Annual Report 2015 16

Transformational
Network ENRICHING EXPERIENCE.

ENDURING VALUE.
Bharti Airtel Limited | Annual Report 2015-16

Corporate
Information
Board of Directors
Mr. Sunil Bharti Mittal, Chairman
Ms. Chua Sock Koong
Sheikh Faisal Thani Al-Thani
Mr. Ben Verwaayen
Mr. Rakesh Bharti Mittal
Mr. V. K. Viswanathan Bharti Airtel Limited is a leading
Mr. Craig Ehrlich
Mr. D. K. Mittal
global telecommunication
Mr. Manish Kejriwal
Mr. Shishir Priyadarshi
company with operations in 20
Ms. Tan Yong Choo countries across Asia and Africa.
Mr. Gopal Vittal, Managing Director
& CEO (India & South Asia)
Headquartered in New Delhi, India, the Company ranks
among the top 3 mobile service providers globally in terms of
Executive Chairman
subscribers. In India, the Company's product offerings include
(Africa)
2G, 3G and 4G wireless services, mobile commerce, fixed line
Bharti Airtel International
services, high speed DSL broadband, IPTV, DTH, enterprise
(Netherlands) B.V.
Mr. Christian de Faria services including national & international long-distance
services to carriers. In the rest of the geographies, it offers 2G,
3G and 4G wireless services and mobile commerce. Bharti Airtel
Company Secretary
had over 342 Mn customers across its operations at the end of
& Compliance Officer
March 2016.
Mr. Rajendra Chopra
Statutory Auditors
M/s. S. R. Batliboi & Associates LLP
Chartered Accountants
Internal Auditors
M/s. ANB & Co.
M/s. KPMG
The information contained in this
report can be accessed through
Cost Auditors the Airtel Investor Relations app
available on the iPhone and iPad.
M/s. R. J. Goel & Co.
Cost Accountants
Secretarial Auditors
M/s. Chandrasekaran Associates
Company Secretaries
Registered &
Corporate Office
Bharti Airtel Limited
Bharti Crescent,
1, Nelson Mandela Road,
Vasant Kunj, Phase II,
New Delhi 110 070, India
For the online version of the
Website Annual Report please log on to
http://www.airtel.in/about-
www.airtel.com bharti/equity/results/
Corporate Identification
Number (CIN)
L74899DL1995PLC070609
Inside this
Report
Airtel became the first company in India to receive a

payments bank license. I strongly believe with our deep
distribution network touching remote corners of the
country, Airtel Payments Bank is uniquely placed to deliver
a differentiated banking experience to our customers.
Sunil Bharti Mittal, Chairman
PG 12
#3
Corporate Overview
03 Touching Lives
04 Our Winning Strategy
PG 3 06 Imagine Our Network of Possibilities
Ranked Telecom Operator Globally 07 Product Portfolio
(in terms of subscriber base) 08 Financial Progress
10 Achievements in FY 2015-16
21.1%
12 Message from Chairman
14 Message from Managing Director
& CEO (India & South Asia)
15 Message from Executive Chairman (Africa)
PG 5 16 A Bold Leap Forward
Spectrum Market Share 18 A New Generations take on Life
22 Africas Conversation is Changing
24 Board of Directors
45.2%
26 A Rewarding Year!
28 Corporate Social Responsibility &
Sustainability
PG 5
Statutory Reports
Incremental RMS (Y-o-Y) 40 Business Responsibility Report
48 Boards Report
61%
84 Management Discussion and Analysis
104 Report on Corporate Governance
Financial Statements
PG 5
126 Standalone Financial Statements with
Incremental EBITDA Margin (Y-o-Y) Auditors Report (IGAAP)
189 Consolidated Financial Statements with
Auditors Report (IGAAP)
965.3Bn
264 Consolidated Financial Statements with
Auditors Report (IFRS)
352 Statement Pursuant to Section 129 of the
Companies Act, 2013
PG 3
Global Revenues FY 2015-16 356 Circle Offices
Transformational Network
Telecommunication today reflects majestic

leaps of human imagination, transcending
the limits of time and space. The industry is
seeing unprecedented progress in terms of
innovation and adoption of new technologies
that elevate life in so many different ways.
Smartphones are now being used by millions committed to help strengthen financial inclusion,
of people across the emerging world, resulting leveraging our deep distribution network across
in a huge uptake in new applications and data Indias vast terrains.
consumption. Regulatory issues are also being
scrutinised to untangle the web of complexities; The year also saw us responding with resilience
and create a level playing field for market in challenging African markets, providing
participants globally. opportunities across communities to help Africa
realise its full potential. We are also focusing on a
Against the backdrop of these broad trajectories, viable blueprint to grow our market share, reduce
we at Bharti Airtel crossed major milestones in waste and accelerate voice and non-voice
almost every aspect of the business. businesses across the continent.
During the year, we emerged as the worlds third Amid an exciting and eventful year, we continued
largest mobile operator in terms of subscribers. to drive our environmental and sustainability
We bolstered our operating efficiencies, margins initiatives with passion and diligence.
and revenue market share significantly in India.
We embarked upon our ambitious Project Leap This is the broad canvas of sweeping
to radically transform our network in India; and transformation that we are delivering to
undertook one of our largest sites deployment customers and stakeholders, who partner our
initiatives, rolling out over 87,000 sites. vision of enriching lives.
Not just that, we unveiled Indias first Open Transformation for us is not just evolution
Network, setting a new benchmark of in response to shifting global realities. It is a
transparency for the industry. We are opening up; quest for new paradigms, harbours of hope
so that customers can evaluate our capabilities, and innovation in a deeply connected and
see our commitment, even partner us in building collaborative world.
a truly great network.
We have also had the honour of being Indias

first company to receive a payments bank
license from the Reserve Bank of India. We are
02-39
Bharti Airtel Limited Corporate Overview 40-125 | Statutory Reports 126-355 | Financial Statements
Touching Lives
through the transformative
power of communication
#1
Ranked telecom operator
#2
#3
in India in Africa globally (in terms of
subscriber base)
342 Mn+
Mobile subscribers across
77 Mn
Wireless data customers
25.2 Mn
New mobile subscriptions
Asia (India, Bangladesh across Asia and Africa in India in FY 2015-16, the
and Sri Lanka) and Africa fastest subscriber growth
in the industry
20
Countries presence
2 Bn+
Addressable population
965.3 Bn
Global revenues in
across the globe globally, considering the FY 2015-16
geographies in which Airtel
has presence
1.35 Tn
Minutes of mobile voice
597Bn MB
Data usage in
USD19.8 Bn
Total Airtel Money transaction
traffic in FY 2015-16 globally FY 2015-16 value in Africa in FY 2015-16
(Q4 annualised)
437 MHz
Spectrum won in auctions
760 Bn
Investment in spectrum
995.8 Bn
Cumulative contribution to
in India (February 2014 and auction and purchase the exchequer in India in the
March 2015) and acquired last 5 years
via trading
Touching Lives 3
Our Winning Strategy

Vision
Our vision is to enrich the lives of our
Objectives
Grow market share profitably
customers. Our obsession is to win Accelerate non-mobile businesses
customers for life through exceptional
Values
experience.
Alive
Inclusive
Respectful
Win-win
for all
Win through go-to-market excellence
Grow share of new smartphones and 4G devices
Accelerate data penetration via intuitive pricing and innovation
Build Indias No. 1 payments bank through a 'frugal and digital'
model
Win with a brilliant network experience

Address customer concerns through quality obsession
Improve customer advocacy through granular planning and
communication
Drive down unit cost per MB through leveraging multiple
technologies
Win with valuable customers

Grow 3G / 4G data by encouraging consumption, bundling
and upgradation
Grow postpaid through propositions, store experience and
B2B drive
Accelerate B2B through improved experience
Empower homes through high-speed broadband, low-cost
access and bundling
Win DTH through a disproportionate share of digitisation
and innovation
Win with a war on waste

Drive cost efficiency initiatives
Lower costs and maximising sharing
Reduce waste by network re-design
Win with people

Drive a high-performance culture
Grow talent through strong learning, mentoring and
succession planning
4 Annual Report 2015-16

02-39
Value Enablers
Our guiding philosophy revolves around customer centricity,
performance excellence, transparency and ethical governance.
Large residual Significant scale and

opportunity with bulk scope to capitalise on
investments in place the opportunities
We have large residual opportunities in India and Africa; Airtel is growing across key growth markets with a
and are well positioned to capture future growth through subscriber base of 342+ Mn. We are the only telecom
our network of towers and base stations, superior operator with a diversified portfolio in India; and we are
spectrum bank, and largest layout of optic fibre. suitably positioned to capitalise on the opportunities ahead.
~50%
Unique mobile users of
21.1%
Spectrum market
45.2%
Incremental Revenue
(Y-o-Y) 38.7%
Incremental subscriber
total SIMs sold share Market Share (RMS) - share as of Feb 2016
(Source: CISCO VNI Forecasts) Highest in the industry (Source: TRAI)
2x 435,000 Highest Leader

Industry leading revenue
yield/MHz at 2x average
with same cost/MHz
Rkms revenue in India
Largest optical fibre Market share and and #1 or #2 in 14
network among subscriber market African countries
private players share in India
Financial flexibility, strong balance sheet

and operating efficiencies
We continue to focus on de-leveraging through strategic
initiatives taken in India and Africa which include tower
sales, and strategic divestment of two African countries.
9.6%
Revenue growth of India
3.2%
Revenue growth of
We realised ~USD 1.6 Bn from tower sales and sales in
3 countries are work-in-progress. We are also achieving and South Asia (Y-o-Y) Africa (Y-o-Y) (on a
high operating efficiencies and strengthening our war constant currency basis)
on waste across geographies.
34.2% to 35.4%
Increase in EBITDA margins
61%
Incremental EBITDA
(FY 2014-15 to FY 2015-16) margin (Y-o-Y)
Global talent pool Strength of our team:
Our huge talent pool helps us create differentiated

experience for our customers through an attractive
portfolio of products and services.
19,523
India
646
South Asia
4,771
A high-performance culture through talent-first
strategy with contemporary learning modules,
mentoring, and succession planning strengthens the
differentiation of our brand. Africa
Our Winning Strategy 5

Imagine Our Network of Possibilities

As the worlds leading global telecommunications
company, we are building the network of the future.
Network that is more heterogeneous, flexible and
attuned to evolving customer expectations. We are
migrating to a more granular network quality model
that enhances transparency and reinforces
customer trust on the brand.
Our multi-layered and multi-technology network is a

futuristic and highly complex architecture. Therefore,
in order to maintain and improve the network
experience, we have embarked upon innovative
tools for near real-time optimisation through Self
Optimisation Network (SON) and geo-analytics.
Airtel has pioneered a customer We provide telecom services under

demand centric network planning wireless and fixed line technology,
and densification by getting visibility national and international long
of the network consumption on a distance connectivity, Digital TV
granular 50m x 50m grid. It has and IPTV services; and complete
helped in ensuring deployment of integrated telecom solutions to our
new sites, small cells in corridors of enterprise customers.
high consumption, thus improving
efficiency of new deployments. Through Airtel Money we are
driving financial inclusion by offering
With operations across 20 countries convenience of payments and money
in Asia and Africa, our innovations are transfers on mobile phones over
touching the lives of millions of people secure and stable platforms.
worldwide. We globally rank among
the top three mobile service providers
in terms of subscribers, offering a
wide array of products and services.

02-39
Product Portfolio
Mobile Telemedia Digital TV

Services
First to launch 4G in India Landline Superior digital picture quality
Pocket-friendly data packs Attractive plans and offers Dolby digital sound
Seamless 3G connectivity Highly reliable service HD channels
Wide range of plans to choose from 24/7 online support Universal remote
Value added services 330+ channels
Interactive services
Internet
Superior connectivity
Tailor-made plans
High speed internet access
Value added services
India
` Mn ` Mn ` Mn
519,636 44,325 24,759

560,818 47,609 29,178
8% Y-o-Y 7% Y-o-Y 18% Y-o-Y
Airtel Tower
South Asia
` Mn
Business Infrastructure
Diverse portfolio of services One of the worlds largest passive
15,759
- voice, data, video, network infrastructure providers
16,454 integration, data centres, managed 88,808+ towers (including
services, enterprise mobility proportionate share of Indus
4% Y-o-Y applications and digital media Towers)
Strategically located submarine
cables and satellite network
Global network running across
225,000 Rkms, covering 50
countries and 5 continents
Africa
USD Mn ` Mn ` Mn
3,935 67,130 54,282

4,059 78,033 56,173
3% Y-o-Y 16% Y-o-Y 3% Y-o-Y
FY 2014-15 FY 2015-16
Revenue
Mix
FY 2015-16
India & Africa

South Asia
55.5% 24.2% 7.5% 5.4% 4.6% 2.8%
Imagine Our Network of Possibilities | Product Portfolio 7

Financial Progress
Financial Year Ended March 31
Operating Highlights Units 2012 2013 2014 2015 2016
Total Customer Base 000s 251,646 271,227 295,948 324,368 357,428
Mobile Services 000s 241,148 259,844 283,580 310,884 342,040
Broadband & Telephone Services 000s 3,270 3,283 3,356 3,411 3,664
Digital TV Services 000s 7,228 8,100 9,012 10,073 11,725
Based on Consolidated Income Statement

Revenue ` Mn 683,267 769,045 857,461 920,394 965,321
EBITDA (before exceptional items) ` Mn 222,533 233,340 278,430 314,517 341,902

Cash Profit from Operations before Derivative and
` Mn 193,899 195,643 241,813 285,280 289,152
Exchange Fluctuation (before exceptional items)
Earnings Before Tax ` Mn 63,792 47,853 78,643 107,130 120,705
Net Profit ` Mn 42,594 22,757 27,727 51,835 54,842
Based on Consolidated Statement of Financial Position

Shareholder's Equity ` Mn 506,113 503,217 597,560 619,564 656,301
Net Debt ` Mn 618,442 583,567 605,416 668,417 838,883
Capital Employed ` Mn 1,124,555 1,086,784 1,202,976 1,287,981 1,495,184
Key Ratios
Capex Productivity % 69.17 69.12 72.91 77.40 70.04
Opex Productivity % 43.84 45.43 45.20 43.79 42.98
EBITDA Margin % 32.57 30.34 32.47 34.17 35.42
EBIT Margin % 13.97 11.08 14.22 17.23 17.24
Return on Shareholder's Equity % 8.57 4.51 5.04 8.52 8.60
Return on Capital Employed % 7.06 5.68 6.65 8.05 8.89
Net Debt to EBITDA Times 2.60 2.51 2.19 2.08 2.47
Interest Coverage Ratio Times 9.11 6.79 7.58 8.43 7.04
Book Value Per Equity Share ` 133.27 132.51 149.49 154.99 164.18
Net Debt to Shareholders Equity Times 1.22 1.16 1.01 1.08 1.28
Earnings Per Share (Basic) ` 11.22 6.00 7.02 12.97 13.72
Contribution to Exchequer (India)

Taxes, Duties, Fees and other Levies ` Mn 119,082 141,513 213,324 237,688 284,215
All figures are based on Consolidated Financial Statements (IFRS).

02-39
Credible Growth
Incremental
Revenue EBITDA EBITDA Margin
` Mn ` Mn %
920,394 314,517 57
965,321 341,902 61
5% Y-o-Y 9% Y-o-Y 361 bps Y-o-Y
Cost Efficiency
Opex Capex
Productivity1 Productivity2
% %
43.79 77.40
42.98 70.04
81 bps Y-o-Y 736 bps Y-o-Y
Expanding Margins
EBITDA Margin PAT Margin
% %
34.17 5.63
35.42 5.68
125 bps Y-o-Y 5 bps Y-o-Y
Market Share Growth

Revenue Market Share Leading the pack on data India and Africa churn
(RMS) in India stood at revenues with data RMS is under control
31.5% for FY 2015-16 of >45% in FY 2015-16
versus 30.7% for among the top three
FY 2014-15

FY 2014-15 FY 2015-16
1 2
81 bps improvement in operational productivity on an year-on-year basis. 736 bps decrease in capex productivity on an year-on-year basis.
his is computed by dividing the operating expenses by the total revenues for
T
This is computed by dividing revenue for the period by gross cumulative
the respective period. Operating expenses is the sum of (i) employee costs, capex (gross fixed assets and capital work-in-progress) till date i.e. the
(ii) network operations costs and (iii) selling, general and administrative costs. physical investments made in the assets creation of the Company. This ratio
This ratio depicts the operational efficiencies in the Company. depicts the asset productivity of the Company.
Financial Progress 9
Achievements in FY 2015-16
Operational
Highlights
Financial
Highlights
Rolled out a national mobile
number portability.
Announced the launch of first

indigenously manufactured
DTH set top boxes; in step with
the Governments Make in
India initiative.
In collaboration with the

Government of Madhya
Pradesh, launched an internet
literacy programme - e-Shakti, Signed pan-African agreement
Received Bilateral to build internet awareness with Liquid Telecom to provide
Financing Commitments of and access for women working fibre connectivity to towers.
up to USD 2.5 Bn from China with various government
Development Bank and departments and for girl Won Golden Peacock Award
Industrial and Commercial students of government-run for Sustainability for the year
Bank of China. schools and colleges. 2015.
15 May June July August September
Airtel becomes the third Introduced new range of

largest mobile operator in Infinity Plans (industry
the world. first plan) and an industry
first technology platform
Signed an agreement Flexpage.
to acquire 100% equity
stake in Augere Wireless Launched Wynk Movies
Broadband India. carrier agnostic mobile
application offering customers
thousands of movies and other
video content.
Entered into strategic

partnership with Uber in India.

