We expect the subscriber addition trend to be mixed for the industry, Industry leader - Reliance Jio (Jio) is likely to lead subscriber addition with ~15 million (mn) net adds in Q2. On the other hand, Vodafone Idea (VIL) is expected to continue experiencing churn, also impacted by last quarter's tariff hike for 2G customers, which, in our view, will drive consolidation. Thus, for VIL, we expect subscriber loss of ~6 mn. For Jio, reported ARPU is likely to be up 1% QoQ at ~Rs. 140 while revenues are expected to see 4.1% QoQ growth at Rs. 18,734 crore. For Vodafone Idea, with ARPU growth of ~6% QoQ at Rs. 110, we expect overall revenues to grow 2.1% QoQ at Rs. 9347 crore.
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