Bharti Airtel (BHARTIARTL) Q4 24/25 earnings summary

Executive summary

• Consolidated revenue for FY25 reached INR 1,73,000 crore (₹1,729,852 million), up 15% year-over-year, with Q4 revenue at INR 47,876 crore (₹478,762 million), a 27% increase from Q4 FY24.

• EBITDA after lease obligations grew 21.2% with margin improvement of 2.3%, reaching ₹947,329 million for FY25.

• 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.

• Prepaid high-cost DOT spectrum debt of INR 42,000 crore over two years and all deferred liabilities for spectrum acquired in 2024, reducing India net debt to EBITDA to 1.5.

• Advanced ESG initiatives, including Green 5G with Nokia, AI/ML for energy efficiency, and solarization of over 30,708 sites.

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 (INR 248 on equal-day basis), flat sequentially.

• 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 on disciplined capital allocation.

• 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 deleveraging, dividend step-up, and prudent use of free cash flow for growth and shareholder returns.

• Industry requires further tariff repair and restructuring for sustained financial health and investment.