Telecom Market Share Tracker - Airtel’s AGR Market Share Stable; Reliance Jio’s Improves: ICICI Securities

ICICI Securities Report

Industry adjusted gross revenue (including National long distance) in Q4 FY23 grew 1.4% QoQ / 9.1% YoY to Rs 560 billion. Bharti Airtel Ltd.’s AGR market share was at 36.5%, up 57 basis points YoY, with YoY incremental AGR of Rs 20 billion versus Reliance Jio’s Rs 24 billion.

The latter’s AGR market share improved by 86 bps YoY to 41.7%. Bharti Airtel and RJio have grown faster in B’ and C’ circles while their performance in metro circles was flattish (probably due to increased competitive intensity by Vodafone Idea Ltd.).

Vodafone Idea’s AGR market share fell 40 bps QoQ to 16.6% due to underperformance in its leadership circles.

For FY23, industry AGR (including NLD) grew 15.1% YoY to Rs 2,188 billion.

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