19 May 2020 The price hikes taken in Dec19 and healthy 4G subscriber adds improved ARPU, which in turn led to an increase in EBITDA. However, capex doubled QoQ to INR113b, which resulted in operating FCF turning negative. Further, the QIP amount was utilized to partly pay AGR liabilities. We largely maintain our FY21E consol. EBITDA estimates building ARPU increase of 8% on favorable 4G subscriber mix. We increase our FY22E EBITDA by 5% with higher ARPU increase of 14%, after building in some tariff increase. revenue/EBITDA on post Ind-AS 116 basis was up 8%/10% QoQ (in- line) to INR237.2b/INR102b due to strong ARPU growth in the India wireless business. EBITDA margin expanded 80bp to 43% (40bp below est.). Adjusting for reclassification in the DTH business, consol. Reported net loss stood at INR52.4b due to higher interest cost (up 11% QoQ) of INR33.