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Yes Securities Report
Vodafone Idea Ltd.'s overall improved operating performance in the quarter led by increase in average revenue per user due to tariff hike in November 2021. The growth in ARPU by 7.8% QoQ is a encouraging sign.
It continues to lose subscribers but there has been definite sign of moderation in the loss of subscribers. The slowdown in addition of 4G subscribers is a matter of concern. It needs capital infusion for augmenting the capital expenditure to match up with peers in terms of 4G coverage/capacity.
We expect that 2G to 4G migration would continue to drive growth in ARPU and Ebitda of Vodafone Idea.
The net debt of Rs 1.96 trillion remains high at net debt/Ebitda (FY22) of 12 times.
We estimate revenue compound annual growth rate of 16.0% over FY22‐FY24E, with average Ebitda margin of 46.4%.
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