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Airtel Report

Airtel Report

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8hdrtì AìrteI Iìæìted – kes0It 0pddte

A0NIII 1
Bharti Airtel Limited
Analyst
0eeptì 0hd0hdn
deepti.chauhan@acm.co.in
Tel: (022) 2858 3408
Key Data (INR)
Recommended Price (INR) 970
CMP (INR) 908
Target Price (INR)- 1175
Key Data
Bloomberg code BHARTI IN
Reuters Code BRTI.BO
BSE Code 532454
NSE Code BHARTIARTL
Face Value (INR) 10
Market Cap. (INR mn.) 1640622
52 Week High (INR) 1149
52 Week Low (INR) 661.3
Avg. Daily Volume (6m) 481722
Shareholding %
Promoters 65.9
MFs/ FIs/ Insurance 4.3
Foreign Inst Investors 25.3
Public 4.5
Total 100.00
Rs Mn FY08 FY07 % Chg.
Net sales 69501 49141 41
Operating profit 29052 19804 47
PAT 14285 10333 38
EPS (RS) 7.53 5.45 -
OPM (%) 41.8 40.3 -
NPM (%) 20.6 21.0 -
February 2, 2008
Bharti Airtel Limited has maintained its growth momentum in its operational and
fnancial results. The consolidated total revenues for the quarter ended December 31,
2007 is at Rs. 69501 mn grew by 41% on a year-on-year basis. The net proft during
the quarter was Rs. 14285 mn, a growth of 38% from the corresponding quarter of last
year. For the 9-month ended December 2007, the revenues grew by 46.6% whereas
the net proft was up by 63.9%. Bharti has over 57.3mn customers, as on December
31,2007, an increase in the total customer base of 70.1%, over the corresponding
period last year and maintained its leadership position through an improved market
share of all India mobile subscribers at 23.6% as on December 31, 2007.
Key highlights
Mobile services have been the major contributory with 81% share in the total
revenues during the quarter. This growth is attributed to the addition in the
subscriber base of more than 6 mn taking the total mobile subscriber base to 55.1
mn as on December 2007.
The enterprise business remains under pressure with margins narrowing, due to
a combination of lower tariffs and increased competition.
Telemedia (broadband/fxed-line) segment has registered signifcant growth with
the revenue increasing by 22% and the operating proft grew by 97%. The margin
for this segment during the quarter has increased from 27% as on Q3FY07 to
43.4% as on Q3FY08.
Bharti’s mobile-network expansion remains on track with population coverage
increasing from 54% in Q3FY07 to 68% in Q3FY08. The total network sites have
increased to 60,299 network sites, up from 34,307 in 3QFY07 (Y-o-Y increase
of 75.8%).
Mobile ARPUs declined just 2% Q-o-Q to Rs358, while Minutes of Use rose 1%
Q-o-Q to 474 minutes.
In lines with our expectation there has been a reduction in the operating cost
mainly in the access and interconnection charges, which have reduced from 16.8%
in Q3FY07 to 15% in Q3FY08.As a result the operating margins have increased
from 40.3% in Q3FY07 to 41.8% in Q3FY08.
The depreciation and interest cost were more than our expectation during the
quarter as well as for the nine months ended 2007. Consequently there has
been a minor reduction in the net proft margins for FY09E to 24.8% (against
our expectation of 24.9%) and for FY10E to 26.1% (against our expectation of
26.3%).
For the nine months ended December 2007, the revenues increased by 46.6%
to Rs.191485.9 mn. The operating proft was up by 57% at Rs.79617.6 mn. The
OPM has improved from 38.8% in 9mFY07 to 41.6% in 9mFY08. The NPM has
improved from 21.0% in 9mFY07 to 23.5% in 9mFY08.
On the basis of the subscriber growth in the third quarter we have revised our
subscriber projections upwards not only for the Industry but also for the Bharti
Airtel. This has in turn resulted in revision in the revenues from the mobile
segment. However we have moderated the growth in revenues for the enterprise-
carrier segment on the back of lower tariffs and increased competition in this
segment.
We have revised the subscriber growth projections upwards for Bharti on the back
of strong growth witnessed by the company in the last three quarters. Despite
increasing competition and the regulatory policies we believe that with strong










