rs163 in FY22), 3) digitization and innovation with supportive government policies and 4) affordable 5G rollout wherein Bharti will use existing 4G infrastructure with 3.5GHz spectrum acquired recently. The Indian telecom sector is expected to enter into a strong growth phase as wireless revenues will grow at 17.7% CAGR to Rs2.9trn over FY22-25E. Underpinned by these positives, we expect Bharti’s consolidated EBIDTA/PBT to increase at 21.8%/84.2% CAGR over FY22-25E. Initiate BUY.


We initiate coverage on Bharti Airtel Ltd (Bharti) with ‘BUY’ rating at SOTP based TP of Rs1,032.

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