"ICICI Direct’s estimates for Q4 FY21
Airtel to report strong operating print again!
We expect Airtel to lead subscriber addition again in Q4FY21. For Bharti Airtel (Airtel), we bake in subscriber addition of ~9 million (mn) while for Vodafone Idea (VIL), we expect sub loss of ~2 mn (similar to Q3). Q4FY21 will witness the impact of IUC going to zero impacting both topline and costs. For Airtel, reported ARPU is likely to see ~6.5% QoQ decline (~9% decline owing to IUC impact offset by ~2.5% like to like growth) at Rs. 155. Indian wireless revenues are expected to see 3.1% QoQ decline at Rs. 14,326 crore. For Vodafone Idea, with ARPU decline of ~9% QoQ (~11% decline owing to IUC impact offset by ~2% like to like growth) at Rs. 110, we expect overall revenues to decline 8.8% QoQ at Rs. 9940 crore."

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