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KOLKATA: India’s big phone companies may be burning cash amid brutal competition for market share, but the fight for subscribers by offering rock-bottom prices triggered by the entry of Reliance Jio<\/a> Infocomm “is in its final stages”, S&P Global Ratings<\/a> said on Tuesday.\n
\nAlso Read: Airtel, Vodafone in talks with vendors for VoLTE feature phone bundling deals to take on JioPhone<\/strong><\/a>
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\nThe global rating agency expects the Mukesh Ambani-run 4G new entrant to “rationalise its competitive strategy at some point over the next 12-18 months and start focusing on achieving sustainable revenue and margins”.
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\n“Jio, through heavy discounting, has managed to grab 10% of the country’s telco subscriber base in less than a year, but costly discounting practices cannot last forever,” Ashutosh Sharma, S&P Global Ratings credit analyst, said. But the global ratings agency conceded that Jio’s aggressive tactics have been “a strain on revenue, profitability and cash flows of all contestants in this game”.
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\nIndia’s raging telecom battle, according to Sharma, has “all the ingredients of a ‘Hunger Games’ movie, the combination of rivalry, power plays and elimination of the weak, has investors, financiers, analysts and the government on the edge of their seats”.
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\nJio’s dramatic entry last September has been particularly disruptive, in that, voice, which accounted for 80% of the sector’s revenues, was offered free for life by the youngest mobile carrier. Jio’s data rates too continue to be priced below incumbent carriers.
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Small wonder, Airtel<\/a>, Vodafone<\/a> India and Idea have been compelled to closely match Jio’s free voice calls and low-priced data offers to hold on to customers and maintain market position even at the cost of a sustained fall in revenue and profits.
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\nIn fact, sustained market disruption by Jio, according to experts, has hastened the need for consolidation compelling players without scale to exit. Biggies Vodafone India and Idea are in the process of merging as are RCom, MTS and Aircel while Bharti Airtel has acquired Telenor’s India business.
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\nGoing forward, S&P Global Ratings expects the telecom sector to consolidate with the top three telcos — the Idea-Vodafone combine, Bharti Airtel and Jio — eventually controlling 75-85% of industry revenue, but this, it said, could still be a year or two away.
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\nAlso Read: Reliance Jio tactics will have telcos' revenues falling 10% this fiscal<\/strong><\/a>
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\nThe global rating agency also expects telco margins and cash positions “to be further challenged before they get better”.
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\nAnalysts at S&P Global Ratings expect (telco) leverage levels to remain elevated and margins to be narrow, which, in turn, would result in industry revenues declining 5-10% in the current fiscal through March 2018. But they said revenue declines for the top three players — Idea-Vodafone, Bharti Airtel and Jio — would be in the lower end of the range while “smaller players like the Reliance Communications-Aircel (combine), and the telecom arms of the Tata Group, would see sharp declines”.<\/body>","next_sibling":[{"msid":59860827,"title":"Airtel Payments Bank ties up with HPCL for banking services","entity_type":"ARTICLE","link":"\/news\/we-are-clocking-more-than-a-million-transactions-per-day-airtel-payments-bank-ceo-shashi-arora\/59860827","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":59861109,"entity_type":"ARTICLE","title":"Idea-Vodafone combine, Bharti Airtel and Jio to control 75-85% telecom sector revenue in next 12-24 months: S&P Global Ratings","synopsis":"India\u2019s telecoms sector will see consolidation with the top-three telcos -- Idea-Vodafone combine, Bharti Airtel and Reliance Jio Infocomm -- eventually controlling 75-85% of industry revenue","titleseo":"telecomnews\/idea-vodafone-combine-bharti-airtel-and-jio-to-control-75-85-telecom-sector-revenue-in-next-12-24-months-sp-global-ratings","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"ETTelecom","artdate":"2017-08-01 14:16:44","lastupd":"2017-08-02 09:03:33","breadcrumbTags":["telecom companies","Airtel","Vodafone","Idea Cellular","Telecom revenue","Reliance Jio","S&P Global Ratings"],"secinfo":{"seolocation":"telecomnews\/idea-vodafone-combine-bharti-airtel-and-jio-to-control-75-85-telecom-sector-revenue-in-next-12-24-months-sp-global-ratings"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2017-08-01" data-index="article_1">
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Idea-Vodafone结合,Bharti Airtel和Jio控制75 - 85%的电信部门收入在未来12 - 24个月:标普全球评级
印度的电信业将整合三大电信公司——Idea-Vodafone结合,Bharti Airtel和信实Jio Infocomm——最终控制行业收入的75 - 85%
加尔各答,印度最大的电话公司可能是烧钱在残酷竞争的市场份额,但争取订户提供最低价格引发的条目依赖JioInfocomm”是在其最后阶段”,标普全球信用评级周二表示。还读:Airtel,沃达丰与供应商谈判回功能手机捆绑交易JioPhone
全球评级机构预计,穆克什Ambani-run 4 g的新进入者”合理化其竞争战略在某种程度上在未来12 - 18个月,开始专注于实现可持续收入和利润”。
“Jio,通过大幅度打折销售,成功地吸引了全国10%的电信用户数在不到一年的时间,但昂贵的打折行为不能永远持续下去,“Ashutosh沙玛,标普全球评级信用分析师说。但全球评级机构承认Jio咄咄逼人的策略已经被“吃紧的收入,利润和现金流的选手在这个游戏”。
印度的电信战斗,Sharma说,“所有的原料“饥饿游戏”的电影,竞争的结合,戏剧和消除弱,投资者,金融家、分析师和政府在他们的座位的边缘”。
Jio去年9月尤其具有破坏性的戏剧性的条目,在这一点上,声音,占行业总收入的80%,终身免费提供了最小的移动运营商。Jio也是数据速率继续定价低于现任运营商。
不足为奇,附近的旅馆,沃达丰(Vodafone)印度和想法不得不匹配Jio免费语音通话和低价数据提供抓住顾客和维持市场地位即使在成本持续下降的收入和利润。
事实上,持续Jio市场混乱,据专家介绍,加速了整合的必要性引人注目的球员没有退出。巨头沃达丰印度和想法的过程中合并RCom、MTS和Aircel Bharti Airtel收购了挪威电讯的印度业务。
全球评级,标普预计电信业与三大电信公司——巩固Idea-Vodafone结合,Bharti Airtel和Jio——最终控制行业收入的75 - 85%,但是,它说,仍有可能一年或两年。
还读:依赖Jio战术将电信公司的财政收入下降10%
全球评级机构还预计电信利润率和现金头寸”进一步挑战在好转之前”。
标普全球评级分析师预计(电信)杠杆水平居高不下,利润是窄,这反过来会导致行业收入下降5 - 10%通过2018年3月在当前财政。但他们说前三名球员的收入下降,Idea-Vodafone Bharti Airtel和Jio——将在区间的低端,“小球员像依赖Communications-Aircel(组合),塔塔集团的电信部门,将大幅下滑”。
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