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India Infoline Private Client Research Team/
11:59 , Jul 06, 2012
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Bharti would post a moderate 3.5% qoq increase in traffic which would be somewhat countered by a 0.5% fall in RPM
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- Q1 FY13 is likely to see slower volume growth compared to Q4-we factor in ~3-5% sequential rise in traffic for the three frontline telcos
- Idea to report wireless revenue growth of 2.5% qoq to ~Rs55bn, ahead yet again of Bharti and Rcom, led by 4.5% rise in total MOUs
- Bharti would post a moderate 3.5% qoq increase in traffic which would be somewhat countered by a 0.5% fall in RPM
- Airtel Africa US$ revenues are likely to improve 2.8% qoq supported by 5% sequential growth in traffic
- Rcom would probably continue to report lackluster performance with overall revenues seen up 1.5% qoq
- Margin profile for the three companies would remain largely stable qoq though PAT for Bharti could be impacted by additional amortization due to 4G launch in Kolkata and Karnataka
Q1 FY13 estimates
Company
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Sales (Rs mn)
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OPM (%)
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PAT (Rs mn)
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Q1 FY13
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yoy (%)
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qoq (%)
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Q1 FY13
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yoy (bps)
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qoq (bps)
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Q1 FY13
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yoy (%)
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qoq (%)
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Bharti Airtel
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194,747
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14.7
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3.9
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33.0
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(64)
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(31)
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12,278
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(2.1)
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22.1
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Rcom
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50,829
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4.8
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1.5
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26.8
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(436)
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21
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1,371
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(38.0)
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(58.7)
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Idea
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55,033
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21.7
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2.5
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25.4
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(123)
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13
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2,441
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37.7
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2.2
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| Thank you for the rating. |
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