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ICICI Securities Report
Vodafone Idea Ltd.'s Q1 FY23 cash Ebitda at Rs 21 billion was slightly lower QoQ on higher costs. Average revenue per user rose 3.2% QoQ to Rs 128; it was better on one-additional day.
4G add remained muted on pending 4G capex, and the company is gradually expanding capacity through reframing 3G sites to 4G.
Vodafone Idea will have good cost savings from rental renegotiation with Indus Towers Ltd., and spectrum usage charge saving (3% of adjusted gross revenue) on the purchase of 5G spectrum.
Also, purchase of 5G spectrum ensures visibility for continued services and smooth technology transition for Vodafone Idea, which was our biggest concern.
However, aggressive deployment of 5G is dependent on Vodafone Idea's ability to raise more capital; while peers are gearing up for faster 5G deployment in India.
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