Bharti Airtel is one of the worlds leading providers of telecommunication services with presence in 20 countries including India, Sri

Lanka, Bangladesh and 17 countries in the African continent. The Company served an aggregate of 251.65 Mn Customers as on March 31, 2012 providing mobile, voice and data solutions using 2G, 3G and 4G technologies. In terms of Number of wireless customers, the Company is among the top 5 in the world. The Company provides fixed line voice and Data solutions to 3.3 Mn customers in 87 cities in India. The Company also offers an integrated suite of telecom solutions to Its enterprise customers, in addition to providing long distance connectivity in India, Africa and rest of the world. The Company also offers Digital TV and IPTV Services in India. All these services are rendered under a unified brand airtel either directly or through subsidiary companies. The Company Also deploys, owns and manages passive infrastructure pertaining to telecom operations under its subsidiary, Bharti Infratel Limited that owns 42% of Indus Towers Limited. Together, Bharti Infratel and Indus Towers are the largest passive. infrastructure service providers in India.

REVIEW OF OPERATIONS Bharti Airtel put up a healthy performance in the financial year 2011-12. The Company expanded its operations to 20 countries across the globe with the launch of mobile services in Rwanda in Africa. As on March 31, 2012, the Company had an aggregate of 251.6 Mn customers consisting of 241.1 Mn Mobile, 3.3 Mn Telemedia and 7.2 Mn Digital TV customers. Its total customer base as on March 31, 2012 increased by 14% compared to the customer base as on March 31, 2011. During the full year ended March 31, 2012, the Company recorded revenues of ` 714,508 Mn, a growth of 20% compared to the previous financial year 2010-11. The Company had an EBITDA of ` 237,123 Mn witnessing a growth of 18% year on year. The EBITDA margin for the financial year ended March 31, 2012 was 33.2%. The Company reported a net income of ` 42,594 Mn for the full year ended March 31, 2012, with a Y-o-Y decline of 30% due to increase in net interest outgo (` 16,373 Mn), increase in amortization of the India 3G spectrum cost (` 5,925 Mn) and tax provisions (` 4,812 Mn).

FINANCIAL PERFORMANCE
Particulars Gross revenue EBITDA Earnings before taxation Net income Gross assets Capital expenditure Capital productivity Financial Year 2011-12 2010-11 714,508 237,123 65,183 42,594 1,696,779 143,978 42.1% 595,383 200,718 76,782 60,467 1,503,473 306,948 39.6%

Y-o-Y Growth
20% 18% -15% -30% 13% -53% 2.5%

Status of divedend declared in last three years:

The company declared in maiden dividend in august 2009 for the financial year 20082009. status of the dividend declared By the company for the last three years is as under.
Financial year 2010-2011 2009-2010 2008-2009 Rate of dividend Rs 1 per equity share of Rs 5 Rs 1 per equity share of 5 each 2 per equity share of Rs 10 each Total pay-out 3797.53 3797.53 3796.48 Amount unpaid to the shareholder 3790.77(99.82%) 6.76(0.18%) Amount paid to the shareholder 3790.06(99.80%) 7.47(0.20%) 3790.38(99.84%) 6.10(0.16%)

CAPITAL MARKET RATINGS

As at March 31, 2011, Bharti Airtel has outstanding ratings with four institutions, two domestic rating agencies, viz. CRISIL and ICRA and two international rating agencies, viz. Fitch Ratings and S&P. CRISIL and ICRA have rated the company at the top end of their rating scales .Both for short term (P1+/AL+) as well long term (AAA/LAAA) FITCH rating has the rated company (and the time of Zain Acquisition) at level of sovereign of India (BBB-). S&P who had rated us at level of sovereign of India (BBB-) downgraded the Company by a sub-notch to BB+ at the Time of Zain acquisition.

Particulars Customer base Mobile services Telemedia services Digital TV services

Units 000s 000s 000s 000s

FINANCIAL YEAR ENDED MARCH 31 2006 2007 2008 2009 2010 20,926 39,012 64,268 97,593 137,013 19,579 37,141 61,985 94,462 131,349 1,347 1,871 2,283 2,726 3,067 405 2,597

2011 220,878 211,919 3,296 5,663

Based on statement of operations

Revenue ` EBITDA ` Cash profi t from operations ` Earnings before taxation ` Profi t after tax ` Mn Mn Mn Mn Mn 116,641 41,636 40,006 23,455 20,279 184,202 74,407 73,037 46,784 40,621 270,122 114,018 111,535 73,115 63,954 373,521 152,858 135,769 85,910 78,590 418,472 167,633 167,455 105,091 89,768 594,672 199,664 177,851 76,782 60,467