Telecom Sector Update - Subscriber Base Consolidates; Reliance Jio Leads The Growth: Motilal Oswal
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Motilal Oswal Report
Gross subscriber base for the industry fell steeply (20.7 million) to 1,166 million on account of a 19 million decline in Reliance Jio’s gross subscriber base due to a cleanup of inactive subscribers.
However, active subscribers grew by 3.9 million to 996 million (2.4m additions in August 2021).
While active subscribers for both Bharti Airtel Ltd. / Vodafone Idea Ltd. remained fairly flat at 347 million/236 million, Reliance Jio continued its strong addition with 4.7 million subscribers (4.1 million in August 2021).
Reliance Jio continues to lead, with an active subscriber share of 35.7% versus 34.8% for Bharti.
As a result, total VLR for Reliance Jio improved by 460 basis points to 83.65% in September 2021.
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