Bharti Airtel TELECOM

Reference Model
Bharti Airtel
Prepared By: Amod Pawar
Year 2017
http://proschoolonline.com
Email ID : mumbai@proschoolonline.com
Mumbai
IMS Proschool Pvt Ltd,

Maharashtra High School Complex,
Principal N.M Kale Marg, Off Gokhale Rd,
Dadar (W), Mumbai 400028
Tel. No. : 022-65285393/94
+91 9372895050
Income
Revenue from Operations
Other Income
Expenses
Network operating expenses
Access charges
License fee / spectrum charges (revenue share)
Employee benefit cost
sales and marketing expenses
Total Opex
Gross Profit
Other expenses
EBITDA
Depreciation and amortisation

EBIT
Finance costs
Finance income
EBT
Non-operating expenses(net)
Exceptional Items (note 7)
PBT
Tax expenses (Note 7)

Current tax
Deferred tax
PAT
Less: Minority Interest

Add: Associate profit/loss
Net Income
Weighted average shares outstanding for basic EPS

Weighted average shares outstanding for diluted EPS
Earnings per share (Face value Rs.5/- each)

Basic
Diluted
31 March 2002 31 March 2003 31 March 2004 31 March 2005 31 March 2006 31 March 2007
Rs/Millions Rs/Millions Rs/Millions Rs/Millions Rs/Millions Rs/Millions
14664 29876 49308 80077 115393 183492

377 678 1062 1481 1862 710
15041 30554 50370 81558 117255 184202
1344 3101 4347 7103 12126 20342

2781 6385 11437 16893 21795 31378
2008 3393 5561 7789 11137 16953
1273 2754 3721 5194 8005 12012
1943 3171 3873 6588 8336 11387
9349 18804 28939 43567 61399 92072
5692 11750 21431 37991 55856 92130
1896 4129 4376 7332 13606 17723
3796 7621 17055 30659 42250 74407
3692 6575 8794 11882 16420 26191

104 1046 8261 18777 25830 48216
1087 2730 2693 2440 2244 2488

-1119
-983 -1684 5568 16337 23586 46847
972 371 41 506 132 63

-293
-1955 -1762 5527 15831 23454 46784
84 2 1057 131 1971 5609

-321 -1379 3464 937 72
-1718 -1764 5849 12236 20546 41103
86 286 12 121 267 482
-1804 -2050 5837 12115 20279 40621
1,706 1,853 1853 1,856 1,882 1,895

1,706 1,853 1853 1,893 1,897 1,897
-1.06 -1.11 3.15 6.53 10.78 21.44

-1.06 -1.11 3.15 6.40 10.69 21.41
268728 372328 418472 595383 714508 769045

1394 1192 697 635 550 425
270122 373520 419169 596018 715058 769470
32430 62328 89316 127163 157598 173333

41111 52909 44806 74718 97361 113227
26900 38270 40875 52600 61099 66486
14392 17023 19028 32784 35159 38823
19350 24611 56814 107743 126310 144632
134183 195141 250839 395008 477527 536501
135939 178379 168330 201010 237531 232969
21922 25521 408 390
114017 152858 168330 201010 237123 232579
38102 49639 62832 102066 133681 148148

75915 103219 105498 98944 103442 84431
5279 18613 17,559 25,349 40,828 45,187

-2796 -1524 -17,381 -3,536 -2,643 -5,103
73432 86130 105320 77131 65257 44347
317 220 181 292
73115 85910 105139 76839 65257 44347
9756 10808 22319 23961 26776 27927

-1595 -5340 -8866 -6171 -4174 -2743
64954 80442 91686 59049 42655 19163
1000 1852 1,870 -1,475 -13 -88

48 57 74 -3506
63954 78590 89768 60467 42594 22757
1,897 3,796 3,796 3,795 3,795 3,794

1,899 3,797 3,797 3,795 3,796 3,796
33.71 20.70 23.65 15.93 11.22 6.00

33.68 20.70 23.64 15.93 11.22 5.99
857461 920394 965321 954683 973059 1006133

1174 957 871 1206 1103 1000
858635 921351 966192 955889 974162 1007133
197202 203372 201567 209154 214073 221349

111923 112759 109423 102786 97306 110675
75971 87391 94928 92760 92178 92864
46228 47123 49108 43032 42873 43309
147979 155533 82410 71400 107036 105644
579303 606178 537436 519132 553466 573840
279332 315173 428756 436757 420695 433292
902 1290 88043 82253 78971 76624
278430 313883 340713 354504 341725 356668
156496 155311 174498 197730 219310 227095

121934 158572 166215 156774 122415 129573
58,788 73,252 85,461 95,466 89637 87233

-10,408 -24,788 -16,326 -18,492 -18848 -19489
73554 110108 97080 79800 51625 61829
660 1669 1,024 1,319 1344 1390

-538 8532 -21,741 11,697
73432 99907 117797 66784 50281 60439
41270 57877 44690 21240 17598 21154

7179 -3830 14843 13579
24983 45860 58264 31965 32683 39285
2467 1248 8,163 4,416 4963 5610

-5211 -7223 -10666 -10449 -10449 -10449
27727 51835 60767 37998 38169 44125
3,952 3,996 3,996 3,996 3,996 3,996

3,955 3,998 3,996 3,997 3,997 3,997
7.02 12.97 15.21 9.51 9.55 11.04

7.01 12.97 15.21 9.51 9.55 11.04
31 March 2020 31 March 2021 31 March 2022
Rs/Millions Rs/Millions Rs/Millions
1059118 1117294 1182759

1167 1333 1500
1060285 1118627 1184259
233006 256978 272035

127094 122902 130103
95178 97688 100534
44515 45826 47310
105912 100556 94621
605704 623950 644604
454580 494677 539655
75364 73917 72334
379216 420760 467321
232505 237022 240650

146711 183738 226671
74861 56090 39497

-20515 -21642 -22910
92365 149290 210084
1463 1544 1634
90902 147746 208450
31816 51711 72958
59086 96035 135493
6408 7290 8279

-10449 -10449 -10449
63127 99193 137662
3,996 3,996 3,996

3,997 3,997 3,997
15.80 24.82 34.45

15.79 24.82 34.44
3/31/2002 3/31/2003
Rs/Millions Rs/Millions
Assets
Non-current assets
Property,plant and equipment 30,984 44,650
Capital work-in-progress 13799 5306
Goodwill 4,755 8,025
Other intangible assets 0 0
Intangible assets under development
investment injoint ventures and associates
Financial Assets
Investment 5083 3551
Derivative instruments
Security Deposits
Others
Deferred tax assets (net) 1059 1059
Other non-current assets
55,680 62,591
Current Assets
inventories 87 209
Financial Assets
Investment
Trade receivables 1168 3698
Cash and cash equivalents 548 711
Bank deposits 419 177
Others
Current tax assets
Other current assets 23883 24238
Assets-held-for-sale
26,105 29,033
Total Assets 81,785 91,624
Equities and liabilities

