Airtel has posted robust operating and financial results for the year ending March 31, 2025, driven by growth in its customer base, expanding data usage, and the ongoing success of its mobile money platform, Airtel Money.
Customer and Network Growth
Airtel’s total customer base rose 8.7% to 166.1 million, supported by a 4.3% increase in smartphone penetration to 44.8%. Data customers grew by 14.1% to 73.4 million, with average data use per customer jumping 30.4% to 7.0 GB. These trends contributed to a 15.4% increase in data ARPU (average revenue per user) in constant currency.
Mobile money also saw major gains, with subscribers up 17.3% to 44.6 million and ARPU rising 11.4% in constant currency. In Q4 alone, Airtel Money transaction value surged 34% in constant currency, reaching an annualized $145 billion.
Network improvements continued, with the rollout of 2,583 new sites and 3,300 km of fibre, enhancing capacity and customer experience.
Financial Highlights
Group revenue reached $4.96 billion, up 21.1% in constant currency, though down 0.5% in reported currency due to exchange rate impacts. Q4 revenue rose sharply by 23.2% in constant currency, with reported currency growth of 17.8%, buoyed by Nigerian tariff adjustments.
Mobile service revenue climbed 19.6%, led by a 30.5% increase in data and a 10.6% increase in voice revenue. Mobile money revenue also rose strongly by 29.9%.
Underlying EBITDA stood at $2.3 billion, down 5.1% in reported currency due to higher fuel costs and currency volatility, though margins improved quarter by quarter—from 45.3% in Q1 to 47.3% in Q4.
Profit after tax rebounded to $328 million from a loss of $89 million last year, thanks to lower foreign exchange and derivative losses. Basic earnings per share (EPS) came in at 6.0 cents, compared to a loss of 4.4 cents in the previous year.
Capital Allocation and Leverage
Capital expenditure totaled $670 million, below guidance due to delayed data center projects. Next year’s capex is expected between $725 million and $750 million. Airtel reduced foreign currency debt by $702 million, with 93% of OpCo debt now in local currency.
Leverage rose from 1.4x to 2.3x following $1.3 billion in lease liabilities tied to tower renewals. Lease-adjusted leverage increased to 1.0x due to currency translation effects.
The board recommended a final dividend of 3.9 cents, bringing the full-year total to 6.5 cents—a 9.2% increase. The company also returned $120 million to shareholders via share buybacks.
CEO Outlook
CEO Sunil Taldar highlighted the company’s strategic progress, pointing to a 20% rise in smartphone customers and a 47.5% jump in data traffic. He noted that Airtel Money’s expanded ecosystem helped push transaction values to $136 billion.
Taldar emphasized Airtel’s momentum, with Q4 revenue growth at a record 23.2% and a 200bps improvement in EBITDA margin during the year. He reiterated Airtel’s readiness for a potential Airtel Money IPO in the first half of 2026, subject to market conditions.
“We are well-positioned for continued growth,” he said. “Thanks to the support of our customers, partners, and regulators—and the hard work of our employees—we’re driving digital and financial inclusion while powering economic progress across our marketer