Telecommunications February 20201
Telecommunications February 20201
Executive Summary……………….….…….3
Advantage India…………………..….……..4
Growth Drivers…………………….............21
Opportunities…….……….......……………31
Industry Associations……………...……...34
Useful Information……….......…………….36
EXECUTIVE SUMMARY
Second-largest India has the second largest telecom network in the world.
subscriber base Total subscriber base in the country stood at 1,172.44 million as on December 2019.
Telecom penetration, also known as tele-density, has grown rapidly over the course of the past few years.
Rising penetration rate
Tele-density grew from 18.23 per cent in FY07 to 88.56 per cent in FY20 (till December 2019).
As per report by Ericsson, India has the world’s highest data usage per smartphone at an average of 9.8GB
Affordability and lower per month.
rates Availability of affordable smartphones and lower rates of data are expected to drive growth in the Indian
telecom industry.
ADVANTAGE INDIA
ADVANTAGE INDIA
India ranks second in terms of number of In the era of 5G, telecom will earn 70 per cent of its revenue from
telecommunication subscriptions, internet core beneficiaries of 5G. Currently it is earning 30 per cent from
enterprises.
subscribers and app downloads* globally.
The government of India has introduced Digital India
Moreover, India is also one of the largest data programme under which all the sectors such as healthcare,
consumers globally. It has highest data usage retail, etc. will be connected through internet.
per smartphone at an average of 9.8GB per
month. For domestic consumption and exports,
Ericsson will start manufacturing of 5G radio
products in India.
ADVANTAGE
The government has been proactive in its
INDIA efforts to transform India into a global
Telecommunication ratings in the country telecommunication hub.
are expected to start rising within the next The Government of India unveiled the
two quarters (Q3 and Q4 2018-19), providing National Digital Communications Policy,
higher pricing power to incumbent players. 2018 in September 2018. The policy aims
to attract US$ 100 billion worth of
investments and generate 4 million jobs in
the sector by 2022.
MARKET OVERVIEW
THE TELECOM MARKET SPLIT INTO THREE
SEGMENTS
Telecom
India’s telephone subscriber base expanded at a CAGR of 15.69 per 1,400 100
cent, reaching 1,183.51 million during FY07–19. 92.98 92.84 88.56
90.11
83.36 90
Tele-density (defined as the number of telephone connections for 1,200 79.38
1,206.22
1,194.58
every 100 individuals) in India, increased from 18.3 per cent in FY07 78.66
1,183.51
80
1,172.44
75.23
to 90.11 per cent in FY19. 70.89
1,058.86
1,000 73.32 70
996.49
Total telephone subscriber base and tele-density reached 1,172.44
951.34
933.00
898.02
million and 88.56 per cent, respectively, as on December 2019. 52.74 60
800
846.32
50
600 36.98
621.28
40
26.22
400 30
429.72
18.23
20
300.49
200
205.86
10
0 0
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20*
Telephone Subscriber (in million) Teledensity
4.10% 1.79%
33.35%
FY20
FY20 (As on 43.50%
FY11 FY11 (as on Dec
Dec 19) 56.50%
19)
Wireless Wireline
Rural
Urban
The share of the wireless segment in India’s telecommunications market has increased steadily.
As of March 2019, the wireless segment comprises 98.17 per cent and in November 2019, it reached 98.21 per cent of telephone subscriptions,
compared to 95.90 per cent in FY11.
Similarly, share of rural subscribers in total telephone subscribers has surged as telecommunications penetration has increased.
As of December 2019, rural subscribers form 43.50 per cent of total telephone subscribers, compared to 33.35 per cent in FY11.
Wireless subscriptions have grown robustly over the past few years. Visakhapatnam
Wireless Subscription
port traffic (million
(in Million)
tonnes)
Between FY07-19, wireless subscriptions in the country increased at
a CAGR of 17.66 per cent to 1,165.46 million. ^CAGR 17.66%
1,300 100
92.98
92.84
The growth in wireless subscriptions has led to a significant rise in 90.11
1,200 86.98 90
wireless tele-density.
