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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
http://www.kotaksecurities.com/pdf/indiadaily/indiadaily19032012.pdf
Telecom
India
More thoughts on Bharti’s RMS loss. Having analyzed relative RMS movements
between Bharti, Vodafone and Idea from an input (# BTS) and input utilization
(revenue/BTS) perspective in our Mar 14 comment, we now analyze them from an
output perspective (subs and ARPU) to understand whether the RMS movements reflect
(1) only higher relative subs growth for Vodafone and Idea or also (2) loss of quality
subs for Bharti. We conclude that both factors have been at play; the second one is a
cause for concern and an area Bharti should address on an urgent basis.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
http://www.kotaksecurities.com/pdf/indiadaily/indiadaily19032012.pdf
Telecom
India
More thoughts on Bharti’s RMS loss. Having analyzed relative RMS movements
between Bharti, Vodafone and Idea from an input (# BTS) and input utilization
(revenue/BTS) perspective in our Mar 14 comment, we now analyze them from an
output perspective (subs and ARPU) to understand whether the RMS movements reflect
(1) only higher relative subs growth for Vodafone and Idea or also (2) loss of quality
subs for Bharti. We conclude that both factors have been at play; the second one is a
cause for concern and an area Bharti should address on an urgent basis.
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