Telecom Sector Q4 Earnings Preview - Airtel To Report Strong Operating Print Again: ICICI Direct
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ICICI Direct Report
We expect Bharti Airtel Ltd. to lead subscriber addition again in Q4 FY21. For Airtel, we bake in subscriber addition of approximately 9 million while for Vodafone Idea Ltd., we expect a sub loss of ~2 million (similar to Q3).
Q4 FY21 will witness the impact of interconnection usage charge (IUC) going to zero impacting both topline and costs.
For Airtel, the reported average revenue per user is likely to see a ~6.5% QoQ decline (~9% decline owing to IUC impact offset by ~2.5% like to like growth) at Rs 155.
Indian wireless revenues are expected to see a 3.1% QoQ decline at Rs 14,326 crore.
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