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ICICI Securities Report
The Telecom Regulatory Authority of India released its data on subscribers for October 2023. Industry-wide active sub base declined by 1.4 million month-on-month (versus up 3.5 million in September 2023 and a rise of 2.1 million average in the past six months).
Bharti Airtel Ltd.'s subs declined 1.2 million (versus +1.1 million in the past six months).
Reliance Jio's active subs rose by 1.8 million in October 2023 (versus + 3 million in the past six months). Vodafone Idea Ltd. saw its active subs drop 1.4 million.
Industry-wide mobile broadband sub net add was only 2 million (versus increase of 5.9 million in the past six months).
Bharti Airtel's MBB subs rose 0.5 million and its market share was flattish at 30.6% (up 1 basis points month-on-month) on active-basis, while RJio's rose 13 bp to 51.5%.
Mobile number portability was high at 12.7 million with the churn rate at 1.1%. Bharti Airtel/RJio wired broadband net add was stable at 0.14 million and 0.22 million, respectively.
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