Subscriber addition to remain muted, ICICI Direct-Research

We expect subscriber addition momentum to remain muted amid sim consolidation due to tariff hike. Reliance Jio (Jio), after last three quarters of Sim consolidation impact, will lead sub addition with ~6 million (mn) net sub additions during Q1. On the other hand, churn at Vodafone Idea (VIL) is likely to stabilise somewhat with subscriber loss of ~3 mn. Bharti Airtel (Airtel) is likely to add ~2 mn subscribers. ARPU growth will be seen for all telcos, led by residual benefit of tariff hike and benefits of one extra day. We expect Jio, Airtel, VIL’s reported ARPU to be up 4%, 3%, 2% QoQ at ~| 174, | 184, | 126, respectively. For Jio, revenues are expected at | 21582 crore, up 3.3% QoQ. Airtel’s India wireless revenue is expected be up 3.8% QoQ at | 18,278 crore. For Vodafone Idea, we expect overall revenues to grow 0.8% QoQ at | 10,319 crore.

For report – https://www.communicationstoday.co.in/result-preview-telecom/

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