Category: Telecom

Vodafone Idea CEO outlines subscriber retention strategies and more | Q&A

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Akshaya Moondra, CEO of Vodafone Idea, discussed in detail the company’s future plans with CNBC-TV18, including upcoming capital raising, capacity expansion, industry tariff hikes, average revenue per user targets, 5G rollout, among other things.

The telecom service provider has launched an ₹18,000 crore FPO and the anchor book boasts of some names such as Fidelity, GQG, UBS.

The FPO has also received support from the government, which is the largest shareholder in the telecom operator.

Below are the edited excerpts from the interview: 

Q: You have got some marquee investors on board, foreign and domestic investors. The question is what next now?

A: We are going to use this basically for growth capex. This is not the only funding we are doing. This is a part of the funding of ₹18,000. You’re aware ₹2,075 crore will come from promoters. And we are also in discussion with the lenders. And the way the funding is being raised is to have a total availability for growth capex which can meet our requirements for 4G coverage, expansion, 4G capacity growth and the 5G rollout. And when we do this, we are confident that we will be able to arrest the loss of subscribers and start participating in the growth of the industry which we have missed out for the last few years.

Q: So how soon before you will be able to close the bank funding of ₹25,000 crore?

A: We have been engaged with our lenders for quite some time. One of the asks was that the equity funding should happen first. And actually that task was for a lesser amount. So now that the funding is there, and should happen in the next few days, we will engage with the banks.

Q: So is three to six months a realistic assumption?

A: I am not at liberty to say, but we will do it as quickly as possible. And let’s say we have sufficient funding, and the bank funding should be available in time in my sense, so that our capex (capacity expansion) plans remain on track as per our plan.

Q: Talk to us about your capex plans, because that is the necessary input to arrest your subscriber decline. From the FPO proceeds, ₹12,750 crore is outlined for capex. Once you get the bank funding, and of the total capital raise of ₹45,000 crore approximately, how much goes into capex? If you could break that up in 4G and 5G.

A: I can’t give you specific guidance. But let’s start with the FPO proceeds. ₹12,750 is for capex; spectrum is about ₹2,000 crore. but we don’t need to buy much of a new spectrum. So the split of ₹12,750 crore is ₹5,720 for 5G rollout, and the remaining ₹7,000 crore is for 4G, roughly equally split between 4G coverage expansion and 4G capacity growth.

While we need to grow the 4G capacity, we need to roll out 5G. The reason why we lose subscribers disproportionately today is only because of lack of 4G coverage. And today, our share of new customer acquisitions is actually higher than our customer market share. So the only thing we need to arrest is the loss of subscribers, and which I am very confident that once we are able to plug this coverage gap.

Q: How many quarters do you think it will take before the subscriber decline comes to an end?

A:  I would say that 4G coverage expansion will happen very quickly because the vendors are ready with the equipment, the towers are already there and we just have to deploy equipment on existing towers. I cannot give you a timeline, but we are confident it should happen at great speed.

Also Read | Vodafone Idea FPO risk-reward favourable, say analysts — Should you subscribe to the ₹18,000 crore offer?

Q: On 5G, why are you only targeting achieve covering 40% of your revenue base in the next two to two and a half years when he appears already have a pan India rollout?

A: For 5G, that is our plan today, it could be modified. And you will have seen what has happened with 5G is that on the consumer side, there is not so much a 5G use case and monetisation has been a challenge.

Also, when you moved from 3G to 4G on your phone, you could see a very big experience difference. But with 5G, that is not the case. So, 5G is not a factor in operators competition, gaining a disproportionate market share right.

Q: Now the question of how and when on tariff hikes. Your ARPU (average revenue per user) is ₹145 per month. What is your own internal assessment? When can the first tariff hike take place, the quantum and the next one?

A: The Indian ARPUs are the lowest and I think lowest not by a small margin by but a big margin. So that is the important factor. The second thing to be kept in mind is that today, none of the players are returning their cost of capital. And it has not been just a year or so it has been five or six long years. And that was the scenario when 4G investments were made, 5G investments have added on to that. And 5G monetisation is still not to be seen. So the imperative for tariff correction just to get to a return on cost of capital being

Also Read | Vodafone Idea raises ₹5,400 crore from anchor investors for infrastructure expansion and 5G rollout

Q: What should the ARPUs be for you to be able to return your cost of capital?

