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Reliance Jio<\/a> grabbed more revenue market share<\/a> (RMS) in the fiscal first quarter at the cost of both Bharti Airtel<\/a> and Vodafone Idea<\/a> (Vi) as the market leader gained from the spill-over impact of tariff hikes<\/a> taken last December as it has more 4G users, many of whom are on longer-validity plans, said experts, analysing latest financial data put out by the Telecom Regulatory Authority of India (Trai<\/a>).
Jio is the sole telco to report a gain in its AGR (including NLD) market share, commonly known as RMS, which rose 6 basis points (bps) sequentially, rising to 40.9% in the June quarter.
By contrast, both Airtel and loss-making Vi lost RMS in the first quarter, FY23. Airtel and Vi’s June quarter RMS fell 50 bps each sequentially to 35.5% and 17.7% respectively, telco financial data put out by Trai showed.
RMS is a measure of overall telecom market leadership<\/a>. A basis point is 0.01%.
”Airtel has lost AGR (incl. NLD) market share of 50bps QoQ due to a correspondingly higher growth for Jio that has benefited from the tariff hike spillover as it has a bigger sub-base with long validity recharges,” ICICI Securities said in note, analysing Trai data.
It added that Vi too lost revenue share as it underperformed in key leadership circles such as Gujarat, AP, TN and Kerala.
Apart from having fewer customers on longer-validity plans, Airtel and Vi were also impacted on the RMS score by costlier mobile services and reduced smartphone sales.
Analysts said region-wise market share gains for Jio were driven by A\/B circles, and those for Airtel were driven by B\/C circles, while Vi’s RMS contracted to 17.7% after stabilising in the 18-19% range over the past four quarters. This, they said, is being driven by Bharti and Jio's network investments, which cash-strapped Vi is struggling to keep up with.
Trai data, though, shows that all three telcos reported sequential growth on the AGR (including NLD revenue) front in the April-June period, partly helped by the residual impact of the tariff hikes taken last winter. Jio’s on-quarter AGR growth was the highest among the three operators.
Jio, Airtel and Vi reported 4.1%, 2.6% and 1% sequential rises in AGR (including NLD revenue) to Rs 21,800 crore, Rs 18,900 crore and Rs 9,500 crore respectively in the fiscal first quarter.
Going forward, Jefferies expects telcos’ focus will be on market expansion and sees tariff hikes driving 15% revenue growth compounded annually over FY22-25.
“We expect tariff hikes towards end-CY22 and sector revenue to rise to $37 billion by FY25 from annualised $27 billion in 1QFY23,” Jefferies said in a note.
Analysts said Trai data showed that overall June quarter sectoral AGR (including NLD) rose 4% sequentially to Rs 53,400 crore, partly driven by last round of tariff hikes, But they said the benefits of premiumisation were limited, which coupled with SIM consolidation had offset some revenue growth.
SIM consolidation causes a sharp drop in the number of mobile SIMs or “connections” in the market when consumers make fresh choices on their preferred telco brands -- based on quality of services - after a round of steep price hikes. It can also happen when a telco removes low-value customers, following a price hike.
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Jio胜过Airtel,沃达丰想法在Q1FY23 RMS面前:印度工业信贷投资银行证券
Jio唯一电信报告获得的AGR(包括NLD)市场份额,俗称RMS,增加6个基点(bps)顺序,在6月季度上升到40.9%。
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依赖Jio抓住更多的收入市场份额(RMS)的第一财政季度Bharti的代价附近的旅馆和沃达丰的想法(Vi)作为市场领导者的溢出影响关税上涨了去年12月,因为它有更多的4 g用户,其中很多是longer-validity计划,专家说,最新财务数据分析印度电信管理局(火车)。
Jio唯一电信报告获得的AGR(包括NLD)市场份额,俗称RMS,增加6个基点(bps)顺序,在6月季度上升到40.9%。
相比之下,Airtel和亏损的Vi在第一季度,失去了RMS FY23。Airtel和Vi 6月季度RMS下跌50个基点每个顺序分别为35.5%和17.7%,电信金融火车发出的数据显示。
RMS是一个整体电信市场的领导。一个基点是0.01%。
“Airtel失去了AGR(包括民盟)50个基点不可小觑的市场份额由于Jio相应地更高增长受益于关税上调溢出,因为它有一个更大的垫板与长期有效性充电,“印度工业信贷投资银行证券在报告中指出,分析火车数据。
它补充道,六世也失去了收入,因为它表现在古吉拉特邦等关键领导圈子,美联社,TN和喀拉拉邦。
除了客户longer-validity计划较少,Airtel和Vi也影响RMS得分由昂贵的移动服务和智能手机销量减少。
分析师称Jio的哪些地区的市场份额是由A / B的圈子里,和那些Airtel由B / C圈,而Vi的RMS萎缩17.7%之后稳定在18 - 19%之间在过去四个季度。他们说,这是由巴蒂电信和Jio的网络投资驱动的,资金短缺的Vi在努力跟上。
火车数据,显示所有三个电信公司公布的连续增长的AGR(包括全国民主联盟收入)前在4 - 6月期间,部分得益于去年冬天的残余影响关税上涨了。Jio一季度的AGR增长最高的三个运营商之一。
Jio Airtel和Vi报告4.1%,2.6%和1%连续上涨AGR(包括全国民主联盟收入)21800卢比,18900卢比和第一财政季度分别为9500卢比。
展望未来,Jefferies预计电信公司将注重市场扩张,看到关税上涨推动收入增长15%的年利息FY22-25。
“我们预计对end-CY22关税上涨,行业收入上升到370亿美元1 qfy23 FY25从年270亿美元,”Jefferies在一份报告中称。
分析师表示,火车数据显示,6月季度部门整体AGR(包括NLD)顺序为53400卢比上涨4%,部分由于最后一轮关税上涨,但是他们说premiumisation的好处是有限的,再加上SIM整合所抵消一些收入增长。
SIM整合导致移动SIMs的数量急剧下降或“连接”在市场上消费者作出新的选择他们喜欢的电信品牌——基于质量服务后一轮大幅涨价。它也可以发生在一个电信删除低价值客户,涨价。
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