Industry AGR (incl. NLD) in Q2FY23 grew 1.6% QoQ / 16.4% YoY to Rs543bn. Bharti Airtel (Bharti) made an 83bps QoQ gain in AGR market share to 36.3% adding more incremental AGR QoQ (Rs7.6bn) vs RJio (Rs6.6bn).