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ICICI Securities Report
The Telecom Regulatory Authority of India has released its data on subscribers for January 2023. Industry-wide active sub base rose by 3.9 million month-on-month (versus rise of 8.6 million in Dec-22 and rise of 0.6 million average in past six months) with Bharti Airtel Ltd. adding 1.3 million subs (versus 1.3 million in past six months).
Reliance Jio's active subs rose by 3.5 million in Jan-23 (versus plus 1.3 million in past six months). Vodafone Idea Ltd. saw its active subs decline falling by 0.5 million.
Industry-wide mobile broadband sub net add was 6.2 million (versus increase of 4.6 million in past six months). Airtel's MBB subs rose 2.8 million and its market share expanded to 29.9% (up 5 basis points month-on-month) on active basis, while RJio's dipped 8 bps to 51.0%.
Mobile number portability remains elevated at 12.4 million with churn rate at 1.1%. Airtel's active subs addition has not decelerated despite rise in minimum recharge from Rs 99 to Rs 155, probably due to the delayed impacted from recharge cycle; we expect churn to rise (though trend remains favorable for Airtel) in coming months.
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