TRAI July Data - Active Subscribers Base Dips For Private Telcos; BSNL/MTNL Gains: ICICI Securities

ICICI Securities Report

The Telecom Regulatory Authority of India released its data on subscribers for July 2024. Industry-wide active subs base dipped by 1.5 million month-on-month. Bharti Airtel Ltd.’s active subs decreased 1.2 million. Reliance Jio and Vodafone Idea Ltd.’s active subs dipped by 0.2 million and 3 million in July 2024 while BSNL/MTNL’s active subs rose 2.9 million after dipping for 27 months.

Industrywide mobile broadband subs net add was 5.2 million with BSNL/MTNL net add at an impressive 4.5 million. Bharti Airtel’s MBB subs rose 2.6 million and its market share was up 9 bps to 31.8% on active basis; RJio’s was down 36 bps to 50.8%.

Mobile number portability was elevated at 13.7 million with churn rate at 1.2%. Bharti Airtel/RJio wired broadband net add was 0.12 million/0.45 million with FWA aiding RJio’s growth.

Key to watch out: Sustainability of subs net add by BSNL/MTNL.

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