Telecom Sector Update - Bharti Airtel’s Performance Shines Again: ICICI Securities
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ICICI Securities Report
In Q3 FY21, consumer spend on mobile services rose 4.6% quarter-on-quarter/20.9% year-on-year to Rs 390 billion on benefit of price hike and 4G penetration.
Postpaid net revenue dipped 8.1% YoY, while it was up 0.4% QoQ on rising subscribers.
Prepaid net revenue grew 6.2% QoQ/34.1% YoY and average revenue per user rose 5.6 QoQ/35.7% YoY to Rs 95.
4G subscriber addition was strong at 3.3% QoQ (net addition: 22.4 million) to 698 million.
Bharti Airtel Ltd.’s 4G subscriber market share improved to 23.7%, up 110 bps QoQ/320 bps YoY, and the company has been gaining market share in data usage, which rose 170 bps QoQ/550 bps YoY to 32% (significantly narrowed gap with its adjusted gross revenue market share, which is a positive).
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