Telecom Earnings Preview - Covid-19 Impacts Q1 Growth: ICICI Securities
Telecom towers In Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Telecom Earnings Preview - Covid-19 Impacts Q1 Growth: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Q1 FY22 revenue growth for telecom sector will be slow despite an additional day in the quarter due to lower subs adds, particularly 4G subs, delayed recharges and SIM consolidation.

Reliance Jio revenue will grow relatively fast (up 3.8% QoQ) as it benefits from strong subs add in Q4 FY22 and continued traction for JioPhone.

Bharti Airtel Ltd.’s mobile revenue will grow at 1.5% QoQ, and Vodafone Idea Ltd.’s will dip by 1.4%.

Bharti’s subs addition is likely to be just two million with 4G subs addition at four million. Vodafone Idea may see continued slippage in sub base.

Operators’ cost should benefit from lower sub acquisition cost and other expenses.

Click on the attachment to read the full report:

ICICI Securities Q1FY22 Telecom Preview.pdf

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