A key factor driving this will be the modest sequential growth in average revenue per user (Arpu) due to the lack of tariff hikes and slowing benefit from premiumization.
Furthermore, led by sim consolidation, subscriber addition is expected to be subdued in Q3 for the sector.
Analysts expect sequential growth in Reliance Jio's subscriber base to moderate to 5-6 million in Q3 versus 8-10 million rise seen in QI and Q2.
On the other hand, Bharti Airtel Ltd's subscriber base is likely to remain flat or post miniscule growth. But Vodafone Idea Ltd will continue to lose subscribers in Q3.
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