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ICICI Direct Report
We expect subscriber addition momentum to be impacted amid SIM consolidation due to tariff hike. Reliance Jio, with lowest percentage of visitor loaction register (active subscriber) on network is likely to see major impact of SIM consolidation with ~5 million net loss during Q4.
On the other hand, Vodafone Idea Ltd. is likely to stabilise somewhat with subscriber loss of ~2 million. Bharti Airtel Ltd. is likely to add ~2 million subscribers and lead the industry.
Average revenue per user growth will be seen for all telcos, led by residual benefit of tariff hike. We expect Reliance Jio, Airtel, Vodafone Idea to report ARPU to be up 8%, 12%, 12% QoQ at ~Rs 164, Rs 129, Rs 182, respectively.
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