CSPs
Robust industry AGR growth aided by tariff hike
Q4 FY22 revenue market share as tracked by ICICI Securities reveals that industry AGR rose 16.1 percent YoY and 7.4 percent QoQ to ₹511 billion. Bharti Airtel gained AGR market share of 70 bps QoQ, VIL lost AGR market share of 6 bps QoQ, and RJio’s AGR market share rose 30 bps QoQ.
Industry AGR, including NLD, grew 16.1 percent YoY/7.4 percent QoQ to ₹511 billion, aided by tariff hike w.e.f. November 2021. Bharti Airtel has gained AGR market share of 70 bps QoQ (30 bps YoY), which shows strong execution, and has been steadily winning market share. Bharti had strong show in nine circles, where it had >100 bps market share gain QoQ in Q4 FY22. VIL lost a small AGR market share of just 6 bps QoQ to 18.3 percent. It had performed well in established circles, while AGR grew slower in few leadership circles. RJio’s AGR market share rose 30 bps QoQ to 40.9 percent, but historically, we have seen delayed impact of tariff hike for RJio on larger long-validity customers, which means real analysis on the benefit of tariff hike can be ascertained only after Q1 FY23 AGR release.
Industry AGR, including NLD, rose 16.1 percent YoY/7.4 percent QoQ to ₹511 billion. Top-three operators’ AGR (including NLD) rose 19.5 percent YoY/8.4 percent QoQ, benefiting from tariff hikes. The benefit of premiumization has been limited and SIM consolidation should have offset some growth. Q4 FY22 annualised revenue stood at ₹2046 billion, and AGR (incl NLD) was Rs1900 billion for FY22, which was up 12.6 percent. Industry gross revenue was up 18.5 percent YoY (10.3 percent QoQ) to ₹583 billion, and had one-off gains in BSNL.
Bharti’s AGR, including NLD, was up 17.2 percent YoY/9.4 percent QoQ to ₹185 billion. Bharti’s AGR (including NLD) market share rose to 36.1 percent, up 70 bps QoQ/30 bps YoY. Its incremental AGR QoQ was ₹16 billion versus Rs16 billion for RJio. This is enabling Bharti to steadily win market share, which shows its incremental AGR has been higher than its existing share. Bharti has gained >100 bps market share QoQ in nine circles (Gujarat, Punjab, Haryana, UP east, UP west, WB, Bihar, Assam, and NE). The two underperforming circles are AP and Karnataka. Bharti has significantly outperformed in circle B and C, where AGR grew 12.2 percent and 14.6 percent QoQ, respectively.
VIL’s AGR, including NLD market share, dipped to 18.3 percent (down 6 bps QoQ). VIL’s AGR (including NLD) rose 7.4 percent YoY and 7.1 percent QoQ to ₹94 billion. Within leadership circles, Maharashtra, Gujarat, TN, and Kerala underperformed while UP east, AP, and Mumbai have done well. VIL’s established circles have done well with AGR growth of 12.7 percent QoQ. Non-focus circles continue to struggle with AGR growth of just 6.1 percent QoQ. It has sequentially lost AGR market share only in five of 16 focus circles.
RJio’s AGR, including NLD, rose 28.1 percent YoY/8.2 percent QoQ to ₹209 billion. RJio’s AGR (including. NLD) market share was 40.9 percent, up 30 bps QoQ (YoY gain is higher due to low base on some one-offs). RJio’s growth has been lower in metros at 5.9 percent QoQ, while A/B/C circles’ AGR rose 9.6 percent/7.8 percent/8.5 percent, respectively. RJio may see more benefit of tariff hike (which we do not expect for Bharti/VIL) in Q1 FY23 as it has a higher portion of long-validity customers, and slightly late effective tariff hike implementation. Thus, we will analyse the benefit on tariff hike flowing into revenue only at end-Q1 FY23. Prima facie, it looks like RJio had much better implementation of tariff hike in the current round (versus in Q4 FY20). In the interim, RJio has lost AGR market share in 12 circles as per Q4 FY22 AGR analysis, including a few strong circles like Bihar, MP, WB and Assam.
