bharti airtel (Emkay) Depreciation cost depreciates PAT, Retain HOLD

Revenues & EBITDA in line, while PAT was below estimate; KPI's show sign of stabilization; African safari on stable mode; Other businesses remain flat QoQ; Valuation at 14.0x EPS & 6.1x EV/EBIDTA - Retain HOLD
Date Rating Target Price Recommendation Price Broker house
5 May 2011 hold 406 358 Emkay Report

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