Bharti Airtel Q2: CLSA, Jefferies raise target price; sees up to 20% upside in 1 year

Global brokerage firms such as CLSA, Jefferies, and Goldman Sachs raised their respective 12-month target price on Bharti Airtel post Q2 results.

The most aggressive target price of Rs 860 was put out by CLSA, and Jefferies which translates into an upside of about 20 per cent from Rs 712 recorded on 2 November.

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The telecom services provider Bharti Airtel reported a 299 per cent QoQ growth in the consolidated profit at Rs 1,134 crore for the quarter ended September 30, 2021, as against a profit of Rs 284 crore posted in the previous quarter ended June 30, 2021.

Its revenue from operations improved by 5.48 per cent QoQ to Rs 28,326 crore as against Rs 26,854 crore posted in the previous quarter.

EBITDA grew by 6.39 per cent QoQ to Rs 13,810 crore as against Rs 12,980 crore posted in June 2021.

Margin improved by 48.8 per cent in Q2FY22 from 48.3 per cent in Q1FY22.
 
We have collated a list of recommendations from various global brokerage firms according to a Zee Business TV report:

CLSA: Buy| Target raised to Rs 860 from Rs 810

CLSA maintained its buy rating on Bharti Airtel post September quarter results but raised its target price to 860 from 810 earlier.
 
Revenue and Ebitda beat Forecast a 15% consolidated EBITDA CAGR by FY24. The telecom provider saw strong India mobile 4G data subscriber growth which is a positive sign.
 
It saw the highest ever India broadband subscriber additions. The data traffic grew 5 per cent QoQ, and 48 per cent on a YoY basis. The average revenue per user (ARPU) stood at Rs153, up 5 per cent on a QoQ basis.  

Jefferies: Buy| Target raised to Rs 860 from Rs 834

Jefferies maintained its buy rating on Bharti Airtel post Q2 results but raised its 12-month target price to Rs 860 from Rs 834.

Bharti’s Q2 revenues and EBITDA were in line with expectations. Bharti’s subscriber mix improved further which is a positive sign. It still remains the top pick in the portfolio given its strong growth outlook.

Goldman Sachs: Buy| Target raised to Rs 840 from Rs 663

Goldman Sachs maintained its buy rating on Bharti Airtel post Q2 results but raised its target price to Rs 840 from Rs 663 earlier.

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)