Industry Update Back
Telecom: Vodafone India reports muted 4QFY18 revenue

Wireless revenue declined 5% QoQ (23% YoY) to INR71b, mainly due to decline in ARPU. This is in line with the 4% QoQ decline in Bharti India's wireless revenue and 6% QoQ decline in Idea's  revenue. Yet, EBITDA grew 17% QoQ to INR19.1b (Bharti's  India wireless EBITDA declined 16% QoQ while Idea's EBITDA grew 18% QoQ), led by one-off provision reversal and cost optimization measures (including network sharing). EBITDA margin expanded 450bp QoQ to 24.6% (Bharti's India wireless EBITDA margin was 28.4% and Idea's EBITDA margin was 23.6%). For FY18, revenue declined 20% to INR324b and EBITDA declined 35% to INR75.5b