02-39
Became the first mobile

operator in India to
commercially deploy LTE-
Advanced (4G+) technology
on a live 4G network in
Kerala. LTE-Advanced carrier
aggregation technology
combines TD LTE (2300 MHz)
with FD LTE (1800 MHz)
Wynk Music crossed 12 Mn bandwidths to deliver mobile
downloads. data speeds up to 135 Mbps.
Announced Project Leap - Airtel Rwanda received the

largest capital expenditure award of best 4G Mobile
of `600,000 Mn in the Network Operator for the
next three years towards year 2015 for exceptional
a comprehensive network performance in 4G LTE by
transformation. Olleh Rwanda Networks (ORN).
October November January February March 16
Launched high speed 4G Entered into an exclusive Entered into a definitive

services commercially in 334 discussion with Axiata agreement with Videocon
towns across India. Group to explore the Telecommunications Limited
possibility of combining the (VTL) to acquire, rights to use
Concluded the sale of about business operations of their 2x5 MHz spectrum in the 1800
9,000 telecom towers in subsidiaries in Bangladesh, MHz Band in six circles at an
eight African countries. namely, Robi Axiata. aggregate consideration of
Total proceeds from all the `44,280 Mn.
concluded transactions is over Signed a definitive
USD 1.8 Bn. agreement with Orange to Kotak Mahindra Bank Limited
sell operations in Burkina agreed to acquire 19.90% of
Faso and Sierra Leone. the paid-up capital of Airtel
Payments Bank Limited.
Entered into agreement

for the sale of over 1,300
telecom towers in Tanzania to
American Tower Corporation
(ATC).
Achievements in FY 2015-16 11
Message from Chairman

Dear Shareholders,
The global economy went through another challenging

year. Even as the US experienced sustained recovery,
growth in the Euro area remained muted and China
continued to slow down, dragging down global economy
conspicuously.
Although India, our core market, by contrast had a

reasonably good year; for Africas largely commodity
driven economies it turned out to be extremely
tumultuous, as weak growth was accompanied
19.6%
of our total customer
by a sharp depreciation of currencies. Overall, we base in Africa are data
encountered a mixed economic environment in our
key markets.
customers
Telecommunication witnessed phenomenal progress

on the innovation and adoption front. As a sector, it
witnessed two remarkable trends in the emerging Early on during the year, Airtel moved past a key milestone,
markets one, overall penetration of smartphones when it became the worlds third largest mobile operator
expanded rapidly, resulting in a sharp uptake in (by subscribers). The year also witnessed a steady
new applications and data consumption; two, strengthening of our operating benchmarks in different
regulatory issues with regard to net neutrality and geographies. The improvement was most conspicuous
OTT applications continued to be debated rather in India, where we scaled up our margins and revenue
vociferously. Notwithstanding the overhang of market share significantly. Although improvement in
uncertainty over these issues, operators globally have African markets remained rather subdued, following sharp
steadily come to terms with complex regulatory issues. currency devaluations, caused largely by macro-economic
headwinds facing these markets, positive change in key
metrics definitely augur well for the future. I firmly believe
six years of hard work has finally started showing some
results on ground.
Riding on rapid increase in smartphone penetration,

data revenues continued to be a key driving force of our
incremental revenues, both in India and Africa. While data
customers accounted for 23.2% of our total customer base
in India, the corresponding ratio for Africa stood at 19.6%
at the end of the year. Similarly, the share of data revenues
in total revenues stood at 23.3% and 15.6% in India and
Africa, respectively. We expect these ratios to expand in an
accelerated manner in the coming years.
4G as a technology is maturing at a much faster rate than

earlier expected, particularly so in India. Throughout the
year, we not only expanded our 4G footprint to nearly 400
400
Cities and towns 4G
expansion undertaken,
making ours the widest
4G network in India
Sunil Bharti Mittal

02-39
Riding on rapid increase in smartphone

penetration, data revenues continued to be a
key driving force of our incremental revenues,
both in India and Africa.
600,000Mn
Project Leap, involving a cumulative
Our philanthropic arm, Bharti Foundation expanded the
ambit of its initiatives considerably during the year. Our
education related initiatives are today reaching out to
over 73,000 underprivileged rural children. Similarly the
investment of ` 600,000 Mn (USD 9 Bn) rural sanitation initiative Satya Bharti Abhiyan, launched
in the last financial year has already constructed and
over three years delivered over 12,700 household toilets benefiting over
63,000 users in 559 villages in Punjabs Ludhiana district.
The Programme is already being hailed as one of the
most successful private sector initiatives in the country in
cities and towns, making ours the widest 4G network in rural sanitation. Airtel Africas Adopt a School initiative is
India, but also acquired new spectrum from the market today reaching out to over 27,000 students with over 700
under the new spectrum trading guidelines to consolidate teachers.
our 4G presence with a pan-India footprint. We also
embarked upon a bold network transformation initiative Technology innovations from virtual reality and artificial
Project Leap, involving a cumulative investment of intelligence to robotics are taking significant strides to open
` 600,000 Mn (USD 9 Bn) over three years. During the year, up numerous possibilities in our lives. At the heart of these
we completed one of the largest site deployment initiatives exciting possibilities lie the global telecommunications
in the world rolling out over 87,000 new sites. networks that are upgrading themselves with equal alacrity
to match the pace and scope of these innovations. As new
Airtel became the first company in India to receive a innovations riding our networks evolve to the next stage,
payments bank license. I strongly believe with our deep network operators will no longer remain the proverbial
distribution network touching remote corners of the dumb pipes, but smart facilitators. Its an exciting future
country, Airtel Payments Bank is uniquely placed to deliver waiting out there.
a differentiated banking experience to our customers. Other
businesses in India, i.e. Direct to Home (DTH) and Telemedia
too, strengthened their operational parameters during the
year significantly.
Asset restructuring and rationalisation remained a key

guiding factor for us in Africa. We entered into definitive
agreements, which will lead to Oranges acquisition of
Airtels operations in Burkina Faso and Sierra Leone. Sunil Bharti Mittal
We also achieved closure of the Tower Cos divestment
agreements in eight countries during the year. Tower Cos
divestment will not only help us deleverage through debt
reduction, but enable Airtel to significantly reduce its
on-going capital expenditure on passive infrastructure,
besides helping us to focus on our core business.
Airtel Africas management structure has been

redesigned to achieve a higher level of empowerment
and accountability at the operating levels. Under the new
cluster based organisational structure, Christian de Faria
has assumed the position of Executive Chairman and
Raghunath Mandava, who moved to Africa from our India
and South Asia operation has assumed charge as the Chief
Operating Officer.
Message from Chairman 13

Message from Managing Director & CEO (India & South Asia)
Dear Shareholders, We accelerated the growth of postpaid decisively ahead
of competition through a combination of innovative
FY 2015-16 was an exciting year for us. During the year,
propositions, retail store expansion and a relentless focus
we strengthened our go-to-market operations, launched
on execution. In the home broadband business, we saw
innovative data propositions, accelerated postpaid
tremendous growth in customer additions on the back of
dramatically, besides enhancing customer experience
carefully planned micromarketing. We automated several
and stripping out waste. As a result, this year we have
customer-facing processes and are continuously improving
witnessed the highest ever growth in our market share.
the quality of our call centres, so that we can give a superior
We also accelerated our smaller businesses considerably.
experience to our customers.
Finally, we secured spectrum to further consolidate our 4G
presence, giving us a pan-India footprint for 4G services.
We continued our emphasis on identifying and stripping out
waste from our business. In the past three years, we had set
On go-to-market excellence, we further strengthened
ambitious cost saving targets for ourselves and we have been
our rural direct distribution and introduced innovative
able to meet them successfully.
demand generation initiatives. We continue to push the
automation of our sales force processes and emphasise
On Airtel Payments Bank, we are the first company in India to
on the quality of acquisition. Data continues to be an
receive a payments bank license from the RBI. This initiative
important component of our portfolio. We have expanded
reflects our strong focus on the mobile banking segment
our 4G footprint across many more cities and towns in
and our commitment to the Governments vision of financial
India and have successfully positioned our brand as The
inclusion and banking services for every citizen. We believe
Smartphone Network. Our brand is now in a very strong
that Airtel Payments Bank is uniquely placed to deliver quality
position. We have expanded our content portfolio with the
banking services to customers, given Airtels deep distribution
launch of Wynk Movies and Wynk Games.
network that touches every corner of the country.
We are committed to providing our customers the best
Finally, Bharti Airtel has constantly striven to be among the
data experience possible. This is why we announced a
preferred places of work for the smartest in the industry.
bold and ambitious initiative called Project Leap that
This year, we have been ranked 8th as the employer of
will see an investment of ` 600,000 Mn over three years
choice across all companies in India. We strengthened our
to transform our network. As a part of Project Leap, we
internal performance management processes and stepped
undertook one of our largest sites deployment initiatives
up recruitment from the top engineering and management
this year, rolling out over 87,000 sites. We believe these
institutes in the country. We continue to encourage our talent
efforts will help us perceptibly improve our network quality
to build a holistic long-term career at Airtel.
and deliver a differentiated customer experience.
As we strive for business growth and excellence, we
continue to fulfil our responsibility to the environment and
our obligation to the society. We have launched our third
sustainability report this year, which captures our initiatives
that further put sustainability at the core of our agenda. Bharti
Foundation, with full support from our employees, has been
doing remarkable work in the area of promoting education
among the underprivileged rural children. These initiatives
have made our corporate citizenship more meaningful.
As we look ahead to the future, we have an exciting

opportunity to help digitise the nation. We are determined
to do this despite potential challenges such as the entry of a
new operator, challenges around data penetration, network
quality and pricing. We believe we are in a strong position
to compete in this environment, given our spectrum and
network assets, impressive customer and product portfolio,
our innovations and most importantly, our people.
As we look forward to an eventful year, I would like to thank

our customers, our people, our partners and our shareholders
for their support and faith in us. We seek your continued
guidance in our journey.
Gopal Vittal Gopal Vittal

02-39
Message from Executive Chairman (Africa)

Dear Shareholders, Achieving closure of the Tower Cos agreements in

eight of the 11 countries. We are confident to reach full
Telecommunications continues to change the face of the closure within 2016-17.
African continent by providing an enabling environment
for inclusion. Bharti Airtel, is playing a central role in Right-sizing of our current workforce to create a nimbler,
addressing a range of socio-economic developmental high performing organisation.
issues. Today, Airtel is bringing this technology to more
than 80 Mn people across the continent. Data continues to play a key role in driving our revenues
and we foresee growth in data subscriptions in the coming
During the year, we encountered some headwinds years. During the last financial year, our data subscriptions
fuelled by currency fluctuations, regulatory issues grew by 28.5%, while total MBs on the network grew by
and other industry challenges. Despite them, we 109%. Data usage per customer reached 547.4 MBs by
strengthened our operations through a well-considered March 2016, accounting for a year-on-year growth of 58.7%.
growth strategy. Our strategic focus has led to an
improvement in our performance since Airtels entry into In the last financial year alone, we added 3,117 3G sites
Africa. Some of the key focus areas during the year were: across our markets in Africa. We are also looking at steadily
enhancing our 4G (FD-LTE) network. We currently have
Continuing our aggressive war on waste in all Seychelles, Gabon and Rwanda enabled on 4G.
our OpCos to ensure cost efficiencies across all
functions, leading to overall savings. With over 9 Mn subscribers transacting close to
USD 16.9 Bn (Constant Currency) during the year and a
Growing our customer base with a focus on quality presence across all our 17 markets, Airtel Money is ready
and a pragmatic approach towards customer to move to the next level. Whilst DRC, Zambia, Rwanda and
interventions and engagement. Niger went live on the cross border remittance service, the
Airtel / MTN Remittance partnership for Burkina Faso - Ivory
Network upgrades to cater for the existing and Coast and Niger - Benin also became operational during the
expected data growth. year. Our strategy for Airtel Money growth is to focus on the
ecosystem - expand our retail outlets and merchants.
Focusing on enhancement of internal controls for
compliance and governance. Under Airtel Rising Stars, Africas largest youth football
property, we continued to focus on identifying and
Some key milestones during the last financial year nurturing talent from the grassroots level onto the national
included: and international stage. In 2015, 476,000 boys and girls
in 28,000 teams participated in the ARS, which is a 6.25%
Airtel and Orange signing an agreement leading to
participation growth year-on-year.
Oranges acquisition of Airtels operations in Burkina
Faso and Sierra Leone. Airtel Africas Corporate Social Responsibility programmes
are focused on health, education, environment and the
development of youth. We have had noteworthy success
while contributing towards mitigating the Ebola crisis in
West Africa which was recognised by the African Union.
We are also actively involved in Train My Generation, an
initiative launched to train youth in ICT, under which 10,000
youth in Chad and Gabon will receive training.
Finally, success for Airtel in Africa will be through nurturing

a high performance culture. We have to continue enabling,
encouraging and deploying the best in class talent to
achieve our goals. In the next fiscal year, our objectives are
to grow our market share, reduce waste and accelerate
our non-voice business. With our strategic plans and
supporting structure already identified, I believe that we are
well positioned to achieve our objectives.
I would like to extend my gratitude to our customers,

partners for continuing to support us in our journey and
look forward to an even more exciting year ahead.
Christian de Faria Christian de Faria

Bharti Airtel International (Netherlands) B.V.
Message from Managing Director & CEO (India & South Asia) | Message from Executive Chairman (Africa) 15
A Bold Leap Forward

A leap by its very nature does not follow
a linear pattern. For us at Bharti Airtel,
every leap is an ambitious, orbit-shifting
trajectory to chart a new course, set a higher
Project
benchmark and take a historic step forward.
In FY 2015-16, we announced a ` 600,000 Mn
investment on a comprehensive network
transformation programme Project Leap.
Leap
It will help us build a smart and dynamic
communication architecture to improve
customer experience through high quality
voice and data experience across India.
70,000
Base stations deployed
in FY 2015-16
This investment of ` 600,000 Mn is Project Leap will enable us to Broadband for All: We have
over and above the ` 1,600,000 Mn, take a decisive lead in delivering a expanded our mobile broadband
we have already invested in our active differentiated customer experience. coverage to all towns and over
and passive networks, spectrum, 250,000 villages by March 2016.
fibre, submarine cables and systems Largest Deployment of Network In three years, Airtel plans to offer
till date. This investment is one of the Infrastructure: We deployed over mobile broadband to over 500,000
largest by a private sector company in 70,000 base stations in FY 2015-16, villages in the country. We will also
India till date. making it the largest deployment in modernise our 3 Mn plus strong home
the history of India in a single year. broadband network by upgrading
Today, over 60% of Airtels network is our copper assets through new-age
mobile broadband enabled. In three Vectoring Technology. This technology
years, we will deploy over 160,000 will enable us to offer 50 Mbps speeds
base stations, effectively doubling our from its current 16 Mbps by 2016-17.
presence from what it has today on In addition, we plan to deploy fibre
the ground. network to homes, offering up to 100
Mbps speeds.

02-39
World-class Indoor Experience in that will significantly lower energy battery- hybrid, Li-ion and solar-hybrid
Every City: We will deploy a range of consumption and reduce diesel technologies. Airtel's new telecom
solutions including small cells, carrier dependency. As a result, Airtel will tower design and architecture
aggregation solutions, Wi-Fi and the reduce its carbon footprint by up to functions without diesel generators.
use of multiple technologies across 70% on a per unit basis in the next We aim to increase the use of
different spectrum bands. This will three years. renewable energy wheeling on core
enable us to provide a state-of-the- sites to enhance the green energy
art coverage on both voice and data During FY 2015-16, 40,000+ consumption.
services inside buildings across Airtel telecom towers operate on a
cities. Over a period of three years,
Airtel plans to deploy over 100,000
solutions through a combination of
Wi-Fi hotspots, small cells and indoor
solutions. In the next three years
Strong Backend: We will cumulatively
deploy more than 550,000 kms of
domestic and international fibre in
order to drive down latency, improve
500,000+ 160,000+
customer experience and serve the Villages in the country Base station deployments
growing demand of data services for will be offered mobile
years to come. broadband
Massive Modernisation of Existing
Networks: We will swap our legacy
networks and base stations over
a three-year period and replace
100,000 70%
them with smaller, more compact Solutions will be offered Reduction in our
and efficient technologies that will through a combination of carbon footprint
significantly improve customer
experience. These modern base
Wi-Fi hotspots, small cells
stations will use a single radio access and indoor solutions
network to manage multiple spectrum
bands.
Strategy for Small Businesses:

We will use our extensive domestic
infrastructure to deploy a range of
solutions comprising fibre optics and
Internet Wireless Access Network
(IWAN). As a part of this programme,
we plan to provide seamless
connectivity to millions of small and
medium enterprises in India.
World-class Service Operations

Centre: We will invest in a broad range
of tools that includes Self Optimising
Networks (SON) for automatic
network optimisation, geo spatial
network tools for targeted network
planning, capacity enhancements,
Customer Experience Management
(CEM) as well as software defined
networks that will dramatically
improve customer experience. Truly Transparent
Airtel has been the first to launch the Open Network initiative to
Significant Reduction in Carbon empower customers and make them part of the journey. Through this
Footprint: Airtel will make substantial initiative entire network information including coverage, site details and
investments in green technologies signal strength is being made available to customers. Any customer
over the next three years. We will can find out detailed information about the quality of signals in his / her
deploy modern and less power area and which sites he / she is being served from. Customers can also
consuming radio technologies that lodge a complaint for poor service. This portal also enables customers
include compact base stations and to help us erect a tower in the vicinity of his / her location.
small cells. We will also leverage
multiple band antennas and
deploy new battery technologies
A Bold Leap Forward 17

A New Generations Take on Life
Brand
Airtel on
6 Lakh+
Over 6 Lakh customers
are already part of the
myPlan family
the go
Yes, thats the prism through which we look at the myPlan Family
transformative power of communications. In a The first ever family share plan by an
Indian telecom operator with sharing
country with a significant youth bulge (over 65% of starting at ` 99 only. The entire family
the population is 35 or under, and half the countrys can share data, voice and SMSes
population is under 25 years of age) our strategy is and roaming benefits. This industry
first initiative gifts a unique power of
to continue to innovate for New India; and find the flexibility to the customer.
courage to chase seemingly off-the-wall ideas. We
believe thats the fastest lane through which we can Growing the Wynk Family
get closer to aspirations, and create an experiential Launched in 2014, Wynk Music today
world, our customers desire and deserve to live in. is one of the most popular music apps
with over 10 Mn songs played daily.
On an average, active users spend
5.25 hours every month on the app,
ensuring high product quality in the
music and entertainment space.

02-39
01-36
Bharti Airtel Limited Corporate Overview 37-118 | Statutory Reports
40-125 Statements 120-272 | Financial Statements
126-355
Pre on Post
Pre on post is another industry first. A
person who has a corporate account
can simply do a prepaid data recharge
on the corporate number. Pre on
post is very simple; one can recharge
anywhere like a prepaid number with
no additional documentation required.
Over 100,000 customers have
endorsed this refreshing idea.
4G Rollout
We partnered with Flipkart and
Samsung to bundle 4G SIMs in the
4G handset boxes, an industry first.
Through these alliances, we were able
to cover SIM deliveries to roughly 70%
of the 4G smartphone buyers in the
country. This resulted in 20-25% of
the bundled SIMs getting activated,
~3,000
despite going to non-Airtel customers
and also helped to accelerate the 4G
adoption process.
Airtel stores spread

Transforming Retail Customer
across 650 cities Experience
Over the last few years, the Airtel
Retail Stores have established
a unique relationship with our
customers. Our stores are fast
becoming the face of Airtel for our
retail customers. Currently, we have
approximately 3,000 stores, spanning
650 cities with approximately 8,000
Customer Relationship Officers
deployed to serve our customers.
8,000
Customer
These stores serve our postpaid and
prepaid customers, and have played
an instrumental role in postpaid
myPlan penetration.
Relationship
Going forward, we are implementing
Officers world-class tools such as net promoter
scores, which will provide us better
insights about customer experience.
These insights, along with continuous
high-impact training across behaviour,
To meet the growing demand for The carrier-agnostic and multi-device process and products, will better
quality content by smartphone users compatible applications enable equip our store staff in delighting our
on the go, the Wynk product portfolio customers to stream, download customers.
was expanded with the launch of and buy content at reasonable
Wynk Movies and Wynk Games in prices. For our content partners,
2015. Wynk Movies is a marketplace these have become ideal platforms
Best-in-Class DTH Services
We are committed to provide
for movies in partnership with five to reach audiences and monetise
installation within four hours and
content providers. It is an impressive their services, while simultaneously
complaint resolution within six hours,
repository of some of the latest and augmenting data consumption,
in line with our motto of being the
biggest blockbusters in Hindi, English keeping us ahead of the curve.
fastest to install and fastest to resolve
and regional Indian languages.
in the industry. In FY 2015-16, 95% of
Currently, Wynk services are available
our installation was completed within
We expanded our content portfolio only in the Indian sub-continent.
four hours and 90% of our customer
with the launch of Wynk Games, Going forward, we plan to expand
complaints were resolved within six
offering a library of over 2,000 global our services to international markets
hours. Additionally, we have launched
and local games from across genres. through strategic partnerships to
express service for our customers
Wynk Games, bundled with Airtel data establish leadership in emerging
wherein new connections will be
packs, aims to enhance consumption markets.
installed within two hours in top 26
of this data category.
A New Generations Take on Life 19

15 Mn+
Users registered
India. We are inspired to participate
in the Governments Make in India
initiative, contributing to its growing
proliferation across sectors. The
in 2015-16 launch also provides the much
needed impetus to build an
ecosystem that will drive indigenous
manufacturing of DTH set-top boxes,
supported by domestic production
capabilities and technical expertise.
Differentiated Banking
Experience
Customers enjoyed the on-the-go
payments experience through our
prepaid wallet offering Airtel Money.
This service was delivered through the
Airtel Money app and Airtel Money
physical touch points.
With an aim to extend hassle-free

payments experience to customers,
Airtel Money app was completely
redesigned. Our focus was on
enabling easy registrations, fast cash
load and seamless experience for
customers.
12 Mn+
Customer base achieved 5 Mn+
by Airtel Digital TV within
App registrations
eight years of inception
in 2015-16
Payments Bank License

During 2015-16, the Reserve
Bank of India (RBI) granted
cities to further enhance customer
the Payments Bank license
on-boarding experience.
to Airtel Payments Bank
Limited with a time frame of
We constantly work on advancing
18 months to operationalise
our technology to enable our
the bank. This move will play a
customers have a best-in-class and
pivotal role in bringing millions
seamless TV viewing experience.
of unbanked Indians into the
We offer customised solutions
fold of formal banking.
such as multi-lingual electronic
programme guide and universal
Airtel Payments Bank Limited
remote in the market, thereby
also launched a domestic
simplifying TV viewing for our
remittance service in January
customers. We are also working on
2016. This service is offered
a Hybrid STB, combining internet
through Airtel Payments Bank
with TV, with which our customers
Limited money points where
will be able to access OTT content
customers can walk in and
through apps on TV.
transfer money to any bank
account across the country.
Make in India Set-top Box Airtel Payments Bank Limited
We have launched our indigenously is the first entity among the 11
manufactured set-top boxes. The licensee holders to be granted
Made in India set-top boxes are the final banking license; and
available in HD to begin with and is on track to become the first
soon all Airtel Digital TVs set-top payments bank in the country,
boxes will be manufactured in enabling inclusive growth.

