Bharti Airtel stocks: Bharti Airtel’s shares are nearing their previous record high, which was reached almost a month ago.
During the last trading session, the telecom company’s stock surged to an intraday peak of Rs 1359 before settling at Rs 1348.20 on the BSE. Back on April 24, it hit its pinnacle at Rs 1364.05.
Recent momentum in the stock has been bolstered by positive assessments from several brokerage firms following the Q4 earnings. JP Morgan, for instance, has upgraded its rating to overweight and bumped up its target price from the previous Rs 1,100 to Rs 1330.
According to the global brokerage, the company’s performance in FY24 was broadly in line with expectations. Notably, its mobile business in India demonstrated robust performance, driven by strong subscriber additions and a slight uptick in Average Revenue Per User (ARPU).
Nomura has increased its price target for Bharti Airtel to Rs 1550, citing the company’s superior subscriber base compared to its competitors and its ability to capitalize on its extensive digital and enterprise initiatives in the evolving landscape of 5G. The firm believes that Bharti Airtel is well-positioned to transition from being solely a telecommunications provider to becoming a technology company in the years ahead. -Bharti Airtel stocks
Motilal Oswal Financial Services also expects significant upside potential for Bharti Airtel’s stock, projecting a 25 percent increase and raising the target price to Rs 1,640 per share.
Despite a 31.1 percent year-on-year decline in net profit to Rs 2,072 crore in the March 2024 quarter, compared to Rs 3,006 crore in the same period last year, Bharti Airtel saw a 4.4 percent year-on-year increase in revenue to Rs 37,599 crore from Rs 36,009 crore.
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In the fourth quarter, Indian revenues surged by 12.9 percent to Rs 28,513 crore, with mobile revenues also rising by the same percentage, driven by enhanced realization and significant additions of 4G/5G customers throughout the year. Average Revenue Per User (ARPU) in Q4 climbed to Rs 209 from Rs 193, fueled by a sustained focus on acquiring high-quality customers and improving the product mix.
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