OCTOBER

TELECOM SECTORTHE ERSTWHILE GOLDEN GOOSE OF INDIA;

CURRENTLY STARING AT FINANCIAL DISTRESS

02.Telecom Sector

Content

What is Disruption?

About Telecom Industry in India

Disruptions of the Telecom Sector 2016

Disruptive Power of Reliance Jio

Financial Implications for the Incumbent –

Financial Implications for the Incumbent –

Financial Implications for the Incumbent -

Consolidation and Closure of Smaller Players

Government Assistance to Revieve the Telecom Sector

Conclusions

01.

02.

03.

04.

05.

06.

07.

08.

09.

10.

03.Telecom Sector

What is Disruption ?

What is Disruption ?Disruption is often used as an effective strategy by a new and powerful entrant to outcast strong incumbents. Disruptions currently happening in corporate world include : (a) New-market disruptions and (b) low-end disruptions. New-market disruptions calls for creating whole new markets and/or new products; where as low-end disruptions are intended to lock horns with existing incumbents in existing markets and/or products.

Harvard Business School professor and disruption guru Clayton Christensen says

a disruption displaces an existing market, industry or technology, and produces something new and more efficient and worthwhile. It is at once destructive and creative. But to be truly disruptive, the proposed business idea should disrupt all proven incumbents in the target market.

Source: https://www.businesstoday.in/opinion/columns/recent-developments-that-disrupted-indian-telecom-space/story/248127.html

04.Telecom Sector

MajorDisruptors

of the world

05.Telecom Sector

About IndianTelecom Sector

About Indian Telecom Sector

In 1948, there were only 80,000 telephones (landlines) in India. The number of fixed-line telephones in 1991 were 5.07 million and the sector was entirely state-run.Liberalization in 1994 with

the introduction of National Telecom Policy. Telecom Regulatory Authority of India (TRAI) an independent regulator was set up in 1997.

In July 1995, the first mobile telephone service was launched in India

Indian telecom industry is now the second largest in the world by number of subscribers

The sector has since witnessed exponential growth over past years primarily driven by affordable tariffs, wider availability, roll out of Mobile number portability (MNP), 3G & 4G, evolving consumption patterns of subscribers

06.Telecom Sector

About Indian Telecom SectorPost Reliance Jio’s Entry in the telecom sector, active subscriber base has been increasing due to drop in data tariff, improving 4G network & low cost calling.

The number of mobile subscribers in India increased from   1,001 million at the end of Sept 2016 (when Jio commenced operations) to 1,191 million at the end of December 2017.

Mobile data usage in  India  jumped 144 per cent (y-o-y) to reach 2,360 petabytes, with average consumption per user in 4G broadband reaching 11 gigabytes per month in December 2017.

The average 4G data consumption in India for year 2016 (before the introduction of Jio) was around 1 GB per user per month.

0

200

400

600

800

1000

1200

1400

1600

Active Subscriber (in Mn)

Airtel Vodafone IDEA JIO Others Total

158 178 172 225 472784

1,1061,540

810

3,7804,310

5,060

0

1000

2000

3000

4000

5000

6000

Q1 -FY2017

Q2- FY2017

Q3 -FY2017

Q4- FY2017

Q1 -FY2018

Q2- FY2018

Q3 -FY2018

Q4- FY2018

Data Usage (Mn MBs)

Airtel Idea Vodafone Jio

Source: HDFC Securities Research, RBSA internal research07.Telecom Sector

08.Telecom Sector

TelecomDisruptions 2016

Reliance Jio has made 2016 alandmark year in terms of tariff,services and technology

Reliance Jio launched“introductory offer” at worldwide

lowest rate INR 50 per gigabyte

Negative Impact onFinancials of all the Telecom

Companies in India

Jio’s Pricing strategy hasdisrupted the market & forcedthe telecom companies todevise ways of survival

Due to stiff competition,it was excepted to bringconsolidation in the industry.

Govt. to commence cuttingdown of Inter Connect Usage(IUC) charges leading to fall inrevenues of all incumbents

Reliance Jio focused on datainstead of voice market which

is already matured.

