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ICICI Securities Report
Telecom industry Adjusted Gross Revenue grew 14.7% YoY/3.7% QoQ to Rs 457 billion on continued growth in subscriber base; 4G and postpaid subscriber additions also contributed to Average Revenue Per User improvement.
In past two quarters, Bharti Airtel Ltd.'s AGR was inflated due to other income of Rs 13 billion and Rs 10 billion. Its AGR growth of 1.3% QoQ came in line with its quarterly filing. Its AGR market share rose 60 bps YoY to 32.7% adjusted for higher other income.
Vodafone India Ltd.'s AGR market share was disappointing at <20%; circle-wise analysis shows Vodafone Idea has only three circles with >25% AGR market share.
Reliance Jio Infocomm Ltd.'s AGR grew 10.5% QoQ (on low base)/17.5% YoY, and its market share rose 100 bps YoY to 39.5%.
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