Equity
Share Capital 18534 18534
Other Equity 26,139 18,028
Equity attributable to equity holders of the parent 44,673 36,562
Non controlling Interest 1,240 921
45,913 37,483
Non current liabilities
Financial Liabilities
Borrowings 15908 30698
others 1670 2248
Deferred revenue
Provisions
Deferred tax liabilities (net)
Other non-current liabilities
17,578 32,946
Current liabilities
Financial Liabilities
Borrowings 4570 5836
Current maturities of long-term borrowings
Trade Payables
Others
Deferred revenue
provisions 56 105
current tax liabilities (net)
other current liabilities 13668 15254
Liabilities-held-for-sale
18,294 21,195
Total liabilities 35,872 54,141
Total equity and liabilities 81,785 91,624
check sum 0 0
Balance Sheet Metrics
Current Ratio 1.43 1.37

Cash Ratio 0.05 0.04
Accounts Receivable Turnover 12.55 12.28
Days Sales Outstanding 29.07 29.72
Accounts Payable Turnover 0 0
Payable Days 0 0
Total Debt 20,478 36,534
Debt / Equity 0.46 1.00
BVPS 26.19 21.92
ROE % -3.85% -4.34%
3/31/2004 3/31/2005 3/31/2006 3/31/2007 3/31/2008 3/31/2009
86077 83,092 118,798 184,074 299,097 389,688

4531 10,167 24,365 24,709 35,700 41436
2,927 2,685 2,417 7,277 35,789
17806 16703 18553 19120 14,009
3346 4781 2480 1,471 48,097 23,490
2438 0 293
96,392 118,773 165,031 231,224 409,291 504,705
317 545 381 912 1,142 962
5310 7,415 11,140 18,712 28,399 28,998

1300 2,067 2,156 2,685 2,472 27,660
54 2031 1,355 5,836 4,562 0
1553
0
8065 11403 15168 17,284 28,493 60,535
15,046 23,461 30,200 45,429 65,068 119,708
111,438 142,234 195,231 276,653 474,359 624,413
18534 18561 18939 18959 18979 18,982

23865 26785 54685 95924 198264 272297
42,399 45,346 73,624 114,883 217,243 291,279
104 925 1,091 1948 10142 12,297
42,503 46,271 74,715 116,831 227,385 303,576
43260 38613 25884 42744 77011 14,287

0 1,011 1,948 2387 2729 0
43,260 39,624 27,832 45,131 79,740 14,287
3731 11393 21844 10116 19007 120,884
164
117,289
51,168
740 1185 2440 4,445 6,904 17045

0
21204 43761 68400 100,130 141,323
25,675 56,339 92,684 114,691 167,234 306,550

68,935 95,963 120,516 159,822 246,974 320,837
111,438 142,234 195,231 276,653 474,359 624,413
0 0 0 0 0 0
0.59 0.42 0.33 0.40 0.39 0.39

0.05 0.07 0.04 0.07 0.04 0.09
10.95 12.59 12.44 12.29 11.41 12.97
33.34 29.00 29.35 29.69 31.99 28.13
0 0 0 0 0 1.66
0 0 0 0 0 219.38
46,991 50,006 47,728 52,860 96,018 135,171
1.11 1.10 0.65 0.46 0.44 0.46
21.31 23.64 31.61 49.74 87.54 66.98
14.81% 27.89% 34.54% 43.61% 39.11% 31.64%
3/31/2010 3/31/2011 3/31/2012 3/31/2013 3/31/2014 3/31/2015
482,629 651,426 674,932 638,277 596,429 579,157

48,702
42,240 388,050 407,560 413,598 469136 414,823
17,650 249,267 253,329 234,788 340,580 340,271
118,487
57 223 11,552 56702 46,257
0 0 36341 31,260
3,337 1,998 2,756 3,566 2761 7,303
9,529
7,368 7,930 16887 6,489
12,489 45,061 51,277 58,491 62627 59,502
7,485 9,255 15568 35075 43339 28,383
573,255 1,352,987 1,422,532 1,395,347 1,607,915 1,690,163
484 2,139 1,308 1,109 1422 1,339
52,264 6,224 18,132 65,546 62,265 92,840

144 2,682 2,137 1,097 819 1,207
35,711 54,929 63,735 67,824 62,441 67,252
9,942 8,839 11,581 14,285 44,505 2,896
15,381 736 8,719 1,793 5,303 8,823
98 744 802 4,299 8,127 10,075
2,826 5,280 9,049 10,093 9319 5,750
20,835 30,504 32,621 30,860 29,656 31,828
0 0 45,645
137,685 112,077 148,084 196,906 223,857 267,655
710,940 1,465,064 1,570,616 1,592,253 1,831,772 1,957,818
18,988 18,988 18,988 18,988 19987 19,987

402952 468680 487125 484229 577,573 599,577
421,940 487,668 506,113 503,217 597,560 619,564
25,285 28,563 27695 40886 42102 48,525
447,225 516,231 533,808 544,103 639,662 668,089
81,474 532,338 497,154 569,137 549,919 452,283

289 151 401 893 4,313 164
10,860 13,856 23,076 23,204 27,464 162,106
11,222 8,700 2,892 9,685 14010 17,917
3,779 6,085 7,240 9,744 10044 6,248
3,737 12,487 11,621 12,556 16850 15,110
3,912 5,371 5,551 2,384 1460 1,466
115,273 578,988 547,935 627,603 624,060 655,294
20,424 84,370 193,078 98,226 209,039 86,023

125,366
415 317 166 219 1097 628
102,303 239,684 232,650 259,902 283981 212,364
127,306
19,027 30,599 43,282 39,560 44899 50,074
874 1,180 1,290 1,768 1725 2,061
0 3,642 7,596 7,627 12032 9,271
5,399 10,053 10,811 13,245 15277 15,897
- 5,445
148,442 369,845 488,873 420,547 568,050 634,435
263,715 948,833 1,036,808 1,048,150 1,192,110 1,289,729
710,940 1,465,064 1,570,616 1,592,253 1,831,772 1,957,818
0 0 0 0 0 0
0.93 0.30 0.30 0.47 0.39 0.42

0.17 0.03 0.04 0.04 0.09 0.02
12.93 13.14 12.04 11.69 13.16 14.19
28.22 27.78 30.31 31.22 27.73 25.72
2.28 2.31 2.02 2.18 2.13 2.44
159.77 158.00 180.52 167.55 171.34 149.43
101,898 616,708 690,232 667,363 758,958 538,306
0.24 1.26 1.36 1.33 1.27 0.87
93.94 119.84 130.93 133.02 139.27 152.29
25.71% 12.98% 8.58% 3.80% 4.54% 7.54%
3/31/2016 3/31/2017 3/31/2018 3/31/2019 3/31/2020 3/31/2021
610,508 620,088 724,006 705,923 658,878 605,140

47,304 23,942 23,942 23,942 23,942 23,942
428,381 338,082 338,082 338,082 338,082 338,082
684,039 824,181 824,181 824,181 824,181 824,181
9,716 84,443 84,443 84,443 84,443 84,443
60,990 82,277 82,277 82,277 82,277 82,277
28,622 44,187 44,187 44,187 44,187 44,187

