Indian telecom war may be long from being over as more and more people move to 4G network. "Bharti Airtel Ltd’s (Ba1 stable) margins are likely to improve to about 45 per cent in 2021 from 40 per cent for the 12 months through September 2020, on the back of rising average revenue per user (ARPU) and a higher proportion of 4G subscribers,” the Moody's research report said.