02-39
01-36
Bharti Airtel Limited Corporate Overview 37-118 | Statutory Reports
40-125 Statements 120-272 | Financial Statements
126-355
Global DIA
Strengthening Airtel We have created an innovative
through its satellite network platform
that uses the stable GEO and
Business solution to simplify our carrier
revolutionary MEO satellite system.
partners internet requirements in
It created a truly differentiated
multiple countries. Earlier, partners
Airtel Talk had to interact with multiple providers,
experience for customers, who
Our global Voice over IP (VoIP) calling received fibre comparable speeds on
multiple billings and multiple SLAs
and messaging application Airtel Talk satellite network (4x faster than GEO
when procuring local internet for their
has grown significantly and now has satellites) at affordable prices in areas
customers in different countries. Now,
presence in more than 100 countries with minimal hopes of high-speed
our Global DIA product gives a single
with 3.5 Mn+ global subscribers. In and high-capacity connectivity in the
window solution to our partners in
certain markets, the app is among the absence of fibre cable. Airtel Business
40+ countries, and has the following
top five apps in the app store to make is also providing satellite services
benefits:
international calls. to media houses, broadcasters,
enterprises and governments
Worldwide coverage
Through Airtel Talk, we have entered overseas.
Single billing option
into unique partnerships (first
SLA stitched offering
of its kind) in the Over The Top
Competitive pricing
(OTT) applications space. These
Flexible and scalable model
partnerships have enabled us to
launch Airtel Talk in markets like
Singapore, wherein the local operator Content Distribution Service
is using the app to generate more We created an innovative solution for
international minutes towards the global content players, cloud service
Indian subcontinent. Partnerships providers and e-commerce players.
have also enabled us to create This was an end-to-end managed
the best cost structure in multiple services solution comprising of
countries, providing affordable data centres, international network
solution for ISD calling. It works as an and domestic content distribution
alternative to the expensive ISD voice- services. This helped localise the
only calls, low quality messenger, content in India thereby significantly
calling cards, among others. improving the consumer experience
and lower cost of operations. Riding
The app is also the first in the industry on the global sentiment to capitalise
to have launched features like Share on the India growth, this initiative
Credit with Friends and Call Me helped us create this solution with
Free. Both these features have been most of the large global players in this
designed to simplify user journey and space.
iron out the challenges faced by our
subscribers.
Satellite Business
We are bridging the gaps in our
worldwide fibre network coverage
through our satellite services that fully
complement our fibre infrastructure
for emerging markets. Airtel Business
continues to provide a one-stop
network solution to customers,
leveraging its efficient network
capability. The satellite service
provider industry is slowly progressing
from conventional geo-stationary
satellites to medium and low orbit
satellites. The advantage is high
throughput and low latency to the
global network. Airtel Business is
among the very first adaptors and
promoters of this technology. It has
partnered with medium earth orbit
(MEO) satellite providers to delight
its customers with the affordable
and efficient network solution on this
platform.
Airtel Business elevated connectivity

to the next level by providing high
bandwidth network connectivity to
various MNOs / telecom operators
A New Generations Take on Life 21

Africas Conversation is Changing

We believe there is a great disconnect between dated
perceptions and rapidly changing realities on ground
in Africa. At Bharti Airtel, we are helping the continent
leverage the right network and build consensus on
critical socio-economic issues. We are fostering
development by changing the face of communications.
Africa now has a new narrative to share with the world.
6.2 Mn
Customers (51% growth
from FY 2014-15) engaged
through social media
across Africa
Launched self-service Value

Added Services (VAS) in Nigeria,
where customers can activate and
deactivate any of the VAS services.
The solution is likely to be rolled
out across Africa.
Engaging More with Customers

We launched a Customer Forum
across 10 locations in Africa where
customers can directly engage with
Airtel and make their voice heard.
Surprise engagements on birthdays
and anniversaries and regular
publication of newsletters helped us
enhance engagement with premier
Active on Social Media and high-value customers. Their
During 2015-16, our social media
experience was highlighted through
engagement grew across Africa. The
4G
partnerships with hotels, airlines,
outcomes were encouraging:
airport lounges, among others.
We engaged with 6.2 Mn
Gabon went live on 4G customers across the continent Key Achievements of 2015-16
(51% growth from FY 2014-15). Airtel Rwanda received the
in December 2015
award of best 4G Mobile
Airtel Kenya became Africas Network Operator for 2015 for
top social media brand in exceptional performance in 4G LTE
telecommunication in the latest performance.
Africa Brand Index Rankings.
The Company was recognised Airtel Money Malawi was
for its outstanding use of social commended for being the mobile
media platforms in customer financial services leader in Malawi
engagements. by Malawi Communications
Regulatory Authority in
Seven other regions also attained collaboration with the National
market leadership in social media Statistical Office.
standings.

02-39
Airtel signed a three-year global Network Transformation Tower Co-transition: We divested

agreement with World Food Network Modernisation: Airtel tower assets in African countries,
Programme for cash and value initiated network modernisation drive which enabled us to focus on our
voucher distribution services in by refarming / introduction of U900 / core business and customers. It also
Madagascar, Malawi, Tanzania, launch of LTE in Kenya, Chad, Uganda helped us to deleverage through debt
DRC, Congo B and Zambia. and Gabon. The modernisation drive reduction, and significantly reduced
will lead to improved connectivity and our on-going capital expenditure on
Airtel Money continues to change better throughput for customers. passive infrastructure.
the financial landscape with the
launch of micro loans (Kutchova Managed Services (MS) Insourcing Access Agnostic Packet Core
loans) in Malawi and the launch of / MS Transition to other MS Network (AAPCN): It was rolled
NFC via NFC tags in DRC. partners: MS transition to insource out in all locations of Airtel Africa to
or transition to other MS partners has transform the legacy packet core
Gabon went live on 4G in resulted in improvement in network into end user intensive, modernised
December 2015, making it the KPIs, customer experience, and network; supporting Airtels journey
third Opco after Rwanda and reduced time-to-market. towards being the best data service
Seychelles. provider in Africa.
Managed Capacity (MC)
Insourcing: Design and planning Interactive End of Bundle
Brand Connect activity insourced in all operating Notification (IEOBN): It was rolled
Airtel Rising Stars (ARS): Airtel
locations provides single end-to-end out across nine operating locations.
Rising Stars is Africas largest
design in a multi-vendor, multi- This prevented data bundle users bill
grassroots under 17 football
technology environment. We initiated shock, facilitate data bundle purchase
tournament, focused on providing
stronger alignment between AOP when customer has depleted his
a platform to discover the next
and design plan, improved quality of bundle increasing overall customer
generation of soccer stars. The
design and planning, optimised capex, satisfaction.
tournament is played in 17 countries
and enhanced responsiveness and
across Sub-Saharan Africa. ARS is
ownership.
currently competing for the 2016
edition (6th edition) of the competition
that has produced many successful
footballers in the continent. We
have had over 1.8 Mn boys and Product Launches
girls participate in ARS over the last
5 years. ARS has also provided a Wynk Music Airtel Branded Music Application
platform for us to engage with local
communities and share our offerings. FreeBasics FreeBasics is a zero rated portal limited to text
content. Rich content like images, video, music
Airtel Trace Music Stars (ATMS): are chargeable and can be activated directly
The second season of ATMS began on FreeBasics with user consent, to protect
in February 2016, featuring the against data revenue cannibalisation.
international Superstar Keri Hilson Tap2Bill Tap2Bill is a primary intermediary billing
as the official Mentor. ATMS is the platform, connected to multiple vendors. It
biggest mobile phone based pan- allows mobile users pay for a range of services
African talent search competition; with and digital goods through their mobile phone.
2.3 Mn calls made in season one.
Connected The connected home solution offers
Airtel Africa, Google TVC wins Homes technology agnostic facility of data sharing, at
Best Creative Award at 2015 MSK Home (over Wi-Fi) and outside home among
Gala: Airtel Africa in partnership family, friends or colleagues.
with Google won the Best Creative
Advice of Charge AOC is the page a customer is redirected to
award for our co-produced TVC called
(AOC) when he / she exhausts his / her bundle or
The Potato at the 2015 Marketing
main account balance to alert him / her. This
Society of Kenya (MSK) Awards. The
page can be used to purchase new bundle or
TV commercial, which was created
browse on PayG.
in collaboration with Google Inc.,
sought to illustrate the potential of One Touch Aims to bring new data users on board with
mobile internet to change lives using Internet (OIT) three main sectors: 1. How to Videos, 2. Free
online resources, such as the Google Offers, 3. Advice of Charge.
Search engine. The Award recognises
our efforts in deepening internet Artist Removes intermediaries and facilitates
penetration and making information Management transparent payouts between artists and Airtel
accessible to spur innovation and with control over content distribution.
creativity in Africa.
Africas Conversation is Changing 23

Board of Directors
Mr. Sunil Bharti Mittal Ms. Chua Sock Koong Sheikh Faisal Thani
Al-Thani
Chairman Non-Executive Director Non-Executive Director
Mr. Craig Ehrlich Mr. D. K. Mittal Mr. Manish Kejriwal
Independent Director Independent Director Independent Director

CHAIRMAN
MEMBER
Audit & Risk Management Committee

HR & Nomination Committee
Stakeholders Relationship Committee
Corporate Social Responsibility Committee
Committee of Directors

02-39
Mr. Ben Verwaayen Mr. Rakesh Bharti Mr. V. K. Viswanathan

Mittal
Independent Director Non-Executive Director Independent Director
Mr. Shishir Priyadarshi Ms. Tan Yong Choo Mr. Gopal Vittal
Independent Director Non-Executive Director MD & CEO

(India & South Asia)
Board of Directors 25
A Rewarding Year!
Bharti Airtel ranked first in a
listing of 100 emerging market
multinational companies by
Transparency International on
corporate transparency and
reporting. According to the study,
the Company topped the list with
a cumulative score of 7.3 out
of 10.
Bharti Airtel was ranked among

the top three in a listing of the
Top 100 BSE listed companies in
FTI Consultings India Disclosure
Index 2015 Report with a 1 2
composite score of 10 out of 10.
Bharti Airtels e-Shakti (Madhya

Pradesh) bagged the ET Telecom
Award as the best initiative in the
Use of Telecom for Social Good
category.
Bharti Airtel was recognised for

excellence in internal auditing at
the Innovation Award 2016 by
the Institute of Internal Auditors
(IIA), Delhi.
Bharti Airtel has been recognised

as an Innovator & Disruptor in
HR Technology Practices by the
3 Society for Human Resource
Management (SHRM).
Bharti Airtel won the Firm of the Bharti Airtels e-Shakti (Andhra
year Telecommunication Award Pradesh) won Telecom Service
at the CNBC TV18 India Risk Provider Award from the
Management Awards 2015 held Government of Andhra Pradesh
in New Delhi. for women empowerment.
Bharti Airtel honoured with Bharti Airtel was recognised

the Golden Peacock Award for Legal Finesse, Innovation &
for Sustainability 2015 at the Accomplishments: In-House Team
London Global Convention at the Legal Era Awards 2015-16.
on Corporate Governance &
Sustainability held in London, UK. Bharti Airtel won Indias Top
Mobile Service Operator, Top
Bharti Airtel won the Operator Internet Services Operator
Excellence Award in the Business and Top Broadband Wireless
Innovation in Risk Management Access Operator at the annual
category at Subex User Conference 4 Cybermedia ICT Awards 2015.
held in Prague, Czech Republic.
Bharti Airtel won the Top

Treasury Team (Asia) Award at
the Adam Smith Asia Awards
2015.
Bharti Airtel won the Data Security

Council of India (DSCI) Excellence
Award for security in Telecom
at the NASSOCM-DSCI Annual
Information Security Summit 2015.

02-39
Bharti Airtel honoured with

Company of the Year for
Sustainability Telecommunication
India & South Asia Award at the
IAIR Awards 2016.
Bharti Airtel was recognised

for Best Corporate Social
Responsibility Practices and
Community Development at
the Global CSR Excellence &
Leadership Awards.
Bharti Airtel was awarded

at the Top Community Care
Companies in Asia Award at
the Asia Corporate Excellence 7
& Sustainability Awards (ACES)
2015.
Bharti Airtel won the Aegis Airtel Zambia won four

Graham Bell Award 2015 in the awards Outstanding
mHealth category. Telecommunications Companies
in Zambia, Outstanding
Airtel Kenya was recognised as Companies / Institutions held
the Best Wholesale Operator at in High Esteem, Outstanding
Mobile Virtual Network Operators Advertising Campaigns
(MVNOs) World Congress 2015 and Excellent Companies /
in Nice, France. Institutions doing most for the
Elderly / Senior Citizens at the
Airtel Ghana won four awards PMR Africa Awards 2015 held in
- Telecom Brand of the Year, Lusaka. 8
Marketing Campaign of the Year,
Innovative Enterprise Product of Airtel Bangladesh won the
Bharti Airtel Lanka won the Gold
the Year and Special Recognition Asia Communications Award
Award and Silver Award in the
to the Telecom Industry at the 2015 held in Singapore under
categories of Best Multinational
Ghana Telecom Awards 2015 Customer Experience Initiative
Corporations and Medium Sized
in Accra. category.
Enterprise respectively at the
Great Places to Work (GPTW)
Awards 2015.
1. Global CSR Excellence & Leadership Awards, 2016. 5. ET Telecom Award, 2016.
2. Frost & Sullivan India Information & Communications 6. Ghana Telecom Awards, 2015.
Technology (ICT) Award, 2015. 7. PMR Africa Awards, 2015 Airtel Zambia.
3. Innovation Award, 2016. 8. Great Places to Work (GPTW) Awards, 2015
4. London Global Convention on Corporate Governance Bharti Airtel Lanka.
& Sustainability, 2015.
A Rewarding Year! 27
Corporate Social Responsibility & Sustainability

As one of the worlds leading providers of telecommunication services, we are
committed to conducting our business responsibly and sustainably, with engagement
and dialogue with all key stakeholders. Our network is touching and transforming
the lives of millions of people across South Asia and Africa; and we are happy and
honoured to partner the progress of such a huge proportion of the global population.
As a part of our corporate strategy, generation, sanitation along

we are vigorously renewing with healthcare and disaster
our existing systems, adopting management. TRANSFORMATIONAL
AGENDA
innovations across the economic,
social and environmental b) It emphasises upon protecting
dimensions; and making our the environment, reducing
infrastructure more energy the carbon footprint and
efficient. collaborating with all
stakeholders to help
Transformational network has a combat climate change.
deep and diverse connotation at SUSTAINABILITY
Bharti Airtel. STRATEGY
a) It touches all aspects of

stakeholder empowerment
through multiple community ENHANCING
HOLISTIC COMMUNITY PROTECTING
initiatives in the realm of INITIATIVES ENVIRONMENT
education, employment
India
A. Holistic Community
Initiatives
At Bharti Airtel, our agenda is to

support inclusive socio-economic
progress for the development of our
country. Our focus areas comprise
education, employment generation,
sanitation, healthcare, disaster
management and environment
protection, among others. We believe
every small step in this direction
counts; and several initiatives on the
community front together can bring
about enduring social change. We
are building a replicable, scalable and
sustainable model of development for
the communities we work with.
Bharti Foundation
Bharti Foundation, the philanthropic primary, elementary, senior secondary has been actively implementing
arm of Bharti Enterprises has a vision and higher education is a key focus Satya Bharti Abhiyan since year
To help underprivileged children and of the Foundation. Satya Bharti 2014, to improve sanitation facilities
young people of our country realise School Program, Government School in rural Ludhiana. Recently, it has
their potential. It aims to achieve its interventions under its Satya Bharti introduced Nyaya Bharti to provide
vision by imparting quality education Quality Support Program and Satya legal and financial assistance to
to disadvantaged sections of society Bharti Learning Centres, are programs deserving, underprivileged undertrials
across rural India. Implementing and through which the Foundation languishing in jails across the country
supporting programs in the field of supports education. The Foundation for minor offences.

