Bharti Hexacom Limited — Investor Meet, 19-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Bharti Airtel reported consolidated revenues of ₹47,876 Cr with EBITDAaL margin improving 1.4% QoQ to 50.7%. FY2025 revenue reached ₹1.73 lakh Cr with 21.2% EBITDAaL growth and 2.3% margin expansion. India mobile revenue grew 15.3%, adding 5M net users and 135M 5G customers; ARPU stood at ₹245. Broadband added 8.1 lakh subs, with 40-45% net adds from FWA. Airtel Business saw sequential revenue decline due to low-margin exits but underlying traction remains. Africa revenues rose 6.3% QoQ with 35.9% EBITDAaL margin. FY2026 capex will be lower, focusing on fiber, 5G rollout, and B2B digital services. Management emphasized tariff structure reforms for healthier industry dynamics.

Bharti Hexacom posted Q4 revenues of ₹2,289 Cr (+1.7% QoQ), EBITDAaL margin of 46.6%, and net income of ₹468 Cr. FY2025 revenues and EBITDAaL grew ~21% and 27% respectively, with margin rising to 44.2%. Operating free cash flow was ₹641 Cr in Q4 and ₹2,300 Cr annually. Net debt stands at ₹3,700 Cr with net debt/EBITDAaL ~1. Margin improvement driven by tariff repair and efficiency initiatives; capex easing as rural rollout completes. Fixed wireless access is a key growth area alongside FTTH. 5G standalone rollout to match capacity needs. Indus Towers sale is paused pending revised shareholder terms. Focus remains on balanced capital deployment and debt management.

Strong subscriber growth, network expansion, and margin gains coupled with prudent capex and cash flow management highlight disciplined execution with a cautiously positive outlook on tariff reforms and digital opportunities.