Bharti Airtels’s AGR Print Lagging Reported Number: ICICI Securities
Signage for Bharti Airtel is displayed atop one of the company’s stores in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Bharti Airtels’s AGR Print Lagging Reported Number: ICICI Securities

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 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%.

Click on the attachment to read the full report:

ICICI Securities Telecom RMS Q3FY21.pdf


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