Vodafone Essar’s growth becomes more impressive when seen in the context of its revenue breakup. The three metro circles, where traffic is less seasonal, contribute 26% to Vodafone’s revenues vs. 17% for Bharti and 10% for Idea, which implies Vodafone-Essar may have gained the least from the seasonal uptick in 3Q. Management claims 50% of subs have migrated to new tariffs, rising by 3% per week.
Vodafone India’s ARPU is Rs 230 while ARPM is Rs 0.66 [the highest in industry] and average MoU / month is just 318.
Revenue contribution from circles of DoCoMo’s initial launch in June-2009 (AP, Karnataka, Kerala, Orissa, and TN) for Bharti was 36% in 2QFY10 vs. 25% for Vodafone and 27% for Idea. These five circles contributed 65% of Tata DoCoMo’s sub adds during July-October 2009, thus potentially impacting Bharti’s traffic more than Idea/Vodafone. However, this difference would normalise with DoCoMo’s subsequent entry in other circles too.