02-39
Catalysts of Change: Education Provide free and quality education

in Rural India to underprivileged children in rural
India, with a special focus on the
I. Satya Bharti School Program girl child.
his year the Foundation has
T
initiated year-long celebrations, Transform students into educated,

commemorating 10 years of the confident, responsible and self-
Satya Bharti School Program, reliant employable citizens, with a
launched in 2006 as its flagship deep sense of social commitment.
initiative. Satya Bharti Schools,
located across the villages of Punjab, Encourage active involvement of

Rajasthan, Haryana, Uttar Pradesh, the community, parents and like-
Tamil Nadu and West Bengal are minded organisations.
celebrating this milestone with
commemorative activities throughout Make a lasting and sustainable

the celebratory year. The schools impact on the community. secondary schools to create
continue to deliver on the promise of replicable and scalable components
transforming underprivileged children Find innovative solutions through
in the program, facilitating delivery
into educated, employable and its primary, elementary and senior of quality education.
responsible citizens of tomorrow.
he schools provide quality education

T
to students, completely free of cost,
with a special focus on the girl child.
Satya Bharti School Program
Key Performance Indicators:
Schools 254
40,676
Besides, the schools also provide States 06 Students
254
welfare schemes (free mid-day Students 40,676
meals, textbooks, notebooks, shoes, Percentage of Girls 49
stationery, etc.) to every student. Percentage of children
from SC/ST/OBC 75 Schools
fter 10 successful years of
A communities
implementation, it is pertinent to
reaffirm our commitment to the
primary objectives of Satya Bharti
Teachers
Percentage of female
teachers
1,635
54 49%
School Program, which are to: of students are Girls
Data as on March 31, 2016.
Transformation at The nearest Satya Bharti School

Grassroots: Creating Impact is located six kilometres away
from Ranis home. Rani, did not let
this deter her resolve, she began
Born in an underprivileged family, waking up at 5 a.m., completing all
with survival being a daily challenge, the household chores and only
Ranis journey from illiteracy to then start off for school. Her
accessing quality education from a teachers noticed this remarkable
Satya Bharti School has not been girl and helped her blossom. Today,
easy. She comes from the Bheel Rani is a topper in her class and
community, where illiteracy is a also participates whole-heartedly
common phenomenon, especially in all co-curricular activities.
among girls. Ranis mother suffers Energised by her own
from severe visual impairment, while transformation, she has begun
Rani Goyal, Class VIII, her father, Maniram is a daily wage promoting the cause of quality
Satya Bharti School, Shergarh, earner. education in her village. Inspired
Jodhpur, Rajasthan by her efforts, her Father has also
Most girls like Rani, would have enrolled her siblings in Satya Bharti
buckled under such circumstances. School, Shergarh. He says, I am
However, Ranis strength of so happy that all my children are
character helped her convince her studying at Satya Bharti School;
family that an education would they now have the opportunity to
not hinder her responsibilities at learn and excel in life.
home. Rani resolved to say, YES TO
EDUCATION!
Corporate Social Responsibility & Sustainability 29

Key Achievements 2015-16 Schools. This award recognises and The awards celebrate the
rewards post-primary / second-level entrepreneurial spirit in children
20 students have secured students for volunteer work carried with an underlining message of
admission in Jawahar Navodaya out in their communities. giving back to society.
Vidyalayas (JVN); these schools
enrol talented rural children of Satya Bharti Senior Secondary The esteemed CBSE affiliation
India through a competitive School, Rauni, Ludhiana (Punjab) was granted to all five Satya
entrance examination to provide won the International School Award Bharti Senior Secondary
them with an education (free (2015-2018), instituted by the Schools located in rural Punjab.
of cost), equivalent to the best British Council, for their outstanding
residential school system. project on learning in the global Bharti Foundation celebrated
context. the success of Class X
Eight school entries were students at the CBSE Board
awarded at the Design for Satya Bharti Schools participated Examinations 2016. With 225
Change contest, a global award in the School Enterprise Challenge, students appearing for the
platform that celebrates children an international conference led by exams, 41 students scored a
who drive social change in their Teach a Man to Fish. Satya Bharti perfect 10 CGPA, 56 students
communities. Adarsh Senior Secondary School, scored between 9 and 9.9
Fattubhila won the Stage III Special CGPA, 66% of these achievers
The Pramerica Spirit of Recognition award and Bharti were girl students and the
Community Awards declared Foundation was conferred with the overall pass percentage was a
eight winners from Satya Bharti Best Partnership Initiative Award. remarkable 99.11%.
22,830
II.Satya Bharti Learning Centres back into schools by identifying,
he Satya Bharti Learning Centre
T enrolling and providing them bridge
Program focuses on the issue of Out courses that bring them to an age /
of School Children (OOSC), in close class appropriate level of education. Children impacted
coordination with the Government The project is run in partnership with
Schools. In 2012, the Foundation the respective State Governments
entered into a partnership with
Educate A Child (EAC), a global
initiative under the Qatar based
Department of Education. Based
on the success of the program in
Rajasthan, in 2015 it was further
5,302
Education Above All (EAA). The Satya extended to the remote rural areas of Children enrolled
Bharti Learning Centre Program aims Madhya Pradesh and Jharkhand.
to mainstream Out of School Children
Program Approach
To address the huge Development of key

variation in age and concepts with the use
the learning levels of Teaching Learning
of enrolled Out of Material to cater to
School Children. the basic learning
needs.
Teaching
Multi-Grade
Learning
Teaching
Material
Engagement Engagement
with with
Government Community
Working with the
Government to Engaging parents
ensure identification, and communities
mainstreaming and to make them
provision of welfare active participants
schemes. under the program.

02-39
Satya Bharti Learning Centres

Key Achievements 2015-16 numbers required to run a centre
Key Performance Indicators:
in the village as per Government
Program expansion into Madhya norms.
Centres 459* Pradesh, Jharkhand and more
Children impacted 22,830 Blocks in Rajasthan. Over 1,100 Education Volunteers
Children enrolled 5,302 have been trained till date.
Children mainstreamed 14,703 22,830 Out of School Children
Percentage of girls 50 (OOSC) covered, 473 new Extensive appreciation and
Percentage of SC/ST/ 96 centres established with recognition received from
OBC students enrolment of 12,282 OOSC. the respective Government
Education Departments, school
Education volunteers 416**
348 villages made OOSC free, in Principals and the community.
*479 centres have been closed as most of the some cases the count of OOSC
OOSCs in these villages have been mainstreamed
(number included in overall impact); in some dropped to such a low figure
villages the count of OOSCs have dropped to that it went below the minimum
such a low figure that it has gone below the
minimum numbers required to run a centre, as per
Government norms.
**Recruitment in progress.
III. Satya Bharti Quality Support Bharti Foundation introduces

Program innovative tools and processes
Launched in 2013, the Programs to enhance a schools current
objective is to support Government performance by:
schools in their journey towards
holistic quality education and to a. Creating an opportunity for
make schools centres of learning exposure to best practices in
and development. This initiative education.
envisages improving the quality of
Government schools through need- b. Conducting need-based
based interventions. The learnings training for key stakeholders.
accrued while operating 254 Satya
Key Achievements 2015-16
Bharti Schools over 10 successful c. Co-creating processes to
Successful pilot launch of
years are systematically transferred to sustain the desired change.
Innovative Teachers Award in
these schools.
Jodhpur, Rajasthan.
Acceptance of program approach

and impact by stakeholders
Program Approach
with requests from 50 schools
through Principals, officials from
education departments and
Optimise use of existing Support school leaders to community members.
resources, policies and achieve higher goals and
systems bridge existing gaps Steady increase in teachers
engagement to enhance the
performance of students;
provided educational support,
such as books for competitive
exams, student lectures, career
counselling, interschool events,
Collaborate with school Facilitate, support and among others.
leadership and staff to enhance school resources,
maximise usage processes and efforts Awards won by Haryana School
for special projects like ISA
by British Council (Bhojawas,
Haryana) and nominated for
Best School Award for Overall
Satya Bharti Quality Support Program Key Performance Indicators: School effectiveness (Jodhpur).
Schools (In four States*) 39 7 Teachers certified for
Teachers 953 implementation of innovative
Students 21,620 ideas by Roehampton University
(Kanina Block, Haryana).
*Punjab, Haryana, Rajasthan and Delhi.

IV. Satya Bharti Abhiyan Program Objectives*

Bharti Foundation launched the Satya A. Provide an individual toilet in every
Bharti Abhiyan to improve sanitation household in rural Ludhiana which
facilities in rural Ludhiana district and is without a toilet.
support the Governments agenda of
Swachh Bharat Mission. Through this B. Provide a girls toilet in every
initiative, it provides individual toilets Government School of rural
in households lacking such facilities, Ludhiana that does not have a
across 900+ villages. separate toilet for girls.
In addition, the aim is to improve

sanitation facilities in government
schools of rural Ludhiana by building
separate toilets for girls, where no *Urban areas and private schools do not fall under
such amenities exist. the purview of this Program.
Satya Bharti Abhiyan Key Performance Indicators:

12,723
Households benefited
Number of individual toilets handed over 12,723
Number of direct beneficiaries*
Villages covered
Girls toilets constructed in Government Schools
63,050
559
14
559
Villages covered
Data as of March 31, 2016, with total figures from inception in August 2014.
*User numbers as reported by individual households at the time of handing over of the toilet.
Key Achievements Details of individual toilets

constructed by Bharti Foundation
Quantitative targets -
are uploaded on the Governments
Satya Bharti Abhiyan has been able to deliver following targets:
Swachh Bharat Mission data
website (http://sbm.gov.in/
SBMReport/Report/Physical/
Year Individual Toilets Girls Toilets Villages No. of
SBM_TargetVsAchievement.aspx).
Handed Over Handed Over Impacted Beneficiaries
As on March 31, 2016, details of
2015-16 11,644 14 489 58,734 80% (approx.) of the constructed
2014-15 1,079 - 70 4,316 toilets have been updated. Details
Total 12,723 14 559 63,050 of the toilets constructed by
Bharti Foundation can also be
14 Government Schools identified by the state education department accessed at http://sbm.gov.in/cfd/
were provided separate toilet blocks for girl students. RptCorporateContribution.aspx.
policy, Mohali has been set up as a while increasing awareness of every

V. Higher Education Programs partnership between Indian School of individuals constitutional right to legal
Bharti Foundation partnered with
Business and Bharti Enterprises, with defence. This is a unique corporate
Indian Institute of Technology, Delhi
Fletcher School of Law and Diplomacy, initiative at the national level and
in 2,000 to set up the Bharti School
Tufts University (USA) as its partner hopes to fulfil the Honble Prime
of Telecommunication Technology
school. Ministers Vision of Sabka Nyaya
and Management, IIT Delhi. The
Access to Justice for all. The Board
Foundation has also set up the Bharti
comprising eminent members from
Centre for Communication, Bombay VI. Nyaya Bharti legal and other professional field
in partnership with IIT Bombay. Nyaya Bharti was launched in
is chaired by Justice A. S. Anand
The Foundation also recognises November 2015 to help deserving
(Retired Chief Justice of India) guiding
and awards exceptionally talented and underprivileged undertrials,
the strategy for the project. This is
students to pursue studies at The languishing in jails across the
implemented by a panel of young
Cambridge University, UK, through country for minor offences. The aim
lawyers who have been engaged to
the Manmohan Singh Bursary Fund. is to provide them with legal and
work with the judicial system and
In addition, Bharti Institute of Public financial support and assistance,
courts to implement the same.

02-39
Airtel Connect
Airtel Delhi Half Marathon School Program. Over the last eight
The Airtel Delhi Half Marathon ADHMs, as many as 6,325 employees
(ADHM) has created an impressive comprising 217 teams from 77
platform to bring together corporates, corporates have run for us, with many
individuals, employees and students of them consistently supporting us.
of schools and colleges to raise
awareness about the Satya Bharti
School Program, raise funds and also
enjoy the marathon run. 6,325
Bharti Foundations theme for ADHM Employees have run for
2015 was centred on celebrating 10 us, over the last eight
successful years of the Satya Bharti ADHMs
Young Leader Program

It is a two-week program (part of
corporate induction) in which new
team members of Bharti Airtel engage
43
as volunteers to support various Young Leaders
initiatives of Bharti Foundation. This volunteered this year in
year 43 Young Leaders volunteered 43 Satya Bharti Schools
in 43 Satya Bharti Schools in Punjab, in Punjab, Haryana and
Haryana and Uttar Pradesh. Uttar Pradesh.
ACT (A Caring Touch)
3,934,120 7.61 Mn
It is an employee payroll giving
program for Bharti Group of
Companies. The Program encourages
employees to give back to society Employee Participation Total contribution
in terms of money, time, skills or towards Satya Bharti
knowledge. In FY 2015-16, Bharti
School Program
Airtel employees have contributed
` 7.61 Mn towards the Satya Bharti
School Program and ` 0.36 Mn was
provided to other NGOs.
3,675,870
Employer Participation
Compassionate Leadership
girls from impoverished families of for the Blind, Save life Foundation,
Helping the Disadvantaged
Uttarakhand. The Schools vision is SOS Children Villages of India, The
We have started a scholarship
to teach learners to be pluralistic, Banyan and IDIA Charitable Trust,
programme for underprivileged
creative, interdependent and capable among others.
students of Footwear Design and
citizens with a global outlook. We
Development Institute (FDDI),
partnered and supported the schools
Chhindwara district, Madhya
educational mission.
Contributing to Social Welfare
Pradesh. FDDI is a leading design and Carnegie India is the 6th international
management institution and conducts centre of the Carnegie Endowment for
various professional programmes Caring for the Elderly International Peace. The organisation
of international standards. Over Anubandh, situated on the outskirts is engaged in high-quality public
100 underprivileged students were of Jodhpur, helps senior citizens policy research on national, regional,
granted scholarship during the deserted by their families. We and global issues. During the year, we
FY 2015-16. Besides, under the partnered and supported Anubandh supported their initiatives.
Campus to Corporate programme, in furtherance of their initiatives.
the underprivileged students of FDDI
were mentored and provided with
placement assistance.
Supporting the Community
We also partnered and supported
various programmes and initiatives
Investing in Talent of charitable institutions such as
Him Jyoti School provides free Telangana Yuvathi Mandali, CRY,
value-based education to bright HelpAge India, National Association

Good Samaritans
Initiatives by Airtel Circle
Offices
Digital Empowerment
At Bharti Airtel, we have partnered
with the Government of Andhra
Pradesh for a mobile literacy digital
mission in collaboration with the
Society for Eradication of Rural Poverty.
As part of this, we rolled out e-Shakti,
an initiative to build mobile internet
awareness and literacy among the
women of Andhra Pradesh.
Our zonal teams have since then been

actively involved in spearheading
training sessions in every district of the
500,000+
Women trained across Madhya
state. During FY 2015-16, our teams Pradesh, Andhra Pradesh and
trained 360,000 women in all 13
districts of the state, an encouraging
Rajasthan in FY 2015-16 and celebrate with us, having dinner
and dancing. The Airtel employees
achievement in such a time span.
with families engage and have a great
Time for Celebrations time with them. This activity helps
We also partnered with the Various initiatives were undertaken
employees to engage with street kids
Government of Madhya Pradesh to at different locations across India,
and old-age homes and spread smiles
take e-Shakti Abhiyaan to the women celebrating festivals and events. To
by doing small activities at local end.
of the state. The training sessions, celebrate Childrens Day and Diwali
conducted by Airtels quality trainers with the kids, the teams bearing gifts
focused on the basics of internet from Airtel Circle Office at Jaipur, Community Greening
and its uses, awareness of various Jodhpur and Alwar zones went to four We have always been proactive in
government portals, introduction to different Satya Bharti Schools and supporting green initiatives across
apps and social media. Over 149,000 shared various gifts with children. We all geographies where we operate.
women were trained across 23 also celebrated Durga Puja and were In line with that overriding vision, our
districts of Madhya Pradesh so far. privileged to be part of the Sarathi Jaipur team spearheaded multiple
Socio Trust in Bengaluru. tree plantation drives to make the city
The similar initiative was undertaken by a cleaner and greener place to reside
Rajasthan Circle in its Kota Zone, which Kids of Prakash School over the last in. The participation was enthusiastic
would focus on the districts women as many years, come to our office ground and the outcome encouraging.
well as men and college students.
Joy of Giving
Our Rajasthan team celebrated the Joy
of Giving week with much fanfare. The
team interacted with children at various
Satya Bharti Schools and sought from
them the wishes that they would want
to be fulfilled. These wishes were put
on a Wish Tree and were fulfilled by
our team members by converting those
wishes to Wish Fruits.

02-39
Swachh Bharat
At Bharti Airtel, we are committed
to translate the vision of Swachh
Bharat into an everyday reality. Airtel
employees participated in a cleanliness
drive at Chandigarh Technology Park
office under Swachh Bharat Abhiyaan
in FY 2015-16. We will continue to
undertake more such initiatives for a
cleaner, prosperous India.
`958,735
Blood Donation As a part of our community uplift
Periodic blood donation camps
initiatives, we help create jobs for
are also organised, wherein circle
local youth closer to their homes;
employees donated their blood; and donated by our Bihar and so that they dont need to migrate
helped save lives. In FY 2015-16, our Jharkhand Circles to the from their native places. We will
Gujarat team organised two camps;
Chief Ministers Relief Fund continue to invest more resources and
and was able to collect 50 units each.
Besides, this initiative has helped our on behalf of Bharti Airtel for expertise to generate employment
the rehabilitation of victims opportunities for Indias youth,
employees count on blood banks in
of Nepals earthquake especially for those in rural regions.
their hour of need.
We also regularly organise health
Disaster Relief Sabarkanta and Morbi, the network camps to ensure holistic welfare. Our
The unprecedented rains and was significantly impacted with power last camp benefited about 1,700
consequent floods in Chennai caused outages in over 2,900 villages. Team retailers and distributors. We will
unimaginable destruction, depriving Airtel Gujarat, Indus Towers and NSN continue to organise such camps
a huge proportion of the population worked diligently in this hour of need. across areas of our operation.
of even bare essentials of life. Team Over 50% network was restored within
Kerala and Tamil Nadu (KTN) rose just 48 hours. Airtel was among the We have also commenced a
to the occasion and protected few first to restore connectivity, when Scholarship Programme for kids
employees. They also contributed many locations were drowned under where our partners can have their
to bring Chennai and Cuddalore water. kids enrolled in this programme for
back to normalcy. The rescue team cash rewards. Close to 40 children
worked with local support groups, Airtel NESA launched a flood relief benefited from this programme last
police action groups and community campaign in North East India. The year. Besides, Republic Day, Childrens
volunteer groups to help save lives. team volunteered one day for flood Day, Back to School and other
relief campaign at adversely affected programmes are organised regularly.
Our Bihar and Jharkhand Circles Ampati district in South West Garo Our teams even volunteered to be
donated ` 958,735 to the Chief Hills, Meghalaya. The campaign was invigilators for a Teacher Subject
Ministers Relief Fund on behalf of conducted, along with government Knowledge Test across four locations
Bharti Airtel for the rehabilitation officials. in Punjab.
of victims of Nepals earthquake.
Airtel also initiated 48 hours of free Holistic Welfare
network usage for all calls made to We took several initiatives like
Nepal, to facilitate relief work and Each One Teach One and Azaadi
communication in the disaster hit area. Campaign, to enhance digital literacy
across Indias cities and towns. We will
Gujarat suffered heavy rains and be driving more such initiatives in step
flood in July 2015. At areas like with the Governments Digital India
Banaskantha, Patan, Kutch, Mehsana, mission.

