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<\/span><\/figcaption><\/figure>Mumbai: India’s telcos like Bharti Airtel and Vodafone Idea<\/a> are unlikely to see a significant negative impact due to rising interest rates<\/a> and forex fluctuations<\/a>, said JP Morgan<\/a> in a note.

The brokerage said that Bharti Airtel<\/a>’s exposure to interest rate fluctuations and forex rates could impact its profit after tax by 1%, 2%, and 3% in FY23, FY24, and FY25 respectively. Vodafone Idea<\/a>’s PAT sensitivity to the same is projected at 1%, 1%, and 2% for FY23, FY24, and FY25 respectively.

“Interest rate sensitivity has been an emerging investor concern with rising interest rates<\/a>. However, given a high proportion of fixed-rate INR debt from spectrum and adjusted gross revenue (AGR) dues, interest rate sensitivity is less than feared,” said JP Morgan<\/a> in a report.

In the case of Airtel, of the total $17.5 billion debt, 25% is floating rate debt (comprising NCDs, CPs, bank debt and debt from Africa business). Another 16% is at risk from renewals, as these are callable bonds. The analyst report puts PAT sensitivity to a 100 basis point movement in interest rate at 1-3% over FY23-25. Additionally, the company has been paying off high cost debt, which would bring interest costs down, analysts observe.

\"Airtel's<\/a><\/figure>

Airtel's ARPU likely to jump 41% in next 4-5 years to Rs 250<\/a><\/h2>

Strong ARPU growth, they added, is likely to translate in high incremental operating margins and free cash flows to support Airtel's future investments, starting with an estimated $3 billion towards 5G-related spends, including spectrum costs in the upcoming auction likely next month.<\/p><\/div>

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<\/span><\/figcaption><\/figure>Mumbai: India’s telcos like Bharti Airtel and Vodafone Idea<\/a> are unlikely to see a significant negative impact due to rising interest rates<\/a> and forex fluctuations<\/a>, said JP Morgan<\/a> in a note.

The brokerage said that Bharti Airtel<\/a>’s exposure to interest rate fluctuations and forex rates could impact its profit after tax by 1%, 2%, and 3% in FY23, FY24, and FY25 respectively. Vodafone Idea<\/a>’s PAT sensitivity to the same is projected at 1%, 1%, and 2% for FY23, FY24, and FY25 respectively.

“Interest rate sensitivity has been an emerging investor concern with rising interest rates<\/a>. However, given a high proportion of fixed-rate INR debt from spectrum and adjusted gross revenue (AGR) dues, interest rate sensitivity is less than feared,” said JP Morgan<\/a> in a report.

In the case of Airtel, of the total $17.5 billion debt, 25% is floating rate debt (comprising NCDs, CPs, bank debt and debt from Africa business). Another 16% is at risk from renewals, as these are callable bonds. The analyst report puts PAT sensitivity to a 100 basis point movement in interest rate at 1-3% over FY23-25. Additionally, the company has been paying off high cost debt, which would bring interest costs down, analysts observe.

\"Airtel's<\/a><\/figure>

Airtel's ARPU likely to jump 41% in next 4-5 years to Rs 250<\/a><\/h2>

Strong ARPU growth, they added, is likely to translate in high incremental operating margins and free cash flows to support Airtel's future investments, starting with an estimated $3 billion towards 5G-related spends, including spectrum costs in the upcoming auction likely next month.<\/p><\/div>