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On Sunday, Citi research firm adjusted its stance on Bharti Hexacom (BHARTIHE:IN), downgrading the stock rating from Buy to Neutral, despite increasing the price target from INR 1,630.00 to INR 1,720.00. The revised price target reflects a more cautious outlook from the analysts following the company’s recent financial performance.
Bharti Hexacom reported its fourth-quarter results, showing a growth of 1% in mobile revenues and 2% in overall revenues quarter over quarter, aligning with Citi’s projections. The company’s average revenue per user (ARPU) for mobile services remained stable compared to the previous quarter, contradicting expectations of a slight increase. However, the subscriber additions during the quarter were robust.
The company’s revenue from home services saw a 10% quarter-over-quarter increase, supported by strong subscriber additions. Bharti Hexacom’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for the fourth quarter reached Rs 11.7 billion, a 1% increase from the previous quarter, which was in line with estimates.
Net income for the quarter rose from Rs 2.6 billion to Rs 4.9 billion, exceeding Citi’s expectation of Rs 3.8 billion. This increase was attributed to an exceptional gain on deferred tax. Bharti Hexacom also reported a final dividend of Rs 10 per share and forecasted a fiscal year 2025 earnings per share (EPS) of Rs 30.
Citi analysts remain positive on the telecom sector overall but suggest that Bharti Hexacom’s significant outperformance, approximately 45% relative to Airtel over the past 12 months, may limit further upside potential. The firm indicates a preference for Indus and Airtel within the sector, recommending investors to wait for a more opportune moment to invest in Bharti Hexacom.
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