Vodafone PLC Management Positive on India
Vodafone continues to see substantial growth opportunities in India where market penetration offers significant room for incremental growth and Vodafone is gaining c.1% additional share every year. The pricing environment is getting better and the margin prospective is also encouraging. Vodafone expects its increased scale in India to deliver margin expansion from the mid-twenties to the high-twenties over the medium term. The operator is number 1 or 2 in 12 circles with good margins and is improving its negative margins on c.7 circles with increasing shares. Vodafone sees the spectrum re-auction as a positive but notes that the process will take one year at the very least.