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Motilal Oswal Report
The Telecom Regulatory Authority of India released data for November 2021. Here are the key highlights:
The gross subscriber base for the industry grew by 1.2 million to 1,167 million. On the other hand, the number of active subscribers remained flat at 996 million (0.1 million decline).
The pace of active subscriber adds for Reliance Jio slowed to just 1.1 million in November 2021 (3.1 million/4.7 million in October 2021/September 2021), while Bharti Airtel Ltd. saw marginally better recovery to 1.8 million adds (versus down 0.8 million/nil in Oct-21/Sep-21).
Vodafone Idea Ltd. continued its downward trend with decline of 2.7 million. December 2021 is expected to see accelerated consolidation, triggered by the tariff hikes.
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