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ICICI Direct Report
We expect subscriber addition momentum to remain muted amid sim consolidation due to tariff hike. Reliance Jio, after last three quarters of Sim consolidation impact, will lead sub addition with ~6 million net sub additions during Q1.
On the other hand, churn at Vodafone Idea Ltd. is likely to stabilise somewhat with subscriber loss of ~3 million. Bharti Airtel Ltd. is likely to add ~2 million subscribers.
Average revenue per user growth will be seen for all telcos, led by residual benefit of tariff hike and benefits of one extra day.
We expect Jio, Airtel, Vodafone Idea's reported ARPU to be up 4%, 3%, 2% QoQ at ~Rs 174, Rs 184, Rs 126, respectively.
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