Airtel ARPU Expected to Touch Rs 194 in Q3 FY23: ICICI Direct Research

Airtel India's wireless revenues are expected to be up 2.1% QoQ at Rs 19,359 crore. Airtel is expected to deliver around Rs 2,712.4 PAT (profit after taxes). For Jio, the net profit is expected to stand at Rs 4264 crore, up 2.3%. The report suggests that Vodafone Idea will see a net loss of Rs 7,557 crore.

Highlights

  • Bharti Airtel, a leading telecom company in India, is expected to see a 2% modest average revenue per user (ARPU) growth QoQ (Quarter-on-Quarter).
  • Airtel's ARPU is expected to touch Rs 194, suggests a recent ICICI Direct Research report for Q3 FY23.
  • This would be very close to the short-term ARPU target of Rs 200 for Bharti Airtel.

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Bharti Airtel, a leading telecom company in India, is expected to see a 2% modest average revenue per user (ARPU) growth QoQ (Quarter-on-Quarter). Airtel's ARPU is expected to touch Rs 194, suggests a recent ICICI Direct Research report for Q3 FY23. This would be very close to the short-term ARPU target of Rs 200 for Bharti Airtel. With another tariff hike, Airtel's ARPU will definitely cross the Rs 200 figure, and the telco will be able to focus on its medium to long-term ARPU target of Rs 300.

At the same time, the report suggests that Jio and Vodafone Idea's (Vi) ARPU would also see a growth of 1.5% and 2% QoQ to Rs 180 and Rs 134. Despite the tariff hike in late 2021, Vodafone Idea's ARPU couldn't cross the Rs 150 mark, while Airtel and Jio are sitting near the Rs 200 mark.

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Airtel, Jio and Vi Expected Revenues for Q3 FY23

As per the data shared by the ICICI Direct Research, Airtel India's wireless revenues are expected to be up 2.1% QoQ at Rs 19,359 crore. Airtel is expected to deliver around Rs 2,712.4 PAT (profit after taxes). For Jio, the net profit is expected to stand at Rs 4264 crore, up 2.3%. The report suggests that Vodafone Idea will see a net loss of Rs 7,557 crore.

Indus Towers is likely going to witness an accelerated tenancy addition due to the 5G rollout during the quarter. According to the report, the net tenancy and tower additions for Indus Towers are 1500 and 2600.

The telecom operators are going to see their margins improving a little because of the no-spectrum usage charges (SUC) on the airwaves purchased during the 2022 auction. But at the same time, the margin gains would be offset for Airtel and Jio due to higher network opex owing to the 5G rollout. Both Airtel and Jio are rapidly rolling out 5G throughout India and plan to reach every corner in the next 1 to 1.5 years.

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