A: I am not at liberty to say that, but there is enough commentary from our peers.

Q: Is it 300? That’s the commentary from your peers.

A: That number appears to be right.

Q: The Street is expecting that we will see a tariff hike post elections of a magnitude that we have seen in the past, which was 20%. Is this a fair assessment in your own mind?

A: I cannot say what would be the next price increase. But we have seen that this quantum of price increase is absorbed in the market without much of an implication. So I would say that the consumer at this level, is willing to accept.

For more, watch the accompanying video

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Before Vodafone Idea FPO, CEO says Indian ARPUs amongst lowest in the world

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Vodafone Idea’s CEO Akshaya Moondra, in an exclusive interaction with CNBC-TV18 a day before the telco’s follow-on public offer (FPO) opens, rued that ARPUs, or average revenue per user, in India are amongst the lowest in the world, and by a huge margin.

According to Moondra, none of the telecom players are currently yielding returns on their cost of capital, given the existing ARPU levels.

“A tariff correction is imperative just to get a return on the cost of capital,”  Moondra said, adding the market could potentially absorb price increases similar to those observed in the past, around 20%, without significant repercussions.

The company’s ARPU was at ₹145 in the December quarter of FY24, up 7.5% year-on-year from ₹135 in the same third quarter of FY23. The CEO had said after the December quarter that the company had been able to increase its ARPU consecutively over the past 10 quarters.

When asked what the ARPU should be so that telcos can ensure a reasonable return on investment, Moondra said he is not at liberty to quote a number. Still, he said there is considerable commentary from industry peers on the matter and the figure of ₹300. “That number appears to be right,” he said.

Vodafone Idea has been consistently losing subscribers. According to data from the Telecom Regulatory Authority of India, Vodafone Idea lost 15.2 lakh subscribers in January. The management had earlier mentioned it has 215 million subscribers.

Moondra attributed the company’s disproportionate loss of subscribers to insufficient 4G coverage. Nevertheless, he conveyed optimism: “We expect 4G coverage expansion to happen very quickly. We want to improve our market share.”

Vodafone Idea Ltd.’s ₹18,000 crore follow-on public offer (FPO) opened for subscription on April 18. The company plans to allocate more than two-thirds or 70% of the funds raised towards capital expenditure to bolster its network infrastructure and expand its market presence.

Moondra told CNBC-TV18 that ₹5,720 crore of the total fundraising will be used in the 5G rollout. He added that the money raised would be enough to fund capex plans for the next three years.

The 4G investment of ₹7,000 crore will be “roughly equally split between 4G coverage expansion and 4G capacity growth.”

Vodafone Idea has fixed the FPO price band between ₹10 to ₹11. The stock has risen 113% over the last 12 months.

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Mobile bills may go up post the election

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mobile bills are likely to rise as Balaji Subramanian, Vice President of IIFL Securities, expects telecom companies to increase tariffs post-elections.

“The first round of tariff increases should happen probably after the election. So, sometime in the second half of calendar 2024. And if you look at this industry, typically, price hikes happen every two years. So, we had something in late 2019, in 2021; this time since we are in the run-up to elections and the middle of calendar year 2026, we could see another tariff increase of 15-20%,” he told CNBC-TV18.

Subramanian believes most companies require substantial price increases in the next 2-3 years.

He also mentioned that in the broader industry context, perhaps after the elections, Reliance might contemplate making Jio platforms publicly available.

Therefore, leading up to that event, a rise in tariffs would enhance the profitability of all companies in the industry.

Also Read | Vodafone Idea FPO price band fixed between ₹10-₹11; Check lot size and date here

Meanwhile, Vodafone Idea announced in a filing on April 12 that it has set the price range for its Follow-on Public Offer (FPO) at ₹10 to ₹11 per share. The FPO is scheduled to begin on April 18 and end on April 22. The company aims to raise ₹18,000 crore through this FPO.

