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Telecom Q2 Revenue Tracker - Airtel Likely To Continue Winning Market Shares: ICICI Securities

India Telecom - Q2 Revenue Tracker - Airtel Likely To Continue Winning Market Shares: ICICI Securities

A man uses a mobile phone while sitting in a street in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)
A man uses a mobile phone while sitting in a street in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

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 12.8% YoY / 1.9% QoQ to Rs 466 billion on 4G and postpaid sub adds and selective tariff hike by Bharti Airtel Ltd. and Vodafone Idea Ltd.

Bharti Airtel has gained AGR (including national long distance) market share of 100 basis points QoQ (370 bps YoY) despite one-off gain in base, and it is the third quarter in row where Bharti Airtel has added more incremental AGR compared to Reliance Jio.

Bharti Airtel is benefitting from strong market share gain in metro and A’ circles, which are growing fast. On the other hand, RJio has gained market share in B’ and C’ circles, which are smaller and have grown relatively slow.

Bharti Airtel is likely to outperform in H2 FY22 too as it has shown ability to win in SIM consolidation and translate tariff hikes to higher AGR.

Click on the attachment to read the full report:

ICICI Securities Telecom Revenue Market Share Q2FY22.pdf

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