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CREDIT AND RATING

Bharti Airtel Limited ("Company') is a leading global telecommunications player with operations in 20 countries. We are the first ranked operator in India with c.31% Revenue Market Share ( 7.5% ahead of nearest competitor) and 23% Customer Market Share*. Bharti is also the first or second ranked operator in 14 of the 17 African markets where it operates*.

For the year ended 31 March 2015, the Company generated Revenues of US$15.1 billion, EBITDA of US$5.1 billion and Operational Free Cash Flow (EBITDA less Capex) of US$2.1 billion.

The Company maintains a healthy leverage ratio and continues to focus on deleveraging – organically as well as through strategic equity initiatives. The Company is rated Investment Grade by Moody's, Fitch and S&P.

Bharti Airtel Limited has issued USD, EUR and CHF denominated bonds in the international debt capital markets. The Company maintains high standards of Corporate Governance and enjoys strong shareholder support (~32% owned by Singtel and 5% by QFE, besides promoters). The Company is listed in India with a market cap of ~US$22.7bn*

Credit Summary *As of 31st March 2015



Financial Ratios

FY11 FY12 FY13 FY14 FY15
EBITDA ( USD Bln) 4.4 4.6 4.3 4.3 5.1
EBITDA % 34% 32% 30% 32% 34.2%
Capex ( USD Bln) 3.1 2.7 2.3 1.7 3.1
OFCF ( USD Bln) 1.3 2.0 2.0 2.8 2.1
Net Debt to
EBITDA ( Times)
3.0 2.6 2.5 2.2 2.08
Net Debt to
Equity ( Times)
1.2 1.2 1.2 1.0 1.08
Interest Coverage
Ratio ( Times)
11.2 9.1 6.8 7.6 8.4

Source: Quarterly and Annual Financial Statements

Rating Overviews

Bharti Airtel Ltd. is rated by three major international rating agencies, Fitch, Moody's and S&P.

Rating Agency Rating Outlook Ratings Action Report
Moodys Baa3 Stable View report
Fitch BBB- Stable View report
Standard & Poor's BBB- Stable View report