1,183.41
83.36
1,170.18
1,161.81
1,151.44
1,100 78.66 79.38
Wireless tele-density of India has increased more than five-fold from 73.32 80
1,000 75.23
70.89
1,033.63
18.23 per cent in FY07 to 86.98 per cent as on December 2019.
969.89
900 70
At the end of December 2019, wireless subscriptions stood at
919.17
904.51
867.80
1,151.44 million while wireless tele-density reached 86.98 per cent. 800 60
811.59
700
52.74 50
600
584.32
500 36.98 40
400 26.22 30
391.76
18.23
300
20
261.07
200
165.11
10
100
0 0
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20*
Note: CAGR - Compound Annual Growth Rate, ^CAGR is up to FY19, *- till December 2019
Source: Telecom Regulatory Authority of India
661.94
Wireless broadband subscribers# stood at 642.80 million, as on 600
December 2019.
563.31
500
400
412.60
300
276.52
200
149.75
100
11.87
13.79
15.05
99.20
60.87
6.22
2.34
3.87
8.77
0
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20*
Note: CAGR - Compound Annual Growth Rate, ^CAGR is up to FY18, #Includes Mobile devices users and Fixed wireless subscribers, *- till December 2019
Source: Telecom Regulatory Authority of India;
636.73
The number of internet subscribers in the country is expected to 700
687.62
double by 2021 to 829 million#. Overall IP traffic is expected to grow
4-fold at a CAGR of 30 per cent by 2021. 600
493.96
As of 2019, India holds the world’s highest data usage per
422.19
smartphone at an average of 9.8GB per month. It is expected to 500
double to 18GB by 2024
342.65
400
302.35
251.59
300
164.81
200
100
0
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20*
Note: CAGR - Compound Annual Growth Rate; BSNL - Bharat Sanchar Nigam Ltd, IP – Internet Protocol, ^CAGR is up to FY18, #as per CISCO, *- till September 2019
Source: Telecom Regulatory Authority of India, Business Monitor International
India holds the distinction of being the largest consumer of mobile Visakhapatnam
Total Wireless Data
port traffic
Usage(million
(in Terabytes)
tonnes)
data globally.
Total wireless data usage in India grew 10.58 per cent year-on-year
to 19,838,886 terabytes between July-September 2019.
20,000,000
The contribution of 3G and 4G data usage in total volume of wireless
19,838,886
data usage are about 5.72 per cent and 93.65 per cent respectively
17,940,576
during the Q2 FY20. Share of 2G data usage remained 0.62 per cent
15,000,000
15,850,560
during the quarter.
14,253,256
12,549,891
10,000,000
10,418,076
8,067,633
6,521,893
4,206,415
5,430,046
5,000,000
Q1 FY18
Q2 FY18
Q3 FY18
Q4 FY18
Q1 FY19
Q2 FY19
Q3 FY19
Q4 FY19
Q1 FY20
Q2 FY20
Note: CAGR - Compound Annual Growth Rate
Source: Telecom Regulatory Authority of India, Lok Sabha
Indian telecom sector’s gross revenue grew from US$ 32.05 billion in Telecom
Visakhapatnam
Sector Gross
port traffic
Revenue
(million
(US$tonnes)
billion)
FY08 to US$ 33.97 billion in FY19.
41.69
41.69
40.93
Indian telecom sector’s revenue is expected to grow by 7 per cent in
40.29
39.49
39.14
38.79
37.64
FY20 backed by stabilizing tariff wars and increased spending by 35
subscribers due to minimum recharge plans.
33.97
33.32
33.02
32.05
30
25
20
17.39
15
10
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20*
Note: CAGR - Compound Annual Growth Rate, FY – Indian Financial Year (April – March)
Source: Telecom Regulatory Authority of India’s Performance Indicator Report
A surge in the subscriber base has necessitated network expansion covering a wider area, thereby creating a need for significant investment in
telecom infrastructure
To curb costs and focus on core operations, telecom companies have been segregating their tower assets into separate companies. For example:
Reliance Communications has decided to finalise a deal to sell its stake in Reliance Infratel. The value of the deal is around US$ 3.68 billion
Creating separate tower companies has helped telecom companies lower operating cost and improve capital structure; this has also provided an
additional revenue stream
Inspired by the success seen by Indian players in towers business, most of the operators around the world are replicating the model
Focus on Segregation
Higher tower of towers
Rising operating sharing to into
competition cost and reduce separate
debt burden costs companies
RECENT TRENDS
AND STRATEGIES
NOTABLE TRENDS IN THE INDIAN TELECOM SECTOR
… (1/2)
The green telecom concept is aimed at reducing carbon footprint of the telecom industry through lower
energy consumption
The Government of India’s National Digital Communication Policy, released in September 2018, envisages
Green Telecom strengthening of mobile tower industry by promoting and incentivising deployment of solar and green energy
for telecom towers.
