February 18, 2022/Coronation Research

According to the latest telecommunications data per state from the National Bureau of Statistics (NBS), active voice (mobile) customers increased by 2.4% q/q (and -4.5% y/y) to 195.5 million in Q4 ’21. Since Q3 ’21, there has been steady growth in active lines.

We note that the telecommunications segment has been a chief beneficiary of the ongoing pandemic. Based on the recently released national accounts by the NBS, the segment grew by 7.3% y/y in 2021.

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