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A0NIII 2
fundamentals and fnancial performance Bharti will continue to be the market
leader with 22.8% market share by the end of FY 2008. Accordingly, we maintain a
“BUY” recommendation on “Bharti Airtel Ltd” with a price target of Rs.1175.
Major Developments
In a major boost to its expansion plans, the company has also been allotted
additional 2G spectrum in fve telecom circles, Gujarat, Uttar Pradesh (West),
Assam, West Bengal and Haryana. Importantly, the company is also slated to
receive additional radio frequencies in fve other circles, Rajasthan, Andhra
Pradesh, Bihar, Tamil Nadu and Chennai, within the next couple of days.
Although the company has been allotted spectrum as a means of the interim
measure, Bharti is also looking for alternative technology solutions for overcoming
spectrum scarcity. At the same time the company is confdent about the growth
being witnessed in the subscriber base which would make them eligible for
additional spectrum on the basis of the revised TRAI norms.
Eight leading international investors comprising of Temasek, The Investment
Corporation of Dubai (ICD), Goldman Sachs, Macquarie, AIF Capital, and
Citigroup & India Equity Partners (IEP) have agreed to invest $1Bn in Bharti
Infratel Limited. The enterprise valuation has been agreed to be in the range of
USD 10 to 12.5 Billion, and the fnal valuation will be determined on the basis of
Bharti Infratel Limited’s actual operating performance in FY 2008-09.
During the quarter ended December 31, 2007 the company has allotted 1,28,367
new equity shares comprising of 42,967 shares upon conversion of convertible
bonds (FCCBs) and 85,400 shares to the employees of the company upon exercise
of stock options as per ESOP Scheme 2005. As a result the paid up equity share
capital of the company stands increased to Rs. 18978.4 mn on December 31,
2007.




