We expect Bharti Airtel (Airtel) to lead subscriber addition in Q3FY21 aided by VIL churn and challenges faced by the new operator due to farmer's protest. For Airtel, we bake in subscriber addition of ~7.5 million (mn), while for Vodafone Idea (VIL), we expect sub loss of ~4 mn (much lower than average churn of ~10 mn seen in the last four quarters). For Airtel, reported ARPU is likely to see ~2% QoQ growth at | 165. Indian wireless revenues are expected to see 5.3% QoQ growth at | 14,565 crore. For Vodafone Idea, with ARPU growth of ~3% QoQ at | 123, we expect overall...