Industry AGR (incl. NLD) in Q1FY24 grew 2.3% QoQ / 7.3% YoY to INR 573bn. Bharti Airtel’s (Bharti) AGR market share was at 37.2%, up 168bp YoY, with YoY incremental AGR of INR 23.4bn vs RJio’s INR 20bn. The latter’s AGR market share improved by 73bp YoY to 41.6%.