Vodafone Idea’s revenue share based on adjusted gross revenue (AGR) has slipped to 28.1 percent in the April-June quarter of 2019.

Reliance Jio, promoted by billionaire Mukesh Ambani, has 31.7 percent AGR market share in India. Bharti Airtel has retained its revenue market share of about 30 percent, according to a report from ICICI Securities.

Bharti Airtel, according to a report from Goldman Sachs, will be overtaking Vodafone Idea in terms of mobile subscribers as well. Vodafone Idea is likely to downsize its operations in less profitable areas due to cash crunch.

Airtel’s AGR rose 0.9 percent — first time after Q4FY17 — to Rs 103 billion; and its market share was stable at 30 percent vs Q3FY19. Bharti’s AGR growth in traditional 1,800MHz circles, which were dominated by Vodafone and Idea, grew 17.9 percent, while 900MHz circles dominated by Airtel grew 8.1 percent, according to ICICI Securities.

Vodafone Idea’s AGR declined 18.3 percent year-on-year and 5.1 percent quarter-on-quarter to Rs 96 billion. Its AGR market share dropped to 28.1 percent vs 31.4 percent in Q3FY19. Its ARPU based on AGR dipped 0.8 percent quarter-on-quarter to Rs 82 due to lower subscribers.

Vodafone Idea’s AGR dipped 4.6 percent quarter-on-quarter to Rs 45 billion in eight leadership circles and down 7.3 percent quarter-on-quarter to Rs 13.9 billion in five established circles. Its AGR shrunk 9.6 percent to Rs 8 billion in challengers’ circles.

Vodafone Idea lost 290bps market share to 31.9 percent in leadership circles, down 345bps to 19.8 percent in established circles and dip 415bps to 14.6 percent in challenger circles.

Reliance Jio has finally become the market leader with 31.7 percent AGR market share. Vodafone Idea’s AGR dipped 5.1 percent quarter on quarter; and market share fell to 28.1 percent — down 330bps from Q3FY19.

Reliance Jio reported AGR of Rs 10,900 crore in April-June as compared with Bharti Airtel’s 10,701.5 crore and Vodafone Idea’s Rs 9,808.92 crore, according to the latest financial data released by telecom regulator TRAI.

Reliance Jio has a subscriber base of 33.13 crore, against Vodafone Idea’s 32 crore in June 2019.

“Airtel reported a 20 percent quarter-on-quarter increase in revenues with revenue market share of 29.8 percent. Revenue rebound was seen across telecom circles, while the top-seven revenue contributing circles recorded 26 percent quarter-on-quarter and 7 percent year-on-year growth,” Emkay Global said in a report.

BSNL clocked AGR of Rs 4,295.96 crore and MTNL Rs 407.65 crore during the first quarter of the current fiscal.