B. Environmental
Conservation
Environmental degradation and climate change is a critical challenge that industries

and governments across the world must focus on; and find sustainable solutions with
greater urgency and unanimity. The Climate Summit in Paris in 2015 articulated this
concern. Bharti Airtel is partnering with governments and other relevant stakeholders
worldwide to help conserve the environment.
Our priorities comprise:
I. Promoting the use of renewable

energy to reduce dependence on
fossil fuels.
II. Exploring innovative technologies

in network infrastructure to cut
down emissions.
III. Working collectively with

infrastructure partners to reduce
energy consumption and resulting
carbon emissions.
IV. Sharing network infrastructure with

partners to reduce emissions.
V. Focusing on judicious resource

management to wage a war
against wastage.
33,000+
outdoor sites. Over 33,000 sites have
Putting Faith in Green Energy been converted to outdoor till date,
reducing the energy consumption by
Tagged nearly 375 sites green till sites have been converted about 25%. Sites are being converted
date by installing green energy to outdoor till date mostly by installing FCU, NCU and
solutions and eliminating the use IP55 cabinets for switching off the
of diesel. air conditioners, thus making them
Deployed over 150 own sites with feasible for installing green energy
Installed solar rooftop power plants advanced VLRA Battery Solution, solutions like solar, Li-ion, among
at 14 Main Switching Centre resulting in over 370 sites with others. This initiative also forms part
(MSC) locations, expanding the such solution till date. of Airtels War on Waste.
total installed capacity to 0.805
MWp; these on-grid solar plants Rationalised air-conditioning on
are generating over 0.82 Mn units, over 300 own sites to reduce the
Infrastructure Sharing
Our constant endeavour is to promote
reducing the emission of 650 tons consumption by 10%.
infrastructure sharing, along with our
annually.
partners. Our efforts with partners to
Completed trial on solar natural
consolidate passive infrastructure and
Deployed nearly 700 cumulative cooling to reduce energy demand.
green initiatives have considerably
sites with solar and battery hybrid,
reduced carbon emission in the entire
Li-ion and biomass solutions till date, Piloted the use of thermocouple
industry. This initiative not only reduces
reducing over 16,000 tons annually. cooling unit at over 450 own and
operational cost for service providers
partner sites.
by eliminating operational waste, but
Continued to focus on renewable
also promotes optimal use of resources.
sources to enhance energy
efficiency; Green Power Wheeling
Innovative Network
In FY 2015-16, 45% incremental sites
agreements for the procurement of Technologies were deployed as sharer sites, reducing
green energy, have been made for
the energy consumption by a minimum
three Data Centres and one MSC Conversion of Indoor Sites 30% over standalone sites.
location; planning to extend the to Outdoor
initiative to nine more sites in Airtel has been partnering with
the coming year. Tower Cos to convert indoor sites to

02-39
Outdoor Site Deployment We focus on minimising end-to-

During the year, over 90% of the end traceability and recycling the
new sites were deployed as outdoor, waste generated by our operations.
eliminating air-conditioner usage. We monitor on a continuous basis
the generation of the e-waste, its
In addition, 80% of the sites have transportation, processing and
been installed with Auto-TRX recycling comprehensively.
shutdown feature, which ensures that
the TRX remains switched off during Any e-waste generated from
non-peak hours. technology upgradation, capacity
augmentation and others is recycled
3 Mn+
as per the Waste Electrical and
Towards a Greener World Electronic Equipment (WEEE) norms.
We have a stringent system of
Project Green Cities selection of recyclers: recyclers have
Project Green City was launched by Airtel mobility postpaid
to be legally compliant; they should customers have opted for
Indus Towers and Bharti Infratel few
have their relevant licences in place
years back; and over 37,600 sites have e-bills over the past two years
with world-class facilities, procedures
been tagged as green sites till date.
and practices to treat e-waste in an
Over 12,800 sites were converted to
environmentally sound manner.
outdoor sites during the year under
review, thus enhancing our energy
In FY 2015-16, over 1,700 tons We have a substantial share of
efficiency significantly.
of e-waste generated from IT and customers opting for paperless billing.
network infrastructure was recycled Over 3 Mn Airtel mobility postpaid
Resource Management through authorised recycling partners. customers have opted for e-bills over
the past two years. In addition, we also
E-waste E-bills have nearly 70% of our total postpaid
The ever increasing volume of We are continuously evaluating the customers on paperless bills till the
physical as well as e-waste generated impact of our operations on resources end of FY 2015-16, representing over
in contemporary society impacts and environment. Towards this 24% increase in number of customers
the environment considerably. At end, we took significant steps like opting for paperless bills over
Airtel, we deeply acknowledge our reducing paper usage and wastage the previous financial year.
responsibility towards judicious by popularising paperless billing.
resource management for a cleaner, We have been encouraging our
greener planet. customers to opt for e-billing and
e-transactions. We provide flexibility
for our customers to opt for paperless
bills at any point in the life cycle.

Driving Sustainable
Transformations Globally
We are committed to bring enduring socio-economic transformation to help

elevate the quality of life for millions of people across the world. We are translating
our commitment into reality on ground through several programmes, which are
need-based and produce measurable outcomes for the community.
Africa
Airtel Africa is committed to
functioning in a socially responsible Our CSR journey has just started, but it is an encouraging
manner to enable communities in beginning. Over the upcoming fiscal, we will see our CSR
the countries in which we operate. teams integrate technology related support into the CSR
Our focus areas comprise education, programmes. This alignment will create an impact on society
welfare of the youth and health. through the technology that we make available.
Christian de Faria, Executive Chairman, Airtel Africa
I CT Training in Chad:
Airtel partnered with the Ministry
of Education in Chad to train 5,000
youth in the country to improve
their ICT skills.
Airtel Fursa:
Airtel Tanzania is encouraging
entrepreneurship among youth
(18-24 years) in the country.
Education
A
irtel Catapult Your Business
Flagship Programmes Competition Ghana:
The Adopt-a-School flagship Is a transformative start-up
In Uganda, we organised health
programme has reached over accelerator programme.
camps in partnership with Hinds
27,000 students, with more than
Feet Programme in remote
700 teachers. O
ur Airtel Touching Lives
areas of the country, so that
Programme:
the underprivileged are offered
Airtel Kenya in partnership with the Reaches out to over 70 Mn viewers,
a chance to test and undergo
British Council and Global Peace focusing on empowering the
medical screening for various
Foundation provided internet underprivileged.
diseases, such Hepatitis B
access to students, teachers and
screening and shots, dental, eye
communities.
Health check-ups and general medicine.
There was also screening for
Airtel Zambia in partnership with Flagship Programmes HIV, diabetes, ulcers and blood
the British Council, Samsung
Airtel DRC launched Airtel Sant pressure.
Electronics and the Ministry of
info a mobile health service
Education has reached over
offered for its subscribers. The Airtel Madagascar in partnership
20,000 students and teachers with
service offers free consultations with Mobile Hi-Life has developed
their ICT mobile internet bus.
and vaccinations, in partnership mobile clinics to help the
with the Medical Action Board community get access to better
Youth Development Association. healthcare.
Flagship Programmes We continued to support the
T
rain My Generation: survivors of Ebola epidemic by
5,000 young Gabonese will providing start-up capital and
be trained in information and other resources to 50 women
communication technology (ICT) entrepreneurs, especially Ebola
skills over the next three years. widows.

02-39
Awards 2014 by the Employers

Consultative Association of Malawi
(ECAM).
Airtel Zambia: 1st overall award for

companies / institutions held in
high esteem as good corporate
citizen, based on their corporate
responsibility initiatives and
investments over the past 12
months.
Ghana CSR Excellence Awards

Best CSR award in Education.
Ghana Institute of Public Relations

Excellence Awards Best
Community Relations programme
of the year Touching Lives.
5,000 Accolades
Recognition by the African Union
for Airtels Ebola related initiatives
Nigeria SERA 2015 Best
Company in CSR health
intervention.
Airtel partnered with the in Africa.
Ministry of Education in CSR Africa Leadership Awards
Chad to train 5,000 youth Airtel Malawi was awarded a Presented to Michael Okwiri,
in the country to improve premium Awardee in the Corporate Corporate Communications and
Social Responsibility category CSR Airtel Africa.
their ICT skills during the Top Employers
Bangladesh
Airtel Bangladesh is committed to The crockeries and utensils were sent
partner various community and to three branches of Bidyanondo (at
environmental initiatives in Bangladesh various locations of Bangladesh),
to ensure holistic wellbeing for all. benefiting 500 students.
During the year, the Company provided
crockeries and cooking utensils to
facilitate the Food for Education
Programme of Bidyanondo (learn with
fun), a non-profit organisation. The
programme helps educate children
from disadvantaged sections of society.
Sri Lanka
The Company collaborates with The effort proved to be encouraging
various stakeholders in Sri Lanka with over one million children visiting
to drive community uplift and the hospital annually for treatment
environment conservation initiatives. and care, leaving happy and healthy.
The Lady Ridgeway Hospital is To spread the message of joy,

considered to be worlds largest team Airtel Lanka also celebrated
paediatric government hospital; Christmas with disadvantaged
it provides free medication and children of few orphanages and
hospitalisation. Bharti Airtel Lanka paediatric hospitals.
refurbished the hospital into a more
child-friendly environment. The
Company also contributed several
new TVs, furniture and equipment.

Business Responsibility Report
Stakeholder
Engagement
Customer
Value
Products Lifecycle
Sustainability
Employees
Wellbeing
Ethics, Transparency and

Accountability
Business
Responsibility
Environment
Human Policy
Rights Advocacy
Inclusive
Growth
Tra
ansform mation foor us ha
as a deep social connotation as well. We are acting
as
s an enab bler of socio-ec
conomic change through our business priorities as
weell as need-base ed community interventions. These interventions are well
co
oordinated with the parrticipation of all relevant stakeholders, and have
GH
HQLWHP PHDVXUDE EOHRXWF
FRPHV:HZLOOFRQWLQXHWRLQYHVWPRUHUHVRXUFHVWR
de
eliver on the exp pectatio
ons of all stakeholders.
- Sunil Bharti Mittal

40-125
Bharti Airtel Limited 02-39 | Corporate Overview Statutory Reports 126-355 | Financial Statements
Section A
General Information about the Company
1. Corporate Identity Number (CIN) of the Company: L74899DL1995PLC070609
2. Name of the Company Bharti Airtel Limited
3. Registered Address Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj,
Phase II, New Delhi - 110 070
4. Website www.airtel.com
5. Email id FRPSOLDQFHRFHU#EKDUWLLQ
6. Financial Year reported 2015-16
Sector (s) that the Company is engaged in: Telecommunication Services Mobile telecommunication,
[HGOLQHVHUYLFHVDQGWHOHFRPPXQLFDWLRQHQWHUSULVH
solutions.
Direct-to-Home Services (through Subsidiary Company).
Payments Bank (through Subsidiary Company).
Passive Infrastructure Services (through Subsidiary
Company).
7. List three key products / services that the Company a) Mobile Services
manufactures / provides (as in balance sheet) b) Broadband Services
c) Enterprise Services
8. Total number of locations where business activity is a. Number of International Locations - The Company has
undertaken by the Company its business operations in 20 countries that includes
India, Sri Lanka, Bangladesh and 17 countries in the
African continent.
b. Number of National Locations - Headquartered in New
Delhi, Bharti Airtel Limited has its business activities in
all 22 licensed telecom service areas.
9. Markets served by the Company Besides India, the Company also has operations in Africa and
South Asia.
Section B
Financial Details of the Company
1. Paid up capital ` 19,987 Mn
2. Total turnover ` 603,002 Mn
3. 7RWDOSURWDIWHUWD[HV ` 75,465 Mn
4. Total Spending on Corporate Social Responsibility 0.57%
&65DVSHUFHQWDJHRIDYHUDJH1HWSURWRIWKH
&RPSDQ\IRUODVWQDQFLDO\HDUV
5. /LVWRIDFWLYLWLHVLQZKLFKH[SHQGLWXUHLQIRXUDERYH Promotion of education.
has been incurred: Rural sanitation programme.
Higher and technical education.
Child welfare programmes.
Disaster relief initiatives.
Community development programmes.
Environmental initiatives and awareness.
Employability and entrepreneurship.
Business Responsibility Report 41

Section C
Other Details
1. Does the Company have any Subsidiary Company / Companies?
Bharti Airtel Limited had 17 direct and 92 indirect subsidiary companies, as on March 31, 2016.
2. Does the Subsidiary Company / Companies participate in the BR initiatives of the parent company?
Almost all subsidiary companies of Bharti Airtel, either directly or along with Airtel, participate in the BR initiatives.
3. Do any other entity / entities (e.g. suppliers and distributors, among others) that the Company does business with
participate in the BR initiatives of the Company?
Bharti Airtel supports and constantly encourages its partners to undertake sustainability and CSR initiatives in their
areas of operations. At present, the Companys infrastructure and facility management partners support its drive
towards environment protection which represents less than 30% of all our partners.
Section D
Business Responsibility Information
1. Details of Director / Directors responsible for BR
a) Details of Director / Directors responsible for the implementation of BR policy / policies
DIN Number 00042494
Name Mr. Rakesh Bharti Mittal
Designation Director
b) Details of the BR head:

DIN Number (if applicable): N.A.
Name Mr. Sameer Chugh
Designation Director Legal & Regulatory
Telephone No. +91 124 4243188
E-mail id VXVWDLQDELOLW\#DLUWHOFRP
2. Principle-wise (as per NVGs) BR Policy / Policies
Principle 1 Principle 2 Principle 3

Ethics, Transparency Products Lifecycle Employees Wellbeing
and Accountability Sustainability

Stakeholder Engagement Human Rights Environment

Policy Advocacy Inclusive Growth Customer Value

40-125
(a) Details of Compliance (Reply in Y/N)
Sl.
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No.
1. Do you have a policy / policies for Y Y Y Y Y Y Y Y Y
2. Has the policy been formulated in consultation with the
Y Y Y Y Y Y Y Y Y
relevant stakeholders?
3. Does the policy conform to any national / international
Y Y Y Y Y Y Y Y Y
standards? If Yes, specify? (50 words)
4 Has the policy been approved by the Board? If yes, has it
been signed by MD / Owner / CEO / appropriate Board Y Y Y Y Y Y Y Y Y
Director?
5 'RHV WKH &RPSDQ\ KDYH D VSHFLHG FRPPLWWHH RI WKH
%RDUG'LUHFWRU2FLDOWRRYHUVHHWKHLPSOHPHQWDWLRQ Y Y Y Y Y Y Y Y Y
of the policy?
6 Indicate the link for the policy to be viewed online? Y N N N Y N Y Y N
7 Has the policy been formally communicated to all
Y Y Y Y Y Y Y Y Y
UHOHYDQWLQWHUQDODQGH[WHUQDOVWDNHKROGHUV"
8 Does the Company have in-house structure to
Y Y Y Y Y Y Y Y Y
implement the policy / policies?
9 Does the Company have a grievance redressal
mechanism related to the policy / policies to address Y - Y Y Y - - - Y
stakeholders grievances related to the policy / policies?
10 Has the Company carried out independent audit /
evaluation of the working of this policy by an internal or Y Y Y Y Y Y Y Y Y
H[WHUQDODJHQF\"
The policies are formulated with detailed consultation with relevant stakeholders and benchmarking across the industry. They are developed and aligned
to applicable legal and regulatory requirements, and guidelines, SEBI listing regulation and our internal mandates.
All policies are administered under the overall supervision of the Airtel Management Committee (AMB) of the Company, headed by the Managing Director
DQG&KLHI([HFXWLYH2FHU7KH$XGLW&RPPLWWHHRIWKH%RDUGDORQJZLWKRWKHU%RDUG&RPPLWWHHVUHYLHZVLPSOHPHQWDWLRQRISROLFLHV
The following Policies can be viewed on our website www.airtel.com and www.bharti.com
1) Code of Conduct Policy 2) Code of Conduct Policy for Partners 3) CSR Policy 4) Ombudsperson Policy & Process.
([FHSWIRUSROLFLHVOLVWHGDERYHDOORWKHUSROLFLHVDUHPHDQWIRULQWHUQDOFRQVXPSWLRQRIWKHHPSOR\HHVDQGDUHDYDLODEOHRQFRPSDQ\VLQWUDQHW$OOSROLFLHV
KDYHEHHQSHULRGLFDOO\FRPPXQLFDWHGWRWKHUHOHYDQWLQWHUQDODQGH[WHUQDOVWDNHKROGHUV
$OOWKHSROLFLHVDUHRZQHGE\WKHUHVSHFWLYH$0%PHPEHUDQGWKHLUVHQLRUOHDGHUVKLSWHDPLVUHVSRQVLEOHIRUWKHHHFWLYHLPSOHPHQWDWLRQRIWKHSROLF\
$Q\FODULFDWLRQVRUJULHYDQFHVUHODWHGWRHLWKHURIWKHSROLFLHVDUHDGGUHVVHGE\WKHUHVSHFWLYHOHDGHUVKLSWHDPPHPEHUDQGLIQRWDGGUHVVHGWRVDWLVIDFWLRQ
can be escalated to the Ombudsperson.
All policies and their implementation is audited by an independent internal audit team who in turn reports issues, if any, to the Board Audit Committee.
3. Governance related to BR
Section E
Indicate the frequency with which the Board of
Directors, Committee of the Board or CEO assess the Principle-wise Performance
Companys BR performance. (Within 3 months, 3-6
months, annually, more than 1 year) Principle 1
The CSR Committee and the Board assesses and Ethics, Transparency and Accountability
reviews the BR performance annually and gives
strategic direction to the Company on its BR initiatives,
if required. 7KH &RPSDQ\V &RGH RI &RQGXFW &R& DUPV LWV
commitment to the highest standards of integrity and
Does the Company publish a BR or a Sustainability
ethics. Bharti Airtel has a zero tolerance approach towards
Report? What is the hyperlink for viewing this report? bribery and corruption. It strictly prohibits making any sort
How frequently is it published? of facilitation payment. The Policy on Improper Payments
The Company publishes an annual Sustainability Report is non-negotiable for the Company; and it is committed
in accordance with the Global Reporting Initiative to comply with the same in letter and spirit. The CoC
(GRI) Framework. The report has been uploaded on is developed at the Group level and is applicable for all
the Companys website, and can be viewed at LQWHUQDODQGH[WHUQDOVWDNHKROGHUV$GKHUHQFHWRWKH&RGH
www.airtel.in/sustainability. is mandatory for all employees, subsidaries, suppliers and
contractors, service providers, channel partners and their
employees. All employees have to undergo mandatory
HFHUWLFDWLRQ RQ &R& WR DUP WKHLU FRPPLWPHQW WR WKH

&RGH%HVLGHVWKHRFHRIWKH2PEXGVSHUVRQVHUYHVDVDQ The Company also gives utmost importance to community