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A0NIII 3
Interim Results for Q3FY08 and 9mFY08 Rs. Mn
Q3FY08 Q3FY07 YoY ch% 9mFY08 9mFY07 YoY ch%
Net Sales 69501.4 49140.9 41.4 191485.9 130588.5 46.6
Total Expenditure 40448.91 29337.2 37.9 111868.3 79891.5 40.0
Operating Profits 29052.49 19803.7 46.7 79617.6 50697.0 57.0
Other Income 678.1 140.9 381.3 2133.1 744.7 186.4
EBDIT 29730.59 19944.6 49.1 81750.7 51441.7 58.9
Depreciation 9862.0 7154.8 37.8 26563.9 17494.1 51.8
EBIT 19868.6 12789.8 55.3 55186.8 33947.6 62.6
Interest 4960.7 589.9 740.9 2233.8 2065.9 8.1
PBT 14907.9 12199.9 22.2 52953.0 31881.7 66.1
Taxes 414.5 1748.9 -76.3 7400.4 4160.3 77.9
Profit before Minority Interest 14493.4 10451.0 38.7 45552.6 27721.4 64.3
Minority Interest 208.5 118.3 76.2 588.0 286.2 105.5
Net Profit 14284.9 10332.7 38.2 44964.6 27435.2 63.9
Equity Share Capital 18978.4 18957.4 18978.4 18957.4
EPS 7.53 5.45 23.69 14.47
CEPS 12.72 9.22 37.69 23.70
Profitability Ratios
Operating Profit Margin (%) 41.8 40.3 41.6 38.8
EBIDT Margin (%) 42.8 40.6 42.7 39.4
EBIT Margin (%) 28.6 26.0 28.8 26.0
PAT Margin (%) 20.6 21.0 23.5 21.0
Source: Company
Earnings Summary (Rs. Mn)
Particulars 2007 2008E 2009E 2010E
Net Sales 185320.9 260445.9 327980.5 374550.2
Total Expenditure 109858.2 149594.9 183406.7 204935.1
Operating Profits 75462.8 110851.0 144573.8 169615.1
EBDIT 75462.8 110851.0 144573.8 169615.1
Depreciation 24486.6 35741.8 42572.0 48259.0
Amortization 1703.8 2344.0 3279.8 3745.5
EBIT 49272.4 72765.1 98722.0 117610.6
Interest 2488.5 2749.8 1543.0 542.9
PBT 46783.9 70015.3 97179.1 117067.6
Taxes 5680.5 10082.2 14771.2 18005.0
Profit before Minority Interest 41103.4 59933.1 82407.8 99062.6
Less: Minority Interest 482.2 779.1 1071.3 1287.8
Net Profits 40621.2 59154.0 81336.5 97774.8
Growth in sales (%) 58.0% 40.5% 25.9% 14.2%
Operating Profits Growth (%) 79.2% 46.9% 30.4% 17.3%
PAT Growth (%) 100.3% 45.6% 37.5% 20.2%
Operating Profit Margin (%) 40.7% 42.6% 44.1% 45.3%
Net Profit Margin (%) 21.9% 22.7% 24.8% 26.1%
Source: Company Annual report and ACMIIL estimates
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A0NIII 4
Sources and Application of funds (Rs. mn)
Particulars 2007 2008E 2009E 2010E
Sources of Funds
Share Capital 18959.3 18978.4 18978.4 18978.4
Reserves and Surplus 95924.5 155078.5 236415.0 334189.8
Total Shareholders Funds 114883.8 174056.9 255393.4 353168.2
Total Loan Funds 52858.9 50858.9 30859.0 10858.9
Minority Interest 1948.2 2727.4 3798.7 5086.5
Net Deferred Tax Liability 2387.2 2947.3 3724.7 4661.3
Total Capital Employed 172078.1 230590.5 293775.9 373774.9
Application of Funds
Gross Block 281199.2 381199.2 470699.2 553199.2
Less: Accumulated Depreciation 76155.4 114241.3 160093.1 212097.6
Net Block 205043.8 266957.9 310606.1 341101.6
Capital Work in Progress 24708.8 28077.9 33127.8 42741.0
Investments 1471.4 1471.4 1471.4 1471.4
Net Current Assets -59172.5 -65943.4 -51456.1 -11565.7
Miscellaneous Expenditure 26.6 26.6 26.6 26.6
Total Assets 172078.1 230590.5 293775.9 373775.0
Source: Company Annual report and ACMIIL estimates
Cash Flow Statement (Rs Mn)
Particulars 2007 2008E 2009E 2010E
Pre tax profits 46783.9 70015.3 97179.1 117067.6
Depreciation 26190.4 38085.8 45851.8 52004.5
Changes In WC 10386.7 18922.3 16223.5 10225.4
Tax -4844.6 -9522.1 -13993.8 -17068.5
Others 6147.4 1707.3 -2735.0 -9122.8
Cash from operations 84663.7 119208.7 142525.6 153106.3
Capital Expenditure -85035.2 -100000.0 -89500.0 -82500.0
Changes in Investments 1341.9 0.0 0.0 0.0
Others. 268.7 0.0 0.0 0.0
Cash from Investment activities -83424.7 -100000.0 -89500.0 -82500.0
Changes in share capital & Sec. premium 0.0 19.1 0.0 0.0
Change in debts 6293.3 -2000.0 -19999.9 -20000.1
Interest payments -2561.3 -2749.8 -1543.0 -542.9
Div & Div Tax 0.0 0.0 0.0 0.0
Others 39.3 0.0 0.0 0.0
Cash from Finance 3771.3 -4730.7 -21542.9 -20543.0
Total cash generated 5010.4 14478.0 31482.7 50063.2
Cash at the beginning 3510.5 8520.9 22998.8 54481.6
Cash Balance 8520.9 22998.8 54481.6 104544.8
Source: Company Annual report and ACMIIL estimates
8hdrtì AìrteI Iìæìted – kes0It 0pddte

