BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Industry adjusted gross revenue (including national long distance) grew 26.8% YoY / 3.6% QoQ to Rs 413 billion while gross revenue was up 20.2% YoY / 3.2% QoQ to Rs 499 billion.
Bharti Airtel Ltd.’s AGR growth (3.8% QoQ) came in lower than its quarterly filing (up 7.4% QoQ) probably due to change in provisioning. Its AGR (including NLD) market share rose only 4 basis points to 32.2%.
However, on YoY basis, Bharti’s incremental AGR market share was at 36% and its gap versus Reliance Jio is narrowing.
Vodafone Idea Ltd.’s AGR (including NLD) fell 2.9% YoY despite tariff hikes, which is disappointing, and its new normal AGR (including NLD) market share stood at only 21.3%.
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