Bharti Airtel emerged as the sole gainer of revenue market share among large telcos, but only largely due to the recent industry-wide hikes in headline tariffs, besides benefitting from solid mobile broadband and postpaid additions, the latest data from companies showed.

Reliance Jio and Vodafone Idea (Vi) suffered revenue share declines on-quarter, despite implementation of the tariff hikes taken in July, as the latter continues to suffer from intense customer losses, company data showed.

Bharti Airtel has witnessed a 90 basis points (bps) sequential uptick, lifting its RMS to 40.5% in Q2FY25, wherein Jio and Vi's RMS levels declined by 45bps each to 43.5% and 16% respectively, said Motilal Oswal in a research note, analyzing telcos' earnings data.

RMS is a key telco performance metric, measuring overall telecom market leadership. A basis point is 0.01%.

Among the private telcos, Bharti was the biggest gainer in Q2FY25, with its RMS growth mainly fuelled by partial benefits of the (July 2024) tariff hike flow-through while Jio and Vi lost revenue share sequentially, analysts said.

Airtel also reported a 40-bp QoQ gain in its subscriber market share in Q2FY25, while both Jio and Vi reported 30 bps and 10 bps sequential dips respectively.

Airtel in the quarter ended September 30 added 4.2 million 4G users, while Jio and Vi lost 10.9 million and 5.1 million customers respectively. The higher ARPU postpaid user base also saw near 15% on-year growth during Q2FY25.

Analysts, however, expect Jio's revenue flow-through from the July rate hikes to actually gather pace in the second-half of FY25 since Jio has a higher proportion of subscribers on longer-duration packs compared to Airtel and Vi.

"Jio has traditionally taken the longest to show the full impact of tariff increases", J P Morgan said in a note.