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* India wireless revenues came in above expectations, attributable to improved revenue mix with slow pace of down-trading, minimum recharge plans and continued data subscriber additions, although we await details.
* Muted non-wireless business performance restricted consolidated revenue growth. Sustained India wireless revenue growth is crucial, and we already factor in an ARPU increase led by a change in mix, while tariff reversal is sometime away.
* The Africa business remains on steady footing; consolidated revenues in CC terms stood at USD807mn (+9.8% yoy), EBITDA at USD354mn (+15.7% yoy), and margins at 43.9% (+230bps yoy), due to change in accounting policy.
* We continue to highlight that sustaining the tariff reversal remains the key for strong operating leverage and valuation re-rating. Current fund raising activities should certainly provide balance sheet strength. Retain Sell with SOTP-based TP of Rs302.
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