LQGHSHQGHQWIRUXPIRUHPSOR\HHVDVZHOODVRWKHUH[WHUQDO health and safety. It acknowledges the growing concerns due
stakeholders including associates, strategic partners and WRWKHDOOHJHGH[SRVXUHWRHOHFWURPDJQHWLFHOGV(0)DQG
suppliers to raise concerns and complaints about improper believes in maintaining transparency. It continues to monitor
practices such as bribery / corruption, which are in breach of research outcomes and share updated research-based
the Bharti Code of Conduct. The Companys Consequence information with its stakeholders. The Company adheres
Management Policy deals with violation of the Code of to the emission norms prescribed by the International
Conduct, and misreporting or non-reporting of critical Commission on Non-ionizing Radiation Protection
LQIRUPDWLRQ 7KLV LQFOXGHV QDQFLDO LPSURSULHW\ LQFOXGLQJ (ICNIRP); which is 10-times stricter for India, compared to
bribery or kickbacks. technologically-advanced countries. In FY 2015-16, over
17,590 sites were audited by the TERM Cells, and almost
During FY 2015-16, 16 allegations of corruption / bribery 99.9% sites were found to be compliant with emission
were received. Investigations were completed in 15 cases and norms. Also, the Company, in partnership with the Cellular
actions were initiated as per the Consequence Management Operators Association of India (COAI), conducts several
Policy. One case is currently under investigation. awareness building sessions over the issue.
War on Waste is one of the key business priorities of Bharti
Airtel. In line with this, the Company continues to take
Principle 2 initiatives and develops innovative technologies to minimise
Product Lifecycle Sustainability waste that is generated by its operations. This will ensure
end-to-end traceability and recycling of both physical waste
and e-waste.
Digital connectivity is becoming integral to economic and
social development. Over the years, Bharti Airtel through Due to the nature of Bharti Airtels operations, a large
its services namely mobile, broadband, enterprise services volume of e-waste is generated by the Company. The
and DTH has served as a catalyst to bridge the digital divide. e-waste (electronic components, telecom equipment or IT
Its robust network and far-reaching distribution helped in hardware) that results from technology upgradation and
strengthening the entire process. Besides, the Company is capacity augmentation is recycled as per Waste Electrical
FRQVWDQWO\H[SDQGLQJLWVERXTXHWRIVHUYLFHVDQGHQKDQFLQJ and Electronic Equipment (WEEE) norms. In FY 2015-16,
its communication technologies to make a positive impact over 1,700 tons of e-waste generated from IT and network
on the communities it works with. infrastructure was recycled through authorised recycling
partners.
Bharti Airtel is committed to socio-economic transformation
to help elevate the lives of millions. The Company takes a The Company promotes the use of electronic billing and online
proactive approach to preserve the environment and reduce payment methods to reduce paper usage that results from
negative fallouts of the lifecycle of its products and services physical copies of bills and receipts. In addition, an automated
across the value chain. It believes in responsible growth that que management based printing solution is in place, besides
encourages social wellbeing, while promoting innovation telecommunication services like tele-conferencing and
DQGHFLHQF\7KURXJKYDULRXVYDOXHDGGHGVHUYLFHVRHUHG video-conferencing. The telecommunication services are
on the mobile and broadband platform, Bharti Airtel aims at used to ensure minimal business travel, thus cutting down
JHQHUDWLQJDZDUHQHVVDQGRHULQJVHUYLFHVLQWKHDUHDVRI carbon emission.
mobile commerce, health, education and agriculture, thus, Bharti Airtel works closely with its partners towards ensuring
DXJPHQWLQJ WKH HRUWV RI WKH JRYHUQPHQW WR H[WHQG WKH sound and sustainable procurement procedures, built on a
reach and quality of basic life services to the population. solid foundation of the Companys policies and principles.
With a host of value-added services oriented towards rural Nearly 90% of the Companys suppliers are based in India, and
communities, Bharti Airtel is perceived as an important driver over 80% of the procurement for the year, in terms of value,
of socio-economic empowerment in the country. Through was from these India-based partners. It constantly strives to
the recent license received by Airtel Payments Bank, the build a responsible and sustainable supply chain. One of the
Company aims to take pioneering steps towards easing important parameters of supplier selection at Airtel is the
WKH DFFHVV WR QDQFLDO VHUYLFHV IRU D PDMRULW\ RI XQEDQNHG VXSSOLHUV DFKLHYHPHQW RI PDQDJHPHQW FHUWLFDWLRQV VXFK
as TL9000, ISO 9001, ISO27001, ISO 14001, OHSAS18001
population. Similarly, services such as mEducation, mFarmer
DQG 5R+6 6XSSOLHUV ZLWK FHUWLFDWLRQV IRU KLJK VWDQGDUGV
have used mobile and DTH platforms to transform the
LQWKHLUDUHDVRIH[SHUWLVHDUHSUHIHUUHGDQGWKRVHVHHNLQJ
traditional service delivery model and reduce the cost of
FHUWLFDWLRQV DUH DVVLVWHG LQ XQGHUJRLQJ D FHUWLFDWLRQ
DFFHVVWRPLOOLRQVRISHRSOHLQIDUXQJUXUDODUHDV,.6/7KH
SURJUDPPHZLWKLQDGHQHGSHULRG
Companys joint venture initiative with IFFCO - the worlds
ODUJHVWIHUWLOL]HUFRRSHUDWLYHIHGHUDWLRQLVDJUHDWH[DPSOH
RI IDUPHU HPSRZHUPHQW 2YHU 0Q IDUPHUV EHQHW e-Shakti Driving Digital Literacy
directly from its information services in weather forecasting,
commodity prices, agronomy, dairy farming and forestry. This initiative aims at building awareness about
the basics of Internet, simplicity of internet,
Bharti Airtels network transformation programme, Project usefulness and presence of content relevant to
Leap focuses on a series of new initiatives towards a women on internet and providing them with live
greener environment and building a sustainable network for experience on their own handsets.
the future. It is in continuation with the Companys long-term
commitment towards Green Network initiatives. Under In association with various state governments,
over 500,000 women have been trained across
Project Leap, Bharti Airtel not only plans to establish a world-
several districts in Madhya Pradesh, Andhra
class and future-ready network, but also to bring down its Pradesh and Rajasthan.
FDUERQIRRWSULQWHPLVVLRQE\RYHUWKHQH[WWKUHH\HDUV

40-125
complainant. However, the accused quit the organisation on

Principle 3 his own accord post the conciliation closure.
Employees Wellbeing During the year, no complaints were received by the
2PEXGVSHUVRQ RFH IRU FKLOG ODERXU IRUFHG ODERXU RU
discriminatory employment.
Bharti Airtel acknowledges the immense potential of its
human capital, and therefore, Win with People is one of
WKHYHNH\EXVLQHVVSULRULWLHVRIWKH&RPSDQ\%KDUWL$LUWHO
believes that its success depends on its ability to develop
NQRZOHGJH VNLOOV DQG H[SHUWLVH RI LWV HPSOR\HHV 7KH
Company strongly believes Win with People is essential
155+
to continue winning in the market. This belief translates Unique training interventions for the
in ensuring that every business vertical is equipped with Companys employees, of which over
right talent, which is both competent and engaged. The 130 comprised functional training and
Company achieves this objective by undertaking various 25 competency-based and leadership
initiatives for talent development, employee engagement
and communication.
training.
This approach has helped the Company in building an

organisation, which is not only inclusive and entrepreneurial
EXWPRVWLPSRUWDQWO\H[SHULHQFHGDVDQHTXDORSSRUWXQLW\ Category No. of No. of
employer by its people. Bharti Airtel has consistently tried employees employees
to create and promote an inclusive work environment for which which
employees from diverse backgrounds to help them realise attended attended skill
their full potential. The objective is to ensure that the - safety upgradation
strong workforce of 18,179 employees are both skilled and trainings trainings
engaged; and that the organisation is perceived as being
inclusive, entrepreneurial and an equal opportunity employer. Permanent employees 7,433 8487
Permanent women 846 822
There were 4,968 subcontracted employees as on March
employees
31, 2016. During the period, there were no temporary and
casual employees. Casual / temporary / 5,495 -
contractual employees
Being in service industry, the Company does not have any Employees with 18 21
labour union or association in the organisation. However, disabilities
employees have full access to management to raise
their concern at any time without any fear / coercion. All
the concerns or issue raised by employees are resolved
satisfactorily.
Principle 4
The Company is fully committed to the promotion of Stakeholder Engagement
diversity across all levels of the organisation. There were
1,491 permanent women employees, which represented
around 8% of the total workforce. A total of 123 people with Bharti Airtels sustainability approach has been carefully
disabilities were employed at various company locations. developed through systematic engagement with
To nurture workforce diversity, with a particular focus on stakeholders worldwide. The Companys regular engagement
gender, the Company has implemented practices and with its stakeholders allows it to identify, review and prioritise
VXSSRUWV\VWHPVWKDWVSHFLFDOO\DGGUHVVWKHUHTXLUHPHQWV LWVVXVWDLQDELOLW\HRUWV,WPDNHVVXUHWKDWLWVVXVWDLQDELOLW\
of its women employees. This is backed by stringent policies VWUDWHJ\ LV DOLJQHG WR LWV VWDNHKROGHUV H[SHFWDWLRQV DQG
and procedures, which ensure the workplace environment GHPDQGV 7KH &RPSDQ\ HQVXUHV WKH HHFWLYHQHVV RI
IUHHIURPVH[XDOKDUDVVPHQW the stakeholder engagement process by mapping its key
The Company is fully compliant with the prevailing laws on LQWHUQDODQGH[WHUQDOVWDNHKROGHUVLQDVWUXFWXUHGPDQQHU
WKHSUHYHQWLRQRIVH[XDOKDUDVVPHQWRIZRPHQDWZRUNSODFH
Bharti Airtel engages with its stakeholders, both internal as
The Internal Complaints Committee deals with all matters
related to the subject in accordance with the tenets of the ZHOO DV H[WHUQDO QDPHO\ LQYHVWRUV FXVWRPHUV HPSOR\HHV
law. The Company is fully compliant with the prevailing business partners and suppliers, government and regulators
ODZV RQ WKH SUHYHQWLRQ RI VH[XDO KDUDVVPHQW RI ZRPHQ DW DQG FRPPXQLW\ WR JDXJH WKHLU H[SHFWDWLRQV VKDUH
workplace. The Internal Complaints Committee deals with information and sustainability priorities, along with practices
all matters related to the subject in accordance with the DQG SHUIRUPDQFH DQG H[SORUH DYHQXHV RI SDUWQHUVKLSV WR
tenets of the law. The list of members of the Committee has achieve the goals. Concerns and feedback that the Company
been communicated to all employees and also prominently receives from its key stakeholders get integrated into its
GLVSOD\HG LQ WKH SXEOLF DUHDV RI DOO LWV RFHV %HVLGHV strategic business planning. This is performed through
the Company has conducted awareness and training systematic stakeholder dialogue that helps in identifying the
programmes for employees with respect to this law. Training material issues and prioritising potential risks, which can turn
sessions were also conducted for all members of the Internal into long-term opportunity for business. In addition to the
Complaints Committee on the legal and practical aspects to ongoing stakeholder engagement with all our stakeholders,
enable the members to deal with investigations. Eight cases a formal stakeholder engagement materiality assessment is
UHODWHGWRVH[XDOKDUDVVPHQWZHUHUHSRUWHGDQGLQYHVWLJDWHG performed once in every two years to gather the stakeholder
during the year; and all procedures were followed. Guilt was requirements and map the same to our business priorities.
HVWDEOLVKHGLQYHFDVHVDQGRIWKHVHIRXUZHUHVHSDUDWHG
IURP WKHLU VHUYLFHV ZLWK WKH RUJDQLVDWLRQ ,Q WKH IWK FDVH 7KH&RPSDQ\KDVLGHQWLHGWKHGLVDGYDQWDJHGYXOQHUDEOH
there was a conciliation proceeding on the request of the and marginalised stakeholders through its association

with Bharti Foundation, the philanthropic arm of Bharti partners, which are being suitably addressed by them. Also,
(QWHUSULVHV $ VLJQLFDQW SRUWLRQ RI WKH EHQHFLDULHV RI the emissions / waste generated by the Company are within
the Bharti Foundation and its programmes comprise the the permissible limits given by CPCB / SPCB.
economically-challenged and disadvantaged groups,
especially girl children. Please refer to the CSR section of the Detailed description of the Companys intervention
Annual Report for details on our intervention through Bharti towards reduction of carbon footprint can be found in
Foundation. the CSR section of this Report and in the Planet section
of Bharti Airtels Sustainability Reports available on
www.airtel.in/sustainability.
Principle 5
Human Rights
Principle 7
Responsible Policy Advocacy
Bharti Airtel adheres to the highest levels of ethical business
practices as articulated by its Code of Conduct so as to
achieve its performance with integrity. A strong commitment The Company works closely with all industry associations
to human rights is embedded in the Companys Code of and trade chambers to ensure that its public policy positions
Conduct Policy, which lays down the acceptable behaviour complements and advances its sustainability and citizenship
on various aspects including human rights. The Code of objective. In taking public policy positions, Bharti Airtel
Conduct is applicable for all employees, associates, business strives to advance innovation, enhance competitiveness
partners and Group NGO and they are required to comply and increase job creation, economic growth and sustainable
with the Code, the relevant labour laws and human rights standards of living. Its policy agenda is centered on the
regulations applicable in their geographies of operation.
SURYLVLRQ RI QHWZRUN FRYHUDJH DRUGDEOH DFFHVV WR WKH
No incidence of discrimination or human rights violation was FXVWRPHUVGLJLWDOLQFOXVLRQTXDOLW\RIVHUYLFHRHULQJVWDUL
UHFHLYHG E\ WKH &RPSDQ\V 2PEXGVSHUVRQ RFH RU ZDV and environment, among others that are being discussed
pending investigation as on March 31, 2016. and deliberated by the government, are likely to have a
material impact on the Companys business.
The Company generally conveys its policy positions through
Principle 6 its membership with the Cellular Operators Association of
Protection of the Environment India (COAI). It also holds memberships of other industry
associations like Confederation of Indian Industry (CII) and
Federation of Indian Chambers of Commerce & Industry
As a leading telecom provider in India, Bharti Airtel (FICCI). Internationally, Bharti Airtel is a member of the
understands its responsibility to operate in an environmentally International Telecommunication Union (ITU) and GSM
sustainable way by developing, promoting and utilising Association (GSMA).
UHVRXUFHHFLHQW DQG HFRIULHQGO\ VHUYLFHV 7KH +HDOWK
Safety and Environment (HSE) policy details our approach
towards protection of the environment and is applicable
for all employees of the Company and subsidiaries. As part Principle 8
of its energy and climate change mitigation strategy, the Support Inclusive Growth
Company works closely with its infrastructure partners to
ensure a sustained decline in GHG emissions. In addition, the
&RPSDQ\ KDV DOVR LQWHQVLHG LWV HRUWV WRZDUGV UHGXFLQJ Multiple studies have shown that telecommunication
LWV RSHUDWLRQDO IRRWSULQW LQFUHDVLQJ UHVRXUFH HFLHQF\ DQG services can play a pivotal role as one of the architects
adopting green practices in areas where it operates. of an accelerated socio-economic growth. Technological
platforms like mobile and internet improve governance,
Various alternate and renewable energy sources are being communication, security, disaster relief; and contribute to
H[SORUHGE\WKH&RPSDQ\VQHWZRUNLQIUDVWUXFWXUHSDUWQHUV the overall strengthening of the socio-cultural ethos.
to mitigate the dependency on diesel. Such sources of
renewable energy include solar energy solutions, fuel 7RWKLVHHFWLQWKH&RPSDQ\ODXQFKHGWKH%OXHSULQW
cells, power management systems to optimise power for Social Inclusion, which aimed at leveraging its network
FRQVXPSWLRQ HQHUJ\HFLHQW '& GLHVHO JHQHUDWRUV DQG presence and distribution network to provide awareness
free cooling units that reduce dependence and power DERXW EDVLF OLIH VHUYLFHV OLNH KHDOWK HGXFDWLRQ QDQFLDO
consumption by air-conditioners. inclusion and agriculture. Over the years, the Company has
Reducing dependence on conventional sources of energy and PDGHUDSLGSURJUHVVDQGDOVRDXJPHQWVWKHHRUWVRIWKH
LQFUHDVLQJRYHUDOOHQHUJ\HFLHQF\ZLOOKHOSWKH&RPSDQ\V Government, public private groups, Bharti Foundation and
partners remain competitive in the telecom infrastructure other stakeholders in the area of sustainability.
EXVLQHVV,QDGGLWLRQWKHHRUWVRI,QGXV7RZHUVDQG%KDUWL While recalibrating the Companys strategies to remain
Infratel in energy saving have been instrumental in reducing aligned with its sustainability vision, it launched a
the carbon footprint of the telecom industry collectively. comprehensive and a structured Airtel Sustainability
In FY 2015-16, the Company did not receive any legal notice Plan 2020. The Plan outlines the Companys corporate
from pollution control boards. However, few notices were responsibility and how it aspires to empower millions more
received pertaining to the operations of its infrastructure through social and economic development.

40-125
In addition to driving social inclusion, Bharti Airtel makes its

presence felt in the communities it serves and also where
Young Leaders
its employees live and work. The Company is focused on
creating a sustained, positive and deep-rooted impact on As part of corporate induction schedule,
WKH VRFLHW\ DW ODUJH ,WV SKLODQWKURSLF HRUWV HPSOR\HH Bharti Airtels Young Leaders help the Satya
volunteerism, and community outreach initiatives support Bharti Schools. In this two-week programme,
WKH GHVLUH WR EH VHHQ DV D WUXVWHG SDUWQHU RQH WKDW volunteers assist the Satya Bharti School
honours its commitments and takes pride in the role teachers to organise upcoming events,
it plays in community wellness. With the aim to help the strengthen their english and basic computer
communities actualise their true potential and become knowledge. Besides, it helps them raise the
productive members of society, the Company focused on SUROHRIYLOODJHVFKRROV
HPSOR\HH YROXQWHHULVP DQG &65 HRUWV DORQJ ZLWK %KDUWL
Foundation and various other NGOs / associations.
Bharti Foundation was set up in 2000, as the philanthropic
arm of the Bharti Enterprises. Since inception, it has
partnered with Bharti Airtel Limited for implementing and Principle 9
supporting various programmes. It focuses on implementing Providing Customer Value
SURJUDPPHV LQ WKH HOG RI SULPDU\ HOHPHQWDU\ VHQLRU
secondary and higher education through the Satya Bharti
School Program, as well as through government school 7R PDWFK WKH GLYHUVH H[SHFWDWLRQV RI WKH &RPSDQ\V
interventions under its Satya Bharti Quality Support urban, rural and multinational enterprise customers, Bharti
Program and Satya Bharti Learning Centres Program. $LUWHO FRQWLQXRXVO\ GHYHORSV DQG RHUV D GLYHUVH UDQJH RI
Recently, in addition to its primary focus area of education, solutions. These range from mobile, broadband, direct-to-
the Foundation initiated Satya Bharti Abhiyan. This home satellite television and enterprise solutions, along with
initiative is aimed to improve sanitation facilities in rural a bouquet of value-added, customised services that address
Ludhiana. Besides, the Foundation introduced Nyaya varied customer needs.
%KDUWLSURJUDPPHWRSURYLGHOHJDODQGQDQFLDODVVLVWDQFH
to deserving and underprivileged people under trial, Bharti Airtel has been transparently communicating
ODQJXLVKLQJLQMDLOVIRUPLQRURHQFHV mandatory information regarding enrolment and
GHDFWLYDWLRQ WDUL XVDJH FRQWDFW DQG JULHYDQFH RQ LWV
Along with Bharti Foundation, the Company has also periodical bills, enrolment form, booklets, website and POS
supported various other initiatives, such as supporting displays. Besides, the Company pioneered the launch of
schools in imparting free education to girl child, employment Airtel myPlan for its post-paid customers, which enables its
enhancing vocation skills, maintaining old age homes, customers to customise their postpaid plans on the basis
promoting formulation of public policies and research of their familys usage, preference and requirements. They
among many others.
FDQVKDUHWKHEHQHWVDPRQJYHRIWKHLUIDPLO\PHPEHUV
In FY 2015-16, Bharti Airtel contributed a total of ` 575 Mn thus ensuring zero wastage or overspend. The plan provides
towards various CSR initiatives and other charitable causes. WKH IHDWXUHV RI LQQLWH H[LELOLW\ RI P\3ODQ DGGHG ZLWK
DRUGDELOLW\FRQYHQLHQFHDQG]HURZDVWDJH7KH&RPSDQ\
Refer to the CSR section of this Annual Report for further
values its customers feedback to ensure improvement in
details on our work with Bharti Foundation and the impact
its products, services and processes. It uses tools like Net
created on the community.
Promoter Score (NPS) to gather its customers feedback
and suggestions, which helps in identifying the areas of
improvement.
Sanitation Drive
'XULQJ )< QR OHJDO FDVHV ZHUH OHG DJDLQVW WKH
Motivated by the landmark speech of Indias Company regarding unfair trade practices, irresponsible
Honble Prime Minister on Independence advertising and / or anti-competitive behaviour. However, 26
Day (2014) calling Corporates to step complaints were registered with Advertisement Standard
up for a Swachh Bharat, Bharti Airtel is Council of India (ASCI) and all of them were resolved as per
enthusiastically supporting the Satya WKH SURFHVV VSHFLHG LQ $6&, UXOHV $OVR DV RQ 0DUFK
Bharti Abhiyan. It is a sanitation drive being 2016, 0.012% of the total customer1 complaints and around
implemented by Bharti Foundation in rural 146 out of the 235 consumer cases received in FY 2015-16
Ludhiana over the next 3 years for the were at various stages of resolution.
provision of toilets in households lacking
such facilities, across more than 900 villages.
The Foundation also committed to improve
the sanitation facilities in the Government
Schools of rural Ludhiana by building
separate toilets for girls, where no such
facility exits.
As on March 31, 2016, 12,737 toilets have
been handed over to the community in 559
YLOODJHVLPSDFWLQJEHQHFLDULHV
[1] This includes prepaid and postpaid customers.

