This document is being provided for the exclusive use of PULKIT KHANDELWAL at [FIRM]. Not for redistribution.

IDEA IN Equity
VODAFONE IDEA LTD (Telecom Carriers)
Vodafone Idea Limited operates as a telecom service provider. The Company offers 2G, 3G, and 4G mobile services, as well as mobile payments, advanced enterprise
offerings, and entertainment. Vodafone Idea serves customers in India. [FIGI BBG000FR5515]

Earnings & Estimates Market Data

27.00
Next Announcement Date 02/06/20
P/E INR N.A. 22.00
Est P/E 03/20 N.A. 17.00
T12M EPS -32.38
12.00
Est EPS -6.51
7.00
2.00
12 12 1/ 3/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10
/1 /3 30 1/ 31 30 30 29 29 28 27 /2
/2 1/ /2 20 /2 /2 /2 /2 /2 /2 /2 7/
01 20 01 19 01 01 01 01 01 01 01 20
8 18 9 9 9 9 9 9 9 9 19

Corporate Info
Px/Chg 1D (INR) 6.79/-3.69%
52 Wk H (11/21/18) 27.51
Suman Tower, Plot No 18, Sector 11 www.vodafoneidea.com
52 Wk L (11/15/19) 2.4
Gandhinagar, Gujarat 382011 T: 91-79-6671-4000
YTD Change/% -16.011/-70.22%
IN Employees 13,520 (03/31/19)
Mkt Cap INR 195,113.3M
Managing Director/CEO Ravinder Takkar
Shrs Out/Float 28,735.4M/18,688.2M
Deputy Managing Director Ambrish P Jain
Chief Financial Officer Akshaya Moondra

Revenue Earnings Per Share

500B 10

400B 5

300B
-5
200B
-10
100B -15

B -20

2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020
FY 315.27B 359.35B 355.53B 282.47B 370.06B 438.32B FY 5.45 5.17 -0.74 -6.86 -17.40 -6.51
Q1 75.55B 87.95B 94.87B 81.57B 58.89B 112.65B Q1 1.30 1.56 0.37 -1.38 3.51 -1.70
Q2 75.66B 86.77B 93.00B 74.61B 76.64B 108.44B Q2 1.27 1.36 0.15 -1.87 -5.16 -17.72
Q3 80.09B 90.01B 86.61B 68.06B 117.36B 111.80B Q3 1.29 1.28 -0.64 -2.15 -3.07 -1.43
Q4 83.97B 94.63B 81.09B 61.22B 117.41B 102.94B Q4 1.58 0.97 -0.56 -1.48 -4.67 -1.36

Ratios
Fiscal Year End * Last Quarter End ~ Current/T12M
03/2019 09/20 Q2 INR
Issue Data Per Share Data Cash Flow Analysis
~ Last Px INR/6.79 ~ EPS -21.12 ~ CF/NI N.A.
~ P/E N.A. ~ EPS T12M -32.38 ~ Dvd P/O N.A.
~ Dvd Ind Yld N.A. ~ DPS 0.00 ~ Cash Gen/Cash Reqd 0.1
~ P/B 0.81 ~ Bk Val Per Sh 8.38 ~ Csh Dvd Cov N.A.
~ P/S 0.2 ~ Rev/Bas Sh 53.53 ~ CFO/Sales 1.6%
~ P/CF N.A. ~ Csh Earn / Sh -9.84 ~ Eff IR 9.8%
~ Mkt Cap 195,113.3M ~ Curr Shares Out 28.7B
~ Curr P/FCF N.A. ~ FCF/Basic Sh -10.19

Growth Potential Profitability Structure

~ EPS - 1 Yr Gr -209.8% ~ OPM -28.4% ~ Curr Ratio 0.3
~ Cap 1Y Gr 117.7% ~ Prtx Mrgn -49.1% ~ Quick Ratio 0.2
~ BPS 1Y Gr 80.7% ~ ROA -27.1% ~ Debt/Assets 54.8%
~ Retntn Rt N.A. ~ ROE -140.3% ~ Debt/Com Eq 211.2%
~ Rev - 1 Yr Gr 31.0% ~ ROC -36.0% ~ A/R Trnovr 12.8
~ Ast 1Y Gr 133.0% ~ Ast TO 0.2 ~ Inv Turnover 7.5
~ Empl 1Y Gr N.A. ~ Finl Lev 3.8 ~ GM N.A.
~ Eff Tx Rate N.A. ~ EBIT/Tot Int Exp -1.2

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ® 11/21/2019 00:53:00 1

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IDEA IN Equity
Geographic Segmentation
2018 Rev 3Yr Gr
India 282.79B -3.60%

Product Segmentation
2018 Rev 3Yr Gr
Cellular Mobile Telephony Services (CMTS) 273.71B -4.23%
National Long Distance (NLD) 4.75B -6.49%
Passive Infrastructure 4.33B -45.33%

