New Delhi: IIFL Securities has recommended stock market investors to buy shares of Bharti Hexacom with a long term perspective. Giving a Buy rating on Bharti Hexa, the brokerage firm gave the share price target for the stock.
Bharti Hexacom share price target
Maintaining a Buy rating on Bharti Hexacom, IIFL Securities said the stock has the potential to appreciate to the levels of Rs 1,260 per equity share in 12 months. The brokerage released its stock recommendation on July 16, 2024. Bharti Hexacom share price closed at Rs 1,144 on NSE on July 16, 2024. The firm suggested the investors to buy the stock in the range of Rs 1085-1115.
Why IIFL Securities is backing Hexacom India
The company came into existence in 1995 as ‘Hexacom India Limited’. In 2004, Bharti Airtel acquired a majority equity interest and company’s name was changed to ‘Bharti Hexacom Limited’. Currently, Airtel owns 70% of its equity. The company provides mobile, fixed-line, and broadband services in Rajasthan and North East circles.
IIFL Securities backed Bharti Hexacom saying that tariff hikes and 2G-to-4G upgrades would lift ARPU and boost Ebitda margin between FY24 and FY27ii: The firm said that it expects a July 2024 type tariff hike will be followed by a similar hike in late 2025. These, coupled with upgrade from 2G to 4G, should drive Hexacom’s ARPU from Rs204 in 4QFY24 to Rs293 in FY27, it stated.
Bharti Hexacom Q4 FY24 Highlights
Bharti Hexacom posts quarterly revenues of Rs 1,868 crore up 7.8 per cent YoY. Mobile services revenues were reported to be up 6.8 per cent YoY, led by strong 4G/5G customer additions and ARPU increase.
Homes and office business continued its growth impetus, as revenues registered a jump of 26.6% YoY led by solid customer.
EBITDA stood at Rs 914 crore, while the Net income was reported at Rs 223 crore, up by 10.2%YoY.
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