Telecom sector FY24 revenue up 87% vs lows of FY19, post Jio: CLSA

Telecom sector revenue in FY24 stood at Rs 2,39,900 crore ($29 billion), surging 87% from the lowest point of FY19, soon after the launch of Reliance Jio’s services, and around 40% higher than the historical highs of FY16, before the Mukesh Ambani-owned telco started their commercial offerings, CLSA said in a report.

With Jio and Airtel continuing to gain subscribers overall, mainly at the cost of Vodafone Idea, the two top telcos combined controlled 78% of sectoral revenue. CLSA expects this to rise to 83% by FY26 with Vodafone Idea still to roll out 5G services.