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ICICI Direct Report
We expect both subscriber and average revenue per user (ARPU) to remain firm in an otherwise seasonally weak quarter given -
1. return of migrants to cities, 2.continued higher data usage and thereby pack upgrades and 3. improved availability of recharges both digitally/physically as cities/towns have largely restarted post lockdowns.
For Bharti Airtel Ltd., we bake in subscriber addition of approximately 3 million, while for Vodafone Idea Ltd., we expect subscriber loss of approximately 3 million (much lower than average churn of approximately 10 million seen in the last four quarters).
For Airtel, reported ARPU is likely to see approximately 2% QoQ growth at Rs 160.
Indian wireless revenues are expected to see 2.6% QoQ growth at Rs 13,213 crore.
For Vodafone Idea, with ARPU growth of approximately 3% QoQ at Rs 117, we expect overall revenues to grow 0.9% QoQ at Rs 10,753 crore.
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