The Government of India proposed a joint task force between Ministry of New and Renewable Energy
(MNRE) and Department of Telecommunication to promote green technology in the sector.
There are over 62,443 uncovered villages in India; these would be provided with village telephone facility with
subsidy support from the government’s Universal Service Obligation Fund (thereby increasing rural tele-
Expansion to Rural density).
Markets
As of November 2019, the rural subscriber base accounted for 43.36 per cent of the total subscriber base,
thereby fuelling growth across the sector.
The most significant recent developments in wireless communication include BWA technologies such as
Emergence of BWA WiMAX and LTE.
Technologies As of 2019, Bharti Airtel VoLTE and Reliance Jio 4G services live across all the 22 telecom circles.
India is expected to be the second largest market in 5G services followed by China in the next 10 years.
IoT is the concept of electronically interconnected and integrated machines, which can help in gathering and
sharing data. The Indian Government is planning to develop 100 smart city projects, where IoT would play a
vital role in development of those cities.
Internet Of Things (IOT)
Reliance Jio has partnered with Samsung Electronics to set up a nationwide Internet of Things (IoT) network.
As of August 2019, Jio's IoT platform is ready to be commercially available from January 2020.
Notes: BWA - Broadband Wireless Access, TRAI - Telecom Regulatory Authority of India
Source: News Source
Vodafone India and Idea have merged into Vodafone idea. Vodafone Idea is unifying assets and aims to
complete network integration by June 2020.
Consolidation Airtel’s acquisition of Tata Teleservices’ mobile business was given approval by Competition Commission of
India (CCI) in November 2017. As of December 2018, the deal was cleared by the National Company Law
Tribunal (NCLT).
In December 2019, Airtel disclosed its plans to invest US$ 2.86 billion in its business as a part of company’s
annual target.
Rising investments
The new National Digital Communications Policy 2018 has envisaged attracting investments worth US$ 100
billion in the telecommunications sector by 2022.
Outsourcing non-core As part of the recent outsourcing trend, operators have outsourced functions such as network maintenance,
activities IT operations and customer service
Department of Posts launched mobile banking for its saving account customers.
By October 2019, the number of mobile wallet transaction stood at 3.59 billion wallet transaction.
Mobile banking By March 2020, the government aims to achieve 45 billion digital transactions for banks with the help of PoS
machines, transactions enabled and merchants, which have been added in firms.
As of January 2020, more than 542 banks have been permitted to provide mobile banking services in India.
Reliance Jio Infocomm is going to expand its optical fibre network to over 1,100 cities under its JioGigaFiber
Investments in optical brand. In August 2019, commercially launched Jio GigaFiber as wired broadband service.
fibre network In January 2019, Himachal Futuristic Communications Ltd (HFCL) decided to expand its optical fibre cable
(OFC) manufacturing capacity to 10.5 million fkm from 7 million fkm.
Notes: FKM – Fibre Kilometre
Source: ’Searching for New Frontiers of growth: Indian Banks’- PwC, Reserve Bank of India
Players are using innovative marketing strategies to succeed in this sector. For example,
• Vodafone Idea launched #StrongerEveryHour with aim to highlight the improved network of Vodafone
Marketing strategy
SuperNet 4G - India’s Data Strong Network.
• Airtel launched new ad campaign ‘Sab Kuch Try Karo, Fir Sahi Chuno’
Players have reduced the number of plans on offer and now offer a limited number of simple tariff plans
Reduced number of along with marquee plans.
plans
This has simplified choosing plans for customers and customers can choose the best deals for themselves.
