Bharti Airtel plans to raise INR 75bn ($1bn) via non-convertible debt (NCD) in the form of debentures/bonds, after reporting steady results. Revenues during the quarter rose 12.6% to INR 299bn ($4bn); however, net profits declined 2.8% to INR 8.3bn ($110mn) on a drop in its overall subscribers. Primarily, revenues were lifted by higher tariffs leading to an ARPU of INR 163 ($2.2) and an improved customer mix (3mn 4G subscribers were added). Its India mobile services EBITDA margins improved to 49.4% from 43.7% during the period. Bharti’s Q3FY22 results were slightly ahead of estimates, especially on key operating parameters, and ahead of both Jio and VIL’s (Vodafone India Ltd) results as well,” UBS said. Airtel’s net debt reduced 4% sequentially to INR 1.59tn ($21bn).
Bharti’s dollar bonds were stable with its 5.65% Perp at 103.3, yielding 4.44%.
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