Bharti Airtel, Vodafone Idea, Reliance Jio: Market Share Focus to Delay Tariff Hikes highlights Jefferies
During Q3 FY21, sector revenue run-rate has recovered to the previous peak of US $25 bn, which weakens the case for floor tariffs in our view. While Bharti Airtel and Reliance Jio gained 120-445 bps market share, Vodafone Idea lost 620bps share, with 60% of its share loss coming from its top-3 markets. With market share shifts far from over, operator focus will likely be on market share gains suggesting delays in tariff hikes. Maintain Hold rating on Bharti Airtel.
Vodafone Idea saw sharp market share decline in metros and A-Circles, the key urban markets, with Reliance Jio the key beneficiary: Reuters