Mid-cap pure-play on structural wireless ARPU growth story
10% ARPU CAGR via tariff hikes & Bharti Airtel's
Presence in high growth potential markets as Rajasthan/NE circle
FY24-30 EBITDA CAGR seen at 15%
Relatively lower capex - higher ROCE business vs. Bharti; likely to become net-cash by FY29
Initiate with BUY with target price of Rs 790
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