Also Read | Indian telecom regulator initiates consultation on spectrum auction in crucial 5G bands

For the entire interview, watch the accompanying video

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Bharti Airtel shares can cross ₹1,500 as telco set for best financial performance in 10 years: Analyst

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Bharti Airtel shares have the potential to rise over ₹280 more, says brokerage firm Antique which has initiated coverage on the telecom company with a ‘buy’ rating and a target price of ₹1,505. The target price implies an upside of more than 23% in the stock price from the April 9 close.

Bharti Airtel shares trade almost 1.5% higher at ₹1,219.50 on BSE at 10:20 am on April 10. In the past year, the stock has made investors richer by 58% as against the benchmark Sensex’s 25% rise during the same period.

Antique believes the telecom company is set to ride its best financial performance phase in over a decade driven by tariff hikes, 2G upgradation and strong growth of the enterprise. The brokerage expects return ratios to top 20%.

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In fact, following the October to December 2023 results, Morgan Stanley pointed out that Airtel’s higher-than-expected capex led to lower free cash flow (FCF) and that higher finance lease obligations resulted in higher net debt versus expectations.

As per its latest note, Antique expects the telco to witness historic high free cash flows that will drive balance sheet deleveraging.

The brokerage also pointed to certain challenges like Bharti Airtel choosing a different 5G rollout path versus key competitors. However, it believes it is unlikely to dent the firm’s subscriber base or growth significantly.

The data released by the Telecom Regulatory Authority of India (TRAI) earlier this week shows that the Sunil Mittal-led firm upped its wireless subscriber count by 7.78 lakh, taking its mobile tally to 15.30 lakh in February.

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Reliance Jio dominates telecom market with 35.98 lakh new subscribers in February: TRAI data

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The country’s largest telecom company Reliance Jio added 35.98 lakh mobile subscribers in February 2024, according to data released by the Telecom Regulatory Authority of India (TRAI) on Monday, April 8.

Sunil Mittal-led Bharti Airtel upped its wireless subscriber count by 7.78 lakh, taking its mobile tally to 15.30 lakh in February.

Vodafone Idea continued to bleed on the subscriber front, and the troubled telco lost wireless subscribers. Its mobile subscriber base stood at 10.23 lakh in February, as per TRAI data.

Earlier in February, TRAI invited views on enabling virtual network operators to tie up with more than one telecom operator to provide wireless and wireline services.

At present, a virtual network operator (VNO) is allowed to partner with only one telecom operator for providing services which need numbering and unique identity of the customers like mobile connection etc.

TRAI had issued a consultation paper on “Connectivity to Access Service VNOs From More Than one NSO (network service operator)” following reference made by the Department of Telecom based on representation made by VNOs.

“The Authority is issuing this consultation paper for soliciting comments of stakeholders on the issues related to connectivity to access service VNOs from more than one NSO,” Trai had said.

The VNOs have requested the DoT to allow them to take connectivity from a telecom operator for wireline services and wireless services from others.

The VNO cited that they face problems in cases where the VNO takes connectivity from a telecom operator who is providing only wireline services in that area then such a VNO has no option for providing wireless services in that area due to existing restrictions.

The VNOs have requested that their peers who intend to provide wireline services only may be required to take connectivity from more than one telecom operator because in some cases partner telecom operators may not have services in some areas where the VNO wants to provide its services.

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ATC Telecom tells Vodafone Idea to convert ₹1,440-crore worth OCDs into equity shares

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Telecom operator Vodafone Idea Ltd (VIL) on Tuesday, March 19, said ATC Telecom Infrastructure Private Ltd has requested the company to convert optionally convertible debentures (OCDs) amounting ₹1,440 crore into equity shares.

“We wish to inform you that in accordance with the terms of the OCDs, ATC has vide its notice dated 18 March 2024 requested for conversion of 14,400 (Fourteen Thousand and Four Hundred only) OCDs into 144,00,00,000 (One Hundred and Forty Four Crore) fully paid-up equity shares,” the company said in a stock exchange filing.

“The company will be taking necessary action to allot the above-mentioned Equity Shares to ATC pursuant to the conversion of the said OCDs,” Vodafone Idea said.

