Trai financial data for Q1FY19 witnessed a trend of sequential stability of AGR market share of incumbents. Gross revenue (GR) for the quarter fell 7.3% QoQ, ~10% YoY. Adjusted gross revenue (AGR including NLD) improved 0.4% QoQ on account of 14.2% QoQ growth for Jio and 0.9% growth for Bharti. Vodafone and Idea continued their slide in AGR. AGR for Vodafone declined 7.1% QoQ while that of Idea declined 5.3% QoQ. On a YoY basis, AGR declined for Bharti, Vodafone and Idea and was at 18%, 25.3% and 28.5%, respectively. We note that incumbents have...