13,999 4,732 4,732 4,732 4,732 4,732
10,441 9,630 9,630 9,630 9,630 9,630
17,502 16,653 16,653 16,653 16,653 16,653
46,738 26,262 26,262 23,010 17,757 12,505
70,440 49,875 49,875 49,875 49,875 49,875
2,028,680 2,124,352 2,228,270 2,206,934 2,154,638 2,095,647
1,692 488 488 488 488 488
16,159 16,923 16,923 16,923 16,923 16,923

4,765 2,060 2,060 2,060 2,060 2,060
55,039 49,838 51467 45012 49293 42539
37,087 12,817 1,000 1,000 1,000 1,000
13,900 3,360 13,360 13360 13360 13360
32,511 52,105 52,105 52,105 52,105 52,105
11,570 21,454 21,454 21,454 21,454 21,454
48,827 44,105 44,105 44,105 44,105 44,105
7,002
228,552 203,150 202,962 196,507 200,788 194,034
2,257,232 2,327,502 2,431,232 2,403,441 2,355,426 2,289,681
19,987 19,987 19,987 19,987 19,987 19,987

647,706 654,576 678091 708208 758126 844993
667,693 674,563 698,078 728,195 778,113 864,980
54,981 68,750 68,750 68,750 68,750 68,750
722,674 743,313 766,828 796,945 846,863 933,730
892,686 896,373 872,327 748,608 560,898 394,969

8 2,726 2,726 2,726 2,726 2,726
16,084 15,681 15,681 15,681 15,681 15,681
17,787 22,335 22,335 22,335 22,335 22,335
7,350 7,471 7,471 7,471 7,471 7,471
12,512 9,429 9,429 9,429 9,429 9,429
1,527 727 727 727 727 727
947,954 954,742 930,696 806,977 619,267 453,338
57,238 129,442 168,558 243,239 310,115 362,599

54,602 48,466 89,637 87,233 74,861 56,090
1,931 2,335 2,335 2,335 2,335 2,335
255,806 268,537 292,511 286,046 321,318 300,923
131,180 88,808 88,808 88,808 88,808 88,808
51,336 48,785 48,785 48,785 48,785 48,785
2,332 2,215 2,215 2,215 2,215 2,215
9,296 6,089 6,089 6,089 6,089 6,089
21,844 34,770 34,770 34,770 34,770 34,770
1,039
586,604 629,447 733,708 799,519 889,296 902,613
1,534,558 1,584,189 1,664,404 1,606,496 1,508,563 1,355,951
2,257,232 2,327,502 2,431,232 2,403,441 2,355,426 2,289,681
0 0 0 0 0 0
0.39 0.32 0.28 0.25 0.23 0.21

0.09 0.03 0.020 0.018 0.016 0.016
15.79 18.21 19.21 20.86 22.46 24.33
23.12 20.05 19 17.5 16.25 15
2.30 1.98 1.97 1.98 1.99 2.01
158.98 184.33 185 184 183 182
949,924 1,025,815 1,040,885 991,847 871,013 757,568
1.42 1.52 1.49 1.36 1.12 0.88
161.07 167.95 171.75 178.46 188.48 205.59
9.05% 4.76% 4.76% 5.51% 7.85% 11.69%
3/31/2022
Rs/Millions
545,532
23,942
338,082
824,181
84,443
82,277
44,187
4,732
9,630
16,653
10,000
49,875
2,033,534
488
16,923
2,060
48193
1,000
13360
52,105
21,454
44,105
199,688
2,233,221
19,987
971317
991,304
68,750
1,060,054
157,015
2,726
15,681
22,335
7,471
9,429
727
215,384
396,901
39,497
2,335
338,383
88,808
48,785
2,215
6,089
34,770
957,783
1,173,167
2,233,221
0.21
0.015
26.07
14
2.02
181
553,916
0.56
232.27
14.60%
Partlculars
Cash flows from operating activities

Profit before tax
Adjustments for:
Depreciation and amortisation
Finance costs
Finance Income
Share of results of joint ventures and associates
Exceptional items
Employee share-based payment expense
Other non-cash items
Operating cash flow before changes In working capital
Changes In working capital
Trade receivables
Trade payables
Inventories
Provisions
Other financial and non financial liabilities
Other financial and non financial assets
Net cash generated from operations before tax and dividend
Dividend received
Income tax paid
Net cash generated from operating activities (a)
Cash flows from Investing activities

Purchase of property, plant and equipment
Proceeds from sale of property. plant and equipment
Purchase of intangible assets
Net movement In current investments
Purchase of non-current Investments
Sale of non-current investments
Investment in subsidiaries,net of cash acquired
Sale of subsidiaries
Sale of tower assets
Investment in associate
Proceeds from sale of interest in associate/joint venture
Loan to joint venture/associate
Loan repayment received from joint venture/associate
Dividend received
Interest received
Net cash used in Investing activities (b)
Cash flows from financing activities

Proceeds from issuance of Equity Shares
Proceeds from borrowings
Repayment of borrowings
Net proceeds from short term borrowings
Proceeds from sale and finance lease back of towers
Repayment of finance lease liabilities
Purchase of treasury shares
Interest and other finance charges paid
Proceeds from exercise of share options
Dividend paid
Proceeds from Issuance of equity shares to non - controlling Interests
Sale of interest in a subsidiary
Purchase of shares from non-controlling interests
Net cash used in financing nvesting activities (c)
Net decrease In cash end cash equlvalents during the year (a+b+c)
Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents as at beginning ofthe year
Cash and cash equivalents as at end of the year
March 31,2002 March 31,2003 March 31,2004 March 31,2005 March 31,2006
Rs/Millions Rs/Millions Rs/Millions Rs/Millions Rs/Millions
-1955 -1762 5527 15831 23454
3596 6460 8723 11835 16293

1087 2730 2693 2440 2244
0 0 0 0 0
96 115 71 47 127
1221 1307 910 1654 4748
4045 8850 17924 31807 46866
-5516 -5123 -3425 -6170 -11633

5346 1459 5395 11077 16312
-52 -122 -108 -203 76
230 577
-1751
2302 5641 19786 36511 51621
-141 29 -948 -1413 -2307

2161 5670 18838 35098 49314
-8508 -29054 -24493 -27734 -55343

46 185 188 518 119
-10407 -633 -50
-9307 8736
-53527 -22124 -35679 -105435 -69827
53904 23908 36069 104445 71943
-13999 -1354 -288 -79
504 16 27 66 202
-41294 -18333 -25875 -28478 -52985
31709
9450 19048 16147 7509 23725
-693 -7741 -7670 -26818
-284 -2298 2051 -671 8891
-1548 -2880 -2954 -3043 -2100
98
-593
39425 12584 7503 -3875 3698
292 -79 466 2745 27
674 966 887 1353 4098

966 887 1353 4098 4125
46784 73115 85910 105139 76839
25964 37765 48744 61338 100505

2488 5279 18613 17559 25349
-1119 -2796 -1524 -17381 -3536
227 337 895 1494 1561

4778 4474 4695 1923 2041
79122 118174 157333 170072 202759
-14269 -23204 -29634 11666 -9207

25178 37868 22594 648 16987
523 -273 -340 479 -211
680 -160
4816 4282
-6062 -2114
90554 132565 149953 182299 212336
0 0
-4845 -9321 -12838 -21961 -24388
85709 123244 137115 160338 187948
-86169 -136375 -168590 -127989 -109952