Disruption in 2016

INTRODUCTORYOFFER

PRICINGSTRATEGY

DIGITALLIFE

09.Telecom Sector

10.Telecom Sector

Disruptive Power ofReliance Jio

Disruptive power of Reliance Jio

Jio connectivity is available in nearly18,000 cities and 2,00,000 villages across the country

Consolidation or shut down of other players from the

Industry.

322 million – Jio’s expected numbers of subscribers by 2020

Jio's network is sophisticated enough to seamlessly upgrade to 5G. 

Jio has largest fibre-optic network in India

Financially backed by its Strong Parent “Reliance

Industries Limited”

Investment issue faced by other market player to set up 4G network.

Strategy to target rural area of India at low price

11.Telecom Sector

Financial PerformanceReliance Jio

Jio with its ubiquitous 4G only network is highly successful in moving the market from voice to data and remains a dominant market leader in data consumption.

Company is doing aggressive capex to leverage the data capacity advantage, tying up for content, expanding VoLTE presence etc.

Average Revenue Per User (ARPU) dropped because Reliance Jio did not charge prime customers and also gave discounts to those who recharged online.

Source: HDFC Securities- Reliance Jio, RBSA internal research

6,150

6,860

7,130 156 154

137

5,600

5,800

6,000

6,200

6,400

6,600

6,800

7,000

7,200

7,400

125

130

135

140

145

150

155

160

Q2-2018 Q3-2018 Q4-2018

Revenue (INR in Crs) ARPU (INR)

Revenue ARPU

-

88,435

1,24,449

1,43,821

-22.1

-12.2

21.3

-25-20-15-10-50510152025

0

20000

40000

60000

80000

100000

120000

140000

160000

2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

Debt (INR in Crs)

EBITDA Debt to EBITDA

12.Telecom Sector

13.Telecom Sector

Financial Implicationsfor the Incumbent - Airtel

Financial Implications forthe Incumbent – Airtel

Airtel's ARPUs severely impacted as it tries to match rival Jio’s tariff offerings.  

Lower ARPUs affects revenues and profits. Airtel’s high-paying customers are going for plan downgrades. Its ARPU has seen erosion of more than INR 70 in the past two years.

The reduction in International Termination Rates (ITR) also adversely impacted the

telco. ITR is paid by international operators to local networks that receive calls. The ITR rate cut hurt Airtel’s gross revenue by INR 123.5 crore in Q4FY2018. 

Drop in net profits was steeper than revenues due to higher fixed operating expenses. The interest cost, capex plans and operational costs have put pressure on the operational income.

Source: MOSL Report – Bharti Airtel, RBSA internal research

14,875 15,589 16,433 14,300 13,980

12,489 193 192 194 196 188 172 158 154 145123 116

0

50

100

150

200

250

- 2,000 4,000 6,000 8,000

10,000 12,000 14,000 16,000 18,000

Revenue Standalone (INR in Crs) ARPU(INR)

Revenue (Standalone) ARPU

45,351 49,919

55,496 60,300 62,276

53,663

11.2% 13.2%

23.8%

12.9%

-15.9%

0.1%

-20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

Revenue Standalone ( INR in Crs )

Revenue Standalone Net Profit Margin

14.Telecom Sector

Financial Implications forthe Incumbent – Airtel

There is an Increase in debt significantly on account of spectrum acquisition.

Debt to EBIDTA had increased to 9.4 times in FY2017; which was brought down to 3.8 times in FY2018, through stake sales in investment companies.

During FY2018, Airtel undertook several initiatives to meet its liquidity and funding requirements. The Company had completed the secondary sale of a portion of its stake in Bharti Infratel Limited (“Bharti Infratel”) to global fund managers and other investors for a consideration of approx INR 2,570 Crs

and INR 3,325 Crs in Q2’18 and Q3’18 respectively.

The decreasing interest coverage ratio indicates that the company is under stress to meet its debt commitments.

Net interest costs of the company have risen due to increase in debt burden.

Irrespective of the deteriorating debt condition of the company, it will still have to continue incurring capex so as to compete with the sophisticated 4G VolTE network of Jio.

