The shares of Bharti Airtel Ltd opened at Rs 853 on Tuesday and gained more than 1 per cent in the early trading hours to reach its new 52-week high of Rs 860.55. In the past month, the stock has gained approximately 6 per cent.
The shares of Bharti Airtel Ltd have been on an uptrend for a while as it has launched its much-awaited 5G services in some parts of the country. The services are currently available in Delhi, Mumbai, Guwahati, Chennai, Bengaluru, Hyderabad, Siliguri, Nagpur, Varanasi, Panipat, and Gurugram.
In addition to that, the company also announced a tariff hike in states like Haryana and Odisha circles. The minimum recharge pack will now cost Rs 155 in the two circles which offer unlimited voice, 1GB of data, and 300 SMSs valid for 28 days, which cost Rs 99 earlier.
ICICI Securities is bullish on the stock and has assigned a ‘Buy’ rating with a target price of Rs 970 per share which represents an upside of 14% from the current levels.
‘The development leads us to increase our EV/EBITDA multiple for the company’s India business to 11.5x FY24E (earlier: 10.5x),” said the brokerage.
In Q2FY23, the company reported a total revenue of Rs 34,526.8 crore which was an increase from Rs 28,326.4 crore in the same period last year. Their net profit in the quarter stood at Rs 2,622.2 crore as compared to Rs 1,399.3 crore in Q2FY22.
The company’s average revenue per user (ARPU) increased to ₹190 in Q2FY23 from ₹183 in Q1FY23.
According to data released by the Telecom Regulatory Authority of India (Trai) in November, Bharti Airtel added 4.12 lakh subscribers in the month of September.
Bharti Airtel Limited, commonly known as Airtel, is an Indian multinational telecommunications services company that has a presence in more than 18 countries. The company has a market capitalization of Rs 4,81,069 crore as on November 22nd.
Written by Anoushka Roy
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