Players price their products very carefully due to the price sensitive nature of customers and high
Pricing strategy
competition in the sector.
Notes: CDMA – Code Division Multiple Access, GSM - Global System for Mobile Communication
Source: Company websites
Government (56.3 per cent), Life Fixed-line and mobile telephony (in
Mahanagar Telephone Nigam Ltd (MTNL)
Insurance Corporation (18.8 per cent) Delhi and Mumbai), data and Internet
GROWTH DRIVERS
SECTOR BENEFITS FROM RISING INCOME, GROWING
YOUNG POPULATION
Increasing
Growing demand Policy support
Growing demand investments
Higher real
Reduction in
income and Higher FDI inflows
license fee
changing lifestyles
Inviting Resulting in
Encourages
Increasing MOU
firms to expand
and data usage
to rural areas
Note: FDI - Foreign Direct Investment, MOU - Minutes of Use per month and per subscriber, M&A - Mergers and Acquisitions
3,273.85
3,000 90%
3,006.54
80%
46.0%
2,762.31
2,500 70%
2,538.82
46.0%
45.0% 45.3%
60%
2,334.14
2,000 2,134.75
50% 42.0%
1,982.70
40%
1,749.16
1,500
1,638.76
1,610.36
1,485.60
1,481.56
30% 20.0%
1,000 20% 16.2%
15.0% 15.0%
10% 8.0% 11.0%
500 3.0% 1.5% 6.0% 2.0% 6.4% 2.6% 7.3% 2.9% 5.0%
0%
2005 2016 2017 2018 2025F
0 Elite(>US$ 30800) Affluent(US$ 15400-30800)
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Aspirers(US$ 7700-15400) Next billion(US$ 2300-7700)
Strugglers(<US$ 2300)
Incomes have risen at a brisk pace in India and will continue rising given the country’s strong economic growth prospects.
GDP per capita of India is expected to grow at a CAGR of 7.47 per cent from US$ 1,481.56 in 2012 to US$ 3,273.85 in 2023.
Increasing income has been a key determinant of demand growth in the telecommunication sector in India
The emergence of an affluent middle class is triggering demand for the mobile and internet segments
A young, growing population is aiding this trend (especially demand for smart phones.
Notes: CAGR - Compound Annual Growth Rate, *Estimates after 2013, ^Data for 2005, 2006 and 2025 is from BCG’s The New Indian: The Many Facets of a Changing Consumer, for 2017
from IBM-Kalaari Capital’s Imagining a Trillion Dollar Digital India and for 2018 from Redseer Consulting’s Indian Habit of Being Healthy Source: IMF World Economic Outlook Database April 2018
To compensate the In August 2017, TRAI directed operators to have a call-drop rate of not greater than 2 per cent.
consumers in case of The policy measures of TRAI have had positive impact. Call-drops in the country have decreased from 0.94
call drop per cent in 2016 to 0.52 per cent in March 2018.
In 2015, Telecom Regulatory Authority of India made regulations to amend the Standards of quality of
Standards of quality
wireline (telephone service) and cellular mobile telephone services. These regulations has been laid down to
wireline and wireless
ensure better and effective compliance with the quality of service regulations and to protect the interest of the
services customers
FDI cap in the telecom sector has been increased to 100 per cent from 74 per cent; out of 100 per cent, 49
Relaxed per cent will be done through automatic route and the rest will be done through the FIPB approval route
FDI norms FDI of up to 100 per cent is permitted for infrastructure providers offering dark fibre, electronic mail and voice
mail
In May 2017, Microsoft India signed a Memorandum of Understanding with the Telecom Sector Skill Council
(TSSC) to encourage skill development through “Project Sangam”.
Skill Development In a major push for Prime Minister Narendra Modi's 'Skill India' mission, Microsoft's Indian-born CEO Satya
Nadella launched a Cloud hosted platform named as "Project Sangam" to help the government not only train
but also assist people get jobs via professional networking website LinkedIn, which was acquired by the
company last year.
Notes: FDI - Foreign Direct Investment, FIPB - Foreign Investment Promotion Boar
Source: TRAI
In February 2018, TRAI passed the Telecommunication Tariff (63rd amendment) order, according to which,
Telecommunication
telecom firms are free to give promotional offers to customers if the offers are transparent, non-predatory and
Tariff Order
non-discriminatory.
