2025年4月用户更新Jio的强劲新增用户

Akshat Agarwal, CFA * | Equity Analyst+91 22 4224 6133 | akshat.agarwal@jefferies.comAyush Bansal * | Equity Associate+91 22 4224 6185 | abansal3@jefferies.comOnly Jio gained active subscribers in Apr-25Operator-wise monthly active subscriberadditions.1.2(1.4)(2.9)2.80.40.5(1.0)0.31.82.5(0.4)0.75.01.5(0.0)(0.7)5.6(4.1)(1.1)(1.8)(6.0)(4.0)(2.0)0.02.04.06.08.0Reliance JioBharti AirtelVodafone IdeaOthers2QFY25 avg.3QFY25 avg.4QFY25 avg.Mar-25Apr-25(m)Source: TRAI, JefferiesVIL active subscriber losses contunued inApr-25...Vodafone Idea's active subscribers andadditions.193191188185183180179177177176175175174(3.5)(3.0)(2.5)(2.0)(1.5)(1.0)(0.5)0.0165170175180185190195Apr-24Jun-24Aug-24Oct-24Dec-24Feb-25Apr-25Active subscribersNet additions (RHS)(m)(m)Source: TRAI, Jefferies...with active subs declining in 17/22 circlesCircle wise change in VIL's active subscribers.(1.1)(1.2)(0.8)(0.6)(0.4)(0.2)0.00.20.4DelhiTamilnaduKolkataKeralaWBKarnatakaRajasthanMPMumbaiAPHaryanaAssamOrissaJ&KHPUP (E)BiharUP (W)(m)Source: TRAI, Jeffries Focus ChartsExhibit 1 - Active subscriber base fell to 1,073m...Active subscriber base of the sector.9809901,0001,0101,0201,0301,0401,0501,0601,0701,080Apr-22Oct-22(m)Source: TRAI, JefferiesExhibit 3 - Only Jio gained active subscribers in Apr-25Operator-wise monthly active subscriber additions.1.2(1.4)0.41.85.05.6(6.0)(4.0)(2.0)0.02.04.06.08.0Reliance Jio2QFY25 avg.3QFY25 avg.(m)Source: TRAI, JefferiesExhibit 5 - VIL's active subscriber losses continued in Apr-25Vodafone Idea's active subscribers and additions.193191188185165170175180185190195Apr-24Jun-24Active subscribers(m)Source: TRAI, JefferiesPlease see important disclosure information on pages 14 - 19 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 7 - Share of sector's active subscribers fell in Apr-25Share of active subscribers for the sector.91%91%91%91%89%90%90%91%91%92%92%93%93%94%Apr-24Jul-24(%reported subscribers)Source: TRAI, JefferiesExhibit 9 - MNP requests remain at elevated levelsTrend in Monthly MNP requests.7.88.09.010.211121212.112.512110.02.04.06.08.010.012.014.016.0Apr-22Oct-22(m)Source: TRAI, JefferiesExhibit 11 - Jio leads on reported subscriber base...Reported subscriber market share trend.3333333319191918404141418878020406080100Apr-24Jul-24BhartiSource: TRAI, JefferiesPlease see important disclosure information on pages 14 - 19 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Trend in active subscriber baseExhibit 13 - Active subscriber base fell to 1,073m in Apr-25Active subscriber base and active subscriber additions.1,0381,0431,0431,0461,0431,0201,0301,0401,0501,0601,0701,080Apr-23Jul-23(m)Source: Jefferies, TRAI, company dataExhibit 14 - Only C-Circles, contributing to ~15% of total subscribers...Active subscribers by circle category.91923583603624364364351721721721,0581,0601,06102004006008001,0001,200Apr-24Jun-24Metro(m)Source: Jefferies, TRAI, company dataExhibit 15 - ...drove subscriber base addition in Apr-25Circle-wise monthly active subscriber change.1.8(0.4)(0.0)0.7(1.4)(4.0)(3.0)(2.0)(1.0)0.01.02.03.04.05.0Metros2QFY25 avg.(m)Source: TRAI, JefferiesPlease see important disclosure information on pages 14 - 19 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. 1,0471,0451,0461,0481,0511,052Oct-23Jan-24Active subs (LHS)929496983643683694314294251701691681,0601,0611,060Aug-24A Circle2.1(0.3)(0.3)(2.0)(3.1)A-circles3QFY25 avg.4QFY25 avg. Operator-wise active subscriber additions and market sharesExhibit 16 - Only Jio gained (+5.6m) active subscribers in Apr-25Operator-wise monthly active subscriber additions.1.20.41.85.05.6(6.0)(4.0)(2.0)0.02.04.06.08.0Reliance Jio2QFY25 avg.(m)Source: TRAI, JefferiesExhibit 17 - All telcos lost subscribers in MetrosOperator-wise active subscriber change, Metros.0.6(0.1)0.10.8(0.3)(0.8)(0.6)(0.4)(0.2)0.00.20.40.60.81.01.2Reliance Jio2QFY25 avg.(m)Source: TRAI, JefferiesExhibit 19 - ...and in B-CirclesOperator-wise active subscriber change, B-circles.(0.4)0.51.83.32.5(3.0)(2.0)(1.0)0.01.02.03.04.0Reliance Jio2QFY25 avg.(m)Source: TRAI, JefferiesPlease see important disclosure information on pages 14 - 19 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. (1.4)(2.9)2.80.5(1.0)0.32.5(0.4)0.71.5(0.0)(0.7)(4.1)(1.1)(1.8)Bharti AirtelVodafone IdeaOthers3QFY25 avg.4QFY25 avg.Mar-25Apr-251.10.0(0.2)(0.2)(0.1)(0.0)(0.1)(0.0)(0.6)(0.5)Bharti AirtelVodafone Idea3QFY25 avg.4QFY25 avg.Mar-25Apr-25Exhibit 18 - Only Jio gained subscribers in A-circles...Operator-wise active subscriber change, A-Circles.1.3(0.2)(2.5)(2.0)(1.5)(1.0)(0.5)0.00.51.01.52.0Reliance Jio2QFY25 avg.(m)Source: TRAI, Jefferies(1.8)(2.1)0.5(0.5)1.50.10.10.2(1.8)(0.1)Bharti AirtelVodafone Idea3QFY25 avg.4QFY25 avg.Mar-25Apr-25Exhibit 20 - All telcos gained subscribers in C-circl