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ICICI Securities Report
The Telecom Regulatory Authority of India has released its monthly data on subscribers and MNP (mobile number portability) for July 2020.
Industry active subscribers dipped 2.1 million. We have forecasted 4 million addition for Bharti Airtel Ltd. and 8 million decline for Vodafone Idea Ltd. in Q2 FY21, which is justified.
Mobile broadband subscribers addition stood at 6.9 million, with highest addition (for second month in a row) for Bharti Airtel at 4.4 million.
Bharti Airtel’s mobile broadband subscribers market share improved 50 basis points to 25.7% and Reliance Jio’s to 52.4% (down 10 basis points) on active basis.
We have built only 5 million data addition for Bharti in Q2 FY21 preview, and it has added 4.4 million only in the month of July 2020 on a base of 5.3 million addition in the previous month.
Thus, we see an upside risk to our Bharti Airtel’s Q2 FY21 estimates.
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