Airtel Africa inducted into the coveted FTSE 100 index

27 Jan 2022 , 02:40 PM

Bharti Airtel Limited, India’s premier communications solutions provider, today said that its subsidiary Airtel Africa has been made a part of the coveted FTSE 100 Index effective Monday, 31 January 2022.

Airtel Africa was listed on the London Stock Exchange in June 2019 and the milestone underscores the growing investor confidence in the business. The company had a market capitalization of over $7.5 billion (as per closing price on January 26, 2022) with an Enterprise Value of $10.7 billion.

Airtel entered Africa in 2010 and the business has demonstrated consistent growth in its customer base, revenues, profits, margins, and cash generation, as well as strengthening its balance sheet through reduced leverage. Through its mobile telecoms and mobile money services, Airtel Africa plc is transforming lives of over 122 million people across the 14 African markets in which it operates.

For Half Year ended September 30, 2021, Airtel Africa’s revenue grew by 25.2% yoy to $2.27 billion with double digit growth across all regions. For the period its net profit doubled to $335 million while its leverage reduced to 1.5x from 2.2x.

At around 2.42 pm, Bharti Airtel Ltd was trading at Rs709.60 per piece down by Rs2.3 or 0.32% from its previous closing of Rs711.90 per piece on the BSE.

Sunil Bharti Mittal, Chairman, Bharti Airtel said: “This is a significant milestone for Airtel Africa, which becomes part of the FTSE 100 in just two and a half years of listing on the London Stock Exchange joining the most valuable companies. Airtel Africa is a strong player in the African continent, which has emerged as the next growth frontier globally.”

“Delighted that after long years and hard efforts of the team Airtel, the africa operations have had a stellar turnaround. A lot of credit goes to the changed leadership under Raghu Mandava an Airtel veteran who along with his team spent 5 years in reshaping the strategy in Africa. We continue to invest aggressively and execute our growth strategy under the new MD&CEO Segun Ogunsanya to deliver on the significant market potential afforded by Africa and strengthen Airtel’s position as one the biggest global brands out of India.” added Sunil Bharti Mittal.