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Who Gains The Most If Rivals Follow Reliance Jio’s U-Turn

Billionaire Mukesh Ambani has shown bruised Indian telecom operators a way to earn more revenue.

Soumeet Sarkar
A pedestrian using a mobile phone walks past banners for Reliance Jio, the mobile network of Reliance Industries Ltd., and Bharti Airtel Ltd. outside a mobile phone store in Mumbai, India (Photographer: Dhiraj Singh/Bloomberg)

Mukesh Ambani has shown bruised Indian telecom operators a way to earn more revenue.

If Vodafone Idea and Bharti Airtel start charging 6 paise a minute on outgoing calls to other networks, their revenue in the first quarter of financial year 2020 would have been 7-11 percent higher.

Assuming that 80 percent of this increased revenue would flow to operating profit as costs won’t rise much, their Ebitda would have been 29-48 percent higher, making them bigger beneficiaries. In absolute terms, Reliance Jio would have earned more compared with the other two.

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