A0NIII 5
Key ratios
Particulars 2007 2008E 2009E 2010E
Profitability Ratios
Operating Profit Margin (%) 40.7% 42.6% 44.1% 45.3%
EBIT Margin (%) 26.6% 27.9% 30.1% 31.4%
PAT Margin (%) 22.2% 23.0% 25.1% 26.4%
RONW (%) 43.1% 40.9% 37.9% 32.1%
ROCE (%) 20.9% 22.5% 23.6% 22.8%
Per Share Ratios
Earnings (Rs.) 21.4 31.2 42.9 51.5
Cash Earnings (Rs.) 42.8 63.7 84.0 98.9
Book Value (Rs.) 60.4 91.5 134.4 185.9
Valuation Ratios
P/E (x) 40.3 27.7 20.2 16.8
Cash P/E (x) 20.2 13.6 10.3 8.7
P/BV (x) 14.3 9.4 6.4 4.6
Capital Structure Ratios
Debt/Equity 0.46 0.29 0.12 0.03
Current Ratio 0.4 0.5 0.7 0.9
Quick Ratio 0.2 0.3 0.4 0.7
Cash Ratio 0.08 0.16 0.32 0.55
Turnover Ratios
Debtors Turnover (x) 14.8 16.1 16.0 15.5
Fixed Asset Turnover (x) 0.9 1.0 1.1 1.1
Source: Company Annual report and ACMIIL estimates
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A0NIII 6
Year Adjusted Population
Figures (in mn) *
Total wireless
subscribers#
Adjusted Teledensity for
wireless subscribers
BhartiSubscribers Market Share
for Bharti
2004 526.1 35.0 6.7 6.5 18.6
2005 534.2 55.0 10.3 11.0 20.0
2006 567.2 99.0 17.5 19.6 19.8
2007 575.5 166.0 28.8 37.1 22.4
2008P 583.8 255.0 43.7 58.1 22.8
2009P 592.0 332.0 56.1 74.7 22.5
2010P 600.1 390.0 65.0 86.2 22.1
2011P 634.7 428.0 67.4 93.9 21.9
2012P 643.3 455.0 70.7 98.7 21.7
Source: Census India Report, Cris Infac & ACMIIL Research
*Adjusted for population that can afford mobile services# Wireless Subscribers include GSM, CDMA and WLL-F
subscribers.
Annexure:Bharti Airtel Limited (Revised Subscriber Projections)
8hdrtì AìrteI Iìæìted – kes0It 0pddte

A0NIII 1
Disclaimer:
This report is based on information that we consider reliable, but we do not represent that it is accurate or complete and it should not be relied upon such. ACMIIL or
any of its affliates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information
contained in the report. ACMIIL and/or its affliates and/or employees may have interests/positions, fnancial or otherwise in the securities mentioned in this report.
To enhance transparency we have incorporated a Disclosure of Interest Statement in this document. This should however not be treated as endorsement of the views
expressed in the report.
Notes:
HNI Sales:
Raju Mewawalla, Tel: +91 22 2858 3220
Institutional Sales:
Bharat Patel, Tel: +91 22 2269 5078, 2270 0119 / 121.

5 Billion. Macquarie.1175. Accordingly. West Bengal and Haryana. and the final valuation will be determined on the basis of Bharti Infratel Limited’s actual operating performance in FY 2008-09. Importantly. Uttar Pradesh (West). the company has also been allotted additional 2G spectrum in five telecom circles. within the next couple of days. The enterprise valuation has been agreed to be in the range of USD 10 to 12.4 mn on December 31.400 shares to the employees of the company upon exercise of stock options as per ESOP Scheme 2005.fundamentals and financial performance Bharti will continue to be the market leader with 22. the company is also slated to receive additional radio frequencies in five other circles.  During the quarter ended December 31.  Eight leading international investors comprising of Temasek. Goldman Sachs. Bihar. 2007. As a result the paid up equity share capital of the company stands increased to Rs. Andhra Pradesh.967 shares upon conversion of convertible bonds (FCCBs) and 85.8% market share by the end of FY 2008.367 new equity shares comprising of 42. Bharti is also looking for alternative technology solutions for overcoming spectrum scarcity. Bharti Airtel Limited – Result Update ACMIIL  .  Although the company has been allotted spectrum as a means of the interim measure.28. Rajasthan. Assam. Gujarat. Tamil Nadu and Chennai. At the same time the company is confident about the growth being witnessed in the subscriber base which would make them eligible for additional spectrum on the basis of the revised TRAI norms. 18978. 2007 the company has allotted 1. and Citigroup & India Equity Partners (IEP) have agreed to invest $1Bn in Bharti Infratel Limited. The Investment Corporation of Dubai (ICD). Major Developments  In a major boost to its expansion plans. AIF Capital. we maintain a “BUY” recommendation on “Bharti Airtel Ltd” with a price target of Rs.