1134 1607 1869 6202 783
-2527 -167925
-14615 -13198 46590
-99247 -221274 -393572
100590 175342 420787
-1044 109 -643 -1 -373991
0 1186
-4386 -181 -90
268 259 1363 2038 565

-84468 -184718 -152396 -135565 -603930
20171 149
19062 48017 27463 56331 578290
-45008 -19632 -15288 -57504 -148704
31982 15185 12796
0 -402
-2679 -3948 -4648 -6368 -21595
38 194 176 191 96
-4442 -4428
375
-74 -6104
3770 59987 20648 -11866 397153
5011 -1487 5367 12907 -18829
-347 -124
4125 9136 7649 13016 25576
9136 7649 13016 25576 6623
65257 44347 73432 99907 117797
132898 147745 156488 155315 174250

40828 45187 58788 73252 85461
-2643 -5103 -10408 -24788 -16326
- -2,481 1,941 -31,321

783 403 8 -4 248
2317 739 -781 -49 105
239440 233318 275,046 305,574 330,214
-14094 -3823 2,072 -11,144 12,656

23961 24055 16,818 -2 -3,504
1475 268 -147 14,203 -872
397 1093 2,511 1,144 -277
9505 2294 10,506 -99 9,939
-6194 -4253 -14,227 -5,741 -21,897
254490 252952 292,579 303,935 326,259
0 4050 2,200 16,407 0
-29453 -31294 -35,039 -46,111 -46,836
225037 225708 259,740 274,231 279,423
-144436 -125722 -114,159 -146,411 -193,313

1074 1403 4,360 2,595 3,798
-6921 -5744 -64,860 -65,970 -81,452
-10823 -47389 -21,998 -13,821 63,771
0 -8,842 -3,078 -3,218
- 5,618 7,642
-24985 102 -6,044 -358 -135
2543 -385 -8,009 1,021 0
56,821
-285 -9281 -2 -10 0
0 87 55
-172 -130 -30,179 -154 -19
210 -9173 14
113 898 480 118
401 1878 1,688 1,307 3,661
-183394 -185155 -247,147 -227,867 -142,257
67,956
164864 257694 361,215 344,586 187,265
-163343 -274438 -348,425 -420,325 -309,656
-4351 -7282 1,462 3,288 4,558
48,120
-2,593
-544 -762 -514
-32352 -34918 -37,620 -33,887 -32,890
187 68 98 553 569
-4568 -5538 -6,735 -21,399 -15,304
32303 0 984
0 40,413 0
-12782 -10,207 -624 0
-40107 -45655 27744 -87395 -119461
1536 -5102 40,337 -41,031 17,705
493 -1624 -2,073 43 1,343
6623 8652 1,926 40,190 -798
8652 1926 40,190 -798 18,250
March 31,2017 March 31,2018 March 31,2019 March 31,2020 March 31,2021 March 31,2022
66784 50281 60439 90902 147746 208450
197392 219310 227095 232505 237022 240650

95466 89637 87233 74861 56090 39497
-18492 -18848 -19489 -20515 -21642 -22910
-276
338
603
341,815 340,380 355,278 377,753 419,216 465,687
13,001 -1629 6455 -4282 6754 -5654

9,633 23974 -6465 35272 -20396 37460
948
-26
3,558
-54,543
314,386 362,725 355,267 408,744 405,575 497,493
9,510
-31,587 -17598 -21154 -31816 -51711 -72958
292,309 345,127 334,114 376,928 353,864 424,535
-223,030 -301648 -201227 -180050 -178767 -177414

4,462
-165,477
5,785
-89,073
82,557
-283
59,604
7,120
-250
447
0
0
279
2,305
-315,554 -301,648 -201,227 -180,050 -178,767 -177,414
258,584 187985 52265 0 23307 0

-274,608 -212031 -175984 -187710 -189236 -237954
25,377
6,277
-3,899
0
-58,566
65
-9,168 -9168 -9168 -9168 -9168 -9168
1,245
61,863
-10,684
-3514 -33214 -132887 -196878 -175097 -247122
-26,759 10,265 0 0 0 0
-756
18,250 -9,265 1,000 1,000 1,000 1,000
-9,265 1,000 1,000 1,000 1,000 1,000
31 March 2002 31 March 2003
Cash BOP 674 966

Cash Flow Before Financing (CFO+CFI WITHOUT INV) 23701 725
Cash For other financing items 30259 -3473
Minimum Cash 1000 -1000 -1000
Cash Available for debt repayment 53634 -2782
Repayment of Debt 0 693
New Borrowings
BS as Debt
Secured Debt 14,839 30,698
Unsecured Debt 1,069 0
Total Debt 15908 30698
Interest and Finance Charges

10 % Interest Rate
887 1353 4098 4125 9136 7649

28642 112055 66156 100488 159800 392906
-2954 -3043 -2100 -2266 16417 -4323
-1000 -1000 -1000 -1000 -1000 -1000
25575 109365 67154 101347 184353 395232
7741 7670 26818 45008 19632 15288
40049 38613 25884 2453 583 14287

3,211 0 0 40,291 76,428 0
43260 38613 25884 42744 77011 14287

13016 25576 6623 8652 1926 40190

37971 -462572 52466 87942 43433 63263
-10693 -32433 -37277 -21629 13492 -14944
-1000 -1000 -1000 -1000 -1000 -1000
39294 -470429 20812 73965 57851 87509
57504 148704 163343 274438 348425 420325
49584 112,355 109,959 86,351 106,552 68,962

31,890 419,983 387,195 482,786 443,367 383,321
81474 532338 497154 569137 549919 452283

-798 18250 -9265 1000 1000 1000

76613 60043 43479 132887 196878 175097
-1628 -12867 -9168 -9168 -9168 -9168
-1000 -1000 -1000 -1000 -1000 -1000
73187 64426 24046 123719 187710 165929
309656 274608 212031 175984 187710 189236
187985 52265 0 23307
26,299 11,375 11,375 11,375 11,375 11,375

866,387 884,998 860,952 737,233 549,523 383,594
892686 896373 872,327 748,608 560,898 394,969
89637 87233 74861 56090

10.00% 10.00% 10.00% 10.00%
31 March 2022
Rs/Millions
1000
247122
-9168
-1000
237954
237954
11,375
145,640
157,015
39497
10.00%
3/31/2002
Rs/Millions
1. Segment Revenue
Mobile Services India 12803
Mobile Services Africa
Mobile Services South Asia
Airtel Business
Tower Infrastructure Services
Homes Services 2375
Digital TV Services
Others 32
Unallocated
Total 15,210
Less: Inter-segment revenue 169
Net sales / Income from operations 15,041
2. Segment Results
Profit before net finance costs,
non-operating (income ) / expense - (net) exceptional Items & tax
Airtel Business
Homes Services -1744
Digital TV Services
Others -445
Unallocated
Total -1,804
Less:
(i) Inter - Segment aliminations 151
(ii) Net finance costs
(iii) Non - operating (income) / expense (net)
(iv) Exceptional items
Profit before tax -1,955
3. Segment Assets
Airtel Business
Homes Services 12066
Digital TV Services
Others 44,137
Unallocated / Inter-segment eliminations -32,229
Total 81,784
4. Segment Liabilities
Mobile Services India 53,290
Airtel Business
Homes Services 12847
Digital TV Services
Others 2,801
Unallocated / Inter-segment eliminations -31,826
Total 37,112
3/31/2003 3/31/2004 3/31/2005 3/31/2006 3/31/2007 3/31/2008
28204 45052 74,173 83,095 141,189 218,697
2625 5406 31606 44254 57,683

