Airtel has grown much faster than Idea for the second quarter in a row, with faster volume growth driven by a significantly higher (2x) share of 3G/4G subscriber net additions vs Idea.
The capex for telecom operators in India is expected to stay elevated as they continue to roll out 4G networks. Reliance Jio has
guided towards a US$4.5 bn capex for FY17. Bharti and Idea have guided to India capex of US$2.2 bn and US$1 bn, similar to levels seen in FY16. Airtel's capex, coupled with its industry leading 3G/4G spectrum portfolio, will be a key differentiator vs peers.
Incumbents are now better positioned to cement their high ARPU data customers by rolling out 4G in key data markets before Reliance
Jio's launch. Airtel now has more wireless broadband towers (105k as of 4Q16) vs Jio (90k).
