Company needs to increase its ARPU substantially from current levels, a task made difficult with dwindling total active subscriber count. Longterm growth depends on pending tariff hikes and customer retention, in addition to fund infusion on a near immediate basis to continue to function as an ongoing concern. Maintaining a cautious view, we retain our HOLD rating on the stock with a rolled forward target price of Rs. 12.7 based on 6.7x FY23E EV/EBITDA. Sequential recovery seen in topline In Q3FY21, Vodafone Idea's revenues went up slightly by 1.0% QoQ to Rs. 10,894cr (1.8% YoY), primarily on account of improvements seen in 4G subscriptions. Churn rate...