Synopsis
Analysts expect Bharti Airtel and Reliance Jio to offset any potential slowdown in user adds by garnering higher data revenues, and also expanding their home broadband user base. This, since overall data consumption levels are likely to surge again during lockdowns with people again largely going back to working from home.
“Vi would be the most vulnerable,” in such a scenario, given its weaker balance sheet.
The latest Covid spike and select lockdowns is likely to slow down mobile user adds in the April-June quarter, FY22, and delay the much-awaited tariff hikes by at least three-to-six months, say analysts.