Bharti Airtel (BHARTIARTL) Investor Presentation summary

Company overview

• Operates in 14 African countries and 21 in South Asia, serving over 352 million mobile customers and 30 million homes.

• FY'24 revenue reached ₹149,982 crore with an EBITDA margin of 52.7% and net debt/EBITDA of 2.59.

• Portfolio is diversified: 57% India Mobile, 27% Airtel Africa, 16% India Enterprise & Homes.

• Significant capital investments include 355,000 towers, 12 data centers, 7 submarine cables, and over 440,000 km of domestic fiber.

• Emphasizes a culture of ownership, humility, and strong governance with detailed segmental disclosures.

Financial and operational performance

• Revenue CAGR of 14% since FY'16, with EBITDA margin doubling from 26% to 54%.

• Achieved lifetime high market shares in mobile, broadband, DTH, and enterprise segments.

• ARPU grew 70% over five years, reaching ₹209 in FY'24, outpacing competitors.

• Net debt/EBITDA improved from 5.1x in FY'19 to 3.0x in FY'24; ROCE rose from -0.3% to 9.3%.

• Raised $16B in capital between 2019 and 2022, strengthening the balance sheet.

Market opportunities

• High-end home broadband market is expanding rapidly, with 20% CAGR in high-value homes and 8% CAGR in broadband users.

• Mobile ARPU in India remains among the lowest globally, presenting significant upside potential.

• Postpaid penetration is low compared to global benchmarks, indicating room for growth.

• B2B market is growing, especially among top 500 accounts, with adjacencies like cloud, CPaaS, IoT, and security driving expansion.

• Airtel holds a 37% market share in B2B and targets deeper engagement with top accounts.