{"id":155636,"date":"2023-11-01T10:51:55","date_gmt":"2023-11-01T14:51:55","guid":{"rendered":"https:\/\/44.250.171.167\/?p=155636"},"modified":"2023-11-01T10:52:08","modified_gmt":"2023-11-01T14:52:08","slug":"bharti-airtel-ltd-q2-fy24-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/bharti-airtel-ltd-q2-fy24-earnings-conference-call-insights\/","title":{"rendered":"Bharti Airtel Ltd Q2 FY24 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from Bharti Airtel Ltd (BHARTIARTL) Q2 FY24 Earnings Concall<\/strong><\/p>\n<ul>\n<li><strong>Financial Performance<\/strong>\n<ul>\n<li>Consolidated revenues at INR37,000 crores, impacted by currency devaluation in Africa.<\/li>\n<li>India revenue grew 2.3% sequentially to over INR27,000 crores.<\/li>\n<li>EBITDA margins expanded to 53.7%.<\/li>\n<li>Strong cash flows generated despite elevated capex.<\/li>\n<li>Performance driven by steady growth in mobile, homes and digital services, some moderation in enterprise business.<\/li>\n<\/ul>\n<\/li>\n<li><strong>5G Strategy and Performance<\/strong>\n<ul>\n<li>The company has 55 million 5G customers across 5000 cities and 30,000 villages.<\/li>\n<li>Believes throwing more capex for largest rollout is not the priority &#8211; focus is on where the market is and delivering best experience.<\/li>\n<li>Airtel will switch to standalone 5G only when there are clear additional benefits, which is not the case currently.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Mobile Segment Performance<\/strong>\n<ul>\n<li>4G net adds strong at 7.7 million, postpaid net adds close to 1 million.<\/li>\n<li>ARPU increased to INR 203 from INR 200 in previous quarter.<\/li>\n<li>Drivers of ARPU growth &#8211; upgrades, prepaid to postpaid, data monetization, international roaming.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Homes and Enterprise Strategy<\/strong>\n<ul>\n<li>Added highest ever 4.7 lakh home broadband customers.<\/li>\n<li>35% home additions now on converged Airtel Black plans.<\/li>\n<li>Focus on improving sales productivity for continued momentum.<\/li>\n<li>Enterprise growth moderated due to global players deferring spends.<\/li>\n<li>Accelerating growth in domestic enterprise business with focus on managed services.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Subscriber Growth Momentum<\/strong>\n<ul>\n<li>Strong additions in high-end 4G, 5G and postpaid subscribers.<\/li>\n<li>Drivers are family plans, small format store expansion, 5G brand aspiration.<\/li>\n<li>Postpaid additions from prepaid base, competition, and own conversions.<\/li>\n<li>4G penetration now at 70%, further upgrade cycles expected in next 3-5 years.<\/li>\n<\/ul>\n<\/li>\n<li><strong>ARPU Trends<\/strong>\n<ul>\n<li>Overall ARPU increased by INR 3 in 2Q.<\/li>\n<li>Adjusting for extra day, underlying growth is INR 1.2, driven by prepaid to postpaid migration, data monetization, international roaming.<\/li>\n<li>Entry level plan gap with smartphone plans has compressed, lowering upgrade impact.<\/li>\n<li>Further upgrades from 2G to 4G will improve ARPU over next few years.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Capex and Rollouts<\/strong>\n<ul>\n<li>Capex lower this quarter due to seasonality and monsoons.<\/li>\n<li>On track for peak capex this fiscal year.<\/li>\n<li>5G and 4G rollout capex to moderate next year.<\/li>\n<li>On track to complete most rollouts by March 2024.<\/li>\n<\/ul>\n<\/li>\n<li><strong>5G Fixed Wireless Access<\/strong>\n<ul>\n<li>Initial response and testing completed.<\/li>\n<li>CPE prices coming down, moving from indoor to outdoor CPE.<\/li>\n<li>FWA addressable market about 60 million households.<\/li>\n<li>Addressable market limited based on ARPU affordability.<\/li>\n<li>FWA pricing similar to fiber at INR 500\/month.<\/li>\n<\/ul>\n<\/li>\n<li><strong>5G Spectrum Capitalization and User Behavior<\/strong>\n<ul>\n<li>Intangible assets reduced by one-third over last year.<\/li>\n<li>Indicates 5G spectrum capitalization charge to P&amp;L.<\/li>\n<li>Users oblivious to 5G vs 4G, just need good data experience.<\/li>\n<li>Usage higher as 5G free currently, data corrupted.<\/li>\n<li>Saw 5-8% usage increase earlier when paid, but very early stages.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Spectrum Auction Plans<\/strong>\n<ul>\n<li>Don&#8217;t foresee need for more spectrum now and have enough sub-1GHz for coverage.<\/li>\n<li>May only need small renewals in some circles.<\/li>\n<li>Little spectrum spending next 2 years likely.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Investments vs Revenue Growth<\/strong>\n<ul>\n<li>Large investment differential between players but revenue growth differential narrowing.<\/li>\n<li>Seeing benefits of rural 4G expansion. Gaining share based on rural rollout metrics.