The move comes after Vodafone Idea had issued optionally convertible debentures amounting to ₹1,600 crore to ATC Telecom Infrastructure Private Ltd in February 2023 after receipt of approval from the shareholders and requisite intimation to stock exchanges. Further, in August 2023, the term of redemption of the first tranche of OCDs amounting to ₹800 crore was extended by 12 months.

ATC is one of the largest infrastructure service providers for Vodafone Idea and both entities have a long-term relationship. In the spirit of this partnership, ATC subscribed to OCDs amounting to ₹1,600 crore, proceeds of which were primarily utilised against payment of dues to ATC. The conversion price of ₹10, at the time of OCD issuance, was at a premium to the then prevailing market price of Vodafone Idea share, the company added.

Shares of Vodafone Idea Ltd ended at ₹12.86, down by ₹0.31, or 2.35%, on the BSE.

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Ericsson exec says company believed in cutting-edge India well before the world saw its potential

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In an exclusive interview at the Mobile World Congress 2024 in Barcelona, Nunzio Mirtillo, Head of Market Area South East Asia, Oceania, and India at Ericsson, shared insights into India’s remarkable strides in 5G deployment and the burgeoning conversations surrounding 6G technology.

Addressing the question of whether India’s transition from 4G to 5G — and Ericsson’s role in it — was a calculated risk or a gamble, Mirtillo asserted that it was a natural progression driven by India’s exponential growth in mobile broadband adoption. He highlighted Ericsson’s early recognition of India’s potential and proactive efforts to capitalise on it. “It was very, very obvious to us,” he said

Mirtillo also addressed the ongoing discourse on 6G, acknowledging its premature nature juxtaposed with the nascent stage of 5G. He emphasised the relentless drive for innovation, stating, “Research never stops.” Mirtillo commended India’s swift adoption of 5G, highlighting the country’s ability to deploy a state-of-the-art infrastructure within just 15 months. With over 70 million 5G subscribers and a projected 200 million in the near future, India stands as a global leader in 5G innovation.

India’s demand for connectivity mandates cutting-edge solutions, emphasised Mirtillo. He lauded the country’s significant strides in connectivity, attributing it to India’s potential for fostering innovation and societal advancement. Mirtillo stressed Ericsson’s unwavering commitment to India’s technological growth, mentioning the establishment of a 6G research centre in Chennai and collaborations with esteemed institutions like IIT Madras and ISI.

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Reflecting on India’s rapid 5G deployment, Mirtillo attributed its success to meticulous planning and execution. He underscored the importance of ensuring consistent, high-quality coverage across major cities like Delhi and Mumbai. “This focus on quality sets India’s 5G rollout apart from regions where coverage may be sporadic,” he added.

When queried about the most compelling use cases for 5G in India, Mirtillo highlighted enhanced mobile broadband and fixed wireless access as pivotal for meeting the country’s burgeoning connectivity needs. He emphasised the transformative potential of network slicing, enabling tailored services for sectors such as healthcare and journalism.

In elucidating Ericsson’s role in India’s 5G journey, Mirtillo emphasised the company’s longstanding commitment to the Indian market. “We have been the market leader in 5G, delivering more sites and more technology than everyone else,” he stated. Mirtillo attributed this success to Ericsson’s foresight and unwavering dedication to India’s technological advancement.

Looking ahead, Mirtillo emphasised the importance of continuous innovation and collaboration in India. With over 31,000 employees in India, Ericsson is deeply invested in driving technological advancements and fostering talent within the country. He expressed confidence in India’s ability to not only lead the 5G revolution but also serve as a global innovation hub.

As India continues its journey towards digital transformation, Ericsson remains steadfast in its commitment to empowering the nation with cutting-edge technology. With 5G laying the foundation for unprecedented connectivity and innovation, India stands poised to embrace the future with confidence and resilience.

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DoT unveils guidelines for spectrum regulatory sandbox

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Telecom, Rail and IT Minister Ashiwni Vaishnaw on Monday, March 11, unveiled the guidelines for spectrum regulatory sandbox, with an aim to support innovation by colleges, and researchers. He made the announcement while speaking at the curtain raiser for 2024’s India Mobile Congress.