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AGR (includes NLD) performance by operator in ₹ bn |
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| Operator | Q4FY21 | Q1FY22 | Q2FY22 | Q3FY22 | Q4FY22 | QoQ (%) | YoY (%) |
| Bharti Airtel | 157 | 149 | 167 | 169 | 185 | 9.4 | 17.2 |
| Vodafone Idea | 87 | 85 | 87 | 88 | 94 | 7.1 | 7.4 |
| RJio | 163 | 181 | 187 | 193 | 209 | 8.2 | 28.1 |
| BSNL / MTNL | 32 | 31 | 25 | 26 | 24 | (10.5) | (26.4) |
| Total | 440 | 446 | 466 | 476 | 511 | 7.4 | 16.1 |
| Operator AGR (includes NLD) market share trend in % |
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| Operator | Q4FY21 | Q1FY22 | Q2FY22 | Q3FY22 | Q4FY22 | QoQ (bp) | YoY (bp) |
| Bharti Airtel | 35.8 | 33.3 | 35.9 | 35.4 | 36.1 | 67 bp | 34 bp |
| Vodafone India | 19.8 | 19.1 | 18.6 | 18.4 | 18.3 | -6 bp | -149 bp |
| RJio | 37.1 | 40.5 | 40.1 | 40.6 | 40.9 | 32 bp | 383 bp |
| BSNL / MTNL | 7.3 | 7.1 | 5.4 | 5.6 | 4.6 | -93 bp | -267 bp |
| Operators’ YoY incremental AGR (includes NLD) in ₹ bn |
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| Operator | Q4FY21 | Q1FY22 | Q2FY22 | Q3FY22 | Q4FY22 |
| Bharti Airtel | 35.8 | 20.3 | 34.3 | 29.8 | 27.1 |
| Vodafone India | (21.8) | (0.5) | (1.4) | (4.4) | 6.4 |
| RJio | 26.9 | 27.0 | 26.1 | 19.4 | 45.9 |
| BSNL / MTNL | 6.3 | 0.6 | (5.9) | (4.0) | (8.5) |
| Total | 47.2 | 47.4 | 53.2 | 40.8 | 70.9 |
| Operators’ YoY incremental AGR (includes NLD) market share in % |
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| Operator | Q4FY21 | Q1FY22 | Q2FY22 | Q3FY22 | Q4FY22 |
| Bharti Airtel | 75.9 | 42.9 | 64.5 | 73.1 | 38.2 |
| Vodafone India | (46.2) | (1.0) | (2.6) | (10.7) | 9.1 |
| RJio | 56.9 | 56.9 | 49.1 | 47.5 | 64.7 |
| BSNL / MTNL | 13.4 | 1.2 | (11.0) | (9.9) | (12.0) |
| Gross revenue performance by operator in ₹ bn |
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| Operator | Q4 FY21 | Q1 FY22 | Q2 FY22 | Q3 FY22 | Q4 FY22 | QoQ (%) | YoY (%) |
| Bharti | 176 | 180 | 190 | 195 | 212 | 8.6 | 19.9 |
| Vodafone India | 109 | 103 | 105 | 108 | 113 | 4.7 | 3.8 |
| RJio | 181 | 188 | 195 | 203 | 219 | 7.5 | 20.6 |
| BSNL / MTNL | 26 | 22 | 19 | 23 | 40 | 75.0 | 55.8 |
| Total | 492 | 493 | 508 | 529 | 583 | 10.3 | 18.5 |
| Operator gross revenue market share trend in % |
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| Operator | Q4 FY21 | Q1 FY22 | Q2 FY22 | Q3FY22 | Q4FY22 | QoQ (%) | YoY (%) |
| Bharti Airtel | 35.9 | 36.5 | 37.3 | 36.8 | 36.3 | -56 bp | 42 bp |
| Vodafone India | 22.1 | 20.8 | 20.6 | 20.4 | 19.3 | -103 bp | -274 bp |
| RJio | 36.8 | 38.1 | 38.4 | 38.4 | 37.5 | -97 bp | 67 bp |
| BSNL / MTNL | 5.3 | 4.5 | 3.8 | 4.4 | 6.9 | 255 bp | 166 bp |
| Operators’ YoY incremental gross revenue in ₹ bn |
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| Operator | Q4FY21 | Q1FY22 | Q2FY22 | Q3FY22 | Q4FY22 |
