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Motilal Oswal Report
India's telecom industry revenue (adjusted gross revenue including national long distance) increased 8% QoQ to Rs 674 billion (+13% YoY) in Q2 FY25, mainly driven by the flow-through of tariff hikes. The implied industry average revenue per user was up 9% QoQ to Rs 194/month, while industry subscriber base declined ~17 million (~1.5%) QoQ.
India's telecom spends as a % of nominal GDP inched up to ~0.9% in Q2 (versus 0.8% in Q1), but still remained significantly below ~1.4% of GDP prior to the Reliance Jio launch. Bharti Airtel Ltd. remained the biggest beneficiary of the tariff hike, with ~49% QoQ incremental RMS (versus ~39% overall RMS) in Q2 FY25.
We expect industry revenue growth to remain robust in the near term as full benefits of the tariff hike is realized over the next two quarters as subscriber churn subsides.
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