New Delhi: Telecom<\/a> companies may push their average revenue per user (ARPU<\/a>) higher by 25 per cent over the next 6-12 months to achieve a sustainable return on capital employed (RoCE) of 10 per cent, said a Crisil<\/a> report. 新德里消息:电信公司可能会推动他们的每用户平均收入(ARPU)高25%在未来6 - 12个月实现一个可持续的资本回报率(RoCE)的10%,表示Crisil的报告。 New Delhi: Telecom<\/a> companies may push their average revenue per user (ARPU<\/a>) higher by 25 per cent over the next 6-12 months to achieve a sustainable return on capital employed (RoCE) of 10 per cent, said a Crisil<\/a> report.
The report noted that though operators went for a significant tariff hike<\/a> in December 2019, intense competition over the past three years, heavy capital expenditure (capex) to roll out 4G networks, and pending AGR liabilities<\/a> have weakened their balance sheets. Therefore, increase in ARPU<\/a> will be essential to strengthen credit profiles, it added.
\"Telecom<\/a> companies (telcos<\/a>) have a compelling reason to push average revenue per user (ARPU) up by 25 per cent over the next 6-12 months to achieve a sustainable return on capital employed (RoCE) of 10 per cent, given their abysmally low returns at present and increased liability on account of adjusted gross revenue (AGR) dues,\" the report said.
Tariff hikes, rising 4G adoption and increasing data consumption by adopting content-led bundled pricing strategies could help boost ARPU growth.
\"That could, in turn, beam up profitability, which will also help telcos<\/a> invest in 5G networks over the medium term. Had the AGR liability not panned out as it did, the tariff hikes undertaken in December 2019 could have improved the industry<\/a>'s RoCE to 7 per cent in fiscal 2021 and to 9 per cent in fiscal 2022, from lows of 3 per cent in fiscal 2020,\" it said.
With the Supreme Court's final judgement on the AGR case in place, telcos have to bear AGR liabilities<\/a> of Rs 1.15 lakh crore, which is expected to erode the benefits of the tariff hikes implemented last fiscal and bring the RoCE back to 4-5 per cent this fiscal, a Crisil<\/a> estimate showed.
Sachin Gupta, Senior Director, Crisil Ratings, said, \"Our base case assumes monthly ARPU reaching Rs 175-180 by next fiscal from Rs 140 in the first half of the current fiscal so as to generate a sustainable RoCE of 10 per cent.
\"Of course, this will depend on competitive intensity, but it can crank up industry<\/a> revenue to over Rs 2 lakh crore next fiscal, or a third more than the Rs 1.5 lakh crore seen in fiscal 2020, despite muted subscriber growth.\"
Apart from tariff hikes, the ARPU will also benefit from the increasing data consumption due to proliferation of work from home, video conferencing and other forms of online business communications, along with a big uptick in over-the-top streaming services amid the pandemic, the report noted.
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报告指出,尽管运营商重要关税提高2019年12月,激烈的竞争在过去的三年里,大量的资本支出(资本支出)推出4 g网络,和等待AGR负债削弱了他们的资产负债表。因此,增加ARPU将至关重要,加强信贷档案,它补充说。
”电信公司(电信公司)有一个令人信服的理由去推动每用户平均收入(ARPU)上涨了25%在未来6 - 12个月实现一个可持续的资本回报率(RoCE)为10%,鉴于其深不可测地目前低回报和增加负债的调整后的总收益(AGR)费,”该报告说。
“可能,反过来,梁盈利能力,这也会有所帮助电信公司在中期投资5 g网络。AGR责任没有成功,关税上调2019年12月可以进行改进行业RoCE的7%在2021财年和2022财年的9%,从3%的低点在2020财政年度,”它说。
最高法院的最终判决AGR的情况,电信公司必须承担AGR负债1.15十万的卢比,预计将侵蚀去年财政关税上涨实现的好处,使RoCE回到4 - 5每分本财政Crisil的估计显示。
评级Crisil的Sachin Gupta,高级主管,说:“我们的基本情况假定每月ARPU达到Rs 175 - 180明年财政从Rs 140年上半年RoCE当前财政,以生成一个可持续的10%。
“当然,这将取决于竞争强度,但它可以启动行业2十万的卢比未来财政收入,或者第三超过十万的1.5卢比在2020财政年度,尽管沉默用户增长。”
除了关税上涨,ARPU也将受益于增加消费数据由于扩散在家工作,视频会议和其他形式的在线业务通信,以及大幅增加过多的流媒体服务在流感大流行,该报告指出。
The report noted that though operators went for a significant tariff hike<\/a> in December 2019, intense competition over the past three years, heavy capital expenditure (capex) to roll out 4G networks, and pending AGR liabilities<\/a> have weakened their balance sheets. Therefore, increase in ARPU<\/a> will be essential to strengthen credit profiles, it added.
\"Telecom<\/a> companies (telcos<\/a>) have a compelling reason to push average revenue per user (ARPU) up by 25 per cent over the next 6-12 months to achieve a sustainable return on capital employed (RoCE) of 10 per cent, given their abysmally low returns at present and increased liability on account of adjusted gross revenue (AGR) dues,\" the report said.
Tariff hikes, rising 4G adoption and increasing data consumption by adopting content-led bundled pricing strategies could help boost ARPU growth.
\"That could, in turn, beam up profitability, which will also help telcos<\/a> invest in 5G networks over the medium term. Had the AGR liability not panned out as it did, the tariff hikes undertaken in December 2019 could have improved the industry<\/a>'s RoCE to 7 per cent in fiscal 2021 and to 9 per cent in fiscal 2022, from lows of 3 per cent in fiscal 2020,\" it said.
With the Supreme Court's final judgement on the AGR case in place, telcos have to bear AGR liabilities<\/a> of Rs 1.15 lakh crore, which is expected to erode the benefits of the tariff hikes implemented last fiscal and bring the RoCE back to 4-5 per cent this fiscal, a Crisil<\/a> estimate showed.
Sachin Gupta, Senior Director, Crisil Ratings, said, \"Our base case assumes monthly ARPU reaching Rs 175-180 by next fiscal from Rs 140 in the first half of the current fiscal so as to generate a sustainable RoCE of 10 per cent.
\"Of course, this will depend on competitive intensity, but it can crank up industry<\/a> revenue to over Rs 2 lakh crore next fiscal, or a third more than the Rs 1.5 lakh crore seen in fiscal 2020, despite muted subscriber growth.\"
Apart from tariff hikes, the ARPU will also benefit from the increasing data consumption due to proliferation of work from home, video conferencing and other forms of online business communications, along with a big uptick in over-the-top streaming services amid the pandemic, the report noted.
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