As per a report by Motilal Oswal, the ongoing 21-day nationwide lockdown will have a limited impact on Reliance Jio, as telecom companies are expected to see recharge upgrades given the increase in data consumption.

Further, it added that this may partly be impacted by low number of new subscribers and physical store recharges, however, it would be cushioned by increase in digital recharges.

As per Motilal Oswal , FY 2021/ FY 2022E revenue growth estimates (49 per cent/14 per cent) could see an upward revision as there is an increase in noise around the next round of price hikes to improve industry health. For FY 2021/FY 2022E, it estimates subscribers at 469 million/483 million and average revenue per user (ARPU) of Rs 158/Rs 163.

As per the report, the potential revenue loss due to the shutdown of Reliance’s Retail network, except grocery, given the lockdown in India, is estimated at 50 per cent in the first quarter of FY2021. Recovery is expected to be slow, it added.