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Dolat Capital Report
Reliance Jio Infocomm Ltd.'s Q1 FY25 results were largely in-line and modest with revenue/Ebitda/adjusted profit after tax growth of 10/10.7/12% YoY and 2/2.3/2% QoQ. Sub adds were healthy for nineth quarter at 7.9 million, but ARPU was flat QoQ.
Vodafone Idea Ltd.'s fund raise is a potential risk not just to growth but also quasiduopoly market structure. However, Jio's lead in 4G/5G combined with Vodafone Idea's impending payout, implies consistent tariff hikes for the industry, benefiting Jio more than its competitors.
Key triggers are-
flow-through of tariff hike,
5G pickup,
lower capex/robust free cash flow and
potential listing of Jio.
Our Enterprise/Equity value for Jio is unchanged at Rs 1,465/1,235 at 11 times H1 FY27E enterprise value/Ebitda. Not rated.
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