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MUMBAI: Ratings firm ICRA<\/a> expects telcos<\/a> to shell out around Rs. 1.0-1.1 lakh crore on the upcoming 5G auctions<\/a>. Given the relaxed payment terms however, the upfront outgo is likely to be around Rs. 10,000 crore for the industry<\/a>.
Additionally, the firm said the industry<\/a> needs to shell out Rs. 17,000 crore annually towards spectrum instalments, till the moratorium ends.
While payments rules have been relaxed for the upcoming auctions, ICRA<\/a> believes that participation in the auction will add to the industry’s overall debt since it will add to the deferred spectrum liabilities.
ICRA expects industry debt levels<\/a> to increase to around Rs. 5.7 lakh crore as on March 31, 2023, before moderating to Rs. 5.3 lakh crore as on March 31, 2025, despite fundraising attempts by Bharti Airtel<\/a> and Vodafone Idea<\/a>. The addition of deferred liabilities is expected to keep the debt levels elevated.
ICRA expects the debt metrics to improve steadily going forward given its expectations of improved profit generation. The total debt\/OPBDITA is expected to increase to 4.5x for FY2024 with the addition of deferred spectrum liabilities, before moderating to 4x by FY2025, while the interest coverage is likely to improve to 2.8x for FY2023 and further to 3.3x for FY2025.
While in the core business, 5G<\/a> is likely to drive the growth going forward, the non-telco businesses, which include – enterprise business, cloud services, digital services and fixed broadband services – will also remain crucial for chartering a growth path for the industry.
The telecom industry has been witnessing green-shoots of recovery. The tariff hikes implemented by the industry participants coupled with consistent upgradation of subscribers to 4G from 2G and an increase in usage of telephony services is expected to result in improvement in industry ARPU (barring BSNL) to around Rs 170 by the end of FY2023.
This is expected to translate into growth in industry operating income by around 10-12% and OPBDITA by around 15-18% in FY2023. Ankit Jain, vice president and sector head, Corporate Ratings, ICRA added, “Industry consolidated revenues are expected to be around Rs. 2.6-2.7 lakh crore with OPBDITA of around Rs. 1.2-1.3 lakh crore for FY2023. These are likely to translate into a ROCE of around 9-10% for FY2023 for the industry.”
The Cabinet on Wednesday cleared the auction of 5G<\/a> airwaves which will begin on July 26, and the spectrum will be auctioned for 20 years. Spectrum in the 600 MHz, 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz, 3300 MHz, and 26 GHz bands is up for bidding.
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电信公司来支付。1.0 - -1.1十万的卢比5 g拍卖:ICRA
而支付规则已经放松了即将举行的拍卖会,ICRA认为参与拍卖将增加该行业的总体债务,因为它会增加延迟谱负债。
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孟买:评级公司ICRA预计电信公司去壳。1.0 - -1.1十万的卢比在即将到来的5 g拍卖。然而,鉴于放松付款条件前期支出可能会在Rs 10000卢比行业。
此外,该公司说行业每年需要支付Rs。17000卢比的频谱分期付款,直到暂停结束。
而支付规则已经放松了即将到来的拍卖,ICRA相信参与拍卖将添加到该行业的总体债务,因为它会增加延迟谱负债。
ICRA预计行业的债务水平5.7增加到Rs。多数卢比的3月31日,2023年,在缓和Rs。5.3之前多数卢比的3月31日,2025年,尽管筹款努力Bharti Airtel和沃达丰的想法。的递延负债预计将保持债务水平升高。
ICRA预计债务指标稳步提高未来给予其改善的预期利润的一代。总债务/ OPBDITA预计将增加到4.5 x为FY2024递延频谱负债,缓和FY2025 4 x,而利息覆盖率可能提高到2.8 x FY2023,进一步为FY2025 3.3 x。
在核心业务,5克可能会推动增长,non-telco业务,包括企业业务,云服务、数字服务和固定宽带服务,还将对租船仍然是至关重要的一个行业的增长路径。
电信行业已经看到复苏的绿芽。关税上涨实现的行业参与者加上一致的用户升级到4 g从2 g和增加使用电话服务预计将导致行业提高ARPU(除非BSNL) FY2023的Rs 170年底左右。
这将转化为产业营业收入增长10 - 12%左右,FY2023 OPBDITA约15 - 18%。Ankit Jain,副总裁和部门负责人,企业评级,ICRA补充道,“行业合并收入预计将周围。2.6 - -2.7十万的卢比OPBDITA约为FY2023。1.2 - -1.3十万的卢比。这些可能会转化为9 - 10%左右的ROCE FY2023产业。”
内阁周三扫清了拍卖的5克电波将7月26日开始,和频谱拍卖了20年。光谱在600 MHz, 700 MHz、800 MHz、900 MHz、1800 MHz、2100 MHz、2300 MHz、2500 MHz、3300 MHz, 26个GHz频段是投标。
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