Airtel May Post Low-Single Digit Revenue Growth, Vodafone To Remain Flat

India’s major telecom services companies Bharti Airtel and Vodafone Idea are scheduled to announce their September 2022 quarter (Q2FY23) earnings this week. While Airtel, which will declare its financial results today (October 31), is likely to post a low single-digit q-o-q growth in revenue for July-September 2022. And, Vodafone India, which will release its results on November 3, might see its revenues remain flat.


On Airtel, Emkay Global said, “Subscriber addition trend is likely to remain similar to last quarter’s, with an addition of 2 million. Data subscriber addition is likely to come in at 4.5 million. APRU (average revenue per user) is expected to grow by 1 per cent QoQ. Consequently, the India mobility segment is likely to grow at 1 per cent QoQ. On the non-mobility front, the homes and enterprise segments are likely to report steady growth of 5 per cent, and 3 per cent, respectively, while DTH would decline by another 0.4 per cent QoQ.”

Brokerages said Airtel’s revenue is expected to grow in the range of 2 per cent to 4.5 per cent on a quarterly basis between Rs 33,421.7 crore and Rs 34,285.3 crore. This will be up to a 21 per cent YoY growth. Ebitda (earnings before interest, tax, depreciation, and amortisation) may also grow up to 4.5 per cent QoQ and 25 per cent YoY to Rs 17,275 crore.

The company is likely to add 2 million subscribers during the September 2022, taking the tally to 329 million. ARPU (average revenue per user) might rise to Rs 188, a jump of 2.5 per cent as compared to the previous quarter.


Brokerages expect Airtel’s net profit between Rs 2,134.8 crore (up 33 per cent QoQ) and Rs 3,119.3 crore (94 per cent QoQ). Its net profit was Rs 1,134 crore in Q1FY23, and Rs 1,606.9 crore in Q2FY22.

On Vodafone India, Emkay Global said its revenue is likely to shrink 0.4 per cent QoQ but grow 10 per cent YoY to Rs 10,372.8 crore, while JM Financial expects a 1.5 per cent QoQ or 12.4 per cent YoY rise in revenue to Rs 10,571.4 crore. The company’s revenue stood at Rs 9,406.4 crore last year and Rs 10,410 crore in Q1FY23.

Ebitda projections vary from Rs 4,271.5 crore (down 1.3 per cent QoQ and up 10.6 per cent YoY) to Rs 4,770 crore (up 10.2 per cent QoQ and 23.5 per cent YoY). Overall, its net loss might stand at Rs 6,005 crore-Rs 7,460.6 crore. The company’s loss was Rs 7,132.3 crore in Q2FY22, and Rs 7,297.1 crore in Q1FY23.

JM Financial said Vodafone Idea might see a loss of 2.6 million overall subscribers in Q2FY23, compared with the 3.4 million subscriber loss in Q1FY23. However, it is assumed that 1.5 million additions will be there for mobile broadband (MBB) subscribers. Hence, revenues are expected to increase by 1.5 per cent QoQ with ARPU rising to Rs 132 (from Rs 128 in Q1FY23).

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