| Bharti Airtel | 16.6 | 23.6 | 25.3 | 17.9 | 35.1 |
| Vodafone India | (29.0) | (20.5) | (15.6) | (14.6) | 4.1 |
| RJio | 21.2 | 8.1 | 5.9 | 2.9 | 37.4 |
| BSNL / MTNL | 10.6 | (2.1) | (6.7) | (2.4) | 14.4 |
| Total | 19.4 | 9.0 | 9.0 | 3.7 | 91.0 |
| Vodafone-Idea’s AGR performance by circle in ₹ mn |
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| Circle | Q4 FY21 | Q1 FY22 | Q2 FY22 | Q3 FY22 | Q4FY22 | QoQ (%) | YoY (%) | FY21 | FY22 | YoY (%) |
| Metros | ||||||||||
| Delhi | 2,440 | 1,529 | 2,594 | 2,725 | 3,108 | 14.1 | 27.4 | 6,802 | 9,956 | 46.4 |
| Mumbai | 3,470 | 3,123 | 3,716 | 3,642 | 4,170 | 14.5 | 20.2 | 11,804 | 14,652 | 24.1 |
| Kolkata | 1,594 | 1,614 | 2,038 | 1,913 | 1,989 | 4.0 | 24.8 | 6,586 | 7,554 | 14.7 |
| A’ Circle | ||||||||||
| Maharashtra | 8,460 | 7,980 | 8,166 | 8,338 | 9,029 | 8.3 | 6.7 | 35,184 | 33,513 | (4.7) |
| Gujarat | 6,797 | 6,691 | 7,294 | 7,657 | 8,383 | 9.5 | 23.3 | 25,782 | 30,024 | 16.5 |
| A.P. | 4,071 | 3,911 | 4,059 | 4,129 | 4,587 | 11.1 | 12.7 | 16,869 | 16,686 | (1.1) |
| Karnataka | 2,581 | 2,360 | 2,484 | 2,500 | 2,869 | 14.8 | 11.2 | 10,614 | 10,213 | (3.8) |
| T.N. | 5,731 | 5,866 | 5,950 | 6,357 | 6,811 | 7.1 | 18.8 | 23,600 | 24,983 | 5.9 |
| B’ Circle | ||||||||||
| Kerala | 6,401 | 6,512 | 6,621 | 6,352 | 6,964 | 9.6 | 8.8 | 24,767 | 26,449 | 6.8 |
| Punjab | 2,436 | 2,356 | 2,488 | 2,703 | 2,746 | 1.6 | 12.7 | 8,845 | 10,293 | 16.4 |
| Haryana | 1,341 | 1,370 | 1,235 | 1,542 | 1,800 | 16.7 | 34.2 | 5,498 | 5,947 | 8.2 |
| U.P.(W) | 2,844 | 3,564 | 3,177 | 3,323 | 3,811 | 14.7 | 34.0 | 13,253 | 13,875 | 4.7 |
| U.P.(E) | 2,110 | 3,530 | 2,236 | 2,390 | 2,886 | 20.7 | 36.8 | 12,604 | 11,042 | (12.4) |
| Rajasthan | 2,238 | 2,424 | 2,391 | 2,591 | 2,810 | 8.5 | 25.5 | 9,727 | 10,216 | 5.0 |
| M.P. | 3,681 | 3,872 | 3,915 | 3,997 | 4,410 | 10.3 | 19.8 | 15,174 | 16,193 | 6.7 |
| W.B. | 2,550 | 2,938 | 2,735 | 2,830 | 3,148 | 11.3 | 23.5 | 12,005 | 11,652 | (2.9) |
| C’ Circle | ||||||||||
| H.P. | 132 | 140 | 166 | 144 | 149 | 4.0 | 12.9 | 460 | 599 | 30.4 |
| Bihar | 1,015 | 1,228 | 746 | 924 | 979 | 5.9 | (3.6) | 4,867 | 3,877 | (20.3) |
| Orissa | 616 | 348 | 362 | 356 | 390 | 9.5 | (36.6) | 1,589 | 1,456 | (8.3) |
| Assam | 595 | 607 | 575 | 581 | 627 | 8.0 | 5.4 | 2,584 | 2,390 | (7.5) |
| N.E. | 328 | 328 | 329 | 316 | 316 | (0.0) | (3.9) | 1,423 | 1,289 | (9.5) |
| J&K | 93 | 91 | 98 | 109 | 115 | 5.5 | 24.6 | 383 | 414 | 8.2 |
| Total | 61,523 | 62,382 | 63,376 | 65,418 | 72,096 | 10.2 | 17.2 | 2,50,419 | 2,63,272 | 5.1 |
| YoY (%) change | (21.8) | 6.4 | (1.5) | (0.7) | 17.2 | – | – | – | – | – |
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Reliance Jio’s AGR market share by circle in % |
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| Circle | Q4 FY21 | Q1 FY22 | Q2 FY22 | Q3 FY22 | Q4 FY22 | QoQ (bp) | YoY (bp) | FY21 | FY22 | YoY (bp) |
