Bharti Airtel

“We are stepping up significant investments to continue to invest behind this in order to scale this.”

“I would just say that the radio capex has moderated across the portfolio over the last couple of years.”

“wherever we think that there is a legitimate need for the business in order to step up growth, in order to be competitive or to actually plan some of these newer bets; as a Company, we will not hold back on capex.”

“For 5G standalone, the capex is very modest because it is largely software.”

“one of the key considerations for building, getting to one gigawatt is the right land parcels in Mumbai, which we are in the process of, sort of finalizing.”

“Yes, I think the data center is a simple answer. Yes, the Google one is also included.”

“The third is upcoming build that is already well underway and that will be a couple of hundred megawatts over the course of the next couple of years”

“So, the reason we have gone out on a limb to say that our ambition is to get to a gigawatt in the next few years is because we have very clear line of sight to actually get there.”

“Africa maintained its strong growth trajectory with a constant revenue growth of 5.7%.”

“Airtel's Africa operations today, generate an annualized EBITDA of over Rs.35,000 Crores”

“Africa is also, as you know, an important growth engine in Airtel’s portfolio, contributing in the last one year almost half of our consolidated revenue growth of 16% odd for the year.”

“Over the last five years, the business has delivered constant currency CAGR growth of over 20% in revenue and over 24% in EBITDA”

“Airtel Money has now achieved meaningful scale with a Q1 revenue of over $400 million”

“Tele-density which is penetration is at 45% and smartphone penetration is only 52%, showing you the headroom available.”

“Home broadband penetration is only 2% and there are at least 30 million households that can afford a broadband connection.”

“Majority of this demand is concentrated across the top 1000 towns, and this is shaping where we invest and how we serve this market.”

“That number has gone up with inflation, so we see strong sub additions but over time, how this inflation impacts the customer wallet is yet to be seen, but at this point we would see no impact from that.”

“On international roaming, we are seeing improvement, I think, obviously from previous quarter, we have started seeing some repair improvement of international travel.”

“Our consolidated EBITDAaL was at Rs.29,800 Crores, this is a growth of 4.2% and the margin stood at 51%.”

“We are working with Indus to deploy high energy efficiency power equipment and advanced energy storage solutions aimed at reducing diesel dependence across sites.”

“Over the last five years, we have optimized over Rs.11,000 Crores from our network opex, reflecting the depth and consistency of this program.”

“This includes redesigning our ways of working and taking decisive actions to mitigate cost pressures including redesigning our tower operations to eliminate diesel consumption and making sharp choices in the way we deploy capex in homes business.”

“longer term, as the portfolio retools, we think the margins will be in this ballpark, maybe sort of trend slightly downwards as we see the step up in the digital portfolio”

“Our consolidated net debt to EBITDAaL improved to 0.7% and India without passive infra is now lower than 1%.”

“you must remember that Airtel Money Limited is a net cash positive Company. So, there is no net interest cost and whatever little cost is there is a part of cost of goods sold.”

“Balance sheet remains robust with the net debt excluding leases at about Rs.960 Crores and net debt excluding leases to EBITDAaL ratio improving to 0.2.”

“The strength of our balance sheet is underpinned by our prudent capital allocation, disciplined capex and continued operational excellence and this is well recognized by leading global agencies, which sustained rating upgrades during the quarter.”

“Given this growth trajectory and the large addressable opportunity, Airtel Money is now preparing for a London listing in the second half of 2026.”

“The fact is that Nxtra will need funding and that funding will be obviously there is some equity infusion, but there will also be a debt that will be raised at Nxtra.”

“There was opportunity which presented itself in Nxtra and we have used that opportunity.”

“During the quarter, we completed an EPS accretive share swap transaction that increased our Airtel stake in the Africa business to over 79%.”

“This experience has also affirmed our decision to introduce Indus into Africa.”

“We recently went live with our lending services, marking an important milestone in our financial services journey. We have done this at remarkable speed, just about nine months from the date of the application of the license”

“as of now we are focusing on getting it right on these three markets”

“While low entry level pricing helped attract customers, the outcomes were not consistent with the quality of customers franchise we wanted to build with a higher churn and weaker continuity in certain cohorts. In addition, driving global memory and chipset pricing have also challenged FWA economics.”

“The problem that we have had in the business in the past has been that we have had a large dependence on wholesale which is subject to a lot of price pressure”

“the real issue there was the fact was we went down on very aggressive low acquisition pricing in the market and that led to some round tripping and quality of acquisition deteriorating.”

“I do not think we have seen the full impact of diesel in the quarter”

“Having said that, I think, in Northeast we have a very, very comfortable position in terms of competitively being placed well. Rajasthan is a far more competitively heated market”

“Our consolidated revenue was Rs.58,500 Crores, growing at about 5.7% sequentially.”

“Our operating free cash flow, which is EBITDAaL minus capex, was at over Rs.16,450 Crores.”

“We have over 82,000 kilometers of fiber with access to large submarine capacity.”

“I do want to reiterate that the longer-term pricing architecture of the industry still needs to be repaired and the industry must charge for data consumption.”

“Over the last three years, we have deployed about 1,39,000 kilometers of fiber and we believe sustained investments in this infrastructure layer is critical to meeting our enterprise demand.”