Prabhudas Lilladher's research report on Bharti Airtel. Bharti Airtel reported an EBITDA of Rs218bn (+10.9%QoQ; PLe: Rs217.1bn, BBGe: Rs217.6bn). Adj PAT came in at Rs44.5bn (up 29.8% QoQ; PLe: Rs38.8bn, BBGe: Rs43.9bn). India mobile revenues were up 10.3%QoQ with a stable EBITDA margin of 57.1%. ARPU improved QoQ to Rs233 with a net subscriber loss of 2.9mn in Q2.