| Metros | ||||||||||
| Delhi | 42.3 | 49.6 | 40.7 | 46.4 | 45.8 | -59 bp | 355 bp | 47.7 | 45.3 | -237 bp |
| Mumbai | 39.8 | 44.2 | 36.8 | 39.4 | 37.4 | -194 bp | -233 bp | 42.9 | 39.2 | -367 bp |
| Kolkata | 37.3 | 40.3 | 37.6 | 37.7 | 38.0 | 28 bp | 70 bp | 37.5 | 38.3 | 88 bp |
| A’ Circle | ||||||||||
| Maharashtra | 42.1 | 45.9 | 48.3 | 46.9 | 46.6 | -30 bp | 459 bp | 44.4 | 46.9 | 251 bp |
| Gujarat | 43.9 | 46.4 | 45.6 | 45.4 | 45.5 | 5 bp | 152 bp | 46.2 | 45.7 | -48 bp |
| A.P. | 37.3 | 37.8 | 33.3 | 38.2 | 39.1 | 89 bp | 183 bp | 38.9 | 37.0 | -190 bp |
| Karnataka | 28.1 | 30.5 | 30.6 | 30.1 | 31.6 | 147 bp | 348 bp | 29.8 | 30.7 | 94 bp |
| T.N. | 36.0 | 35.9 | 36.5 | 35.8 | 36.7 | 90 bp | 74 bp | 35.7 | 36.2 | 49 bp |
| B’ Circle | ||||||||||
| Kerala | 26.2 | 27.5 | 28.3 | 29.5 | 31.0 | 147 bp | 479 bp | 26.3 | 29.1 | 281 bp |
| Punjab | 35.5 | 36.5 | 38.2 | 36.3 | 37.5 | 115 bp | 195 bp | 41.4 | 37.1 | -427 bp |
| Haryana | 46.1 | 44.8 | 49.0 | 47.1 | 45.6 | -157 bp | -48 bp | 46.2 | 46.6 | 36 bp |
| U.P.(W) | 45.1 | 43.8 | 48.5 | 46.7 | 47.3 | 60 bp | 213 bp | 46.9 | 46.6 | -32 bp |
| U.P.(E) | 50.4 | 44.7 | 49.8 | 48.8 | 48.2 | -57 bp | -214 bp | 48.4 | 47.9 | -55 bp |
| Rajasthan | 51.9 | 49.3 | 50.1 | 48.6 | 48.1 | -56 bp | -378 bp | 50.7 | 49.0 | -175 bp |
| M.P. | 58.2 | 60.0 | 61.0 | 62.1 | 61.3 | -81 bp | 312 bp | 59.6 | 61.1 | 149 bp |
| W.B. | 54.2 | 55.0 | 58.0 | 57.1 | 56.3 | -79 bp | 206 bp | 53.5 | 56.6 | 303 bp |
| C’ Circle | ||||||||||
| H.P. | 52.4 | 51.9 | 51.1 | 51.5 | 51.7 | 20 bp | -68 bp | 53.3 | 51.6 | -171 bp |
| Bihar | 56.1 | 54.8 | 60.5 | 59.1 | 57.5 | -166 bp | 142 bp | 58.4 | 57.9 | -49 bp |
| Orissa | 55.4 | 57.7 | 59.8 | 59.0 | 58.8 | -22 bp | 339 bp | 58.4 | 58.8 | 44 bp |
| Assam | 47.2 | 49.4 | 51.7 | 50.6 | 48.6 | -197 bp | 144 bp | 50.1 | 50.0 | -10 bp |
| N.E. | 44.7 | 42.1 | 42.6 | 40.7 | 40.5 | -25 bp | -425 bp | 44.2 | 41.4 | -277 bp |
| J&K | 42.2 | 44.5 | 44.9 | 45.8 | 47.4 | 167 bp | 525 bp | 43.4 | 45.7 | 232 bp |
| Total | 43.6 | 44.7 | 45.0 | 45.4 | 45.4 | -4 bp | 173 bp | 45.1 | 45.1 | 4 bp |
| AGR market share by circle for Q3 FY22 in % |
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| Circle | Bharti Airtel |
Vodafone Idea | RJio | BSNL/ MTNL |
| Metros | ||||
| Delhi | 38.8 | 14.8 | 46.4 | – |
| Mumbai | 32.3 | 28.4 | 39.4 | – |
| Kolkata | 29.4 | 25.8 | 37.7 | 7.0 |
| A’ Circle | ||||
| Maharashtra | 28.2 | 22.3 | 46.9 | 2.5 |
| Gujarat | 19.8 | 28.5 | 45.4 | 6.3 |
| A.P. | 43.0 | 11.4 | 38.2 | 7.3 |
| Karnataka | 55.0 | 9.4 | 30.1 | 5.5 |
| T.N. | 40.6 | 18.6 | 35.8 | 5.0 |
| B’ Circle | ||||
| Kerala | 22.8 | 37.6 | 29.5 | 10.1 |
| Punjab | 36.0 | 17.9 | 36.3 | 9.8 |
| Haryana | 30.2 | 19.0 | 47.1 | 3.7 |
| U.P.(W) | 31.7 | 16.1 | 46.7 | 5.5 |
