Airtel’s overall voice market share is a better way to analyze the impact of smaller players’ lower tariff strategy on incumbents’ market share (given it is an incumbents across all the circles). The data shows that Airtel has managed to hold on to its share (~30%) despite smaller players’ pricing minutes at a discount (for example, Telenor’s voice RPM is 20% lower v/s Bharti/Idea, adjusting for their ILD/NLD/roaming revenue). Telenor has a 6.5% revenue share in its six circles and managed to gain ~170bps in the last nine quarters. Even Idea has gained ~220bps in 14 of its newer circles despite overall good execution. These 14 circles contribute 60% of the industry revenues and Idea currently has ~10% revenue share in them.
3G volume pick-up has helped incumbents’