ICICI Securities: Airtel Is Narrowing The Gap On Incremental Market Share Versus Jio
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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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