Idea Cellular top pick in telecom space
canada goose deals AnandRathi has come out with its report on telecom sector. The research firm neutral on the telecom sector due to the subdued canada goose uk black friday growth outlook Canada Goose Coats On Sale and regulatory overhangs, while Idea Cellular is top pick. It has struck an appropriate balance between network and margin expansion, and this should drive high earnings growth over FY12 14. canada goose deals
canada goose coats on sale Lower trade push to affect volume growth: In 3QFY12 we believe telecoms operators recorded lower gross Canada Goose Jackets subscriber additions (adjusting for de activation of inactive ones) buy canada goose jacket to control wasteful SIM card sales and save on acquisitions costs. This would further canada goose factory sale drag on volume growth, which has been slowing due to voice market saturation. We expect combined voice minutes growth for Bharti, Canada Goose Online Idea and RCom to decline to 10.5% yoy (from 11.2% in 1QFY13 and 12.2% in 4QFY12). We expect margins to be steady yoy. canada goose coats on sale
canada goose Stable realisations, lower channel costs cheap canada goose uk to canada goose uk outlet counter seasonal margin Canada Goose sale pressure: We expect ARPM uk canada goose outlet to be largely flat qoq (vs the decline in the last two quarters) due to lower tariff moves and ongoing traction in nonvoice revenues. This, along with attempts by the canada goose black friday sale industry to control channel expenses, should counter canada goose uk shop the margin pressures cheap Canada Goose typically seen canada goose coats on sale in https://www.gooseyou.com the second quarter. Note that EBITDA and PAT margins would be down yoy due to the high base because of tariff buy canada goose jacket cheap hikes last year. canada goose
Canada Goose sale Our take: We are neutral on the telecoms sector due to the subdued growth outlook (slowing volume growth, competitive headwinds) and regulatory overhang. Our top pick is Idea. We expect 7.4% growth in its South Asian revenues; the wireless business is expected Canada Goose Outlet to grow 7.1% while passive infra revenues (up a mere 2.9% yoy) would drag on growth. (Passive infra business has been affected by the operational scaling down of telcos facing cancellation of licenses.) We expect consolidated revenues to be up a canada goose clearance sale mere 1% qoq due to seasonality in the wireless business in Canada Goose online India. We expect Bharti’s consolidated EBITDA margin to be largely stable qoq, resulting in flat EBITDA canada goose qoq. In 2QFY13, Canada Goose Parka we expect qoq decline in its profit, assuming ‚zero’ forex and derivatives gains/losses (vs a 1QFY13 1.6bn gain). Canada Goose sale
canada goose coats We expect 16.5% growth in Idea’s consolidated revenues, driven by 19% growth in its wireless minutes. We estimate a significant slowdown in yoy revenue growth from 22 canada canada goose outlet goose store 27% in the preceding three quarters. This would be because of 1) the high base effect uk canada goose as tariffs were raised in 2QFY12 only to be reversed in the following quarters, canada goose clearance 2) slowing industry volume growth and 3) keener competition from Bharti Airtel which has tactically decided to focus on market share in the short to medium term. Our assumptions imply 2.2% decline in consolidated revenues in 2QFY13. canada goose coats
Canada Goose Parka We expect 6.4% yoy (and 1% qoq) growth in RCom’s consolidated revenues, driven by 7% growth in wireless voice minutes. RCom’s results are not as seasonally sensitive canadian goose jacket as Bharti and Idea, canada goose coats as the former’s network footprint is largely urban. We expect EBITDA margin to be stable qoq. We expect EBITDA margins to be flat qoq, implying a 250 bp yoy decline. We expect net loss to be broadly similar to that in 1QFY13 Canada Goose Parka.