Telecom Sector Check – Industry Witnesses Moderate Growth: Motilal Oswal


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The telecom industry grew 2% QoQ (adjusted gross revenue including national long distance) in Q2 FY23, largely backed by average revenue per user growth, with flattish subscriber growth. This indicates:

  1. consolidation of dual SIM cards in the market, and

  2. upgrade to 4G services from 2G.

Bharti Airtel Ltd./Reliance Jio clocked a better growth at 4%/3% QoQ, while the same for Vodafone Idea Ltd. stays flat.

In terms of AGR market share, Airtel/ Jio gained 70 basis points/40 bps QoQ to 36%/41%, while the same for Vodafone Idea fell 25 bps QoQ to 17%.

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