6,023
4853 7766 11,311 15,075 22,491 28,615
189 303 379 -1 854 2537
33,246 55,746 91,269 129,775 208,788 313,555

2,692 5376 9,711 12,520 23,468 40,637
30,554 50,370 81,558 117,255 185,320 272,918
2503 7882 15,100 16,853 34,908 59,270
1086 2284 9555 14929 16,532

1,243
-684 -59 1,441 606 1,698 6,109
-851 -690 -545 -1,316 -2,107 -4,193
968 8,219 18,280 25,698 49,428 78,961
10 156 567
2,730 2692 2,439 2244 2,488 5,279
-1,762 5,527 15,831 23,454 46,784 73,115
67919 82561 123,619 128,790 201,022 264,508
2789 5405 56826 89573 124,757

235086
17817 17365 25,831 41,054 43,512 44,926
42,771 49789 48,435 45,565 58,604 28,203

-36,884 -41065 -61,056 -77,004 -116,058 -223,121
91,623 111,439 142,234 195,231 276,653 474,359
72629 82832 113,294 108,240 150,543 168,764
3555 3379 36947 53890 73112

131092
18182 16459 27,699 43,693 45,485 41,381
984 7109 13,561 9,730 27,741 65,887

-36,732 -40915 -61,045 -77,004 -115,889 -223,121
55,063 69,040 96,888 121,606 161,770 257,115
3/31/2009 3/31/2010 3/31/2011 3/31/2012 3/31/2013 3/31/2014
304,188 331,275 363,400 403,091 430,705 466835

130,834 198,265 240,439 272488
12,330 17403
83,417 44,798 41,463 44,541 53,203 63,361
50,912 70,852 85,555 95,109 49,865 51087
33,427 34,154 36,324 37,271 35,896 39,352
7,760 12,960 16,295 20771
4,000 5,825 2,741 3,117 3,359 3197
0 0
475,944 486,904 668,077 794,354 842,092 934,494
100,900 68,432 72,694 79,846 73,047 77033
375,044 418,472 595,383 714,508 769,045 857,461
68,746 94,403 85,551 82,221 66,552 91216

2,381 14,147 15,569 16983
-5,117 -4271
31,637 9,336 5,546 2,629 3,110 8,078
3,204 7,362 11,688 14,641 10,894 16185
8,187 7,589 8,334 7,172 6,999 5,541
-5,181 -7,198 -8,105 -4821
-6,860 -13,193 47 -416 83 62
-9,714 -9,792 -2,027 -2,213
104,914 105,497 98,652 103,404 87,958 126,760
392 180 -38 21 275

18612 17607 25,349 40,828 45,187 55513
-17381 -3479 -2569 -5,103 -7133
-538
85,910 105,091 76,782 65,183 47,853 78,643
377,048 601,721 594,629 678,106 769,097 933,083

584,051 679,350 687,652 788,468
39,218 51,537
172,389 82,566 100,630 102,660 111,307 130,199
220,068 210,913 203,105 206,446 194,969 211,850
66,715 65,579 97,396 76,935 56,549 70,854
22,637 23,397 22,113 19,626
64,390 90,420 588 1,053 722 967
-276,197 -340,259 -137972 -197331 -289374 -374,812
624,413 710,940 1,465,064 1,570,616 1,592,253 1,831,772
177,590 241,978 155,603 159,810 191,315 214,942
139,369 229,597 138,521 159,070
30,525 40,450
91,532 48,515 46,201 44,194 48,911 54,898
120,621 50,694 40,733 43,533 28,870 28,323
55,760 46,411 69,837 42,236 14,599 24,155
34,581 42,908 50,251 52,956
163,828 127,149 1,027 1,428 1,198 1,281
-276,197 -251,032 461482 473102 543960 616035
333,134 263,715 948,833 1,036,808 1,048,150 1,192,110
3/31/2015 3/31/2016 3/31/2017
Rs/Millions Rs/Millions Rs/Millions
519636 560,638 565,511

269070 251,333 219,568
15759 16,454 11,743
67,130 96,993 109,429
54282 55,588 60,829
44,325 25,066 27,518
24759 29,178 34,306
2914 3,446 3,736
0 - -
997,875 1,038,696 1,032,640
77481 73,375 77,957
920,394 965,321 954,683
124703 128,324 105,494

11727 4,909 10,189
-6138 -6,394 -4,660
7,713 18,853 22,737
21731 25,506 29,195
8,689 5,682 6,868
-1581 1,843 3,577
16 -560 -2,496
-1064 -1,544 -1,418
165,796 176,619 169,486
1 -262 2,263
73252 69,135 76,974
-23119 1,024 1,319
8532 -21,741 11,697
107,130 128,463 77,233
1,251,137 1,489,054 1,642,949

680,586 710,446 556,281
47,416 47,038 29,048
169,346 229,437 331,833
207,433 209,382 210,023
106,731 168,010 311,890
19,125 22,756 22,935
789 4,948 9,327
-524,745 -623,839 -786,784
1,957,818 2,257,232 2,327,502
408,419 625,412 722,363
205,193 278,878 226,314
29,076 31,499 7,968
88,025 129,797 180,624
20,645 19,806 47,535
51,977 110,033 246,864
54,550 46,958 28,341
1,124 3,148 5,083
430720 289,027 119,097
1,289,729 1,534,558 1,584,189
31 March 2002 31 March 2003 31 March 2004 31 March 2005
Rs/Millions Rs/Millions Rs/Millions Rs/Millions
Segment Wise:
Mobile Services India 12,803 28,204 45,052 74,173
Mobile Services Africa - - - -
Mobile Services South Asia - - - -
Airtel Business - - 2,625 5,406
Tower Infrastructure Services - - - -
Homes Services 2,375 4,853 7,766 11,311
Digital TV Services - - - -
Others 32 189 303 379
Unallocated - - - -
15,210 33,246 55,746 91,269
Less: Inter-segment revenue 169 2,692 5,376 9,711
Total Revenue 15,041 30,554 50,370 81,558
Mobile Services India

Airtel Business
Homes Services
Digital TV Services
Others
Unallocated
Less: Inter-segment revenue

YoY Growth 103.14% 64.86% 61.92%
83,095 141,189 218,697 304,188 331,275 363,400

- - - - - 130,834
- - - - - -
31,606 44,254 57,683 83,417 44,798 41,463
- - 6,023 50,912 70,852 85,555
15,075 22,491 28,615 33,427 34,154 36,324
- - - - - 7,760
-1 854 2,537 4,000 5,825 2,741
- - - - - -
129,775 208,788 313,555 475,944 486,904 668,077
12,520 23,468 40,637 100,900 68,432 72,694
117,255 185,320 272,918 375,044 418,472 595,383
43.77% 58.05% 47.27% 37.42% 11.58% 42.28%