| U.P.(E) | 38.1 | 8.3 | 48.8 | 4.8 |
| Rajasthan | 36.9 | 11.3 | 48.6 | 3.2 |
| M.P. | 21.3 | 14.8 | 62.1 | 1.9 |
| W.B. | 24.4 | 14.5 | 57.1 | 4.1 |
| C’ Circle | ||||
| H.P. | 38.6 | 4.0 | 51.5 | 5.9 |
| Bihar | 35.5 | 3.4 | 59.1 | 1.9 |
| Orissa | 33.2 | 3.2 | 59.0 | 4.7 |
| Assam | 41.0 | 6.6 | 50.6 | 1.8 |
| N.E. | 49.2 | 6.1 | 40.7 | 4.0 |
| J&K | 47.4 | 2.2 | 45.8 | 4.7 |
| AGR market share by circle for Q4 FY21 in % |
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| Circle | Bharti Airtel |
Vodafone Idea | RJio | BSNL/ MTNL |
| Metros | ||||
| Delhi | 42.8 | 14.7 | 42.3 | 0.2 |
| Mumbai | 32.2 | 26.8 | 39.8 | 1.3 |
| Kolkata | 30.3 | 23.9 | 37.3 | 8.5 |
| A’ Circle | ||||
| Maharashtra | 27.3 | 24.8 | 42.1 | 5.8 |
| Gujarat | 21.1 | 28.6 | 43.9 | 6.3 |
| A.P. | 41.5 | 12.2 | 37.3 | 9.0 |
| Karnataka | 54.9 | 10.3 | 28.1 | 6.7 |
| T.N. | 41.2 | 19.0 | 36.0 | 3.9 |
| B’ Circle | ||||
| Kerala | 21.0 | 40.8 | 26.2 | 12.0 |
| Punjab | 37.6 | 18.0 | 35.5 | 8.9 |
| Haryana | 31.5 | 18.7 | 46.1 | 3.8 |
| U.P.(W) | 32.6 | 15.8 | 45.1 | 6.4 |
| U.P.(E) | 39.3 | 9.1 | 50.4 | 1.2 |
| Rajasthan | 35.1 | 11.7 | 51.9 | 1.4 |
| M.P. | 21.8 | 15.0 | 58.2 | 5.0 |
| W.B. | 24.7 | 15.0 | 54.2 | 6.1 |
| C’ Circle | ||||
| H.P. | 36.5 | 4.0 | 52.4 | 7.1 |
| Bihar | 36.4 | 4.1 | 56.1 | 3.4 |
| Orissa | 33.6 | 5.9 | 55.4 | 5.1 |
| Assam | 38.8 | 6.9 | 47.2 | 7.2 |
| N.E. | 44.0 | 7.7 | 44.7 | 3.6 |
| J&K | 48.1 | 2.2 | 42.2 | 7.5 |
| Bharti Airtel’s AGR performance by circle (based on AGR) in ₹ mn |
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| Circle | Q4 FY21 | Q1 FY22 | Q2 FY22 | Q3 FY22 | Q4 FY22 | QoQ (%) | YoY (%) | FY21 | FY22 | YoY (%) |
| Metros | ||||||||||
| Delhi | 7,106 | 5,750 | 8,922 | 7,146 | 7,591 | 6.2 | 6.8 | 22,211 | 29,409 | 32.4 |
| Mumbai | 4,176 | 3,515 | 5,624 | 4,141 | 4,606 | 11.2 | 10.3 | 13,856 | 17,885 | 29.1 |
| Kolkata | 2,019 | 1,980 | 1,993 | 2,180 | 2,378 | 9.0 | 17.8 | 7,288 | 8,531 | 17.1 |
| A’ Circle | ||||||||||
| Maharashtra | 9,299 | 9,275 | 9,621 | 10,527 | 11,532 | 9.5 | 24.0 | 29,770 | 40,955 | 37.6 |
| Gujarat | 5,031 | 4,726 | 5,165 | 5,331 | 6,043 | 13.4 | 20.1 | 14,689 | 21,265 | 44.8 |
| A.P. | 13,823 | 14,562 | 19,804 | 15,564 | 16,265 | 4.5 | 17.7 | 48,962 | 66,195 | 35.2 |
| Karnataka | 13,780 | 13,403 | 13,419 | 14,617 | 15,851 | 8.4 | 15.0 | 49,921 | 57,290 | 14.8 |
| T.N. | 12,443 | 12,712 | 12,764 | 13,863 | 15,026 | 8.4 | 20.8 | 44,515 | 54,364 | 22.1 |
| B’ Circle | ||||||||||
| Kerala | 3,304 | 3,560 | 3,689 | 3,850 | 4,143 | 7.6 | 25.4 | 11,479 | 15,242 | 32.8 |
| Punjab | 5,078 | 5,074 | 5,045 | 5,443 | 5,988 | 10.0 | 17.9 | 16,054 | 21,549 | 34.2 |
| Haryana | 2,263 | 2,319 | 2,423 | 2,459 | 2,917 | 18.6 | 28.9 | 7,186 | 10,118 | 40.8 |
| U.P.(W) | 5,870 | 6,823 | 6,164 | 6,535 | 7,497 | 14.7 | 27.7 | 19,907 | 27,019 | 35.7 |
