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ICICI Securities Report
Industry adjusted gross revenue (including national long distance) grew 4% QoQ / 19.7% YoY to Rs 534 billion.
Bharti Airtel Ltd. has lost AGR (including NLD) market share of 50 basis points QoQ due to correspondingly higher growth for Reliance Jio.
RJio has a bigger sub-base with long validity recharge, which shows it benefited from tariff hike spillover.
Airtel’s circle-wise AGR is not comparable for Q1 FY23. It appears like the company has changed (cut) carriage charges for NLD, which has led to NLD AGR dip by 26.5% and boosted its circle-wise AGR.
Vodafone Idea Ltd.’s AGR (including NLD) market share was down 50 bps QoQ to 17.7%. RJio’s AGR (including NLD) market share rose 6 bps QoQ to 40.9%, and benefited from tariff hike.
Bharat Sanchar Nigam Ltd.’s AGR (including NLD) rose 23.7% QoQ to Rs 32 billion (must have some one-offs), which optically impacted the top-three players’ market share.
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