14,218 10,365

21,570

45,571

60,095 65,416

1.1 0.6

1.1 2.1

9.4

3.8

- 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

Debt Standalone (INR in Crs)

Debt Standalone Debt to EBITDA

6,644

9,671

11,871 12,056

-5,781

4,152

4.0

7.2

8.4

3.4

-1.1

0.7

-2.0

-

2.0

4.0

6.0

8.0

10.0

-8,000 -6,000 -4,000 -2,000

- 2,000 4,000 6,000 8,000

10,000 12,000 14,000

2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

EBIT Standalone ( INR in Crs)

EBIT Standalone Interest Coverage Ratio

Source: MOSL Report – Bharti Airtel, Annual Report FY 2018, Bharti Airtel, RBSA internal research15.Telecom Sector

16.Telecom Sector

Financial Implicationsfor the Incumbent - IDEA

Financial Implications forthe Incumbent – IDEA

Both voice and data services hurt by a brutal price war triggered by the entry of Reliance Jio, a development which has also forced India’s No. 3 telco to merger with rival Vodafone India.

Decrease in revenue because of the reduction in interconnect rate, subscriber base and reduction in average revenue per user (ARPU).

The regulation imposed 57% sharp decline in IUC settlement rates negatively impacted Idea’s Revenue and EBITDA 

Decrease in net profit margins due to increase in finance cost, decrease in revenue and increase depreciation.

6540 70407560

84209010 9490

86608130

747065106140

174 165181 176 179 180 173 174 179 181 173

157142 132

114 105

020406080100120140160180200

0100020003000400050006000700080009000

10000

Q1-

2014

Q2-

2014

Q3-

2014

Q4-

2014

Q1-

2015

Q2-

2015

Q3-

2015

Q4-

2015

Q1

-201

6

Q2-

2016

Q3-

2016

Q4-

2016

Q1

-201

7

Q2-

2017

Q3-

2017

Q4-

2017

Q1

-201

8

Q2-

2018

Q3-

2018

Q4-

2018

Revenue(INR in Crs) ARPU (INR)

Revenue ARPU

22,457 26,518

31,570

35,949 35,575

28,279 4%

6%9%

7%

-2%

-17%-20%

-15%

-10%

-5%

0%

5%

10%

15%

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

Revenue (INR in Crs)

Revenue Net Margin

Source: MOSL Report – Idea Cellular, RBSA internal research17.Telecom Sector

Financial Implications forthe Incumbent – IDEA

Idea’s net debt stood at INR 36,400 crore, or 3.2 times annualized EBITDA for the September 2016 quarter. By the end of the September 2017 quarter, debt has ballooned to INR 54,000 crore or as much as nine times annualized EBITDA.

Even after a reduction of INR 4,000 crore of debt from sale of its stand-alone towers to American Tower Corp in the FY2018, the net

Debt-EBITDA ratio would be around 8.8-8.9 times, simply because of the additional tower lease rentals the company will now have to bear.

Debt as on 31st March 2018 stands at INR. 57,985 � Crs includes a large component of debt from DoT under ‘Deferred Payment Obligation’ for Spectrum acquired in Auctions.

Source: MOSL Report – Idea Cellular, RBSA internal research

14,043 20,635

26,859

40,541

55,053 57,985

2.5 2.7 2.7 3.4

5.4

9.6

-

2.0

4.0

6.0

8.0

10.0

12.0

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

Debt (INR in Crs)

Debt Debt to EBITDA

2,527 2,814

5,508 5,711

2,449

-2,362

2.3

3.9

5.1

3.2

0.6

-0.5 -1.0

-

1.0

2.0

3.0

4.0

5.0

6.0

-3,000

-2,000

-1,000

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

EBIT (INR in Crs)

EBIT Interest Coverage Ratio

18.Telecom Sector

19.Telecom Sector

Financial Implicationsfor the Incumbent - VODAFONE

Financial Implications forthe Incumbent – VODAFONE

Vodafone India’s service revenue dropped 29% on y-o-y to INR 7,100 crore in the fourth quarter of 2017-18 as the country’s second-largest telco reeled under the effects of cuts in local and international interconnect rates and price wars.

Vodafone India’s average revenue per user (ARPU) fell to its lowest ever of Rs 105 in the fourth quarter of 2017-18.

