Airtel, Jio to see free cash flow increase from FY25

Capital expenditure for Bharti Airtel and Reliance Jio is expected to taper from FY25, which will in turn improve free cash flows for the two telcos, analysts said.

A near-term delay in tariff hikes will mean that the market will rapidly move towards a duopoly which will in turn strengthen the structural average revenue per user (ARPU) growth story, they added.