Jio had disclosed 52m subscribers at the end of Nov16 and it has been adding an average 600k subscribers per day. We therefore estimate Reliance Jio Infocomm would have 60-70m subscribers
at the end of Dec, assuming a similar run rate. Bulk of these users would have come from urban areas where offtake is likely through dual SIMs given tele density is already ~150%.
Airtel and Vodafone's Nov sub adds at 1m and 890k respectively were 53% and 24% lower than Oct. This was likely due to demonetization (introduced on Nov
. We expect Dec sub adds to bounce back on improving availability of new currency and Government allowing use of the old Rs500 currency note for buying talk time (was applicable till Dec 15).