However, they expect 5G capex spends to decelerate from FY25 onwards, which would pave the way for free cash flow (FCF) generation for the country's private carriers after a 13-year gap, which would be a big catalyst for re-rating, going forward. "Revenue growth for the sector remains in high single-digits and needs a tariff hike for improvement, but lower network costs could offset margin impact of higher sales & marketing costs," Jefferies said