8 62.72 Q3FY07 49140.4 58.7 51441.7 144573.5 183406.0 97179.0 744.3 40.3 740.8 39.5 63.4 14.3 79617.5 41103.2 19803.8 49272.7 28.7 381.9 414.8 98722.9 (Rs.8 42572.2 40621.8 55.1 169615.0 3279. Mn YoY ch% 46.0 7400.5 14493.8 52953.9 29337.59 9862.7 17494.1 66.2% 45.2 18957.6 18005.6% 42.2 75462.69 9mFY07 130588.9% 2008E 260445.6 542.22 YoY ch% 41.6 1703.0 57.2 58.5 14284.8 2233.1 2749.0 99062.5% 46.5 25.7 26563.5 46783.6 2065.7 4160.0 35741.5 50697.4 482.9 10451.7 18957.0% 79.4 5.1 779.8 24486.9 55186.2 204935.45 9.8 70015.5 79891.3% 20.2 38.69 37.3 10082.3 38.8 144573.9 22. Mn) 2010E 374550.8 12789.8 42.0 44964.6 8.4 7.3 81336.1 48259.9 31881.0 110851.6 20.4 2488.3% 40.1 29730.5 117610.9 117067.9 19944.2% 17.8% 41.5 38.4 286.8 589.91 29052.6 1287.4 26.0 186.2 59933.0 118.9 64.3 105.9 1748.7 76.0 19868.2% 100.6 40.1 37.9 51.9 46.8 75462.8 23.9 12199.6 2133.Interim Results for Q3FY08 and 9mFY08 Q3FY08 Net Sales Total Expenditure Operating Profits Other Income EBDIT Depreciation EBIT Interest PBT Taxes Profit before Minority Interest Minority Interest Net Profit Equity Share Capital EPS CEPS Profitability Ratios Operating Profit Margin (%) EBIDT Margin (%) EBIT Margin (%) PAT Margin (%) Source: Company Earnings Summary Particulars Net Sales Total Expenditure Operating Profits EBDIT Depreciation Amortization EBIT Interest PBT Taxes Profit before Minority Interest Less: Minority Interest Net Profits Growth in sales (%) Operating Profits Growth (%) PAT Growth (%) Operating Profit Margin (%) Net Profit Margin (%) Source: Company Annual report and ACMIIL estimates 2007 185320.9 18978.9 5680.0 21.3% 26.9% 30.7% 2009E 327980.1% 24.1 81750.1 169615.53 12.0 40.4 37.6 42.4 45552.6 40.0 72765.9 109858.2 82407.5% 44.3 49.8 28.9 111868.0 3745.3 10332.4% 37.3 27721.2 9mFY08 191485.2 -76.9% 45.49 678.6 4960.6% 22.6 7154.4 208.7% 21.7 14907.1 33947.0 41.47 23.1 77.7 140.0 69501.8 2344.9 149594.1 14771.4 23.8 1071.1 59154.70 Rs.8 14.6 26.6 18978.9 110851.6 588.0 21.8 97774.1% Bharti Airtel Limited – Result Update ACMIIL  .0 1543.2 27435.4 40448.

0 0.7 -83424.4 -17068.8 2009E 97179.9 18959.1 33127.0 0.8 1471.4 3510.0 142525.6 373775.0 0.0 0.2 76155.1 26.0 8520.1 1707.6 6147.6 104544.2 54481.8 24708.6 230590.0 -20543.0 3798.0 50063.7 -85035.9 2007 2008E 2009E (Rs.4 -11565.7 -4844.9 31482.7 -100000.6 -89500.8 0.2 10858.0 0.0 -4730.9 5086.9 26190. mn) 2010E 18978.5 114883.0 0.8 54481.7 14478.3 -82500.0 (Rs Mn) 2010E 117067.0 255393.8 16223.3 38085.1 45851.0 -89500.3 5010.1 -542.5 -9122.4 -65943.2 172078.8 353168.8 Bharti Airtel Limited – Result Update ACMIIL  .0 -21542.7 293775.5 10225.2 212097.9 0.0 19.1 18978.5 8520.9 1948.0 6293.2 160093.4 84663.0 39.0 -2749.5 26.4 205043.4 236415.0 0.0 0. Cash from Investment activities Changes in share capital & Sec.9 2008E 70015.0 1471.3 -9522.9 268.7 0.4 10386.4 -51456.4 2947.4 30859.2 2387.0 0.9 22998.6 293775.3 -2561.4 -59172.0 -82500.3 0.0 -19999.8 153106.8 -2735.0 0.2 114241.6 52004.3 119208.4 155078.6 172078.9 2727.8 52858.3 3771.7 26.0 0. premium Change in debts Interest payments Div & Div Tax Others Cash from Finance Total cash generated Cash at the beginning Cash Balance Source: Company Annual report and ACMIIL estimates 2007 46783.5 -13993.6 341101.4 26.8 18922.6 281199.4 334189.3 230590.7 3724.1 -2000.0 0.9 1471.9 50858.Sources and Application of funds Particulars Sources of Funds Share Capital Reserves and Surplus Total Shareholders Funds Total Loan Funds Minority Interest Net Deferred Tax Liability Total Capital Employed Application of Funds Gross Block Less: Accumulated Depreciation Net Block Capital Work in Progress Investments Net Current Assets Miscellaneous Expenditure Total Assets Source: Company Annual report and ACMIIL estimates Cash Flow Statement Particulars Pre tax profits Depreciation Changes In WC Tax Others Cash from operations Capital Expenditure Changes in Investments Others.1 381199.5 18978.0 -100000.9 -1543.9 28077.3 95924.7 22998.2 1341.3 266957.3 373774.5 470699.5 174056.8 1471.5 4661.0 -20000.9 553199.6 42741.1 310606.