The Department of Information Technology intends to set up over 1 million internet-enabled common service
centres across India as per the National e-Governance Plan.
Set up internet
On 8th August 2016, the Telecom Regulatory Authority of India (TRAI) made the 10th amendment to the
connections
TCPR (Telecom Consumers Protection Regulations) permitting telecom companies to offer data packs
having maximum validity of 365 days.
In January 2015, the Government of India recommended reduction in license fees of telecom operators by 6
Reduction in license per cent, telecom operators currently pay 8 per cent of adjusted gross revenue as licence fee.
fees The issuance of several international and national long-distance licenses has created opportunities and
attracted new companies into the market.
The Government of India has announced the Phased Manufacturing Programme (PMP) to promote domestic
Make in India production of mobile handsets. This initiative will help in building a robust indigenous mobile manufacturing
ecosystem in India and incentivise large scale manufacturing.
Notes: USOF - Universal Service Obligation Fund; OFC - Optical Fibre Cable, WiMAX - Worldwide Interoperability for Microwave Access Telecommunications
Source: TRAI
The USOF is expected to extend financial support to operators providing services in rural areas and
Financial support
encourage active infrastructure sharing among operators
The prescribed limit on spectrum would be increased from 6.2MHz to 2x8 MHz (paired spectrum) for GSM
technology in all areas other than Delhi and Mumbai, where it will be 2x10MHz (paired spectrum)
Enhanced spectrum limit Telecom players can, however, obtain additional frequency; there will be an auction of spectrum subject to
the limits prescribed for the merger of licenses
In January 2018, the government revised cap on spectrum holding from 25 per cent to 35 per cent.
Telecommunication In 2015, telecom authority issued this order mandating every DTH operator to specify the tariff for supply and
amendment order for installation of the customer premises equipment. DTH operator should specify the refundable security
deposit, installation charges, monthly rental charge and activation.
broadcasting and cable
services As of July 2019, India achieved 100 per cent digitisation of cable TV network.
In October 2019, India held the third edition of the Indian Mobile Congress which was dominated by 5G, IoT
and AI. The conference brought together more than 5,000 delegates and 50,000 visitors.
Global and local industry leaders such as Samsung, Intel, Ericsson, Huawei, Qualcomm, Nokia, Airtel,
Indian Mobile Congress Reliance Jio and Vodafone participated in the event, apart from others.
Jio announced partnership with Samsung to bring 5G along with new Traffic Security system and Ericcson
Furthermore, Ericcson demonstrate India’s first video call through a 5G network in conjunction with
Qualcomm India.
Notes: USOF - Universal Service Obligation Fund; OFC - Optical Fibre Cable
Source: TRAI
National Digital
Communications Policy,
2018
Provide Universal broadband Attract investments worth US$ Establish a comprehensive data
connectivity at 50Mbps to every 100 billion in digital protection regime for digital
citizen communications sector communications
Provide 1 Gbps connectivity to Increase India’s contribution to Ensure net neutrality principles
all Gram Panchayats of India by global value chains are upheld
2020 and 10 Gbps by 2022
Creation of innovation led start- Develop and deploy robust
Enable fixed line broadband ups in digital communications digital communication network
access to 50 per cent of sector security frameworks
households
Train/ Re-skill 1 Million Build capacity for security testing
Achieve ‘unique mobile manpower for building New Age and establish appropriate
subscriber density’ of 55 by 2020 Skills security standards
and 65 by 2022
Accelerate transition to Industry Address security issues relating
Ensure connectivity to all 4.0 to encryption and security
uncovered areas clearances
Note: Mbps – Mega bits per second, Gbps – Giga bits per second
Source: National Digital Communications Policy, 2018
FDI inflows into the telecom sector during April 2000-September FDI inflows in telecommunication in April 2000-September 2019
Visakhapatnam port traffic (million tonnes)
2019 totalled to US$ 37.10 billion. (US$ billion)
During this period, FDI into the sector accounted for a share of 35.00
nearly 7.93 per cent of total FDI inflows into the country. 2.66 37.1
In January 2020, Government of India allowed 100 per cent FDI in 6.21
30.00
Bharti Airtel.