403,091 430,705 466,835 519,636 560,638 565,511

198,265 240,439 272,488 269,070 251,333 219,568
- 12,330 17,403 15,759 16,454 11,743
44,541 53,203 63,361 67,130 96,993 109,429
95,109 49,865 51,087 54,282 55,588 60,829
37,271 35,896 39,352 44,325 25,066 27,518
12,960 16,295 20,771 24,759 29,178 34,306
3,117 3,359 3,197 2,914 3,446 3,736
- - - - - -
794,354 842,092 934,494 997,875 1,038,696 1,032,640
79,846 73,047 77,033 77,481 73,375 77,957
714,508 769,045 857,461 920,394 965,321 954,683
0.87%
-12.64%
-28.63%
14%
9.43%
9.78%
17.57%
35%
0
2%
20.01% 7.63% 11.50% 7.34% 4.88% -1.10%
31 March 2018 31 March 2019 31 March 2020 31 March 2021 31 March 2022
568,339 571,180 579,748 591,343 606,126

206,394 206,394 216,714 227,549 238,927
11,978 11,139 11,808 11,926 12,880
124,321 140,117 156,657 173,736 191,109
66,912 73,603 80,963 89,060 97,966
29,719 32,097 34,665 37,438 41,182
40,335 47,192 54,743 62,954 71,768
4,483 5,324 6,255 7,272 8,363
- - - - -
1,052,481 1,087,047 1,141,553 1,201,278 1,268,321
79,422 80,914 82,435 83,984 85,562
973,059 1,006,133 1,059,118 1,117,294 1,182,759
0.5% 1% 2% 2% 3%
-6% 0% 5% 5% 5%
2% -7% 6% 1% 8%
14% 13% 12% 11% 10%
10% 10% 10% 10% 10%
8% 8% 8% 8% 10%
18% 17% 16% 15% 14%
20% 19% 18% 16% 15%
0% 0% 0% 0% 0%
2% 2% 2% 2% 2%
1.92% 3.40% 5.27% 5.49% 5.86%
31 March 2002 31 March 2003
Revenue from Operations 14664 29876
Other Income 377 678
Network operating expenses 1344 3101

Access charges 2781 6385
License fee / spectrum charges (revenue share) 2008 3393
Employee benefit cost 1273 2754
sales and marketing expenses 1943 3171
Total Opex 9349 18804
Other expenses 1896 4129

Depreciation and amortisation 3692 6575
Finance costs 1087 2730
Finance income 0 0
Non-operating expenses(net) 972 371
Current tax 84 2
Less: Minority Interest 86 286
Common Size Analysis

Other Income 2.57% 2.27%
Network operating expenses 9.17% 10.38%

Access charges 18.96% 21.37%
License fee / spectrum charges (revenue share) 13.69% 11.36%
Employee benefit cost 8.68% 9.22%
sales and marketing expenses 13.25% 10.61%
Total Opex 63.75% 62.94%
Other expenses 12.93% 13.82%

Depreciation and amortisation 25.18% 22.01%
Finance costs 7.41% 9.14%
Finance income 0.00% 0.00%
Non-operating expenses(net) 6.63% 1.24%
Current tax 0.57% 0.01%
Less: Minority Interest 0.59% 0.96%
Effective Tax Rate % -4.30% -0.11%

49308 80077 115393 183492 268728 372328
1062 1481 1862 710 1394 1192
4347 7103 12126 20342 32430 62328

11437 16893 21795 31378 41111 52909
5561 7789 11137 16953 26900 38270
3721 5194 8005 12012 14392 17023
3873 6588 8336 11387 19350 24611
28939 43567 61399 92072 134183 195141
4376 7332 13606 17723 21922 25521

8794 11882 16420 26191 38102 49639
2693 2440 2244 2488 5279 18613
0 0 0 -1119 -2796 -1524
41 506 132 63 317 220
1057 131 1971 5609 9756 10808
12 121 267 482 1000 1852
2.15% 1.85% 1.61% 0.39% 0.52% 0.32%
8.82% 8.87% 10.51% 11.09% 12.07% 16.74%

23.20% 21.10% 18.89% 17.10% 15.30% 14.21%
11.28% 9.73% 9.65% 9.24% 10.01% 10.28%
7.55% 6.49% 6.94% 6.55% 5.36% 4.57%
7.85% 8.23% 7.22% 6.21% 7.20% 6.61%
58.69% 54.41% 53.21% 50.18% 49.93% 52.41%
8.87% 9.16% 11.79% 9.66% 8.16% 6.85%

17.83% 14.84% 14.23% 14.27% 14.18% 13.33%
5.46% 3.05% 1.94% 1.36% 1.96% 5.00%
0.00% 0.00% 0.00% -0.61% -1.04% -0.41%
0.08% 0.63% 0.11% 0.03% 0.12% 0.06%
2.14% 0.16% 1.71% 3.06% 3.63% 2.90%
0.02% 0.15% 0.23% 0.26% 0.37% 0.50%
19.12% 0.83% 8.40% 11.99% 13.34% 12.58%

418472 595383 714508 769045 857461 920394
697 635 550 425 1174 957
89316 127163 157598 173333 197202 203372

44806 74718 97361 113227 111923 112759
40875 52600 61099 66486 75971 87391
19028 32784 35159 38823 46228 47123
56814 107743 126310 144632 147979 155533
250839 395008 477527 536501 579303 606178
0 0 408 390 902 1290

62832 102066 133681 148148 156496 155311
17559 25349 40828 45187 58788 73252
-17381 -3536 -2643 -5103 -10408 -24788
181 292 0 0 660 1669
22319 23961 26776 27927 41270 57877
1870 -1475 -13 -88 2467 1248
0.17% 0.11% 0.08% 0.06% 0.14% 0.10%
21.34% 21.36% 22.06% 22.54% 23.00% 22.10%

10.71% 12.55% 13.63% 14.72% 13.05% 12.25%
9.77% 8.83% 8.55% 8.65% 8.86% 9.49%
4.55% 5.51% 4.92% 5.05% 5.39% 5.12%
13.58% 18.10% 17.68% 18.81% 17.26% 16.90%
59.94% 66.35% 66.83% 69.76% 67.56% 65.86%
0.00% 0.00% 0.06% 0.05% 0.11% 0.14%

15.01% 17.14% 18.71% 19.26% 18.25% 16.87%
4.20% 4.26% 5.71% 5.88% 6.86% 7.96%
-4.15% -0.59% -0.37% -0.66% -1.21% -2.69%
0.04% 0.05% 0.00% 0.00% 0.08% 0.18%
5.33% 4.02% 3.75% 3.63% 4.81% 6.29%
0.45% -0.25% 0.00% -0.01% 0.29% 0.14%
21.23% 31.18% 41.03% 62.97% 56.20% 57.93%

965321 954683 973058.784929 1006132.510045 1059118.02388 1117294.083387
871 1206 1103 1000 1167 1333
201567 209154 214073 221349 233006 256978

