Bharti Airtel is expected to end FY19 on a weak note, with analysts estimating that the company will report a consolidated net loss of `1,200 crore for the three months of January-March 2019. While the India wireless business is expected to report a minor uptick with the full impact of minimum recharge coming in this quarter, improvement in operating income still remains illusive on a consolidated level. Bharti Airtel\u2019s top line is estimated to decline by 1.5% sequentially to `20,200 crore, while consolidated Ebitda (earnings before interest, tax, depreciation and amortisation) is expected to decline 2.5% quarter-on-quarter to `6,060 crore despite expected stability in India wireless Ebitda on a q-o-q basis, according to analysts at Kotak Institutional Equities (KIE). However, importantly, the reported Arpu (average revenue per user) will likely see a sharp 14% q-o-q uptick to `120 per subscriber per month, largely optical on account of the sharp subscriber base clean-up done in December 2018, analysts said in the note. Bharti had indicated an exit Arpu of `118 for Q3FY19. Post the introduction of the minimum recharge move, Bharti saw its customer base reduce by 48 million users in Q3FY19, bringing its total subscriber base down to 284 million from 332 million earlier. \u201cWe expect India wireless Ebitda of `2,010 crore, broadly stable versus the `1,950 crore for Q3FY19. We bake in modest uptick in voice volumes and 20% q-o-q growth in data volumes,\u201d they said. India wireless, therefore is expect to see a modest 1% sequential uptick in revenues to Rs 10,290 crore. \u201cUnderlying assumption of stable q-o-q revenues in the mobile broadband (MBB) segment and marginal uptick in revenues from 2G subscribers, led by full-quarter impact of the \u2018minimum recharge construct\u2019,\u201d analysts at KIE observed. Bharti just managed to stay in the black with a small profit of `86 crore on the back of an exceptional gain of `1,017 crore in the three months of October-December 2018. On February 5, ratings firm Moody\u2019s had downgraded senior unsecured rating for Bharti as well as the backed senior unsecured notes issued by Bharti\u2019s wholly owned subsidiary, Bharti Airtel Int'l (Netherlands) BV. The ratings firm had assigned a Ba1 corporate family rating (CFR) to Bharti and withdrawn the company\u2019s Baa3 issuer rating, while keeping the ratings outlook negative. \u201cThe downgrade reflects uncertainty as to whether or not the company\u2019s profitability, cash flow situation and debt levels can improve sustainably and materially, given the competitive dynamics in the Indian telco market,\u201d lead analyst at Moody\u2019s said. Moody\u2019s estimated the profitability of Bharti\u2019s Indian mobile segment will remain low over the next several quarters in the absence of a fundamental change in the pricing of mobile services, together with proportional shift in the composition Bharti\u2019s subscriber base to high-end 4G customers. However, the company has taken steps to improve revenues and profitability including its minimum recharge plans. In addition, Moody\u2019s estimates that Bharti\u2019s adjusted consolidated leverage registered 4.5x at December 31, 2018 remaining above levels consistent with a Baa3 rating. Bharti\u2019s consolidated total debt in FY18 stood at `1.11 lakh crore versus `1.07 lakh crore in FY17. The company\u2019s standalone debt was at `65,416 crore at the end of March 31, 2018 against `60,095 a year ago. On February 28, Bharti finalised a fund raising plan of up to `32,000 crore through a combination of `25,000 crore rights issue and a `7,000 crore perpetual bonds float to build a war chest to reduce debt and increase 4G network coverage to compete with Reliance Jio.