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Axis Securities Report
Reliance Jio and Bharti Airtel Ltd. will be benefitted from tariff hikes and customer gains however we expect private telecom companies to report QoQ decline in their subscriber base.
However, the loss is likely to be more at the lower end, i.e., the non-data subs of Airtel/Vodafone Idea Ltd./Hexacom and entry-level subs of Jio (non-JioPhone; Jio has kept JioBharat tariffs unchanged) choosing to shift to BSNL.
We still expect Bharti Airtel/Hexacom to report QoQ increase in 4G subsbase and Jio to see a decline, as its entire base is 4G.
We expect their growth to revive as the initial sticker shock from the hike abates.
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