Analysts predict that both Reliance Jio and Bharti Airtel, the top two telecom operators in India, are expected to see improved profitability and cash generation by fiscal 2025. This is due to a likely decrease in 5G capital expenditure and customer churn from this quarter onwards. Both companies have been guiding for a moderation in network capex from FY25 onwards, with pan-India 5G rollouts expected to be completed by December 2023 and March 2024, respectively. However, analysts believe that serious monetization of 5G services is still far off.