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ICICI Securities Report
The Telecom Regulatory Authority of India has released its data on subscribers for May 2023. Industry-wide active sub base rose 5 million month-on-month (versus rise of 4.2 million in April 2023 and rise of 3.6 million average in past six months) with Bharti Airtel Ltd. adding 2.4 million subs (versus 2 million in past six months).
Reliance Jio's active subs rose 4.9 million in May 2023 (versus +2.7 million in past six months).
Vodafone Idea Ltd. saw its active subs decline by 1.8 million. Industry-wide mobile broadband sub net add was 5.3 million (versus +4.5 million in past six months).
Bharti Airtel's MBB subs rose 2.4 million and its market share was flattish 30.1% on active basis, while RJio's sub rose 15 bps to 51.7%.
Mobile number portability remains elevated at 11.5 million with churn rate at 1.0%.
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