The seven circles where Airtel does not have license to provide 3G services are Kolkata, Madhya Pradesh, Haryana, Gujarat, Maharashtra, Uttar Pradesh East and Kerala.
The Supreme Court has posted for next hearing on May 9 and has asked involved companies to file rejoinder within two weeks. Earlier this year, Reliance Communication had appealed to the high court to declare and hold 3G intra-circle roaming agreements entered into between Bharti and other service providers as illegal.
On March 15, the Department of Telecommunications (DoT) issued an order restraining Airtel from providing 3G intra-circle roaming facilities in seven circles and also asked for a penalty of Rs 350 crore (Rs 50 crore per circle) for violating the licence norms. Delhi High Court had then given a nod to DoT's decision, against which Bharti Airtel filed an appeal in Supreme Court.
Today's SC order basically means that Bharti Airtel can add 3G subscribers only in circles where it owns the license and not in the seven circles which are currently under litigation, GV Giri, Telecom Analyst, IIFL told CNBC-TV18 today
"Until the next hearing and the final decision, definitely the run rate of 3G additions will come down and they can only add 3G subscribers in their own 3G circles. So there will be some tempering," Giri said. However the bigger risk is that the company's non 3G subscribers in these seven circles may be tempted to change and move to another operator.
Analysts, however, are not in any hurry yet to change their view or earnings estimates of Bharti Airtel. Harit Shah of Nirmal Bang Institutional Equities while admitted that the order is definitely negative for the company, he stressed that it does not yet call for change in EPS estimates.
He further added that the order will affect company's voice and data revenue growth. "There maybe some kind of a downgrade, but it is something that we will really have to work on in little more detail," Shah said.
Agreeing to Shah, Giri said, "The order is marginally negative but let us wait for the final decision."
Bharti Airtel has been in a whirlwind of several legal suites, whether it is 2G scam, additional spectrum under 2G or recent summoning of the company chairman and MD Bharti Airtel. Analysts have been negative on telecom companies since last January. If the final verdict on the 3G roaming pact on May 9 comes negative, then it would only add to the company's woes.
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