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Tariff Hike Outlook<\/strong>\n<ul>\n<li>Tariffs very low currently, need hikes for viability.<\/li>\n<li>Not having full control over timing, may independently make a decision at some point, but could revert it if not matched by competitors.<\/li>\n<li>Another hike expected but no timeline.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Bharti Airtel Ltd (BHARTIARTL) Q2 FY24 Earnings Concall Financial Performance Consolidated revenues at INR37,000 crores, impacted by currency devaluation in Africa. India revenue grew 2.3% sequentially to over INR27,000 crores. EBITDA margins expanded to 53.7%. Strong cash flows generated despite elevated capex. Performance driven by steady growth in mobile, homes and digital [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":154818,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,8],"tags":[10169,316,8981],"class_list":["post-155636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-technology-stocks","tag-earnings","tag-telecom","tag-telecom-services"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":158465,"url":"https:\/\/alphastreet.com\/india\/bharti-airtel-ltd-q3-fy24-earnings-conference-call-insights\/","url_meta":{"origin":155636,"position":0},"title":"Bharti Airtel Ltd Q3 FY24 Earnings Conference Call Insights","author":"Praveen","date":"February 6, 2024","format":false,"excerpt":"Key highlights from Bharti Airtel Ltd (BHARTIARTL) Q3 FY24 Earnings Concall Financial Performance Revenue impacted by currency devaluations in Africa. India revenue grew steadily at 3% sequentially to over INR 27,800 crores. EBITDA margin remained healthy at 53.9%. Generated operating cash flows of INR 7,250 crores in India. Segment Performance\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":172077,"url":"https:\/\/alphastreet.com\/india\/bharti-airtel-q2-fy26-earnings-results\/","url_meta":{"origin":155636,"position":1},"title":"Bharti Airtel\u00a0Q2 FY26 Earnings Results","author":"Divyansh_Kasana","date":"November 4, 2025","format":false,"excerpt":"Bharti Airtel, a leading telecom services provider across India, Africa, and other regions, reported outstanding Q2 FY26 results characterized by strong revenue growth and profitability. Financial Highlights: Consolidated revenues increased 25.73% year on year to \u20b952,145 crore from \u20b941,473 crore. Total expenses rose moderately by 12.71% to \u20b940,632 crore from\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"Q2 FY26","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/BH.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/BH.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/BH.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/BH.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/BH.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/BH.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":146623,"url":"https:\/\/alphastreet.com\/india\/bharti-airtel-ltd-q4-fy23-earnings-conference-call-insights\/","url_meta":{"origin":155636,"position":2},"title":"Bharti Airtel Ltd Q4 FY23 Earnings Conference Call Insights","author":"Praveen","date":"May 18, 2023","format":false,"excerpt":"Key highlights from Bharti Airtel Ltd (BHARTIARTL) Q4 FY23 Earnings Concall Management Update: [00:07:41] BHARTIARTL said that its DTH business experienced some customer loss due to seasonality but is expected to improve. Q&A Highlights: [00:22:02] Kunal Vora of BNP Paribas asked if the acceleration in postpaid customer additions being led\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":135324,"url":"https:\/\/alphastreet.com\/india\/bharti-airtel-ltd-q2-fy23-earnings-conference-call-insights\/","url_meta":{"origin":155636,"position":3},"title":"Bharti Airtel Ltd Q2 FY23 Earnings Conference Call Insights","author":"Praveen","date":"November 1, 2022","format":false,"excerpt":"Key highlights from Bharti Airtel Ltd (BHARTIARTL) Q2 FY23 Earnings Concall Q&A Highlights: [00:20:36] Manish Adukia of Goldman Sachs asked if the increase in market share and tariff correction can go hand in hand for the company. Gopal Vittal CEO said its wish is that tariff repair happens sooner as\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":132702,"url":"https:\/\/alphastreet.com\/india\/bharti-airtel-ltd-q1-fy23-earnings-conference-call-insights\/","url_meta":{"origin":155636,"position":4},"title":"Bharti Airtel Ltd Q1 FY23 Earnings Conference Call Insights","author":"Praveen","date":"August 10, 2022","format":false,"excerpt":"Key highlights from Bharti Airtel Ltd (BHARTIARTL) Q1 FY23 Earnings Concall Management Update: BHARTIARTL said that its post-paid segment is now about 45% larger than its nearest competitor. 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