Led by India unlocking pent-up demand and channel stocking for the festive season, Q2 FY21 mobile shipments recovered to pre-Covid levels, up 180% QoQ to 79 mn. Recovery was led by smartphones, which jumped 3x QoQ/16% YoY to 54 mn and at the highest-ever share of 69% of total shipments. Feature phone shipments were down 30% YoY to 25 mn, led by a sharp 89% YoY fall in 4G feature phones to 1 mn. CLSA forecasts Indias smartphone user base to expand from 403 mn in FY20 to 590 mn by Mar-23CL, driven by a pick-up in smartphone migration. CLSA believes Bharti Airtel is best placed to play the sectors rising smartphone penetration.
Q2 FY21 smartphone shipments jump:
IDC data for Q2 FY21 reveals India mobile shipments (smartphones + feature phones) although down 4% YoY, recovered a sharp 180% QoQ to 79 mn. Recovery was