Bharti Airtels’s AGR Print Lagging Reported Number: ICICI Securities
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ICICI Securities Report
Industry adjusted gross revenue (including national long distance) grew 22.3% YoY / 5.4% QoQ to Rs 435 billion while gross revenue was up 20.1% YoY / 5.1% QoQ to Rs 525 billion.
Bharti Airtel Ltd.’s AGR growth (4.4% QoQ) came in lower than its quarterly filing (6.8% QoQ) for the second quarter in a row, which distorts its AGR market share.
Airtel’s AGR (including national long distance) market share dipped 33 basis points QoQ to 31.9%.
On a gross revenue basis, Airtel’s market share was up 80 basis points QoQ to 33.7%.
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