Bharti Airtel (BHARTIARTL) Q4 24/25 earnings summary

Executive summary

• Consolidated revenue for FY25 reached ₹1,729,852 million, up 15% year-over-year, with Q4 revenue at ₹478,762 million, a 27% increase from Q4 FY24.

• EBITDA after lease obligations grew 21.2% with margin improvement of 2.3%; FY25 EBITDA was ₹947,329 million, up from ₹797,272 million in FY24.

• Net profit for FY25 was ₹374,813 million, a significant rise from ₹85,580 million in FY24, driven by higher operating income and a large deferred tax benefit in Q4.

• Strategic focus on ESG, digital transformation, and network expansion, including 25,000 new 5G sites and 7.2 million home passes.

• Continued deleveraging with full prepayment of high-cost DOT spectrum debt totaling INR 42,000 crore over two years.

Financial highlights

• Q4 consolidated revenue at INR 47,876 crore, impacted by B2B segment decline as guided; India revenue (ex-Indus) at INR 33,100 crore.

• Q4 EBITDA margin at 50.7%, up 1.4% sequentially; ARPU at INR 245, flat sequentially, but INR 248 on equal-day basis.

• Operating free cash flow for FY25 just under INR 31,400 crore; India CapEx at INR 30,270 crore, lower than FY23.

• Cash and cash equivalents as of March 31, 2025, stood at ₹61,056 million.

• Basic EPS for FY25 was ₹58.00, up from ₹13.09 in FY24.

Outlook and guidance

• FY26 CapEx to be lower than FY25 as rural rollout slows and heavy lifting is complete; focus remains on disciplined capital allocation and future-proofing digital services.

• The Board recommended a final dividend of ₹16 per fully paid-up equity share and ₹4 per partly paid-up share for FY25, subject to shareholder approval.

• Continued focus on tariff repair and restructuring to improve industry financial health and support investments.