Andrew Bonwick
Vice President of Product Development at Relm Insurance
Madhav Sheth
CEO of Ai+ Smartphone
Stephen Rose
CEO Render Networks


Bharti Airtel, a leading telecom operator in India, is set to see the highest revenue growth (percentage wise) and average revenue per user (ARPU) growth in Q3 FY25 amongst the private telcos. Indian private telecom operators are going to witness revenue growth on the back of tariff hikes implemented in July 2024. Airtel’s ARPU jumped to Rs 233 from Rs 211 QoQ after the tariff hikes. Now, it is expected to reach Rs 245, said ICICI Securities in a research note.
The research firm said that Airtel’s revenues will grow by 5.3% QoQ, the highest in the industry for any telecom operator in Q3 FY25. Reliance Jio and Vodafone Idea (Vi) are expected to report a revenue growth of about 3% and 1%, respectively.
Read More – Airtel, BSNL, Jio, and Vodafone Idea Step into 2025 with Growth Optimism
Subscriber Addition Likely for Jio and Airtel
The brokerage said that Reliance Jio and Bharti Airtel could see subscriber addition during the quarter. Vodafone Idea (Vi) is strongly likely to continue losing subscribers. What will be worth noting for Vodafone Idea is the subscriber churn numbers.
Reliance Jio’s ARPU may finally cross the Rs 200 mark as well, leaving only Vi with an ARPU of under Rs 200. Vi’s ARPU is expected to touch Rs 161 figure while Jio’s ARPU is expected to reach Rs 203. Bharti Airtel leads in the ARPU department due to having more premium customers, while Jio and Vi have more of price sensitive users.