109423 102786 97306 110675 127094 122902
94928 92760 92178 92864 95178 97688
49108 43032 42873 43309 44515 45826
82410 71400 107036 105644 105912 100556
537436 519132 553466 573840 605704 623950
88043 82253 78971 76624 75364 73917

174498 197730 219310 227095 232505 237022
85461 95466 89637 87233 74861 56090
-16326 -18492 -18848 -19489 -20515 -21642
1024 1319 1344 1390 1463 1544
44690 21240 17598 21154 31816 51711
8163 4416 4963 5610 6408 7290
0.09% 0.13%
20.88% 21.91% 22.00% 22.00% 22.00% 23.00%

11.34% 10.77% 10.00% 11.00% 12.00% 11.00%
9.83% 9.72% 9.47% 9.23% 8.99% 8.74%
5.09% 4.51% 4.41% 4.30% 4.20% 4.10%
8.54% 7.48% 11.00% 10.50% 10.00% 9.00%
55.67% 54.38% 56.88% 57.03% 57.19% 55.84%
9.12% 8.62% 8.12% 7.62% 7.12% 6.62%

18.08% 20.71% 22.54% 22.57% 21.95% 21.21%
8.85% 10.00% 9.21% 8.67% 7.07% 5.02%
-1.69% -1.94% -1.94% -1.94% -1.94% -1.94%
0.11% 0.14% 0.14% 0.14% 0.14% 0.14%
4.63% 2.22%
0.85% 0.46% 0.51% 0.56% 0.61% 0.65%
37.94% 31.80% 35% 35% 35% 35%

31 March 2022
Rs/Millions
1182758.804667
1500
272035
130103
100534
47310
94621
644604
72334
240650
39497
-22910
1634
72958
8279
23.00%
11.00%
8.50%
4.00%
8.00%
54.50%
6.12%
20.35%
3.34%
-1.94%
0.14%
0.70%
35%
3/31/2002 3/31/2003 3/31/2004 3/31/2005
Rs/Millions Rs/Millions Rs/Millions Rs/Millions
Property,plant and equipment(Gross) 39,338 58,438 112192 119,894

Accumulated Depreciation 8,354 13,788 26,115 36,802
Net Block 30,984 44,650 86,077 83,092
Capital work-in-progress 13,799 5,306 4,531 10,167

Goodwill 4,755 8,025 0 2,927
Other intangible assets 0 0 0 17,806
Intangible assets under development 0 0 0 0
Total Net Block 49,538 71,769 116,723 150,794
Depreciation 3692 6575 8794 11882
% to total 7.45% 10.84% 9.33% 8.88%
Capex 8508 29054 24493 27734

% Revenue 58.02% 97.25% 49.67% 34.63%
Dividends Paid including dividend tax 0 0 0 0

Dividend without DDT 0 0 0 0
Dividends Declared (DPS) 0 0 0 0
3/31/2006 3/31/2007 3/31/2008 3/31/2009 3/31/2010 3/31/2011 3/31/2012
Rs/Millions Rs/Millions Rs/Millions Rs/Millions Rs/Millions Rs/Millions Rs/Millions
171,100 260,229 396,827 536,818 678,122 931,873 1,053,012

52,302 76,155 97,730 147,130 195,493 280,447 378,080
118,798 184,074 299,097 389,688 482,629 651,426 674,932
24,365 24,709 35,700 41,436 0 0 0

2,685 2,417 7,277 35,789 42,240 388,050 407,560
16,703 18,553 19,120 14,009 17,650 249,267 253,329
0 0 0 0 0 0 0
214,853 305,908 458,924 628,052 738,012 1,569,190 1,713,901
16420 26191 38102 49639 62832 102066 133681
8.98% 10.06% 9.96% 9.13% 9.20% 8.85% 8.14%
55343 86169 136375 168590 127989 109952 144436

47.96% 46.96% 50.75% 45.28% 30.58% 18.47% 20.21%
0 0 0 0 4442 4428 4568

0 0 0 0 3863 3850 3972
0 0 0 0 1 1 1
3/31/2013 3/31/2014 3/31/2015 3/31/2016 3/31/2017 3/31/2018 3/31/2019 3/31/2020
Rs/Millions Rs/Millions Rs/Millions Rs/Millions Rs/Millions Rs/Millions Rs/Millions Rs/Millions
1,112,602 1,175,977 1,189,140 1,356,266 1,392,547 1,694,195 1,895,422 2,075,472

474,325 579,548 609,983 745,758 772,459 970,189 1,189,499 1,416,593
638,277 596,429 579,157 610,508 620,088 724,006 705,923 658,878
0 0 48,702 47,304 23,942 23,942 23,942 23,942

413,598 469,136 414,823 428,381 338,082 338,082 338,082 338,082
234,788 340,580 340,271 684,039 824,181 824,181 824,181 824,181
0 0 118,487 9,716 84,443 84,443 84,443 84,443
1,760,988 1,985,693 2,111,423 2,525,706 2,663,195 2,964,843 3,166,070 3,346,120
148148 156496 155311 174498 197730 219309.8566 227094.5893 232505.3612
8.53% 8.35% 7.58% 7.53% 7.62% 7.40% 7.17% 6.95%
125722 114159 146411 193313 223030 301648.2233 201226.502 180050.0641

16.35% 13.31% 15.91% 20.03% 23.36% 31.00% 20.00% 17.00%
5538 6735 21399 15304 9168 9168 9168 9168

4816 5857 18608 13308 7972 7972 7972 7972
1 1 5 3 2 2 2 2
3/31/2021 3/31/2022
2,254,239 2,431,653
1,649,099 1,886,121
605,140 545,532
23,942 23,942
338,082 338,082
824,181 824,181
84,443 84,443
3,524,887 3,702,301
237022.3234 240649.5431
6.72% 6.50%
178767.0533 177413.8207
16.00% 15.00%
9168 9168
7972 7972
2 2
Growth Assumptions Enterprise Value (EV)
Long term World GDP growth rate 6%
Current Market Price
Diluted Shares
CAPM Assumptions Market Capitalisation
Ke 12.09% Debt
RFR 6% Less: Cash & Cash Equivalents
Beta 0.87 Net Debt
Rp 7% Current Enterprise Value (EV)
Calculation of Free Cash Flow

Explicit Forecast Period
2017-A 2018-E 2019-E 2020-E
Revenues 954,683 973,059 1,006,133 1,059,118

EBIT 156,774 122,415 129,573 146,711
Tax Rate 31.8% 35.0% 35.0% 35.0%
Net Operating Profit After Tax (NOPAT) 106,914 79,570 84,223 95,362
Depreciation & Amortisation 197,730 219,310 227,095 232,505
Working Capital Change 22,634 22,345 (10) 30,991
Operating Cash Flow 327,278 321,225 311,307 358,858
Capex (223,030) (301,648) (201,227) (180,050)
FCFF 104,248 19,576 110,080 178,808
Diluted Shares
2017-A 2018-E 2019-E 2020-E
Projection Year 1 2 3
Discount Factor 0.91 0.82 0.75
Present Value of FCFF
2017-A 2018-E 2019-E 2020-E

