Connect with us

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.

AGR (includes NLD) performance by operator

in ₹ bn

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 %
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
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 %
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
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 %
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
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
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

 

Reliance Jio’s AGR market share by circle

in %

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 %
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 %
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
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 %
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 %
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

 

Click to comment

You must be logged in to post a comment Login

Leave a Reply

 

error: Content is protected !!