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Reliance Jio raises prepaid tariffs by ~20%

News: Reliance Jio, following its peers, has hiked its prepaid tariff plans by ~20% across the board (including ~21% in base JioPhone level plans).

Views: We expect the tariff flow through to raise annualised revenues, EBITDA run rate by ~19%, ~35%, respectively. Since we had already baked in ~15% step up hike in FY23, accelerated and slightly higher hike will result in ~5%, ~8% upgrade in FY23 revenues, EBITDA estimates, respectively. Key benefit of this move will be improvement in return ratio trajectory.

Impact: Positive