Telecom Sector Q1 Results Preview – Muted Quarter: ICICI Direct

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Post the interconnection usage charges impact in Q4 FY21, Q1 FY22 was marked by the second wave led lockdown (impacting subscriber addition) and extension of validity for bottom of the pyramid customers, which will restrict average revenue per users.

For Bharti Airtel Ltd., we bake in subscriber addition of ~2 million, while for Vodafone Idea Ltd., we expect subscriber loss of ~4 million (versus ~2 million in Q4).

For Airtel, reported ARPU is likely to be flattish QoQ at Rs 145. Indian wireless revenues are expected to be flattish at Rs 14,085 crore.

For Vodafone Idea, with ARPU decline of ~3% QoQ at Rs 104, we expect overall revenues to decline 4% QoQ at Rs 9216 crore.

Click on the attachment to read the full report:

ICICI Direct Telecom Q1FY22 Results Update.pdf


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