| U.P.(E) | 9,128 | 11,621 | 10,019 | 10,908 | 12,278 | 12.6 | 34.5 | 33,349 | 44,826 | 34.4 |
| Rajasthan | 6,739 | 7,765 | 7,701 | 8,464 | 9,435 | 11.5 | 40.0 | 25,447 | 33,364 | 31.1 |
| M.P. | 5,344 | 5,591 | 5,436 | 5,753 | 6,340 | 10.2 | 18.6 | 18,083 | 23,120 | 27.9 |
| W.B. | 4,202 | 4,737 | 4,504 | 4,752 | 5,446 | 14.6 | 29.6 | 15,587 | 19,439 | 24.7 |
| C’ Circle | ||||||||||
| H.P. | 1,198 | 1,326 | 1,407 | 1,391 | 1,483 | 6.7 | 23.9 | 4,306 | 5,607 | 30.2 |
| Bihar | 8,929 | 10,520 | 9,053 | 9,636 | 11,449 | 18.8 | 28.2 | 31,811 | 40,657 | 27.8 |
| Orissa | 3,496 | 3,772 | 3,561 | 3,741 | 4,226 | 13.0 | 20.9 | 12,301 | 15,300 | 24.4 |
| Assam | 3,365 | 3,509 | 3,412 | 3,608 | 4,132 | 14.5 | 22.8 | 11,665 | 14,660 | 25.7 |
| N.E. | 1,883 | 2,229 | 2,392 | 2,566 | 2,891 | 12.6 | 53.5 | 6,942 | 10,078 | 45.2 |
| J&K | 2,019 | 2,193 | 2,205 | 2,372 | 2,535 | 6.9 | 25.6 | 7,118 | 9,304 | 30.7 |
| Total | 1,30,494 | 1,36,961 | 1,44,319 | 1,44,845 | 1,60,052 | 10.5 | 22.7 | 4,52,445 | 5,86,176 | 29.6 |
| YoY (%) change | 34.0 | 35.7 | 34.1 | 27.7 | 22.7 | – | – | – | – | – |
| Bharti Airtel’s AGR market share in % |
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| Circle | Q4 FY21 | Q1 FY22 | Q2 FY22 | Q3 FY22 | Q4 FY22 | QoQ (bp) | YoY (bp) | FY21 | FY22 | YoY (bp) |
| Delhi | 42.8 | 38.0 | 44.9 | 38.8 | 38.5 | -36 bp | -436 bp | 38.8 | 40.2 | 137 bp |
| Mumbai | 32.2 | 29.0 | 37.5 | 32.3 | 32.8 | 58 bp | 63 bp | 30.1 | 33.1 | 302 bp |
| Kolkata | 30.3 | 28.0 | 27.4 | 29.4 | 29.5 | 8 bp | -77 bp | 27.7 | 28.6 | 97 bp |
| A’ Circle | ||||||||||
| Maharashtra | 27.3 | 26.3 | 27.7 | 28.2 | 28.4 | 25 bp | 115 bp | 22.9 | 27.7 | 476 bp |
| Gujarat | 21.1 | 19.5 | 20.1 | 19.8 | 21.0 | 119 bp | -12 bp | 17.0 | 20.1 | 318 bp |
| A.P. | 41.5 | 42.0 | 49.6 | 43.0 | 42.0 | -101 bp | 50 bp | 38.8 | 44.3 | 552 bp |
| Karnataka | 54.9 | 53.7 | 53.3 | 55.0 | 53.9 | -110 bp | -100 bp | 52.4 | 54.0 | 165 bp |
| T.N. | 41.2 | 39.7 | 39.5 | 40.6 | 40.8 | 22 bp | -42 bp | 37.6 | 40.2 | 257 bp |
| B’ Circle | ||||||||||
| Kerala | 21.0 | 21.8 | 21.9 | 22.8 | 22.4 | -42 bp | 134 bp | 19.3 | 22.2 | 293 bp |
| Punjab | 37.6 | 35.4 | 34.9 | 36.0 | 37.4 | 140 bp | -20 bp | 31.1 | 35.9 | 483 bp |
| Haryana | 31.5 | 28.9 | 32.0 | 30.2 | 32.3 | 209 bp | 80 bp | 23.8 | 30.9 | 707 bp |
| Vodafone-Idea’s AGR market share by circle in % |
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| Circle | Q4 FY21 | Q1 FY22 | Q2 FY22 | Q3 FY22 | Q4 FY22 | QoQ (bp) | YoY (bp) | FY21 | FY22 | YoY (bp) |
| Metros | ||||||||||
| Delhi | 14.7 | 10.1 | 13.1 | 14.8 | 15.7 | 95 bp | 104 bp | 11.9 | 13.6 | 172 bp |
| Mumbai | 26.8 | 25.7 | 24.8 | 28.4 | 29.7 | 136 bp | 297 bp | 25.6 | 27.1 | 150 bp |
| Kolkata | 23.9 | 22.8 | 28.0 | 25.8 | 24.7 | -113 bp | 79 bp | 25.0 | 25.3 | 35 bp |
| A’ Circle | ||||||||||
