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Strong Q4 performance by Bharti Airtel and Bharti Hexacom

Industry AGR (including National long distance) in Q4 FY24 for the top-three players grew 1.9% QoQ/9.7% YoY to Rs 582 billion, despite the absence of any major tariff intervention. Bharti Airtel Ltd.’s AGR (including NLD) market share stood at 37.9%, up 35 bp QoQ, with YoY incremental AGR of Rs 27 billion versus Reliance Jio’s at Rs 24 billion. Bharti has been consistently narrowing its market share gap versus RJio.

Bharti Hexacom’s AGR (excluding NLD) market share improved to 43.4%, up 44 bp QoQ with good performance in both Rajasthan and NE circles. Vodafone Idea Ltd.’s AGR market share dipped further to 15.4%, down 40 bp QoQ pending acceleration in data network rollout.

RJio’s market share improved only 3 bp QoQ to 42.1% as its metro circles grew relatively slower. For Q4 FY24, industry AGR (including NLD) on an annualised basis stood at Rs 2,439 billion.

For report, https://www.ndtvprofit.com/research-reports/telecom-markes-share-impressive-performance-by-bharti-airtel-bharti-hexacom-in-q4-icici-securities

ICICI Securities

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