ICICI Securities: Telecom Sector 2021 Outlook - A Year Of Industry Repair? 

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ICICI Securities Report

2021 could be a year of significant industry repair with another round of large tariff hikes, which may drive higher revenue growth than previously (as major SIM consolidation is done) and with higher incremental Ebitda margin.

Also, lower capex intensity means strong free cash flow to equity generation, particularly for Bharti Airtel Ltd..

For Vodafone Idea Ltd., it could be a decisive year with big events such as fundraising, translation of tariff hikes, and reducing cash losses.

Spectrum auction may not be critical for incumbents due to their already strong holdings.

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