Boards Report
Dear Members, Consolidated Financial Highlights (IGAAP)
Your Directors have pleasure in presenting the 21st Board FY 2015-16 FY 2014-15
Report on the Companys business and operations, together Particulars ` USD ` USD
ZLWK DXGLWHG QDQFLDO VWDWHPHQWV DQG DFFRXQWV IRU WKH Millions Millions* Millions Millions*
QDQFLDO\HDUHQGHG0DUFK Gross revenue 1,009,373 15,415 961,007 15,728
EBITDA before 378,133 5,775 356,978 5,872
Company Overview exceptional
Bharti Airtel is among the top three mobile service providers items
globally with presence in 20 countries, including India, &DVKSURWIURP 291,115 4,446 312,513 5,115
Sri Lanka, Bangladesh and 17 countries in the African operations
continent. Earnings before 106,677 1,629 105,398 1,725
taxation
7KH &RPSDQ\V GLYHUVLHG VHUYLFH UDQJH LQFOXGHV PRELOH
Net Income / 44,566 680 46,208 756
voice and data solutions, using 2G, 3G and 4G technologies. (Loss)
Its service portfolio comprises an integrated suite of telecom
* 1 USD = `([FKDQJH5DWHIRUWKHQDQFLDO\HDUHQGHG0DUFK
solutions to its customers, besides providing long-distance (1 USD = `([FKDQJH5DWHIRUWKHQDQFLDO\HDUHQGHG0DUFK
connectivity in India, Africa and the rest of the world. The
&RPSDQ\ DOVR RHUV 'LJLWDO 79 DQG ,379 VHUYLFHV LQ ,QGLD Consolidated Financial Highlights (IFRS)
$OOWKHVHVHUYLFHVDUHUHQGHUHGXQGHUDXQLHGEUDQGDLUWHO FY 2015-16 FY 2014-15
either directly or through subsidiary companies. Particulars ` USD ` USD
The Company also deploys and manages passive Millions Millions* Millions Millions*
infrastructure pertaining to telecom operations through Gross revenue 965,321 14,742 920,394 15,064
its subsidiary, Bharti Infratel Limited, which also owns EBITDA before 341,902 5,222 314,517 5,148
42% of Indus Towers Limited. Together, Bharti Infratel and exceptional
Indus Towers are the largest passive infrastructure service items
providers in India. &DVKSURWIURP 289,152 4,416 285,280 4,669
operations
Financial Results Earnings before 120,705 1,843 107,130 1,753
In compliance with the provisions of Companies Act, 2013 taxation
and SEBI (Listing Obligations and Disclosure Requirements) Net Income / 54,842 838 51,835 848
Regulations, 2015, (Listing Regulations), the Company (Loss)
KDV SUHSDUHG LWV VWDQGDORQH DQG FRQVROLGDWHG QDQFLDO * 1 USD = `([FKDQJH5DWHIRUWKHQDQFLDO\HDUHQGHG0DUFK
statements as per Indian Generally Accepted Accounting (1 USD = `([FKDQJH5DWHIRUWKHQDQFLDO\HDUHQGHG0DUFK
Principles (IGAAP) for the FY 2015-16. In addition, the
&RPSDQ\ KDV DOVR SUHSDUHG FRQVROLGDWHG QDQFLDOV DV 7KHQDQFLDOUHVXOWVDQGWKHUHVXOWVRIRSHUDWLRQVLQFOXGLQJ
per the International Financial Reporting Standards (IFRS). major developments have been further discussed in detail in
7KHVWDQGDORQHDQGFRQVROLGDWHGQDQFLDOKLJKOLJKWVRIWKH the Management Discussion and Analysis section.
Companys operations are as follows:
Share Capital
Standalone Financial Highlights (IGAAP) During the year, there was no change in the Companys
FY 2015-16 FY 2014-15 issued, subscribed and paid-up equity share capital. On
Particulars
March 31, 2016, it stood at ` 19,987 Mn, divided into
` USD ` USD
3,997,400,102 equity shares of ` 5/- each.
Millions Millions* Millions Millions*
Gross revenue 603,002 9,209 554,964 9,083 General Reserve
EBITDA before 238,218 3,363 246,241 4,030 The Company has not transferred any amount to the General
exceptional 5HVHUYHIRUWKHQDQFLDO\HDUHQGHG0DUFK
items
&DVKSURWIURP 202,628 3,095 232,150 3,799 Dividend
operations
<RXU 'LUHFWRUV KDYH UHFRPPHQGHG D QDO GLYLGHQG RI
Earnings before 100,398 1,533 156,553 2,562 ` 1.36 per equity share of ` 5 each fully paid-up (27.2 % of
taxation
IDFHYDOXHIRU)<7KHWRWDOQDOGLYLGHQGSD\RXW
Net Income / 75,465 1,153 132,005 2,160 will amount to ` 0Q H[FOXGLQJ WD[ RQ GLYLGHQG 7KH
(Loss) SD\PHQW RI QDO GLYLGHQG LV VXEMHFW WR WKH DSSURYDO RI
* 1 USD = `([FKDQJH5DWHIRUWKHQDQFLDO\HDUHQGHG0DUFK shareholders in the Companys ensuing Annual General
(1 USD = `([FKDQJH5DWHIRUWKHQDQFLDO\HDUHQGHG0DUFK Meeting (AGM).

40-125
The Register of Members and Share Transfer Books will Pursuant to the provisions of SEBI (Share Based
remain closed from Saturday, August 13, 2016 to Friday, (PSOR\HH %HQHWV 5HJXODWLRQV (623
August 19, 2016 (both days inclusive) for the purpose of Regulations), a disclosure with respect to ESOP Schemes
SD\PHQWRIQDOGLYLGHQGIRUWKH)<LIGHFODUHGDW RI WKH &RPSDQ\ DV RQ 0DUFK LV DQQH[HG DV
the ensuing AGM. $QQH[XUH $ to this report and has also been uploaded on
the Companys website at http://www.airtel.in/wps/wcm/
Transfer of amount to Investor Education and connect/c9e25993-5b80-4eb0-9874-37614225b876
Protection Fund $QQH[XUH3XUVXDQWWR(6235HJXODWLRQVSGI"02' $
Since the Company declared its maiden dividend in August JPERES&CONVERTTO=url&CACHEID=c9e25993-5b80-
2009 for FY 2008-09, no unclaimed dividend was transferred 4eb0-9874-37614225b876.
to Investor Education and Protection Fund in the previous
year. The aforesaid ESOP Schemes of the Company are in
FRPSOLDQFH ZLWK WKH (623 5HJXODWLRQV $ FHUWLFDWH IURP
Pursuant to the provisions of Investor Education and M/s. S. R. Batliboi & Associates LLP, Chartered Accountants,
Protection Fund (Uploading of information regarding unpaid Statutory Auditors, with respect to the implementation of
and unclaimed amounts lying with companies) Rules, 2012, the Companys ESOP schemes, would be placed before the
the Company has uploaded the details of unpaid and
shareholders at the ensuing AGM. A copy of the same will
unclaimed amounts lying with the Company as on August
also be available for inspection at the Companys registered
21, 2015 (date of last Annual General Meeting) on the
RFH
Companys website www.airtel.com.
Deposits 0DWHULDO FKDQJHV DQG FRPPLWPHQWV DHFWLQJ WKH

QDQFLDOSRVLWLRQEHWZHHQWKHHQGRIQDQFLDO\HDU
The Company has not accepted any deposits and, as such,
and date of report after the balance sheet date
no amount of principal or interest was outstanding, as on the
balance sheet closure date. 7KHUHZHUHQRPDWHULDOFKDQJHVDQGFRPPLWPHQWVDHFWLQJ
WKH QDQFLDO SRVLWLRQ RI WKH &RPSDQ\ EHWZHHQ WKH HQG RI
Capital Market Ratings QDQFLDO\HDUDQGGDWHRIWKLVUHSRUW
As on March 31, 2016, the Company was rated by two
domestic rating agencies, namely CRISIL and ICRA and Directors and Key Managerial Personnel
three international rating agencies, namely Fitch Ratings, Inductions, Re-appointments, Retirements & Resignations
Moodys and S&P. In line with the Companys policy on Independent Directors,
the term of Ms. Obiageli Ezekwesili ended on September 25,
CRISIL and ICRA maintained their long-term ratings of the
Company. Currently, they rate the Company at [CRISIL] AA+ 2015. Mr. Rajan Bharti Mittal resigned from the Companys
/ [ICRA] AA+, with a stable outlook. Short-term ratings were Board w.e.f. January 07, 2016. The Board place on record
maintained at the highest end of the rating scale at [CRISIL] its appreciation for help, guidance and contribution made by
A1+ / [ICRA] A1+. the outgoing Directors during their tenure on the Board.
Fitch, Moodys and S&P also maintained the ratings at BBB-/ Mr. Rakesh Bharti Mittal was appointed as an Additional Non-
Stable, BBB-/Stable and Baa3/Stable, respectively. ([HFXWLYH'LUHFWRURQWKH%RDUGZHI-DQXDU\DQG
ZLOO KROG WKH RFH WLOO WKH GDWH RI HQVXLQJ $QQXDO *HQHUDO
As on March 31, 2016, the Company was rated Investment Meeting and is eligible for re-appointment. The Company has
Grade with a Stable outlook by all three international credit
received requisite notice from a member under Section 160
rating agencies.
of the Companies Act, 2013, proposing the appointment of
0U 5DNHVK %KDUWL 0LWWDO DV WKH &RPSDQ\V 1RQ([HFXWLYH
Employee Stock Option Plan
Director, liable to retire by rotation. Accordingly, the Board
At present, the Company has two Employee Stock Option
recommends his appointment.
(ESOP) schemes, namely Employee Stock Option Scheme
2001 and Employee Stock Option Scheme 2005. Besides Ms. Chua Sock Koong will retire by rotation at the
attracting talent, these schemes also helped retain talent and HQVXLQJ $*0 DQG EHLQJ HOLJLEOH KDV RHUHG KHUVHOI IRU UH
H[SHULHQFH7KH+5DQG1RPLQDWLRQ&RPPLWWHHDGPLQLVWHUV appointment.
and monitors the Companys ESOP schemes.
Mr. Sunil Bharti Mittal, Chairman, will be completing his
Both the ESOP schemes are currently administered through present term as Chairman of the Company on September
Bharti Airtel Employees Welfare Trust (ESOP Trust), whereby 30, 2016. On the recommendation of the HR and Nomination
shares held by the Trust are transferred to employees, Committee, the Board in its meeting held on April 27, 2016,
XSRQ H[HUFLVH RI VWRFN RSWLRQV DV SHU WKH WHUPV RI WKH subject to the approval of shareholders, has re-appointed
6FKHPHV'XULQJWKHQDQFLDO\HDUWKH&RPSDQ\ Mr. Sunil Bharti Mittal as Chairman of the Company for a
has obtained approval of members through postal ballot, IXUWKHUWHUPRIYH\HDUVZHI2FWREHU
authorising the ESOP Trust to acquire the Companys
shares from secondary market, for implementation of ESOP %ULHI UHVXPH QDWXUH RI H[SHUWLVH GHWDLOV RI GLUHFWRUVKLSV
Scheme 2005. Apart from the said change, there were no held in other companies of the Directors proposed to be
other changes in the ESOP Schemes of the Company. appointed / re-appointed, along with their shareholding in
Boards Report 49
the Company, as stipulated under Secretarial Standard 2 Subsidiary, Associate and Joint Venture Companies
and Regulation 36 of the Listing Regulations, is appended as As on March 31, 2016, your Company has 109 subsidiaries,
DQ$QQH[XUHWRWKH1RWLFHRIWKHHQVXLQJ$*0 2 associates and 3 joint ventures, as set out in page no. 344
of the Annual Report (for Abridged Annual Report please
The Board has appointed Mr. Nilanjan Roy as the Global
refer page no. 84).
&KLHI )LQDQFLDO 2FHU ZHI $XJXVW LQ SODFH RI
Mr. Srikanth Balachandran, who has taken up the role of During FY 2015-16, Augere Wireless Broadband India Private
*OREDO&KLHI+52FHURIWKH&RPSDQ\ Limited (AWBIPL) and Airtel Money Transfer Limited became
subsidiaries of the Company, and AWBIPL is in the process of
Declaration by Independent Directors amalgamation with the Company. Airtel DTH Services Congo
The Company has received declarations from all Independent (RDC) SARL, Burkina Faso Towers S.A., Niger Towers S.A.,
'LUHFWRUVRIWKH&RPSDQ\FRQUPLQJWKDWWKH\FRQWLQXHWR Bharti Airtel (Canada) Limited, Airtel Broadband Services
meet with the criteria of independence, as prescribed under Private Limited, Uganda Towers Limited, Kenya Towers
Section 149 of the Companies Act, 2013 and Regulation 25 Limited, Warid Congo S.A. and Zambian Towers Limited
of the Listing Regulations. The Independent Directors have were liquidated and accordingly ceased to be subsidiaries
DOVRFRQUPHGWKDWWKH\KDYHFRPSOLHGZLWKWKH&RPSDQ\V of the Company.
code of conduct.
During FY 2015-16, Indo Teleports Limited (formerly known
Board Diversity and Policy on Directors Appointment as Bharti Teleports Limited) ceased to be an associate
and Remuneration company and became a subsidiary of the Company, and
The Company believes that building a diverse and inclusive Forum I Aviation Private Limited ceased to be a joint venture
culture is integral to its success. A diverse Board, among of the Company.
RWKHUVHQKDQFHVWKHTXDOLW\RIGHFLVLRQVE\XWLOLVLQJGLHUHQW Pursuant to Section 129(3) of the Companies Act, 2013
VNLOOV TXDOLFDWLRQV SURIHVVLRQDO H[SHULHQFH DQG NQRZOHGJH read with Rule 5 of Companies (Accounts of Companies)
of the Board members necessary for achieving sustainable Rules, 2014, a statement containing salient features of
and balanced development. The Board has adopted a policy QDQFLDO VWDWHPHQWV RI VXEVLGLDU\ DVVRFLDWH DQG MRLQW
on Nomination, Remuneration and Board Diversity, which YHQWXUH FRPSDQLHV LV DQQH[HG RQ SDJH QR RI WKH
VHWV RXW WKH FULWHULD IRU GHWHUPLQLQJ TXDOLFDWLRQV SRVLWLYH Abridged Annual Report and page no. 352 of the full version
attributes and independence of a director. The detailed of Annual Report. The statement also provides the details of
policy is available on the Companys website at http://www. SHUIRUPDQFHDQGQDQFLDOSRVLWLRQRIHDFKRIWKHVXEVLGLDU\
airtel.in/wps/wcm/connect/92b49e0e-8810-497a-9c3e- associate and joint venture.
9b80657a3688/Policy-on-Remuneration-Nomination-and- 7KH DXGLWHG QDQFLDO VWDWHPHQWV RI HDFK RI LWV VXEVLGLDU\
Board-Diversity.pdf?MOD=AJPERESDQGLVDOVRDQQH[HGDV associate and joint venture companies would be available
$QQH[XUH% to this report. IRULQVSHFWLRQDWWKH&RPSDQ\VUHJLVWHUHGRFHDQGDOVRDW
UHJLVWHUHGRFHVRIWKHUHVSHFWLYHFRPSDQLHV
Annual Board Evaluation and Familiarisation Programme
for Board Members Copies of the annual accounts of the subsidiary, associate
A note on the familiarisation programme adopted by the and joint venture companies will also be made available to
Company for orientation and training of the Directors, and the investors of Bharti Airtel and those of the respective
the Board evaluation process undertaken in compliance companies upon request.
with the provisions of the Companies Act, 2013 and the
Listing Regulations is provided in the Report on Corporate Abridged Annual Report
Governance, which forms part of this Report. In terms of the provision of Section 136(1) of the Companies
Act, 2013, Rule 10 of Companies (Accounts of Companies)
Committees of Board, Number of Meetings of the Board Rules, 2014 and Regulation 36 of the Listing Regulations,
and Board Committees the Board of Directors has decided to circulate the Abridged
The Board of Directors met four times during the previous Annual Report containing salient features of the balance
QDQFLDO \HDU $V RQ 0DUFK WKH %RDUG KDV VKHHWDQGVWDWHPHQWRISURWDQGORVVDQGRWKHUGRFXPHQWV
VL[ FRPPLWWHHV QDPHO\ WKH $XGLW 5LVN 0DQDJHPHQW to the shareholders for FY 2015-16, who have not registered
Committee, the HR and Nomination Committee, the Corporate their e-mail id. The Abridged Annual Report is being circulated
Social Responsibility (CSR) Committee, the Stakeholders WRWKHPHPEHUVH[FOXGLQJ$QQH[XUHVWRWKH%RDUGV5HSRUW
Relationship Committee, the Committee of Directors and the viz. the Disclosure on ESOPs, Policy on Nomination,
Airtel Corporate Council. Remuneration and Board Diversity, Secretarial Audit Report,
Annual Report on Corporate Social Responsibility u/s 135 of
All the recommendations made by Committees of Board the Companies Act, 2013, Business Responsibility Report,
including the Audit & Risk Management Committee were 5HSRUWRQ&RUSRUDWH*RYHUQDQFHDQG$XGLWRUV&HUWLFDWH
accepted by the Board. A detailed update on the Board, on compliance of conditions of Corporate Governance,
its composition, detailed charter including terms and ([WUDFW RI $QQXDO 5HWXUQ 1RWH RQ (QHUJ\ &RQVHUYDWLRQ
reference of various Board Committees, number of Board 7HFKQRORJ\ $EVRUSWLRQ DQG )RUHLJQ ([FKDQJH (DUQLQJV
and Committee meetings held during FY 2015-16 and & Outgo and Disclosures relating to remuneration u/s
attendance of the Directors at each meeting is provided in 197(12) read with Rule 5(1) and Rule 5(2) of the Companies
the Report on Corporate Governance, which forms part of (Appointment and Remuneration of Managerial Personnel),
this Report. Rules, 2014.

