If the December quarter was bad for the telecom sector, the March quarter could be worse. The full impact of Reliance Jio's (RJio) service will be felt from the March quarter as people had still been trying out the service and the size had been growing to peak levels towards the end of FY16. On every parameter -- realisations, volumes, revenues, margins or debt -- companies are likely to report numbers that are at multi-year lows/peaks.
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