Due to fierce competition in the telecom industry, Vodafone announced to merge with its rivalry Idea cellular.

Source: MOSL Report – Telecom, RBSA internal research

9,295 9,565 10,335 10,550 10,880

9,970 8,570

7,100 198195192192193187189184184178175177176171

158142141132

114105

0

50

100

150

200

250

-

2,000

4,000

6,000

8,000

10,000

12,000

Q1-

2014

Q2-

2014

Q3-

2014

Q4-

2014

Q1-

2015

Q2-

2015

Q3-

2015

Q4-

2015

Q1

-201

6

Q2-

2016

Q3-

2016

Q4-

2016

Q1

-201

7

Q2-

2017

Q3-

2017

Q4-

2017

Q1

-201

8

Q2-

2018

Q3-

2018

Q4-

2018

Revenue (INR in Crs) ARPU (INR)

Revenue ARPU

20.Telecom Sector

21.Telecom Sector

Stress in theTelecom Sector

Stress in the Telecom Industry

Source: https://www.businesstoday.in/opinion/columns/recent-developments-that-disrupted-indian-telecom-space/story/248127.html

Cumulative debt of Telecom Sector - INR 7.7 Lakh crores High spectrum cost - Wherein highest bid/sale price at one auction acts as a floor price for the succeeding auction.

Higher Debt to EBITDA Ratio for sector as a whole

Decreasing interest coverage ratio to such levels where servicing the current debt has become unsustainable

Declining trend in profitability due to various reasons like entry of greenfield Telecom Service Providers (TSPs) as against the existing brown field operators, Spectrum Usage Charges is a fixed proportion of Adjusted Gross Revenue (AGR).

Tariff war and disruptive Entry of Reliance Jio

Expansion of telecom services to remote and rural area in the country involves huge capital investments by the service providers. Also, low returns on these investments (low potential revenues, low commercial activity, etc.) make expansion in these areas less profitable for the TSPs and act as a bottleneck for their investments

22.Telecom Sector

23.Telecom Sector

Consolidation andShut down of Operations

Merger of Airtel and Telenor

The transaction, won’t involve any cash payments to Telenor. It will give Airtel access to 54 million customers (increasing its user base to 320 million), 43.4 megahertz (MHz) of spectrum in the 1,800MHz band and 20,000 base stations.

Transaction Payment and Synergy

Airtel will assume the Telenor unit’s liabilities related to license fees and lease obligations for phone towers (around INR 1,600 crore of spectrum and INR 4,000 crore lease obligations).

Post-Acquisition Airtel Revenue Market Share will be 34.30% as against Idea plus Vodafone 40.70%

Market Share Benefits

The Benefits of Carried forward loss of INR 5575.95 crore can be claimed by Airtel

24.Telecom Sector

Merger of Idea and Vodafone

Vodafone to combine its subsidiary Vodafone India (excluding its 42% stake in Indus Towers) with Idea Cellular

Immediately post merger, Vodafone to receive a 50% stake. Vodafone will transfer a 4.9% stake in the combined company to Aditya Birla Group

Transaction Value equation

The two companies agreed to merge their operations with a swap ratio of 1:1.

Vodafone: 45.1%

Aditya Birla Group: 26.0%

Idea’s minority shareholders: 28.9%

Ownership Split Post Merger Scenario

35% of Market Share

41% of Revenue Market Share

40 Crores of customers

25.Telecom Sector

Aircel files for bankruptcydue to high debtmounting losses triggered by price war

Entry of Reliance Jio impacted small telecom players like Aircel

Aircel - Rcom plan to merger; but latter called off

Aircel’s attempts for debt restructuring couldn’t be successful.

Aircel filed for bankruptcy - Maxis (the Parent Company) lost $1.2 billion injected for common stock and $1.6 billion of redeemable preference shares.

26.Telecom Sector

Reliance Communicationsells its telecom assets

Having already endured a steady loss of market share over several years , Rcom was badly hit by the slump in mobile pricing

Rcom intended to gain scale and cost savings through the merger with rival operator Aircel, but it didn’t go through

Rcom closed its consumer mobile business and  agreed to sell  its entire tower and optical fiber network to Jio, along with its mobile spectrum.

