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    Bharti Airtel announces consolidated IFRS results for the second quarter and half year ended September 30, 2010

    Highlights for the Second Quarter ended September 30, 2010
    • Overall customer base stands at 194.8 million, across 19 countries
    • Total minutes on network for the quarter at 216.4 billion; up by 10.2 billion over Q1 FY11
    • Total revenues at Rs. 15,215 crore, up by 47% Y-o-Y
    • Mobility in India holds both, minutes and rates
    • Africa revenues came in at Rs. 3,891 crore (first full quarter)
    • India & South Asia margin sustained at 37.3%; Consolidated EBITDA margin of 33.7%
    • India & South Asia business revenue growth accelerates to 9.2% Y-o-Y (Q1 FY11: 8.2% Y-o-Y)
     
    New Delhi, India, November 10, 2010 : Bharti Airtel Limited ("Bharti Airtel" or "the Company") today announced its audited consolidated IFRS results for the second quarter and half year ended September 30, 2010.

    Q2 FY11 was the first full quarter of the African operations (Q1 FY11 incorporated only 23 days of the African operations effective June 8, 2010). The consolidated total revenues for the quarter ended September 30, 2010 of Rs. 15,215 crore grew by 47% Y-o-Y. Africa revenues came in at Rs. 3,891 crore (Q1 FY11: Rs. 958 crore). India & South Asia accelerated its Y-o-Y growth to 9.2%, up from 8.2% in Q1 FY11 Y-o-Y. Consolidated EBITDA margin in Q2 FY11 was 33.7% (Q2 FY10: 41.4%). India & South Asia sustained EBITDA margin at 37.3%.

    Favourable currency movements in India and Africa resulted in exchange fluctuation related restatement gains of Rs. 249 crore in Q2 FY11 (Q2 FY10: loss of Rs. 75 crore). Net Interest outgo including the full quarter impact of Africa was Rs. 581 crore (Q2 FY10: Rs. 133 crore, Q1 FY11: Rs. 204 crore). Despite this, the income before taxes dropped only by 13.9% Y-o-Y, from Rs. 2,586 crore to Rs. 2,227 crore. Income before taxes for India and South Asia dropped only by 5.4% Y-o-Y and grew 6.3% Q-o-Q. The effective tax rate in Q2 FY11 increased to 25.5% (Q2 FY10: 10.6%, Q1 FY11: 18.1%), mainly as a result of taxes in the Africa segment. Consequently, net income dropped by 26.6% Y-o-Y to Rs. 1,661 crore (Q2 FY10: Rs. 2,263 crore). Net income of India & South Asia in Q2 FY11 stood at Rs. 2,040 crore, down by 9.9% Y-o-Y, but 7.1% ahead of Q1 FY11 (Rs. 1,905 crore).

    In the half year ended September 30, 2010, the Company grew revenues by 32% Y-o-Y to Rs. 27,446 crore. Net income of Rs. 3,343 crore was down by 29.4% Y-o-Y (H1 FY10: Rs. 4,737 crore). The Consolidated Free Cash Flow in the first half was an all-time high of Rs. 4,334 crore (USD 965 million), India & South Asia generated Free Cash Flow of Rs. 5,096 crore (USD 1.13 billion). The Net Debt – Equity ratio as at September 30, 2010 stands at 1.30, and Net Debt - EBITDA ratio is 2.93.

    In a statement, Mr. Sunil Bharti Mittal, Chairman & Managing Director, Bharti Airtel Limited, said “Bharti Airtel continues to maintain its leadership position in India and generate healthy free cash flow. Our 3G services will be available across India, starting with launches in the current quarter. We are also redefining the accessibility and affordability levels across Africa through innovative business models. With the imminent launch of the Airtel brand in Africa, the customers will experience the power of a unified brand across our 19 countries. We are delighted that the new path breaking global partnerships announced recently will enable us to strengthen our leadership position across Africa.”

    Summary of the Consolidated Statement of Income – represents consolidated Statement of Income as per International Financial Reporting Standards (IFRS)

    (Amount in Rs Crore, except ratios)
    Particulars
    Quarter Ended
    Sep 2010 Sep 2009
    Y-o-Y Growth
    Total revenues 15,215 10,379 47%
    EBITDA 5,121 4,301 19%
    Cash profit from operations 4,789 4,092 17%
    Income before income taxes 2,227 2,586 -14%
    Net income 1,661 2,263 -27%


    Operating Highlights

    Customers on our Network

    (Figures in nos, except ratios)
    Parameters Unit Sep 30,
    2010
    June 30,
    2010
    Q-o-Q
    Growth
    Sep 30,
    2009
    Y-o-Y
    Growth
    Mobile Services 000's 187,708 176,975 6% 111,541 68%
    India & South Asia 000's 147,626 140,613 5% 111,541 32%
    Africa 000's 40,082 36,362 10%    
    Telemedia Services 000's 3,216 3,153 2% 2,928 10%
    Digital TV Services 000's 3,899 3,244 20% 1,368 185%
    Total 000's 194,823 183,372 6% 115,837 68%


    About Bharti Airtel Limited : Bharti Airtel Limited is a leading global telecommunications company with operations in 19 countries across Asia and Africa. The company offers mobile voice & data services, fixed line, high speed broadband, IPTV, DTH, turnkey telecom solutions for enterprises and national & international long distance services to carriers. Bharti Airtel has been ranked among the six best performing technology companies in the world by BusinessWeek. Bharti Airtel had over 194 million customers across its operations at the end of September 2010. To know more visit www.airtel.in