According to a report by CLSA, India’s telecom sector revenue stood at Rs 2.39 trillion ($ 29 billion) in the financial year 2024 (FY24), surging 87 per cent from the lowest point of FY19, soon after the launch of Reliance Jio’s services.It is around 40 per cent higher than the highs of FY16, before Jio started their commercial offerings.
The report stated that Jio and Bharti Airtel continued to gain overall subscribers and controlled 78 per cent sectoral revenue combined, mainly at the cost of Vodafone Idea Limited (Vi). The report expects this to rise to 83 per cent by FY26 with Vi still to roll out 5G services.
As per the report, Vi’s revenue market share (RMS) fell 130 basis points in FY24 to 15.7 per cent when its revenue was flat on year at Rs 377 billion. This compares with Airtel’s revenue growth of 12 per cent year-on-year (Y-o-Y) to Rs 887 billion, giving the telco an RMS of 37 per cent (against 35.8 per cent in FY23) and Jio’s 10 per cent gain at Rs 992 billion, or RMS of 41.4 per cent (versus 40.9 per cent in FY23).
