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ICICI Securities Report
Industry adjusted gross revenue (including national long distance) grew 9.4% YoY / 4.4% QoQ to Rs 476 billion on partial benefit of tariff hike. Bharti Airtel Ltd. has gained AGR (including NLD) market share of 90 basis points QoQ (350 bps YoY) which shows its execution remains strong, and has been winning market share.
Bharti Airtel also had broad-based performance with only four circle growing slower than respective circle's industry growth. Vodafone Idea Ltd. AGR (including NLD) market share slippage continues with dip of 60 bps to 18.4%, but its performance in key 16 circles has seen some improvement.
Reliance Jio's AGR (including NLD) market share has dipped 40 bps QoQ to 40.6%, but historically we have seen delayed impact of tariff hike for RJio on larger long validity customers.
Key to watch out is market share performance in next two quarters as operators see full benefit of tariff hike.
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