| Maharashtra | 24.8 | 22.6 | 23.5 | 22.3 | 22.3 | -6 bp | -256 bp | 27.1 | 22.6 | -444 bp |
| Gujarat | 28.6 | 27.6 | 28.4 | 28.5 | 29.2 | 67 bp | 60 bp | 29.8 | 28.4 | -133 bp |
| A.P. | 12.2 | 11.3 | 10.2 | 11.4 | 11.9 | 43 bp | -38 bp | 13.4 | 11.2 | -219 bp |
| Karnataka | 10.3 | 9.5 | 9.9 | 9.4 | 9.8 | 35 bp | -52 bp | 11.1 | 9.6 | -150 bp |
| T.N. | 19.0 | 18.3 | 18.4 | 18.6 | 18.5 | -12 bp | -49 bp | 19.9 | 18.5 | -147 bp |
| B’ Circle | ||||||||||
| Kerala | 40.8 | 40.0 | 39.4 | 37.6 | 37.6 | 0 bp | -316 bp | 41.7 | 38.6 | -306 bp |
| Punjab | 18.0 | 16.4 | 17.2 | 17.9 | 17.1 | -73 bp | -89 bp | 17.1 | 17.2 | 3 bp |
| Haryana | 18.7 | 17.1 | 16.3 | 19.0 | 19.9 | 98 bp | 127 bp | 18.2 | 18.2 | -7 bp |
| U.P.(W) | 15.8 | 17.6 | 16.8 | 16.1 | 17.3 | 115 bp | 146 bp | 18.9 | 16.9 | -200 bp |
| U.P.(E) | 9.1 | 12.2 | 8.3 | 8.3 | 9.4 | 103 bp | 28 bp | 13.2 | 9.6 | -365 bp |
| Rajasthan | 11.7 | 11.2 | 11.0 | 11.3 | 11.2 | -9 bp | -46 bp | 12.5 | 11.2 | -135 bp |
| M.P. | 15.0 | 14.9 | 14.9 | 14.8 | 15.0 | 25 bp | -2 bp | 16.6 | 14.9 | -167 bp |
| W.B. | 15.0 | 15.8 | 14.8 | 14.5 | 14.9 | 43 bp | -6 bp | 18.1 | 15.0 | -311 bp |
| C’ Circle | ||||||||||
| H.P. | 4.0 | 4.0 | 4.5 | 4.0 | 3.9 | -8 bp | -12 bp | 3.7 | 4.1 | 35 bp |
| Bihar | 4.1 | 4.6 | 2.9 | 3.4 | 3.3 | -15 bp | -89 bp | 5.2 | 3.5 | -165 bp |
| Orissa | 5.9 | 3.1 | 3.2 | 3.2 | 3.1 | -2 bp | -277 bp | 4.1 | 3.2 | -93 bp |
| Assam | 6.9 | 6.8 | 6.5 | 6.6 | 6.4 | -22 bp | -47 bp | 8.1 | 6.6 | -157 bp |
| N.E. | 7.7 | 6.7 | 6.6 | 6.1 | 5.6 | -48 bp | -210 bp | 8.6 | 6.2 | -241 bp |
| J&K | 2.2 | 2.0 | 2.1 | 2.2 | 2.1 | -10 bp | -12 bp | 2.5 | 2.1 | -41 bp |
| Total | 16.3 | 15.6 | 15.5 | 15.6 | 15.8 | 25 bp | -52 bp | 17.4 | 15.6 | -180 bp |
| Reliance Jio’s AGR performance by circle in ₹ mn |
||||||||||
| Circle | Q4 FY21 | Q1 FY22 | Q2 FY22 | Q3 FY22 | Q4 FY22 | QoQ (%) | YoY (%) | FY21 | FY22 | YoY (%) |
| Delhi | 7,013 | 7,497 | 8,076 | 8,543 | 9,042 | 5.8 | 28.9 | 27,283 | 33,157 | 21.5 |
| Mumbai | 5,159 | 5,367 | 5,521 | 5,056 | 5,253 | 3.9 | 1.8 | 19,764 | 21,198 | 7.3 |
| Kolkata | 2,484 | 2,849 | 2,733 | 2,791 | 3,057 | 9.6 | 23.1 | 9,873 | 11,429 | 15.8 |
| A’ Circle | ||||||||||
| Maharashtra | 14,331 | 16,202 | 16,804 | 17,534 | 18,916 | 7.9 | 32.0 | 57,704 | 69,456 | 20.4 |
| Gujarat | 10,456 | 11,257 | 11,737 | 12,202 | 13,066 | 7.1 | 25.0 | 40,004 | 48,263 | 20.6 |
| A.P. | 12,412 | 13,102 | 13,317 | 13,822 | 15,137 | 9.5 | 22.0 | 49,197 | 55,378 | 12.6 |
| Karnataka | 7,049 | 7,610 | 7,696 | 7,999 | 9,282 | 16.0 | 31.7 | 28,399 | 32,587 | 14.7 |
| T.N. | 10,866 | 11,480 | 11,808 | 12,242 | 13,529 | 10.5 | 24.5 | 42,337 | 49,059 | 15.9 |
| B’ Circle | ||||||||||
| Kerala | 4,111 | 4,475 | 4,764 | 4,982 | 5,735 | 15.1 | 39.5 | 15,642 | 19,955 | 27.6 |
| Punjab | 4,803 | 5,234 | 5,510 | 5,497 | 6,007 | 9.3 | 25.1 | 21,352 | 22,248 | 4.2 |