NCLT, based on the application by Ericssion admits RCOM for insolvency proceedings. RBSA Restructuring Advisors was appointed as Interim Resolution Professional (IRP)

The telco managed to stave off the insolvency process. Supreme Court allows RCom to sell telecom assets worth Rs 181 billion to Reliance Jio

27.Telecom Sector

28.Telecom Sector

Government Assistanceto Revive the Telecom Sector

Improving RegulatoryEnvironmentThe Govt. has swung into action to address some of the regulatory overhang.Some of the Govt. initiatives include:

M&AGuidelines

Approved in Feb 2014

Increase in merged entities' market share cap to 50% (including wireline), potentially enabling larger operators to participate in the M&A process

EasingSpectrum

Holding Caps

An operator can hold up to 35% of the total spectrum assigned across all bands in a circle

The 50% cap on holding of total spectrum within a given band in a circle scrapped

Operators can hold up to 50% of the combined spectrum holding in sub-1 GHz bands (700, 800, 900 MHz) in a circle

SpectrumSharing and

Trading

Spectrum sharing enables operators to supplement existing spectrum holdings and achieve higher spectrum efficiency

Spectrum trading allows operators to acquire and bolster spectrum holding or monetise unused or under-utilised spectrum

29.Telecom Sector

Improving RegulatoryEnvironment

Passive & ActiveInfrastructure

Sharing

Passive network sharing allows operators to expand network coverage in a cost effective manner

Active infrastructure sharing allows operators to reduce their capex and lower operational costs

SpectrumPaymentExtension

Extension of time period for the payment of spectrum bought in auctions by telcos to 16 years from the current 10 years

Approved lowering of interest rate on penalties imposed on telecom operator

30.Telecom Sector

SpectrumSharing and

Trading3% flat spectrum usage charges (SUC)

Conclusion

31.Telecom Sector

ConclusionIndia’s telecom sector is going through a period of stress owing to growing losses and rising debt, amid heightened competition due to the disruptive entry of Reliance Jio

A new entrant has disrupted the market with low-cost data services and the revenue of incumbent players has fallen. The crisis has also severely impacted investors, lenders, partners and vendors of these incumbent companies.

Besides the tough competition in the market, carriers have claimed that almost 30 paise of every rupee earned by them is paid

as levy and taxes to the government, which is one of the major reasons for the industry’s debt of INR 7.7 lakh crore.

The government has swung into action to support the debt laden telecom sector. It is formulating a new telecom policy (NTP), where issues of regulatory and licensing frameworks impacting the sector, connectivity for all, quality of services, ease of doing business and absorption of new technologies including 5G and IoT will be addressed.

32.Telecom Sector

SNAPSHOT OF RBSATELECOM CREDENTIALS

33.Telecom Sector

SNAPSHOT OF RBSATELECOM CREDENTIALS

Insolvency Resolution Professional for Reliance Communications Ltd. under Insolvency & Bankruptcy Code, 2016

Insolvency Advisory Services

Insolvency Resolution Professional for Reliance Infratel Ltd. under Insolvency & Bankruptcy Code, 2016

Insolvency Advisory Services

Valuation of Business, Tangible and Intangible Asset of Reliance Globalcom Limited for the purpose of Purchase Price Allocation for Singapore Listing of Global Telecommunication Infrastructure Trust (GTIL)

Valuation & Purchase Price Allocation

Disinvestment of Stake in Bharti Hexacom Ltd. by TCIL

Valuation & Transaction Advisors

Financial Advisory Services for provinding Valuation and Fairness Opinion on Share Swap Ratio for Merger of TATA Teleservices India with Bharti Airtel

Financial Advisory Services

Valuation & Financial Advisory Services for Videocon Industries Ltd. and Videocon Telecom Ltd. under Insolvency & Bankruptcy Code, 2016

Financial Advisory Services

Valuation of Telecom Network and Tower Assets of Hutchison Essar (Now Vodafone) for Financial Reporting purposes

Valuation & Transaction Advisors

Insolvency Resolution Professional for Reliance Telecom Ltd. under Insolvency & Bankruptcy Code, 2016

