03 August 2011

1QFY2012 Results Preview-- Bharti Airtel --Angel Broking,

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1QFY2012 Results Preview
Bharti Airtel
Bharti Airtel is slated to announce its 1QFY2012 results. We expect the company to record
revenue of `17,212cr, with 5.8% qoq growth. This is expected primarily on the back of
growth of 4.5% qoq in ARPM to `0.45/min and flat MOU qoq at 449. Also, we expect
Zain’s mobile business’ revenue to grow by 7.9% qoq to `4,513cr, with EBITDA margin of
27.0%. Consolidated EBITDA margin of the company is expected to grow by 172bp qoq to
35.2%. PAT is expected at `1,874cr. We maintain our Neutral rating on the stock.

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