Guidelines have been introduced for Spectrum Regulatory Sandbox (SRS) and Wireless Test Zones (WiTe Zones). A key feature of these guidelines are ease in seeking the DOT nod. The guidelines envision a college or a researcher making an application for available spectrum through the Saral Sanchar Portal.

While speaking at the launch, Ashiwini Vaishnaw noted that the policy was aimed at supporting innovation. The guidelines are aimed at new technology that would ensure improvement in utilisation of available spectrum.

Meanwhile, WiTe Zones will be categorised into two, allowing experimentation in unassigned and assigned spectrum bands.

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Why telcos might show limited interest in the upcoming spectrum auction

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The upcoming spectrum auction, scheduled for May 20, 2024, might see muted participation from telecom majors, say experts.

They cite two key reasons for the likely low participation–one, the completion of 5G rollout by two key players, Bharti Airtel and Reliance Jio, and two, the excess of unutilised spectrum with telcos.

The government plans to auction nearly 10,000 megahertz (10 gigahertz) of spectrum worth nearly ₹96,300 crore ($11.5 billion) this May. This is spread across eight different bands with no sub-gigahertz bands like 700 or 600 megahertz.

The reserve price, which is the minimum bid amount, remains largely unchanged, except for a minor increase in some bands like 2,100 megahertz.

India’s leading telcos spent nearly ₹1.5 lakh crore at the last auction held in August 2022.

However, limited competition is expected this time with telcos only bidding in circles where their licences are expiring.

For Bharti Airtel, around 42 megahertz of spectrum will be expiring soon, while for Vodafone Idea, it’s only about 12 megahertz. For Jio, there are no licences coming up for renewal.

Also Read | Cabinet greenlights telecom spectrum auction across multiple bands at base price of Rs 96,317.65 crore

While there is no pressing need for telcos to bid for fresh spectrum, if they bid only in circles where their licenses are going to expire, then Kotak Institutional Equities expects Bharti to spend roughly ₹3,800 crore, and Vodafone Idea to spend ₹1,500 crore.

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Jefferies expects the demand to be limited to $0.5-2 billion, or a maximum of  ₹16,000 crore.

The absence of 700 megahertz should allay concerns about overspending by Bharti Airtel, which the brokerage firm believes could spend a little over $0.5-1.5 billion.

Disclosure: RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.

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No hike in 5G tariff plans, says Sunil Mittal as Airtel pushes for ₹300 per user revenue

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Sunil Mittal, the Chairman of Bharti Enterprises, has set an ambitious target of achieving a ₹300 average revenue per user (ARPU) by the end of the fiscal year 2024-25 (FY25). Despite the prevailing scepticism surrounding potential tariff hikes in the wake of 5G deployment, Mittal remains steadfast in his vision, saying users will not pay anything extra for 5G.

Mittal reiterated the importance of the ₹300 ARPU target, which, despite inflationary pressures over the years, remains essential for funding crucial network infrastructure enhancements. “I mentioned ₹300 many years back. And a lot of inflation has taken place in the last 5-7 years where electricity prices are up, employee costs are up, almost every touchpoint is up in terms of costs. Yet, we are still talking about ₹300,” he told CNBC-TV18.

For the December-ending quarter, Bharti Airtel reported an ARPU of ₹208, for context, an improvement against ₹193 in the corresponding quarter of 2022.

Regarding the prospects of 5G deployment, Mittal stressed the limited willingness of consumers to pay extra for 5G services, particularly in the absence of substantial industrial applications. He remarked, “People are not going to pay you anything extra for 5G unless you’re going to do industrial applications.” Mittal also highlighted the potential for monetisation in industrial settings through AI and 5G integration, stating, “You can see early signs of AI and 5G combined networks running for the industries, especially industrial units.”

Mittal highlighted the necessity for a robust ARPU framework to offset the substantial investments made in spectrum and network infrastructure. He said, “There is going to be (no hike in tariff) for the millions that have been spent on the spectrum as a network and that’s why the need to have ₹300 become even more acute.”

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