Telecommunications — Bharti Airtel Limited

represents India's rapidly evolving telecommunications and digital infrastructure industry. A recent development is the expansion of Airtel Cloud, which had reached around 40 enterprise customers within a year of its launch, with manufacturing companies accounting for a significant portion of its customer base. The company's cloud platform is designed around India-hosted infrastructure, secure connectivity and AI-related services. This illustrates how telecom companies are increasingly developing additional revenue streams beyond traditional mobile connectivity. Learning Point: A telecom company's analysis should go beyond subscriber numbers and include ARPU, 5G monetisation, data consumption, enterprise services, spectrum costs and new digital businesses.