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ICICI Direct Report
We expect subscriber addition momentum to moderate for the industry amid recent tariff hike. Reliance Jio is likely to lead the subscriber addition with ~8 million net adds mainly led by JioPhone Next launch.
Bharti Airtel Ltd., which is likely to add ~0.3 million subscribers, with modest addition amid tariff hike led consolidation. On the other hand, Vodafone Idea Ltd. is expected to continue experiencing churn (albeit at a controlled level vis-a-vis earlier quarter) with subscriber loss of ~2 million.
Average revenue per user growth will be seen for all telcos, led by partial benefit of tariff hike.
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