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• Consolidated Revenue: INR173,000 crore for FY25.

• EBITDA Growth: 21.2% increase with a margin improvement of 2.3%.

• India Revenue Growth: 15.3% increase, excluding Indus towers.

• EBITDAaL Margin: 48%, expanded by 2%.

• India CapEx: INR30,270 crore for the year.

• Operating Free Cash Flow: Just under INR31,400 crore.

• Net Debt to EBITDAaL: 1.5 for India.

• Q4 Consolidated Revenue: INR47,876 crore.

• Q4 India Revenue: INR33,100 crore, excluding Indus.

• Q4 EBITDAaL Margin: 50.7%, improved by 1.4%.

• ARPU: INR245, flat sequentially; INR248 on an equal day basis.

• 5G Customers: 135 million at the end of FY25.

• Broadband Additions: 8.1 lakh customers and over 2 million FTTH home passes.

• Digital TV Additions: 76,000 customers in the quarter.

• Airtel Business Revenue: INR5,316 crore for the quarter.

• Payments Bank Users: 96 million monthly transacting users, 10% sequential growth.

• Annualized Revenue Run Rate: INR2,900 crore, 35% year-on-year growth.

• Africa Revenue Growth: 6.3% sequentially, with EBITDAaL margin at 35.9%.

• Africa Net Debt to EBITDAaL: 0.9.

• Network Expansion: 19,858 network sites and 44,400 kilometers of fiber deployed.

• Warning! GuruFocus has detected 3 Warning Signs with WBO:PBB.

Release Date: May 14, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Bharti Hexacom Ltd (NSE:BHARTIHEXA) reported strong financial performance with consolidated revenues of INR173,000 crore for FY25, despite challenges from Africa currency devaluation.

• EBITDA after FLO and lease obligations grew by 21.2%, with a margin improvement of about 2.3%, indicating strong operational efficiency.

• The company has made significant progress in its ESG initiatives, including collaboration with Nokia on Green 5G and solarizing over 30,708 sites.

• Bharti Hexacom Ltd (NSE:BHARTIHEXA) has successfully launched IPTV, enhancing customer experience and reducing CapEx expenditure on set-top boxes.

• The company has strengthened its balance sheet by pre-paying high-cost DoT debt totaling INR42,000 crore, reducing India net debt to EBITDAaL to 1.5.

Negative Points

• The B2B segment experienced a decline in revenue, aligning with the company's strategy to focus on quality revenues, but impacting overall performance.

• Despite the strong performance, the company acknowledges the need for further tariff repair to sustain financial health and future investments.

• The DTH industry faces headwinds due to regulatory challenges and competition from free Doordarshan content, impacting growth prospects.

• The company is cautious about deploying large investments in emerging technologies like GPU as a service, preferring to be a fast follower rather than an early mover.

• CapEx for FY26 is expected to trend downwards, but the company remains focused on disciplined capital allocation, which may limit aggressive expansion opportunities.