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MOSL: TELECOM-RJio, Bharti continue to drive active subscriber growth-Small operators losing subscriber share

​TELECOM: RJio, Bharti continue to drive active subscriber growth; Small operators losing subscriber share

• The Telecom Regulatory Authority of India (TRAI) has released subscriber data for the month of June 2017. Active subscriber additions slowed to 3.2m from 4.6m in May. This is largely due to RJio's slower active subscriber adds of 4.3m v/s 8.7m in May. Yet, its market share grew 40bp MoM to 9.1%.
  
• RJio continues to grow at the cost of smaller operators like Tata Tele, RCom, Telenor, Sistema, as well as Vodafone. Bharti's active subscriber adds at 1.2m remain the highest among incumbent telecom operators. Bharti maintained its market share at 26.5% and Idea at 19.5%.
  
• The industry MBB subscriber base grew by 9m to 301m. Adjusted for inactive subscribers, RJio leads the market, with 37% market share. Bharti / Vodafone / Idea have 19.6% / 14.6% / 9.4% MBB subscriber market share.
  
• Over the next three months, as RJio's freebies expire, we would watch for conversion into paying subscribers and the impact on subscriber churn.