Insolvency Advisory Services

Valuation and Financial Advisory Services for Assets of Aircel Ltd. / Aircel Cellular Ltd. / Dishnet Wireless Ltd. under Insolvency & Bankruptcy Code, 2016

Financial Advisory Services

TELESERVICES LIMITED

34.Telecom Sector

35.Telecom Sector

RANGE OF SERVICES

• Business Valuation• Valuation of Brands, Intangible Assets & Intellectual Property• Valuation of Financial Securities, Instruments and Derivatives• Valuation of Industrial Assets, Plant & Machinery• Valuation of Real Estate• Valuation of Infrastructure Assets & Specialized Assets• Purchase Price Allocations for Mergers & Acquisitions• Impairment Studies for Tangible Assets• Impairment Studies for Intangible Assets & Goodwill• Mines, Mineral Advisory and Valuation• Valuation of ESOPs and Sweat Equity• Valuation for Tax, Transfer Pricing and Company Law Matters• Fairness Opinions

• Insolvency Professional Services• Resolution Plan Preparation• CRO Services – Chief Restructuring Officer• Priority and Interim Funding• Turnaround Advisory & Business Transformation• Techno Economic Viability Studies / Feasibility Studies• Fairness Opinions on Distress M & A• Independent Evaluation of Restructuring Proposals• Interim Management Services• Transaction Structuring• Bid Evaluation / Vetting of Resolution Plan• Operations & Management of Stressed Companies• Cashflow Management• Advisor to Committee of Creditors/ Creditor Advisory• Process Advisor

Valuation

(SEBI Registered – Category I Merchant Bank)

Restructuring

• Mergers & Acquisitions• Transaction Structuring & Advisory • Due Diligence – Financial, Tax & Business• Fairness Opinions• Corporate Finance & Advisory   • Private Equity and Venture Capital    • Debt Solutions, Syndications• Partner Search and Joint Ventures• Corporate Restructuring, Business Reorganization

• Strategic & Risk Advisory Services• Technical Assurance Services• Chartered Engineers Opinion & Certification• Lender’s & Investor’s Engineer Services• Project Cost Investigation and Forensic Advisory• Project Appraisal and Monitoring• Financial Advisory for Dispute & Litigation• Cost Segregation• Transfer Pricing Studies• Reserve Fund Analysis

Investment Banking Advisory Services

CONTACT US

India Offices

Mumbai Office

21-23, T.V. Industrial Estate, 248-A, S.K. Ahire Marg,Off. Dr. A. B. Road, Worli, Mumbai - 400 030

Tel: +91 22 6130 6000Fax: +91 22 6130 6001

Delhi Office

9 C, Hansalaya Building,15, Barakhambha Road, Connaught Place,New Delhi - 110 001

Tel: +91 11 2335 0635 +91 11 2335 0637 / 68

Bangalore Office

Unit no. 104, 1st Floor,Sufiya Elite, # 18,Cunningham Road, Near Sigma Mall, Bangalore - 560 052

Tel: +91 80 4112 8593 +91 97435 50600

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Tel: +91 79 4050 6000 Fax: +91 79 4050 6001

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9th Floor, KAHM Tower,13, Nellie Sengupta Sarani,Kolkata - 700 087

Tel: + 91 97243 44446

Global Offices

Singapore Office

105 Cecil Street,# 18-00 The Octagon,Singapore - 069534

Tel: +65 8589 4891Email: singapore@rbsa.in

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2001-01, Level 20,48 Burj Gate Tower, Sheikh Zayed Road, Downtown, PO Box 36615,Dubai, UAE

Tel: +971 4 518 2608M: +971 52 617 3699, +971 52 382 2367Fax: +971 4 518 2666Email: dubai@rbsa.in

ManagementRajeev R. ShahManaging Director & CEO+91 79 4050 6070 rajeev@rbsa.in

Manish KaneriaManaging Director & COO+91 79 4050 6090 manish@rbsa.in

Gautam MirchandaniManaging Director & Head (Business Initiatives)+91 22 6130 6000 gautam.mirchandani@rbsa.in

Research AnalystsNitin Mukhi+91 79 4050 6072nitin.mukhi@rbsa.in

Samyak Bumb+91 79 4050 6072samyak.bumb@rbsa-advisors.com

36.Telecom Sector