Post the IUC impact in Q4FY21, Q1FY22 was marked by the second wave led lockdown (impacting subscriber addition) and extension of validity for bottom of the pyramid customers, which will restrict ARPUs. For Bharti Airtel (Airtel), we bake in subscriber addition of ~2 million (mn), while for Vodafone Idea (VIL), we expect subscriber loss of ~4 mn (vs. ~2 mn in Q4). For Airtel, reported ARPU is likely to be flattish QoQ at | 145. Indian wireless revenues are expected to be flattish at | 14,085 crore. For Vodafone Idea, with ARPU decline of ~3% QoQ at | 104, we expect overall...