Bharti Airtel (BHARTIARTL) Q2 24/25 earnings summary

Executive summary

• Announced a structured leadership succession, with a new CEO designate to take over in January 2026 and current MD transitioning to Vice Chair roles, focusing on mentoring, group synergies, and digital growth.

• Consolidated revenue for Q2 FY25 was Rs. 414,733 million, up 12% year-over-year and 8% sequentially; net profit attributable to owners rose to Rs. 35,932 million.

• Total comprehensive income for Q2 FY25 was Rs. 40,580 million, compared to Rs. 12,525 million in Q2 FY24.

• Strong ESG progress: solarized 3,500+ sites, significant diesel and CO2 savings, and all hyperscale data centers now IGBC Gold certified.

• Delivered highest-ever quarterly operating free cash flow of INR 11,000 crore.

Financial highlights

• India revenues grew 8.7% sequentially to over INR 31,500 crore; EBITDA margin improved to 54.8%.

• EBITDA for Q2 FY25 stood at Rs. 221,009 million, up from Rs. 198,441 million in Q2 FY24.

• CapEx for the quarter was INR 6,250 crore; net debt to EBITDA improved to 2.6 from 3.1 a year ago.

• Prepaid another tranche of high-cost spectrum dues; over INR 32,000 crore prepaid in last five quarters.

• Net profit margin for the six months ended September 30, 2024, was 11.1%.

Outlook and guidance

• Full benefit of recent tariff increases expected to accrue over the next two quarters.

• CapEx expected to moderate from last year’s elevated levels; focus remains on prudent capital allocation.

• Management remains focused on strengthening the balance sheet and investing in network expansion.

• Continued expansion in broadband, B2B, and digital segments anticipated.

• Monitoring financial condition of a major Indus Towers customer, which could impact future receivables.