IUC's cut of 57% is steeper-than-expected. The zero-IUC regime will impact Bharti's consolidated/India wireless EBITDA by ~4/6% (~Rs 14-16bn). With Idea being a purely domestic player, the rate cut would have a more profound impact at ~12% (~Rs 11-13bn). TRAI has reduced the mobile termination rate (MTR) or interconnect usage charges (IUC) from the current 14p/minute to 6p/minute from 1-Oct-17 to 31-Dec-2019, and nil after that.