25.00 5.56
20.00
1.32
2.90
15.00 1.31
0.30
1.96
10.59
10.00
5.00
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19
FY01-FY11
FY01-FY19
Source: Department for Promotion of Industry and Internal Trade (DPIIT)
Vodafone India and Idea Cellular have merged into ‘Vodafone Idea’ to become India’s largest telecom company, as of September 2018.
Ascend Telecom
IDFC Alternatives (2017) 54.29 33 per cent stake
Infrastructure Pvt. Ltd.
Bharti Airtel Qatar Foundation Endowment(2014) 1,260 PE deal – 5 per cent stake
Ascend Telecom Ascend Telecom Infrastructure Pvt Ltd 54.29 33 per cent stake
OPPORTUNITIES
OPPORTUNITIES ACROSS SEGMENTS IN THE
INDUSTRY … (1/2)
India’s mobile subscriber base is By November 2019, rural tele-density Internet penetration is expected to
expected to reach 1,420 million by reached 56.69 per cent, growing from grow steadily and is likely to be
2024 from 1,200 million in 2018, with 43.05 per cent as of March 2016. bolstered by government policy
80 per cent users having 4G
Rural wireless tele-density in the Number of broadband subscribers
connections.^
country increased to 56.40 per cent by reached 687.62 million as on
As of January 2019, Airtel becomes November 2019 from 50.88 per cent November 2019.
the first operator to launch high speed as of March 2016.
To encourage cash economy, Indian
data service, i.e 4G in group of islands
government announced to provide free
like Andaman and Nicobar.
Wi-fi to more than 1,000 gram
panchayats.
Notes: VAS - Value-Added Services, NTP - National Telecom Policy, * - as per IDC, ^ - as per Electronics Industry Associations
Source: Press Information Bureau, Government of India
In 2019, India surpassed USA to become the second largest market Visakhapatnam
App downloads^
port traffic
in India
(million
(in billion)
tonnes)
in terms of number of app downloads.
India has witnessed a 195 per cent growth in app downloads in the
37.20
35.00
past three years.
Indian users spent around US$ 370 million through app stores in 30.00
2019.
Moreover, during the first quarter of 2019, India became the world’s 25.00
fastest-growing market for mobile applications. The most
downloaded app was TikTok, a short video creation app, that added 20.00
19.00
88.6 million new users in Q1 2019.
18.11
15.00
The segment’s growth is expected to be driven by increasing mobile
connections and availability of low-range smartphones.
12.07
10.00
Over 100 million apps are downloaded every month across different
platforms such as iOS, Blackberry, Nokia and Android. 5.00
6.51
0.00
2022F
2016
2017
2018
2019
Notes: F – Forecast, *As per latest data available, ^Combined iOS App Store, Google Play and third-party android, Q1- Jan to March
Source: Gartner, Deloitte, Assorted News Articles, App Annie
KEY INDUSTRY
ORGANISATIONS
INDUSTRY ORGANISATIONS
Address: B-601, Gauri Sadan 5, Hailey Road, New Delhi – 110 001, Address: 601, Nirmal Tower, 26, Barakhamba Road, Connaught Place,
India New Delhi – 110 001, India
Tel: 91 11 23358585 Tel.: 91 11 43565353 / 43575353
Fax: 91 11 23327397 Fax: 91 11 43515353
Website: http://www.auspi.in/ E-mail: [email protected]
Website: www.acto.in
Internet and Mobile Association of India (IAMAI) Cellular Operators Association of India
Address: F-36, Basement, East of Kailash, New Delhi – 110 065, India Address: 14, Bhai Vir Singh Marg, Sector 4, Gole Market, New Delhi –
Tel: 91 11 46570328 110001, India
E-mail: [email protected] Tel: 91 11 2334 9275
Website: www.iamai.in E-mail: [email protected]
Website: www.coai.com
USEFUL
INFORMATION
GLOSSARY
US$: US Dollar
Wherever applicable, numbers have been rounded off to the nearest whole number
Year INR INR Equivalent of one US$ Year INR Equivalent of one US$
2019 69.89
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