Telecom Q1 FY23 Performance Indicator

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In Q1 FY23, consumer spend on mobile services (post goods and services tax) rose 2.9% QoQ / 20% YoY to Rs 478 billion (Rs 1,912 billion annualised), aided by part benefit of 20-25% tariff hike taken in December 2021.

Net revenue rose faster at 4.7% QoQ / 23.7% YoY on lower intercompany settlement. Postpaid net revenue rose 4.7% QoQ / 33.2% YoY on rising subscriber base.

Prepaid net revenue grew 4.7% QoQ / 22.7% YoY as average revenue per user rose 5.5% QoQ / 30.2% YoY to Rs 129.

4G sub base expanded 1.8% QoQ (net add: 13.2 million) to 752 million. Reliance Jio’s 4G sub market share rose 24 bps QoQ to 54.9% while that for Bharti Airtel Ltd. improved to 27.3%, up 12 bps QoQ.

Fibre-to-the-home sub growth remains strong at 43.9% YoY for Bharti Airtel and 91% for RJio.

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