Top Holders | HDS »

Issue Information | RELS » GRASIM INDUSTRIES LTD 11.55%
EURO PACIFIC SECURITIES LT 11.13%
Sec Type Common Stock PRIME METALS LTD 7.61%
Pri Exch Natl India ORIANA INVESTMENTS PTE LTD 7.47%
PAR INR 10 MOBILVEST 5.83%
Pri MIC XNSE VODAFONE TELECOMMUNICATION 5.65%
Incorp INDIA TRANS CRYSTAL LTD 5.08%
FIGI BBG000FR5515
ISIN INE669E01016
SEDOL1 B1MP4H4 IN
WPK # A0MLJE
Equity Weights

S&P BSE 500 IDX N.A.

Nifty 500 N.A.
S&P BSE 200 IDX N.A.
Nifty Next 50 N.A.
Nifty 200 N.A.
Nifty 100 N.A.
Bloomberg ESG Data N.A.
FTSE EmMarkAllCapChinA 0.012%
FTSE EmMktAlCapChinAInTR 0.009%
S&P Global BMI USD N.A.

Dividend | DVD »
INR
Ind Gross Yield N.A.

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ® 11/21/2019 00:53:00 2

 This document is being provided for the exclusive use of PULKIT KHANDELWAL at [FIRM]. Not for redistribution.

IDEA IN Equity
Bloomberg Intelligence: Telecom Carriers, Asia-Pacific
Critical Themes: Squeezing Huawei Remaps 5G, Hinders China Industry Indicators: APAC Total Wireless Revenue
Huawei Ostracism Slows Asia, Europe 5G Rollout, 385,555
Restrains China 330,868
Analyst Coverage Anthea Lai & Charles Shum
May 30, 2019 276,181

The U.S. ban on Huawei could delay Asian and European 5G 221,494
rollouts and exclude China from influencing the next generation 166,807
of global communications technology. Chinese telcos will likely
112,120
keep Huawei as their main telecom equipment provider, but 20 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
00 000 001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018
others may switch to alternatives such as Ericsson, Nokia and
Samsung, incurring extra cost. The South Korean company,
along with Taiwan's Mediatek, may also supply chips to Huawei, Source: Ovum, Currency: , Unit: N/A, Periodicity: Annually
which will probably struggle to upgrade its own chips without
access to ARM's intellectual property. Huawei is central to
China's goal of reaching the commanding heights of telecoms,
after its home-grown 3G and 4G efforts failed to gain global Industry Indicators: APAC Mobile Data Traffic (TB per month)
traction.
Critical Themes: China's Mobile User Fight, 5G Lead 7,879,422

China Mobile Subscriber Fight May Drag on Before 5G 5,987,165

Pays Off 4,094,908
Analyst Anthea Lai
2,202,651
Apr 16, 2019
Chinese telecom operators will likely face more price pressure, 310,394
20 20 20 20 20 20 20 20 20 20
12 12 13 14 15 16 17 18 19 20
even after the government loosened its service charge
reduction target this year. An aggressive subscriber war may
persist, even as the impact of last July's nationwide mobile data
roaming-fee removal starts to wear off in 2H. China Mobile is Source: Cisco Systems, Currency: , Unit: N/A, Periodicity: Annually
at risk of losing the most high-spending customers, since churn
rates may rise along with the nation's rising implementation of
mobile number portability (MNP). Chinese telcos stand to bear
the cost of attaining large-scale 5G deployment in 2020, despite
a lack of monetization opportunities. China Mobile retains its
subscriber lead with nearly 930 million mobile customers. A
possible merger of its two smaller rivals, China Telecom and
China Unicom, may lead to significant savings on their 5G
spending.
Industry Revenue (CCB) Operating Statistics of Industry Comparables (RV)
Company FY Revenue Total Revenue Comps
Metric Company Comps Low Comps High
VODAFONE IDEA LT 283B 100.00% Median
CHINA TELECOM-H 3.03e+03B 77.86% Sales Growth Yoy (%) 31 -22.7 5.56 122
CHINA UNITED-A 2.58e+03B 85.78% EBITDA Margin (%) 12.4 8.48 32.6 60.2
KT CORP 1.31e+03B 89.66% Capex/Sales 20.7 1.62 23.2 32.3
SK HOLDINGS CO L 1.04e+03B 16.54% EBITDA Growth (%) -24 -50.9 4.47 150
SK TELECOM 951B 90.74%
Equity Valuation of Industry Comparables (RV)
Company Revenue Breakdown (CCB) Comps
Metric Company Comps Low Comps High
Industry Percentage Median
Telecom Carriers 100.00% Est P/E Current Yr N.A. 9.63 22.3 60.6
EV/TTM EBITDA 10.4 3.28 7.61 32.4

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ® 11/21/2019 00:53:00 3