Lethargic Telecom Service Provider, Vodafone India has launched 4G across 2 circles and will launch in additional 3 by the end of 4Q. These 5 circles contribute 45% of its data revenue. There is rising competitive intensity in both voice and data and this is likely to increase with Jio launch (likely in the next 3-6 months). Airtel remains best placed.
Data volume grew 64%yoy. Growth has been decelerating over time but the 4G should help accelerate growth. Mgmt highlighted
that realization/mb has been declining on combination of higher usage of data bundle and competitive pressure. This led to data revenue growth at 38% yoy.
