According to Fitch Ratings, Bharti Airtel will gain around 30 million new subscribers in FY2021 and has a stable outlook following tariff hike and equity injection.

A major chunk of these subscribes are expected to come from Vodafone Idea, who has been seeing a continuous downfall in its subscriber base.

As per Fitch, equity injections and tariff increases in the Indian wireless segment are more than sufficient to offset the rise in debt that the telco is incurring to pay regulatory dues of up to Rs 350 billion to the government.

Moreover, Fitch is of the view that Bharti Airtel’s EBITDA growth will also be supported by high-single-digit percentage growth in Airtel Africa and the Indian enterprise business segment.

The ratings agency also highlighted that the Indian wireless market is undergoing structural repair, evident from simultaneous tariff hikes by all telcos effective from December 2019.

Further the revenue market share is also getting consolidated with Reliance Jio and Bharti Airtel as Vodafone Idea is rapidly losing market share.