A research report by UBS Securities shows that there is a strong correlation between margins and revenue market share of telecom operators in India and indeed, in all of Asia. In India, the UBS research focused on the top three telecom operators in India in terms of revenue: Bharti Airtel, Idea Cellular and Vodafone India, and the figures are per the table below:
|Telecom Operators||Revenue Market Share||EBITDA Margin|
|Bharti Airtel||30.3 percent||38.9 percent|
|Vodafone India||21.3 percent||31.1 percent|
|Idea Cellular||19.4 percent||27.8 percent|
Telecom Lead says the report indicates that the merger between Vodafone India and Idea Cellular will increase EBITDA margins for both operators.
This correlation is also seen across telecom operators in the Philippines, Indonesia, South Korea, Thailand and Australia.