in data volume. Capex stood at Rs9.8bn and annual capex guidance intact at Rs70bn. Vodafone are more vulnerable to lose subscribers during their merger integration. Weak Q1FY19 has led to another round of EBITDA downgrade. Current cash balance (after fund raising & tower monetization) and merger-related benefits would take care of cash burn during FY19-20E. However, net debt/EBITDA for merged entity to remain at elevated levels of ~6.7x in FY20E, restricting aggression on capex spends and retaining RMS. We are already factoring in aggressive opex savings of >Rs120bn over FY19-20E. We retain SELL with TP of Rs39, valuing at 8x FY20E pro-forma Sept'20 EBITDA....