Telecom Sector Check - Bharti Airtel’s Market Share Jumps In Q1, And Gap Narrows Versus Jio: ICICI Securities

ICICI Securities Report

Industry adjusted gross revenue (including national long distance) in Q1 FY24 grew 2.3% QoQ / 7.3% YoY to Rs 573 billion. Bharti Airtel Ltd.’s AGR market share was at 37.2%, up 168 basis points YoY, with YoY incremental AGR of Rs 23.4 billion versus Reliance Jio’s Rs 20 billion.

The latter’s AGR market share improved by 73 bp YoY to 41.6%. Bharti Airtel and RJio have grown faster in the metros, and B’ and C’ circles while their performance in A’ circle was relatively muted (probably due to increased competitive intensity by Vodafone Idea Ltd.).

Vodafone Idea’s AGR market share fell 27 bp QoQ to 16.3% due to underperformance in its leadership circles. For Q1 FY24, industry AGR (including NLD) on annualised basis was at Rs 2,290 billion. We have a 'Buy' rating on Bharti Airtel.

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