| Haryana | 3,308 | 3,591 | 3,718 | 3,835 | 4,114 | 7.3 | 24.4 | 13,945 | 15,258 | 9.4 |
| Industry AGR (based on circle-wise AGR) in ₹ mn |
||||||||||
| Circle | Q4 FY21 | Q1 FY22 | Q2 FY22 | Q3 FY22 | Q4 FY22 | QoQ (%) | YoY (%) | FY21 | FY22 | YoY (%) |
| Metros | ||||||||||
| Delhi | 16.6 | 15.1 | 19.9 | 18.4 | 19.7 | 7.2 | 18.9 | 57.2 | 73.1 | 27.9 |
| Mumbai | 13.0 | 12.1 | 15.0 | 12.8 | 14.0 | 9.3 | 8.2 | 46.1 | 54.0 | 17.3 |
| Kolkata | 6.7 | 7.1 | 7.3 | 7.4 | 8.1 | 8.7 | 20.8 | 26.4 | 29.8 | 13.1 |
| A’ Circle | ||||||||||
| Maharashtra | 34.1 | 35.3 | 34.8 | 37.3 | 40.6 | 8.6 | 19.0 | 129.9 | 148.0 | 13.9 |
| Gujarat | 23.8 | 24.3 | 25.7 | 26.9 | 28.7 | 7.0 | 20.8 | 86.6 | 105.6 | 21.9 |
| A.P. | 33.3 | 34.7 | 40.0 | 36.2 | 38.7 | 7.0 | 16.3 | 126.3 | 149.5 | 18.3 |
| Karnataka | 25.1 | 24.9 | 25.2 | 26.6 | 29.4 | 10.7 | 17.2 | 95.3 | 106.1 | 11.3 |
| T.N. | 30.2 | 32.0 | 32.3 | 34.2 | 36.8 | 7.8 | 22.0 | 118.4 | 135.4 | 14.3 |
| B’ Circle | ||||||||||
| Kerala | 15.7 | 16.3 | 16.8 | 16.9 | 18.5 | 9.6 | 17.9 | 59.4 | 68.5 | 15.3 |
| Punjab | 13.5 | 14.4 | 14.4 | 15.1 | 16.0 | 5.9 | 18.6 | 51.6 | 60.0 | 16.2 |
| Haryana | 7.2 | 8.0 | 7.6 | 8.1 | 9.0 | 11.0 | 25.7 | 30.2 | 32.8 | 8.6 |
| U.P.(W) | 18.0 | 20.3 | 19.0 | 20.6 | 22.1 | 7.0 | 22.7 | 70.0 | 82.0 | 17.1 |
| U.P.(E) | 23.2 | 28.9 | 27.0 | 28.6 | 30.8 | 7.5 | 32.7 | 95.3 | 115.3 | 21.0 |
| Rajasthan | 19.2 | 21.6 | 21.7 | 23.0 | 25.1 | 9.3 | 30.7 | 77.7 | 91.4 | 17.7 |
| M.P. | 24.5 | 25.9 | 26.3 | 27.1 | 29.4 | 8.5 | 20.0 | 91.5 | 108.6 | 18.7 |
| W.B. | 17.0 | 18.7 | 18.5 | 19.5 | 21.1 | 8.0 | 23.9 | 66.3 | 77.8 | 17.2 |
| C’ Circle | ||||||||||
| H.P. | 3.3 | 3.5 | 3.7 | 3.6 | 3.8 | 6.2 | 16.5 | 12.3 | 14.7 | 19.1 |
| Bihar | 24.5 | 26.9 | 25.3 | 27.1 | 30.1 | 10.8 | 22.7 | 93.8 | 109.5 | 16.7 |
| Orissa | 10.4 | 11.0 | 11.2 | 11.3 | 12.4 | 10.1 | 19.2 | 38.7 | 45.9 | 18.5 |
| Assam | 8.7 | 9.0 | 8.8 | 8.8 | 9.8 | 11.7 | 13.2 | 31.7 | 36.4 | 14.7 |
| N.E. | 4.3 | 4.9 | 5.0 | 5.2 | 5.7 | 8.6 | 32.3 | 16.5 | 20.8 | 25.8 |
| J&K | 4.2 | 4.6 | 4.7 | 5.0 | 5.5 | 10.4 | 31.6 | 15.3 | 19.8 | 29.6 |
| Total | 376.3 | 399.5 | 410.2 | 419.8 | 455.3 | 8.5 | 21.0 | 1,436.7 | 1,684.8 | 17.3 |
| YoY (%) change | 16.2 | 19.6 | 16.1 | 12.5 | 21.0 | – | – | – | – | – |
| AGR market share by circle for Q4 FY22 in % |
||||
| Circle | Bharti Airtel | Vodafone Idea | RJio | BSNL/ MTNL |
| Delhi | 38.5 | 15.7 | 45.8 | – |
| Mumbai | 32.8 | 29.7 | 37.4 | – |
| Kolkata | 29.5 | 24.7 | 38.0 | 7.8 |
| A’ Circle | ||||
| Maharashtra | 28.4 | 22.3 | 46.6 | 2.7 |
| Gujarat | 21.0 | 29.2 | 45.5 | 4.3 |
| A.P. | 42.0 | 11.9 | 39.1 | 7.0 |
| Karnataka | 53.9 | 9.8 | 31.6 | 4.7 |
| T.N. | 40.8 | 18.5 | 36.7 | 4.0 |
| B’ Circle | ||||
| Kerala | 22.4 | 37.6 | 31.0 | 9.0 |
| Punjab | 37.4 | 17.1 | 37.5 | 8.0 |
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