Shares of Bharti Airtel traded firm, with BSE up 1% to Rs 797.40 in intraday trade on Wednesday after the telecom service provider reported a 14.3% rise in revenue for the quarter ended March 31 (Q4FY23) to Rs 36,009 crore for the same period in the fiscal year 2021-22 (Q4FY22) from Rs 31,500 crore. Revenue from its India business rose 12.2% year-on-year to Rs 25,250 crore.

The company reported a 49.2% year-on-year rise in its consolidated net profit to Rs 3,005.6 crore.

Reported consolidated EBITDA rose 17.6% YoY to Rs 18,807 crore; EBITDA margin rose 144 basis points YoY to 52.2% on the back of improved broadband and corporate margins. The India business posted an Ebtida of Rs 13,403 crore and an Ebitda margin of 53.1%, up 225 basis points year-on-year.

Bharti Airtel said that the average revenue per user (ARPU) was Rs 193 in the current quarter compared to Rs 178 in Q4FY22 as it continued to focus on acquiring premium customers and delivering enhanced customer experience.

ARPU at Rs.193 is expected to be flat QoQ (+8% YoY), although 2 days fewer in Q4, partly due to improved subscriber mix (highest 8-quarter postpaid and data subscriber additions), partly due to Yes voice services increased tariffs in the fourth quarter.

Jefferies has a “buy” rating on Bharti Airtel with a target price of Rs 900 per share.

Meanwhile, Bharti Airtel has fallen 6% over the past six months, underperforming the broader market, while the S&P BSE Sensex gained 0.14%.