Anagram's Earning Review:Bharti Airtel Q3FY09
Outlook & Recommendation
Going forward, ARPUs is going to remain under pressure due to intense competition in the industry. During the quarter RCOM roll out its all India GSM services and offered lucrative schemes to give run for their money to the incumbents. However we think that schemes offered by RCom are just an entry point strategies as are loss-making propositions.
We think that Bharti will not be able to maintain its subscriber addition growth rate and margins after other players launch their services.
AT CMP of Rs648, the stock is trading at 14.1x its Q3FY09 annualized EPS of Rs46. We have a "Neutral" Rating on the stock.
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