独家
Airtel可能会损失收入，但可能会承受Jio:标普
标普表示，Jio进入的影响是不确定的，但在保守的基础上，它假设“其(Airtel)国内业务的收入增长可能降至5%以下。
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爱立信将通过Jabil在印度增加生产，为5G部署提供服务，为2000人创造就业机会
爱立信印度公司的一份声明称，爱立信印度公司还将在浦那建立一个技术中心，加上产能的扩大，将为印度浦那创造多达2000人的就业机会。
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新德里:未来两个财年，巴蒂电信在印度的收入增长可能会减半，但它有足够的空间来经受穆克什·安巴尼领导的考验依赖Jio标普全球评级(S&P Global Ratings)今天表示，华为进入电信市场具有颠覆性。该机构表示:“由于有竞争力的数据资费和免费语音通话，我们预计巴蒂电信的经营业绩将会减弱。”
标普表示，Jio进入的影响是不确定的，但在保守的基础上，它假设“在截至2018年3月31日的财年和2019财年，其(Airtel)国内业务的收入增长可能从2016财年的约10%降至5%以下”。
“根据我们的预测，我们认为Bharti Airtel有财务空间来承受竞争加剧导致的经营业绩下滑。信实工业以Jio品牌提供第四代(4G)服务…标普表示。
尽管有评估称，未来2-3年，Bharti Airtel从运营到债务的资金比例可能从2015-16年度的25.4%降至23%左右，远高于标准普尔下调评级的触发因素20%。
标准普尔表示:“如果频谱收购成本大幅上升，经营业绩弱于我们的预期，而Bharti Airtel未能采取相应措施来抵消财务恶化，那么Bharti Airtel的评级仍然脆弱。”
标普认为，该公司印度业务的Ebitda利润率可能从2015-16年度的41%收紧300至400个基点，至2018-19年度的37%左右。
该机构表示:“从长期来看，这种压力可能会缓解，因为目前的竞争环境将加速印度电信行业的整合。”
“此外，Bharti Airtel在这方面具有先发优势4 g技术在过去的1-2年里，该公司已在全国多地开展了服务。相比之下，Reliance Jio刚刚推出商业服务，拥有约150万至200万客户。”
它认为，Bharti Airtel可以通过出售Bharti Infratel股份等战略措施来支持其财务比率，因为它可以在不失去控制权的情况下将其71.7%的持股比例降至51%。
“每出售Bharti Infratel 5%的股份，就可以获得5亿美元的收益。这可能有助于抵消Bharti Airtel在即将到来的频谱拍卖中支出的潜在不利影响，我们认为这将耗资约10亿美元，”标普表示。
![\"Airtel](\"https:\/\/st.etb2bimg.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
NEW DELHI: Bharti Airtel's revenue growth in India may halve over the next two fiscals, but it has enough room to weather Mukesh Ambani-led Reliance Jio<\/a>'s disruptive entry into the telecom market, S&P Global Ratings today said.\"We expect Bharti Airtel's operating performance to weaken because of competitive data tariffs and free voice calls,\" the agency said.
S&P said the impact of Jio's entry is uncertain, but on a conservative basis, it assumes that \"revenue growth for its (Airtel) domestic business could decline to below 5 per cent during the fiscal year ended March 31, 2018 and fiscal 2019, from about 10 per cent in fiscal 2016\".
<\/div><\/div>The agency also said its credit rating on Bharti Airtel is unaffected by higher competition with the launch of Reliance Jio.
\"Based on our forecasts, we consider Bharti Airtel has financial headroom to withstand weaker operating performance from intensifying competition. Reliance Industries provides fourth generation (4G) services under the Jio brand...,\" S&P said.
This is despite the assessment that Bharti Airtel's funds from operations to debt could decline to about 23 per cent for the next 2-3 years, from 25.4 per cent in 2015-16, which is materially above S&P's downgrade trigger of 20 per cent.
\"The rating on Bharti Airtel remains vulnerable if significantly higher spectrum acquisition costs and a weaker operating performance than our expectations were to occur and Bharti Airtel fails to make commensurate measures to offset the financial deterioration,\" S&P said.
The agency assumes that Ebitda margin for the company's Indian operations could tighten by 300-400 basis points to about 37 per cent in 2018-19, from 41 per cent in 2015-16.
\"This pressure could ease in the long term as the current competitive environment will accelerate consolidation in the Indian telecom sector,\" the agency said.
\"Based on our forecasts, we consider Bharti Airtel has financial headroom to withstand weaker operating performance from intensifying competition. Reliance Industries provides fourth generation (4G) services under the Jio brand...,\" S&P said.
This is despite the assessment that Bharti Airtel's funds from operations to debt could decline to about 23 per cent for the next 2-3 years, from 25.4 per cent in 2015-16, which is materially above S&P's downgrade trigger of 20 per cent.
\"The rating on Bharti Airtel remains vulnerable if significantly higher spectrum acquisition costs and a weaker operating performance than our expectations were to occur and Bharti Airtel fails to make commensurate measures to offset the financial deterioration,\" S&P said.
The agency assumes that Ebitda margin for the company's Indian operations could tighten by 300-400 basis points to about 37 per cent in 2018-19, from 41 per cent in 2015-16.
\"This pressure could ease in the long term as the current competitive environment will accelerate consolidation in the Indian telecom sector,\" the agency said.
<\/div><\/div>Bharti Airtel, according to S&P, is best placed among the incumbent players in India to compete with Reliance and should be able to maintain its strong market position with over 250 million customers.
\"Moreover, Bharti Airtel has first-mover advantage in 4G technology<\/a>, having launched the services in many parts of the country over the past 1-2 years. In comparison, Reliance Jio has just launched commercial services and has about 1.5-2 million customers,\" S&P said.
It feels that Bharti Airtel could support its financial ratios through strategic measures such as the sale of Bharti Infratel shares, given that it can reduce its 71.7 per cent holding to 51 per cent without losing control.
\"Every sale of a 5 per cent stake in Bharti Infratel can provide USD 500 million of proceeds. This could help offset the potential adverse impact of Bharti Airtel's spending in the upcoming spectrum auction, which we assume would cost about USD 1 billion,\" S&P said. <\/div><\/div>
\"Moreover, Bharti Airtel has first-mover advantage in 4G technology<\/a>, having launched the services in many parts of the country over the past 1-2 years. In comparison, Reliance Jio has just launched commercial services and has about 1.5-2 million customers,\" S&P said.
It feels that Bharti Airtel could support its financial ratios through strategic measures such as the sale of Bharti Infratel shares, given that it can reduce its 71.7 per cent holding to 51 per cent without losing control.
\"Every sale of a 5 per cent stake in Bharti Infratel can provide USD 500 million of proceeds. This could help offset the potential adverse impact of Bharti Airtel's spending in the upcoming spectrum auction, which we assume would cost about USD 1 billion,\" S&P said. <\/div><\/div>
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