Bharti Airtel is likely to outshine Reliance Jio and Vodafone Idea (Vi) by posting comparatively stronger sequential revenue growth in the fiscal third quarter, helped by residual passthrough of tariff hikes in July 2024 and higher mobile broadband user additions, analysts said. The continuing impact of last year's rate hikes, though, is likely to boost average revenue per user (ARPU) at all the three private telcos with Airtel set to become the biggest beneficiary.Airtel and Jio are also expected to report subscriber gains in the December quarter with a likely easing of the impact of recent SIM consolidation. Vi, though, will yet again report heavy customer losses, including 4G subscribers, as it has the largest base of price-sensitive users among the private carriers.Airtel and Jio will also likely grow their user base in Q3FY25 since many mobile users who initially ported to BSNL, which did not raise rates, are now returning due to the state-run carrier's network quality challenges. Jio's broadband subscriber gains are also likely to be helped by a growing appetite for its 5G-based fixed wireless access (FWA) service. 117033819The private carriers had raised prices by 11-25% last July in the first wide-ranging headline price hikes in the industry since November 2021."Our Q3FY25 estimates point to good (India) mobile services revenue growth of 5.3% QoQ for Bharti Airtel, while RJio/Vi's revenue is likely to grow relatively slower at 3%/1% QoQ respectively," ICICI Securities said in a research note.The brokerage estimates Airtel's ARPU to increase 5% sequentially to '245 in Q3FY25 while Jio and Vi's are reckoned to rise 3.8% and 3% on-quarter to '203 and '161, respectively.
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