Bharti Airtel Leads With AGR Market Share Gain, Other Telcos Follow

The revenues of Bharat Sanchar Nigam Limited (BSNL) rose by 5.8% despite the non-disclosure by Mahanagar Telephone Nigam Limited (MTNL). Many users shifted to BSNL after the prepaid tariff hikes from the private operators. This helped the telco add new users and also gain more revenues.

Highlights

  • The overall industry adjusted gross revenue (AGR) grew by 9.9% YoY and 4.4% QoQ to Rs 476 billion during Q3 FY22.
  • It is worth noting that the revenues of Bharat Sanchar Nigam Limited (BSNL) rose by 5.8%.
  • Reliance Jio’s AGR market share was 40.6% which is 40bps down QoQ but up by 65bps YoY. The telco’s AGR rose 11.1% YoY and 3.4% QoQ to Rs 193 billion.

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Bharti Airtel

The overall industry adjusted gross revenue (AGR) grew by 9.9% YoY and 4.4% QoQ to Rs 476 billion during Q3 FY22. During the quarter, Bharti Airtel’s AGR market share grew by 90bps QoQ (350bps YoY), said ICICI Securities, in a report. At the same time, Vodafone Idea Limited (VIL) AGR market share kept on dipping with 60bps further down during the quarter to 18.4%. The analyst said that Vodafone Idea Limited (VIL) saw some improvement in the performance in 16 key circles. Reliance Jio’s AGR market share also dipped by 40bps QoQ to 40.6%. The thing with Jio is that any impact of tariff hikes becomes evident only in the long-term as it has many long-term plan users in the prepaid segment.

BSNL Revenues Rose 5.8%

It is worth noting that the revenues of Bharat Sanchar Nigam Limited (BSNL) rose by 5.8% despite the non-disclosure by Mahanagar Telephone Nigam Limited (MTNL). Many users shifted to BSNL after the prepaid tariff hikes from the private operators. This helped the telco add new users and also gain more revenues.

Bharti Airtel’s AGR market share was up by 21.5% YoY and 7.2% QoQ to Rs 169 billion. During the quarter, Airtel’s AGR market share rose to 35.4%. ICICI Securities said that Bharti’s market share has been gaining steadily, and the growth is expected to accelerate in the next two quarters for everyone.

As mentioned above, Vodafone Idea Limited’s (VIL) AGR market share dipped down to 18.4%. The telco’s AGR dipped 4.8% YoY; however, it saw a growth of 1% QoQ to Rs 88 billion.

Reliance Jio’s AGR market share was 40.6% which is 40bps down QoQ but up by 65bps YoY. The telco’s AGR rose 11.1% YoY and 3.4% QoQ to Rs 193 billion. The telco has a high proportion of long-validity plan users; thus, the benefit of the tariff hike will come in the later quarters for the telco, said ICICI Securities.

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