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ICICI Direct Report
We expect Bharti Airtel Ltd. to lead subscriber addition in Q3 FY21 aided by Vodafone Idea Ltd. churn and challenges faced by the new operator due to farmer’s protest.
For Airtel, we bake in subscriber addition of approximately 7.5 million, while for Vodafone Idea, we expect sub loss of ~4 million (much lower than average churn of ~10 million seen in the last four quarters).
For Airtel, reported average revenue per user is likely to see ~2% QoQ growth at Rs 165.
Indian wireless revenues are expected to see 5.3% QoQ growth at Rs 14,565 crore.
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