Bharti Airtel, Reliance Jio Continue To Win AGR Market Share In Q1: ICICI Securities

ICICI Securities Report

Industry adjusted gross revenue (including National Long Distance) in Q1 FY25 for top three players grew 1.2% QoQ/8.3% YoY to Rs 589 billion, despite the absence of any major tariff intervention. AGR growth may accelerate from next quarter as telcos benefit from large tariff hike taken in July 2024.

Bharti Airtel Ltd.’s AGR (incl. NLD) market share stood at 38.3%, up 39 basis point QoQ, with YoY incremental AGR of Rs 22 billion versus RJio’s at Rs 24 billion. Bharti is consistently narrowing its market share gap versus RJio.

Bharti Hexacom Ltd.’s AGR (excluding NLD) market share improved to 43.6%, up 18bp QoQ with good performance in NE circles. Vodafone Idea Ltd.’s AGR market share dipped to 15%, down 44bp QoQ, pending acceleration in data network rollout. RJio’s market share improved only 60bp QoQ to 42.7% with steady performance across circle categories except metros.

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