Bharti Airtel’s (Bharti) Q3FY23 was a no-tariff-hike quarter, so the focus was only on market share. It continued to win market share in the mobile business wherein it grabbed higher 4G subs, and ARPU was boosted by: 1) good post-paid subs addition, 2) sub transition from 2G to 4G, and 3) data monetisation from contextual marketing. Company gained market share even in the FTTH business (RJio has been gaining more) while the enterprise business’s consistent strong performance is a positive surprise.