Bharti Airtel: JPM raises to ‘overweight,’ sees stronger earnings

) to “overweight” and also hiked their price target on the telecom operator, citing stronger earnings potential from increased tariffs in India and better returns on capital.

Airtel’s fiscal 2024 earnings were largely in line with expectations. The telecom operator, which is among India’s biggest, clocked a 2% increase in quarterly revenue to 221 billion rupees, while adjusted earnings before interest, tax, depreciation and amortization rose to 122 billion rupees, bringing annual EBITDA to 790.45 billion rupees.

JPM analysts also said they expected dividends to “increase meaningfully” over the next two fiscal years amid improving cash flows and further deleveraging.

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