Y/Y Growth Analysis
Revenues -1.10% 1.92% 3.40% 5.27%
Margin Analysis (As % of Revenues)
EBIT Margin 16.4% 12.6% 12.9% 13.9%

Depreciation & Amortisation 20.7% 22.5% 22.6% 22.0%
Capex -23.4% -31.0% -20.0% -17.0%
Terminal Value Calculated Equity Value

Sum of PV of FCFF for explicit forecast period 502,248 Enterprise Value
WACC 10.21% - Debt
LT GDP Growth Rate 6% + Cash
Terminal Value @ 6th Year 4,657,961 Net Debt
Present Value of terminal value 2864933 Equity Value
Terminal Value as % of Total Value 85.1%
Sensitivity Analysis
Terminal Growth Rate (%)

589.83 5.0% 5.5%
10.0%
10.5%
WACC
11.0%
11.5%
12.0%
12.5%
Debt Equity Weightage
E/(D+E) 66.35%
Rs. 498.00 D/(D+E) 33.65%
3,997 mn
1,990,506 Interest Rate (%) 10%
1,025,815.0 Tax Rate (@) 35.0%
h Equivalents 16,177.0
1,009,638.0 WACC Calculation
980,868 WACC 10.21%
st Period Terminal Year

2021-E 2022-E 2023-E
1,117,294 1,182,759 1,253,724

183,738 226,671 175,521
35.0% 35.0% 35.00%
119,429 147,336 114,089
237,022 240,650 250,745
(13,641) 31,806 31,806
342,810 419,792 396,640
(178,767) (177,414) (200,596)
164,043 242,378 196,044
2021-E 2022-E
4 5
0.68 0.62
2021-E 2022-E
5.49% 5.86% 6.00%
16.4% 19.2% 14.0%

21.2% 20.3% 20.0%
-16.0% -15.0% -16.0%
Intrinsic Value
3,367,182 Equity Value 2,357,544
1,025,815 Diluted Shares 3,997
16,177
1,009,638 Intrinsic Value 589.83
2,357,544
Upside 18.44%
Rating Buy
Terminal Growth Rate (%)

6.0% 6.5% 7.0%
Relative Valuation
Company CMP NOS. M Cap Debt Cash
Bharti Airtel 498 3,996 1990008 1025815 16177

Idea Cellular+Vodafone 102.8 7868 808789 1030620 312.7
Tata Comm 651.85 285 185777 7372 1017.9
Reliance Comm 31.2 2489 77657 265570 6430
Bharti Infratel 346 1866 645636 2785 1121
Company EV/Revenue P/S EV/EBITDA

FY18E FY19E FY18E FY19E FY18E
Idea Cellular+Vodafone 2.84 2.71 1.25 1.19 14.32
Tata Comm 1.12 1.04 1.08 1.01 8.21
Reliance Comm 1.42 1.40 0.33 0.32 4.45
Bharti Infratel 4.11 3.84 4.10 3.83 10.1
Muiltiple 3.16 2.99 1.96 1.85 11.15
Valuation of Bharti Airtel based on EV/Revenue

Multiple EV Debt Cash
FY18E EV/Revenue 3.16 3074980 872,327 16177
FY19E EV/Revenue 2.99 3008805 748608 16177
Valuation of Bharti Airtel based on P/S

Multiple Price
FY18E P/S 1.96 478.10337
FY19E P/S 1.85 465.92779
Valuation of Bharti Airtel based on EV/EBITDA

Multiple EV Debt Cash
FY18E EV/EBITDA 11.15 3811876 872,327 16177
FY19E EV/EBITDA 10.15 3620325 748,608 16177
900
Sales Price - Valuation Min Max Diff
DCF 452 360.9845
813 800
EV/Revenue 555.2627315 569.663312 14.40058
P/S 465.9277936 478.103366 12.175572 700
EV/EBITDA 722.6961362 739.67105 16.974914
600
500
400
300
200
100
400
300
200
100
0
0.5 1
EV Sales (Rs. mn) EBITDA(Rs.)
FY18E FY19E FY18E FY19E
980868 973059 1006133 341725 356668
1839097 647,137 679,324 128,435 144,792
192131.35 172,282 184,462 23,396 29,308
336796.8 236,690 240120 75740 76210
647300 157,311 168562 74,413 82535
FY19E
12.70
6.56
4.42
9.3
10.15
Equity Value Price

2218830 555.262732
2276375 569.663312
Equity Value Price

2955726 739.67105
2887894 722.696136
900
800
700
600
500
Min
400 Max
300
200
100
Min
400 Max
300
200
100
0
0.5 1 1.5 2 2.5 3 3.5 4 4.5
Min
Max
Min
Max
4.5

Bharti Airtel TELECOM

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Reference Model

IMS Proschool Pvt Ltd,

Depreciation and amortisation

Tax expenses (Note 7)

Less: Minority Interest

Weighted average shares outstanding for basic EPS

Earnings per share (Face value Rs.5/- each)

14664 29876 49308 80077 115393 183492

1344 3101 4347 7103 12126 20342

5692 11750 21431 37991 55856 92130

1896 4129 4376 7332 13606 17723

3796 7621 17055 30659 42250 74407

3692 6575 8794 11882 16420 26191

1087 2730 2693 2440 2244 2488

972 371 41 506 132 63

84 2 1057 131 1971 5609

86 286 12 121 267 482

-1804 -2050 5837 12115 20279 40621

1,706 1,853 1853 1,856 1,882 1,895

-1.06 -1.11 3.15 6.53 10.78 21.44

268728 372328 418472 595383 714508 769045

32430 62328 89316 127163 157598 173333

135939 178379 168330 201010 237531 232969

21922 25521 408 390

114017 152858 168330 201010 237123 232579

38102 49639 62832 102066 133681 148148

5279 18613 17,559 25,349 40,828 45,187

317 220 181 292

73115 85910 105139 76839 65257 44347

9756 10808 22319 23961 26776 27927

1000 1852 1,870 -1,475 -13 -88

1,897 3,796 3,796 3,795 3,795 3,794

33.71 20.70 23.65 15.93 11.22 6.00

857461 920394 965321 954683 973059 1006133

197202 203372 201567 209154 214073 221349

279332 315173 428756 436757 420695 433292

902 1290 88043 82253 78971 76624

278430 313883 340713 354504 341725 356668

156496 155311 174498 197730 219310 227095

58,788 73,252 85,461 95,466 89637 87233

660 1669 1,024 1,319 1344 1390

41270 57877 44690 21240 17598 21154

2467 1248 8,163 4,416 4963 5610

3,952 3,996 3,996 3,996 3,996 3,996

7.02 12.97 15.21 9.51 9.55 11.04

1059118 1117294 1182759

233006 256978 272035

454580 494677 539655

75364 73917 72334

379216 420760 467321

232505 237022 240650

74861 56090 39497

1463 1544 1634

90902 147746 208450

31816 51711 72958

59086 96035 135493

6408 7290 8279

3,996 3,996 3,996

15.80 24.82 34.45

Total Assets 81,785 91,624

Equities and liabilities

Balance Sheet Metrics

Current Ratio 1.43 1.37