Bharti Airtel Ltd (Q4 FY08) - BUY

Bharti Airtel Ltd (Q4 FY08) - BUY

CMP Rs922, BUY

Target price Rs1,123,  Upside 21.8%


ä      Revenues increase 13.1% qoq driven by 12.4% qoq subscriber growth; FY08 subscriber additions up 67%

ä      Q4 wireless margins fall 360bps yoy on transfer of passive infrastructure to Infratel

ä      Q4 PAT higher by 32.9% qoq on lower interest cost

ä      Strong capex led growth, tower JV are key positives; recommend BUY with a target price of Rs1,123, an upside 21.8%.


Click below for the quarterly update of Bharti Airtel Ltd.



Warm Regards,


India Infoline Research Team



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