Telecom Sector Q4 Earnings Preview - Bharti Airtel’s Superior Execution Likely To Continue: ICICI Securities

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ICICI Securities Report

Q4 FY21 average revenue per user and revenues for telcos would be hit due to nil interconnection usage charge that came into effect from January 01, 2021.

Bharti Airtel Ltd.’s Ebitda would benefit by Rs 1 billion from it while that for Vodafone Idea Ltd. would be hurt by Rs 0.8 million.

Also, Q4 FY21 had two days less, which will impact QoQ growth by 2%.

Airtel would continue to outperform with strong subs addition driving mobile revenue growth of 3% QoQ versus 0.6% drop for Vodafone Idea.

Airtel would also show continued traction in 4G subs addition (12 million) and grab higher market share.

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