2 10.2 63.0 1.7 91.5 98.2 0.46 0.9% 22.4 0.0 134.9% 23.7 13.55 40.1% 37.6% 22.1% 20.8% 2007 2008E 2009E 2010E Bharti Airtel Limited – Result Update ACMIIL  .08 0.1% 30.2 14.3 20.6% 27.5 1.4% 32.4 31.32 0.9% 42.5 42.4% 26.1 1.2% 43.4 16.0 16.5% 44.1% 25.16 0.9 40.9 84.1 0.3 27.7 4.9 185.4 0.6 9.) Valuation Ratios P/E (x) Cash P/E (x) P/BV (x) Capital Structure Ratios Debt/Equity Current Ratio Quick Ratio Cash Ratio Turnover Ratios Debtors Turnover (x) Fixed Asset Turnover (x) Source: Company Annual report and ACMIIL estimates 14.7 0.3 0.03 0.6% 45.) Book Value (Rs.4 20.7% 26.3 6.4 51.8 60.8 8.6 21.9% 23.29 0.12 0.5 0.8 0.1% 22.3% 31.4 42.9 0.Key ratios Particulars Profitability Ratios Operating Profit Margin (%) EBIT Margin (%) PAT Margin (%) RONW (%) ROCE (%) Per Share Ratios Earnings (Rs.) Cash Earnings (Rs.7 0.0% 40.1 15.9 16.

8 592.8 22.0 55.Annexure:Bharti Airtel Limited (Revised Subscriber Projections) Year 2004 2005 2006 2007 2008P 2009P 2010P 2011P Adjusted Population Total wireless Adjusted Teledensity for BhartiSubscribers Figures (in mn) * subscribers# wireless subscribers 526.3 455.2 567.5 22.0 166.4 22.0 600.7 35.0 428.7 10.0 99.7 2012P 643.6 37.3 17.9 98.4 70.0 6.9 21.0 Source: Census India Report.2 575. Cris Infac & ACMIIL Research *Adjusted for population that can afford mobile services# Wireless Subscribers include GSM.6 20.1 58.7 Market Share for Bharti 18.1 634.5 28.1 534.1 21.0 19.0 332.5 583.7 86. Bharti Airtel Limited – Result Update ACMIIL  .0 19.2 93.8 22. CDMA and WLL-F subscribers.7 6.1 65.1 74.0 67.0 390.7 56.0 255.8 43.5 11.

Disclaimer: This report is based on information that we consider reliable. 2270 0119 / 121. This should however not be treated as endorsement of the views expressed in the report. financial or otherwise in the securities mentioned in this report. Bharti Airtel Limited – Result Update ACMIIL  . Tel: +91 22 2269 5078. To enhance transparency we have incorporated a Disclosure of Interest Statement in this document. ACMIIL or any of its affiliates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in the report. ACMIIL and/or its affiliates and/or employees may have interests/positions. Tel: +91 22 2858 3220 Institutional Sales: Bharat Patel.Notes: HNI Sales: Raju Mewawalla. but we do not represent that it is accurate or complete and it should not be relied upon such.

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