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ICICI Direct Report
Reliance Jio raised its prepaid tariffs by ~20% across the board, albeit maintaining the popular packs pricing at 7-14% discount to peers.
We expect the full tariff hike flow through to raise the annualised revenues, Ebitda run rate by ~19%, ~35%, respectively, from current levels.
Since we had already baked in ~15% step up hike in FY23, accelerated and slightly higher hike to result in ~6%, ~8% upgrade in FY23 Jio’s revenue, Ebitda estimates, respectively.
At Reliance Industries levels, FY22, FY23 revenues and Ebitda were upgraded by 0.4%, 0.8% and 2.2%,2.7%, respectively.
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