Vodafone Idea's consolidated operational print continued to remain weak, albeit with a tad improvement QoQ. Q3FY19 was the first full quarter of merged entity. Hence, numbers are not comparable QoQ or YoY. Our analysis is based on comparison with pro-forma numbers (assuming full quarter of merger) and our estimates Revenues were at | 11,765 crore (vs. our estimate of | 12356 crore), down 2.2% QoQ (on proforma basis) led by impact of downgrade of packs, with ARPU at | 89 (up ~1.5% QoQ). Arithmetic ARPU uptick...