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Motilal Oswal Report
The Telecom Regulatory Authority of India released the subscriber data for July 2024. The key highlights are as follows:
Major SIM consolidation occurred in the rural area:
The industry’s gross subscribers declined 0.9 milliom month-on-month (versus a gain of 1.6 million in June 2024), bringing the total base to 1,170 million. The decline was led by the price hike implemented by all three private telecom operators.
Reliance Jio, Bharti Airtel, and Vodafone Idea Ltd. lost 0.8 million, 1.7 million, and 1.4 million subscribers month-on-month, respectively, while BSNL emerged as the winner by gaining 2.9 million subscribers month-on-month, as it did not implement any tariff hike.
The active subscriber base declined 1.5 million month-on-month to 1,060 million (versus 1.3 million gain in June 24). Over the last six months, the average addition was 2.2 million per month. RJio, Bharti, and Vodafone Idea lost 0.2 million, 1.2 million, and 3 million subscribers, respectively, while BSNL gained 2.9 million subscribers.
The industry’s rural subscriber base declined 1.4 million month-on-month (versus +0.7 million in April 2024) to 534.1 million, primarily due to Vodafone Idea/Bharti Airtel losing 1 million/1.8 million rural subscribers.
RJio continued to lead the rural markets with an addition of 1.2 million subscribers, accounting for 39.4% share (+10bp month-on-month), followed by Bharti at 35.5% (-20bp month-on-month) and Vodafone Idea at 19.8% (-10 bp month-on-month).
According to Jul’24 data, majority of the SIM consolidation occurred in rural areas.
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