Telecom Q4 preview: Airtel expected to lead sectoral growth, analysts predict steady figures

Telecom operators are expected to report a steady March quarter, with underlying growth trends remaining intact even as headline numbers appear muted due to the shorter quarter, analysts said. Brokerages expect revenue growth to stay in the low- to mid-single digits, led sequentially by Bharti Airtel Ltd.

Across the sector, average revenue per user (Arpu) is expected to remain broadly stable or see a marginal quarter-on-quarter dip, primarily due to two fewer days in the quarter. On an underlying basis, however, premiumisation driven by higher data consumption and continued migration to 4G and 5G plans remains supportive of annual Arpu expansion.