Industry AGR (incl. NLD) in Q4FY23 grew 1.4% QoQ / 9.1% YoY to Rs560bn. Bharti Airtel’s (Bharti) AGR market share was at 36.5%, up 57bps YoY, with YoY incremental AGR of Rs20bn vs RJio’s Rs24bn. The latter’s AGR market share improved by 86bps YoY to 41.7%.