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Q3-Modest ARPU growth and margin expansion likely, ICICI Direct

We expect Reliance Jio to lead subscriber addition with ~6 million net sub additions during Q3. Bharti Airtel Ltd. is likely to add modest ~1 million subscribers amid SIM consolidation.

On the other hand, elevated churn at Vodafone Idea Ltd. is likely with a subscriber loss of ~6 million. Average revenue per user growth is expected to be seen for all telcos with some subscriber mix benefits.

We expect Jio, Airtel, Vodafone Idea’s reported ARPU to be up 1.5%, 2%, 2% QoQ at ~Rs 180, Rs 194, Rs 134, respectively. For Jio, revenues are expected at Rs 23206 crore, up 3% QoQ.

Airtel’s India wireless revenue is expected be up 2.1% QoQ at Rs 19,359 crore. For Vodafone Idea, we expect overall revenues to be flattish QoQ at Rs 10,620 crore. Bloomberg

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