In line with other GSM operators, Vodafone India reported its numbers for the quarter ending Sept-2009. ARPU has dropped to INR 222, a 10% decline compared to previous quarter [INR 247]. ARPM drop was rather sharp at 7% [from INR 0.75 to 0.70] on a QoQ basis compared to Airtel and Idea which have seen it fall by 3.6%. Vodafone has the best ARPM compared to other operators in India. MoU also down to 319 from 330.
Absolute EBITDA too fell 2% due to sharp tariff cuts and new launches. It witnessed higher churn this quarter at 2.8%. Vodafone’s capex is also in-line with peers. 1H capex stood at Rs41bn (Rs56 in 2H09), higher than Bharti Airtel though.
Going forward, 3G auction will be a Do or Die for Vodafone India as the company has failed to live upto my expectation of being a fully integrated telecommunications company offering bouquet of services rather than plain vanilla – 2G voice.