Reliance Communications continues to report muted growth in non-voice revenues while reporting extremely strong growth in data volumes. For example, imputed non-voice revenues (which include SMS/VAS revenues; we assume they are zero ? this assumption strengthens our argument) grew 4% qoq even as the company reported 14.1% qoq growth in data volumes. This suggests a sharp 8.5% qoq decline in data realizations (revenue per MB) to 13.9 paise, roughly 50% lower than the data realization levels reported by the GSM incumbents. Similar yoy math suggests a data realization decline of 33% yoy.
