Bharti Airtel’s share price was back in the green on Wednesday after the company’s earnings for the March quarter beat street estimates.
What Happened: The telecom giant’s revenue went up 14.3% year-over-year to ₹36,009 crore. The company’s India revenue for the quarter stood at ₹25,250 crore, up 12.2% from the year-ago period. Total subscribers stood at 518 million across 16 countries. The subscriber count in India stood at 375 million users.
EBITDA for the review quarter stood at ₹18,807 crore up 17.6% from ₹15,998 crore it reported in the corresponding quarter last year. EBITDA margin was at 52.2%. Net profit for the March quarter came in at ₹3,006 crore, up 50% against the ₹2,007 crore profit booked in the same quarter last year.
The company’s Board has recommended a final dividend of ₹4 per fully paid-up equity share and ₹1 per partly paid-up equity share.
The company’s strong numbers impressed most analysts. Jefferies maintained its ‘buy’ on the stock with a price target of ₹900. Credit Suisse also maintained its ‘outperform’ rating for the stock with a price target of ₹950. Morgan Stanley also remained ‘overweight’ on the stock as it sees the Airtel share price going up to ₹860. However, JP Morgan was left unimpressed by the numbers as it maintained its ‘underweight’ rating for the stock with a price target of ₹700.
Get all the latest Share Market trends and news to set you up for the week ahead.
Price Action: Airtel’s share price was up 0.87% to trade at ₹794.20 as markets opened on Wednesday.
Read Next: Top 10 Richest People In India In April 2023
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.