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Prabhudas Lilladher Report
We hosted a telecom expert to better understand India's evolving telecom landscape, post completion of 5G auctions. Key highlights of the call were-
industry tariff hike of Rs 60/mon (18-25%) likely before year end, to make up for high spectrum capex,
by CY24 end Jio can expect revenues of Rs 230 billion from connectivity and internet of things, then take a significant share in enterprise business (industry size likely to increase three times to Rs 750 billion by FY25E)
capex is likely at Rs 200 billion, including spectrum payment of Rs 78 billion per annum,
Reliance Industries Ltd. will likely go for pan India 5G launch vis-a-vis more gradual roll-out for peers, thereby attracting premium customers.
Reliance Jio's growth prospects look promising led by subscriber addition post churn and regular tariff hikes. We leave Jio estimates unchanged and will review them post 5G launch.
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