40-125
Members who desire to obtain the full version of the report Sustainability Journey
PD\ZULWHWRWKH&RPSDQ\6HFUHWDU\DWWKHUHJLVWHUHGRFH Over the past few years, sustainability has not only been an
address and will be provided with a copy of the same. Full integral part but also invariably complementary to Airtels
version of the Annual Report will also be available on the business agenda. Airtels sustainability journey endeavours to
Companys website www.airtel.com. contribute further to its society and environment. The Company
made social inclusion as a cornerstone of its sustainability
Auditors and Auditors Report programme in order to create value across its entire value chain.
Statutory Auditors To drive this agenda, Airtel has an undivided focus on bridging
In terms of the provisions of Section 139 of the Companies the digital divide and ensuring that millions more are empowered
Act, 2013, M/s. S. R. Batliboi & Associates LLP, Chartered through sustainable social and economic development. It has
Accountants, were appointed as the Companys Statutory been pushing boundaries and changing the business paradigms
Auditors by the shareholders in the AGM held on September DFURVVLQGXVWULHVE\HQDEOLQJWKHJURZWKRIVHFWRUVOLNHQDQFH
01, 2014, for a period of three years i.e. till the conclusion of and banking, education, health, agriculture and put in place
22nd AGM.
innovative ways to reduce the carbon footprint. Airtel has been
7KH VDLG DSSRLQWPHQW LV VXEMHFW WR UDWLFDWLRQ E\ WKH VWUHQJWKHQLQJ LWV HRUWV WR UHLWHUDWH LWV FRPPLWPHQW WRZDUGV
members at every AGM. Accordingly, the appointment of bringing a positive transformation by enabling digital inclusion,
M/s. S. R. Batliboi & Associates LLP, Chartered Accountants, well-being of communities and enriching their lives through its
DVWKH&RPSDQ\V6WDWXWRU\$XGLWRUVLVSODFHGIRUUDWLFDWLRQ core competencies. It is passionate to actively support Bharti
E\ WKH PHPEHUV 7KH &RPSDQ\ KDV UHFHLYHG D FHUWLFDWH Foundation and its educational and other initiatives.
IURPWKH6WDWXWRU\$XGLWRUVWRWKHHHFWWKDWUDWLFDWLRQRI
their appointment, if made, shall be in accordance with the Airtels sustainability and business responsibility initiatives have
provisions of Section 141 of the Companies Act, 2013. been detailed in its Sustainability Reports, which can be located
on the Companys website http://www.airtel.in/sustainability-
7KH%RDUGKDVGXO\H[DPLQHGWKH6WDWXWRU\$XGLWRUV5HSRUW OHKRPHKWPO.
WR WKH DFFRXQWV ZKLFK LV VHOIH[SODQDWRU\ &ODULFDWLRQV
wherever necessary, have been included in the Notes to Corporate Social Responsibility (CSR)
Accounts section of the Annual Report.
At Bharti Airtel, Corporate Social Responsibility (CSR)
As regards the comments under para i(a) of the encompasses much more than social outreach programmes. It
$QQH[XUH to the Independent Auditors Report regarding lies at the heart of the Companys business operations. Over
updation of quantitative and situation details relating to the years, the Company has aligned its business processes
FHUWDLQ [HG DVVHWV WKH &RPSDQ\ LV LQ WKH SURFHVV RI and goals to make a more deep-rooted impact on the societys
H[HFXWLQJ D FRPSUHKHQVLYH SURMHFW ZLWK WKH LQYROYHPHQW sustainable development.
RI WHFKQLFDO H[SHUWV IRU GHSOR\LQJ DXWRPDWHG WRROV DQG
SURFHVVHVZKLFKZLOOHQDEOHQHDUUHDOWLPHWUDFNLQJRI[HG In accordance with the requirements of Section 135 of the
DVVHWVDQGUHFRQFLOLDWLRQWKHUHWR7KLVSURMHFWLVH[SHFWHGWR Companies Act, 2013, the Company has constituted a CSR
EHFRPSOHWHGE\QH[W\HDU Committee. The composition and terms of reference of the CSR
Committee is provided in the Report on Corporate Governance,
Cost Auditors
which forms part of this Report.
The Board, on the recommendation of the Audit & Risk
Management Committee, has approved the appointment of The Company has also formulated a Corporate Social
M/s. R. J. Goel & Co., Cost Accountants, as Cost Auditors, for Responsibility Policy, which is available on the Companys
WKHQDQFLDO\HDUHQGLQJ0DUFK7KH&RVW$XGLWRUV website at http://www.airtel.in/wps/wcm/connect/
ZLOOVXEPLWWKHLUUHSRUWIRUWKHQDQFLDO\HDUHQGLQJ fd7b3172-02e5-4e25-af7e-51d64cc17534/CSR+Policy.
on or before the due date. pdf?MOD=AJPERES&ContentCache=NONE.
In accordance with the provisions of Section 148 of the During FY 2015-16, the Company has spent over ` 534.69 Mn
Companies Act, 2013 read with the Companies (Audit towards the CSR activities. Being the initial years, the Company
and Auditors) Rules, 2014, since the remuneration payable is in the process of evaluating the focus areas / locations of
WR WKH &RVW $XGLWRUV LV UHTXLUHG WR EH UDWLHG E\ WKH intervention for CSR activities to cater to the pressing needs
shareholders, the Board recommends the same for approval of society and deliver optimal impact. As a socially responsible
by shareholders at the ensuing AGM. Company, your Company is committed to increase its CSR
Secretarial Auditors impact and spend over the coming years, with its aim of playing
The Company had appointed M/s. Chandrasekaran a larger role in Indias sustainable development by embedding
Associates, Company Secretaries, to conduct its Secretarial wider economic, social and environmental objectives.
$XGLW IRU WKH QDQFLDO \HDU HQGHG 0DUFK 7KH
A detailed update on the CSR initiatives of the Company
6HFUHWDULDO$XGLWRUVKDYHVXEPLWWHGWKHLUUHSRUWFRQUPLQJ
is provided in the Corporate Social Responsibility and
compliance by the Company of all the provisions of
Sustainability Report, which forms part of the Annual Report.
applicable corporate laws. The Report does not contain any
TXDOLFDWLRQUHVHUYDWLRQRUDGYHUVHUHPDUN7KH6HFUHWDULDO The Annual Report on Corporate Social Responsibility u/s
$XGLW5HSRUWLVDQQH[HGDV$QQH[XUH& to this report. RIWKH&RPSDQLHV$FWLVDQQH[HGDV$QQH[XUH'
The Board has reappointed M/s. Chandrasekaran Associates, to this Report.
Company Secretaries, New Delhi, as Secretarial Auditor of
the Company for FY 2016-17.
Boards Report 51
Business Responsibility Report accuracy and completeness of accounting records, and

As stipulated under the Listing Regulations, the Business WLPHO\SUHSDUDWLRQRIUHOLDEOHQDQFLDOLQIRUPDWLRQ'XULQJWKH
Responsibility Report, describing the initiatives taken by year, such controls were tested and no reportable material
the Company from environmental, social and governance weaknesses in the design or operation were observed.
perspective forms part of the Annual Report.
Other Statutory Disclosures
Management Discussion and Analysis Report Vigil Mechanism
Pursuant to Regulation 34 of the Listing Regulations, the The Code of Conduct and vigil mechanism applicable
Management Discussion and Analysis Report for the year to Directors and Senior Management of the Company is
under review, is presented in a separate section, forming part available on the Companys website at http://www.airtel.in/
of the Annual Report. about-bharti/investor-relations/corporate-governance.
A brief note on the highlights of the Whistle Blower Policy
Corporate Governance and compliance with Code of Conduct is also provided in the
A detailed report on Corporate Governance, pursuant to the Report on Corporate Governance, which forms part of this
requirements of Regulation 34 of the Listing Regulations, Annual Report.
forms part of the Annual Report.
Extract of Annual Return
$ FHUWLFDWH IURP 0V 6 5 %DWOLERL $VVRFLDWHV //3 In terms of provisions of Section 92, 134(3)(a) of the
Chartered Accountants, the Statutory Auditors of the Companies Act, 2013 read with Rule 12 of Companies
&RPSDQ\FRQUPLQJFRPSOLDQFHRIFRQGLWLRQVRI&RUSRUDWH 0DQDJHPHQWDQG$GPLQLVWUDWLRQ5XOHVWKHH[WUDFWV
Governance, as stipulated under the Listing Regulations, is
RI$QQXDO5HWXUQRIWKH&RPSDQ\LQIRUP0*7LVDQQH[HG
DQQH[HGDV$QQH[XUH+ to this report.
herewith as $QQH[XUH( to this report.
Risk Management 6LJQLFDQWDQG0DWHULDO2UGHUV
Risk management is embedded in Bharti Airtels operating 7KHUHDUHQRVLJQLFDQWDQGPDWHULDORUGHUVSDVVHGE\WKH
framework. The Company believes that managing risks goes regulators or courts or tribunals impacting the going concern
KDQGLQKDQG ZLWK PD[LPLVLQJ UHWXUQV 7R WKLV HHFW WKHUH status and Companys operations in future.
is a robust process in place to identify key risks across the
Particulars of Loans, Guarantees and Investments
Group and prioritise relevant action plans to mitigate these
Particulars of loans, guarantees and investments form
risks. Risk Management framework is reviewed periodically
part of Note no. 18 & 24, 26 and 17 & 20 respectively to
by the Board and the Audit & Risk Management Committee,
which includes discussing the management submissions WKH QDQFLDO VWDWHPHQWV SURYLGHG LQ WKH IXOO YHUVLRQ RI WKH
on risks, prioritising key risks and approving action plans to Annual Report.
mitigate such risks. Related Party Transactions
The Company has a duly approved Risk Management A detailed note on procedure adopted by the Company
3ROLF\ 7KH REMHFWLYH RI WKLV SROLF\ LV WR KDYH D ZHOOGHQHG in dealing with contracts and arrangements with Related
approach to risk. The Policy lays broad guidelines for Parties is provided in the Report on Corporate Governance,
the appropriate authority so as to be able to do timely which forms part of this Annual Report.
LGHQWLFDWLRQDVVHVVPHQWDQGSULRULWLVDWLRQRIULVNVDHFWLQJ All arrangements / transactions entered by the Company
the Company in the short and foreseeable future. The Policy with its related parties during the year were in the ordinary
suggests framing an appropriate response action for the key course of business and on arms length basis. During the
ULVNVLGHQWLHGVRDVWRPDNHVXUHWKDWULVNVDUHDGHTXDWHO\ year, the Company has not entered into any arrangement /
compensated or mitigated. transaction with related parties which could be considered
The Internal Audit function is responsible to assist the Audit material in accordance with the Companys Policy on
& Risk Management Committee on an independent basis Related Party Transactions and accordingly, the disclosure
with a full status of the risk assessments and management. of Related Party Transactions in Form AOC - 2 is not
applicable. However, names of Related Parties and details of
Operationally, risk is being managed at the top level by transactions with them have been included in Note no. 47
0DQDJHPHQW%RDUGV$0%DQG$IULFD([FRDQGDWRSHUDWLQJ WRWKHQDQFLDOVWDWHPHQWVSURYLGHGLQWKHIXOOYHUVLRQRIWKH
OHYHOE\([HFXWLYH&RPPLWWHHVRI&LUFOHVLQ,QGLDDQG2SHUDWLQJ $QQXDO5HSRUWDQG1RWHQRRIWKHQDQFLDOVWDWHPHQWV
Companies in the international operations. provided in abridged version of the Annual Report under
Detailed discussion on Risk Management forms part of Accounting Standard 18.
Management Discussion & Analysis under the section Risks The Policy on the Related Party Transactions is
and Concerns, which forms part of this Annual Report. At available on the Companys website at http://www.
present, in the opinion of the Board of Directors, there are no
airtel.in/wps/wcm/connect/36a5305d-f0ba-490c-9eff-
ULVNVZKLFKPD\WKUHDWHQWKHH[LVWHQFHRIWKH&RPSDQ\
152ef6811917/BALPolicy-on-Related-Party Transactions.
pdf?MOD=AJPERES.
Internal Financial Control and its Adequacy
The Company has in place adequate tools, procedures and Energy Conservation, Technology Absorption and
SROLFLHVHQVXULQJRUGHUO\DQGHFLHQWFRQGXFWRILWVEXVLQHVV Foreign Exchange Earnings and Outgo
including adherence to the Companys policies, safeguarding The details of energy conservation, technology absorption
of its assets, prevention and detection of frauds and errors, DQGIRUHLJQH[FKDQJHHDUQLQJVDQGRXWJRDVUHTXLUHGXQGHU

40-125
Section 134(3) of the Companies Act, 2013, read with the H WKH'LUHFWRUVKDGODLGGRZQLQWHUQDOQDQFLDOFRQWUROV
Rule 8 of Companies (Accounts of Companies) Rules, 2014 to be followed by the Company and that such internal
LVDQQH[HGDV$QQH[XUH) to this report. QDQFLDO FRQWUROV DUH DGHTXDWH DQG ZHUH RSHUDWLQJ
HHFWLYHO\
Particulars of Employees
Disclosures relating to remuneration of Directors u/s f) the Directors had devised proper systems to ensure
197(12) read with Rule 5(1) of Companies (Appointment compliance with the provisions of all applicable laws
and Remuneration of Managerial Personnel) Rules, 2014 is and that such systems were adequate and operating
DQQH[HGDV$QQH[XUH* to this report. HHFWLYHO\
The information, as required to be provided in terms of Acknowledgements

Section 197(12) of the Companies Act, 2013, read with
The Board wish to place on record their appreciation to
Rule 5(2) of Companies (Appointment and Remuneration
the Department of Telecommunications (DoT), the Central
RI 0DQDJHULDO 3HUVRQQHO 5XOHV LV DQQH[HG DV
Government, the State Governments in India, Government
$QQH[XUH, to this report.
of Bangladesh, Government of Sri Lanka and Governments
in the 17 countries in Africa, Companys bankers and
Directors Responsibility Statement
business associates, for the assistance, co-operation and
Pursuant to Section 134 of the Companies Act, 2013, the HQFRXUDJHPHQWWKH\H[WHQGHGWRWKH&RPSDQ\
'LUHFWRUVWRWKHEHVWRIWKHLUNQRZOHGJHDQGEHOLHIFRQUP
that: 7KH 'LUHFWRUV DOVR H[WHQG WKHLU DSSUHFLDWLRQ WR WKH
HPSOR\HHVIRUWKHLUFRQWLQXLQJVXSSRUWDQGXQVWLQWLQJHRUWV
a) in the preparation of the annual accounts, the applicable LQHQVXULQJDQH[FHOOHQWDOOURXQGRSHUDWLRQDOSHUIRUPDQFH
accounting standards had been followed, along with The Directors would like to thank various partners, viz., Bharti
SURSHUH[SODQDWLRQUHODWLQJWRPDWHULDOGHSDUWXUHV Telecom Limited, Singapore Telecommunications Ltd. and
b) the Directors had selected such accounting policies other shareholders for their support and contribution. We
and applied them consistently and made judgements look forward to their continued support in future.
and estimates that are reasonable and prudent, so as
WRJLYHDWUXHDQGIDLUYLHZRIWKHVWDWHRIDDLUVRIWKH
&RPSDQ\ DW WKH HQG RI WKH QDQFLDO \HDU DQG RI WKH
SURWDQGORVVRIWKH&RPSDQ\IRUWKDWSHULRG
F WKH 'LUHFWRUV KDG WDNHQ SURSHU DQG VXFLHQW FDUH IRU
the maintenance of adequate accounting records For and on behalf of the Board
in accordance with the provisions of this Act for
safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
Place: Gurgaon Sunil Bharti Mittal
d) the Directors had prepared the annual accounts on a
going concern basis; Date: April 27, 2016 Chairman
Boards Report 53
Information Regarding Employees Stock Schemes (As on March 31, 2016) Annexure A
Sl.
Particulars ESOP Scheme 2001 ESOP Scheme 2005
No.
1 Date of shareholders approval February 27, 2001 September 06, 2005
2 Total number of options approved under the scheme 31,680,000 18,734,552
3 Vesting requirements 1-5 years 1-5 years
4 Exercise price / Pricing formula 29,015,686@11.25 Exercise Price not less than
1,760,000@0.45 the par value of the Equity
4,380,000@35.00 Share and not more than
142,530@0.00 the price prescribed under
5,541,862@5.00 Chapter VII of SEBI (Issue
40,000@60.00 of Capital and Disclosure
25,000@110.50 Requirements) Regulation,
2009 on Grant Date
5 Maximum term of options granted 7 years from the grant date 7 years from the grant date
6 Source of shares Primary Secondary
7 Variation in terms of ESOPs NIL NIL
8 'LHUHQFHEHWZHHQWKHHPSOR\HHVFRPSHQVDWLRQFRVW NIL NIL
based on intrinsic value of the stock and the fair value
IRUWKH\HDUDQGLWVLPSDFWRQSURWVDQGRQ(36RIWKH
Company.
9 Options movement during the year:
Number of options outstanding at the beginning of the 390,000 3,329,093
period
Number of options granted during the year NIL 1,575,618
Number of options forfeited / lapsed during the year 10,365 1,424,741
Number of options vested during the year 39,635 210,580
Number of options exercised during the year 75,000 953,684
Number of shares arising as a result of exercise of N.A. N.A.
options
Money realised by exercise of options (`) if scheme is NIL NIL
implemented directly by the Company*
Loan repaid by the Trust during the year from exercise ` 103,945,436
price received
Number of options outstanding at the end of the year 304,635 2,526,286
Number of options exercisable at the end of the year 29,635 1,025,283
10 a) Weighted average exercise price ` 11.25; ` 0.45; ` 35; ` 200.37
` 0; ` 5; ` 60; ` 110.5
b) Weighted average fair value NA; NA; NA; NA; ` 268.20; ` 196.93
` 84.43; ` 357.63
11 Name of the employee and designation to whom No of options granted No of options granted
options was granted at exercise price ` 5 per option
i) Mr. Gopal Vittal (MD & CEO - India & South Asia) NIL 131,480
ii) Mr. Sundar Rajan R (Group General Counsel) NIL 35,858
iii) Mr. Arvind Chopra (Group Director - Internal NIL 35,858
Assurance)
iv) 0U'HYHQ.KDQQD'LUHFWRU&0'V2FH NIL 31,077
v) Mr. Srikanth Balachandran (Global CHRO) NIL 30,599
vi) Mr. Harjeet Kohli (Group Treasurer) NIL 26,894
vii) Mr. Ajai Puri (Director - Market Operations) NIL 28,816
viii) Mr. Raghunath Mandava (Director - Customer NIL 26,254
Experience)
ix) Mr. Nilanjan Roy (Global CFO) NIL 25,746

40-125
Sl.
Particulars ESOP Scheme 2001 ESOP Scheme 2005
No.
x) Ms. Harmeen Mehta (Global CIO) NIL 23,906
xi) Mr. Srini Gopalan (Director - Consumer Business) NIL 23,667
xii) Mr. Moti Gyamlani (Director - Supply Chain) NIL 21,813
xiii) Mr. Sarang Kanade (Director - Customer NIL 18,753
Experience)
xiv) Mr. Shashi Arora (Director - DTH) NIL 14,986
xv) Mr. Ajay Chitkara (Director - Global Voice & Data NIL 14,615
Business)
xvi) Mr. Abhay Savargaonkar (Director Networks NIL 14,344
& CTO)
xvii) Mr. Ravi Parkash Gandhi (Chief Regulatory NIL 12,825
2FHU
xviii) Mr. Manish Prakash (Director - Enterprise NIL 10,041
& Government)
xix) Mr. Sameer Chugh (Director - Legal) NIL 8,606
xx) Mr. Raza Khan (Head - Corporate NIL 3,927
Communications)
xxi) Ms. Sucheta Mahapatra (Head - Business NIL 3,921
Strategy & Support)
12 0HWKRGDQGVLJQLFDQWDVVXPSWLRQVXVHGWRHVWLPDWH Black Scholes / Lattice Valuation Model /
the fair values of options including the following Monte Carlo Simulation
information:
a) i) the weighted-average values of share price ` 411.7
ii) the weighted-average exercise price `5
iii) expected volatility 27.45%
iv) expected option life 48 to 60 months
v) expected dividends 44% (Dividend yield of 0.54%)
vi) the risk-free interest rate and any other 7.79% p.a to 7.83% p.a (The Government securities curve
inputs to the model yields are considered as on valuation date).
b) the method used and the assumptions made N.A.
WRLQFRUSRUDWHWKHHHFWVRIH[SHFWHGHDUO\
exercise;
c) how expected volatility was determined, The volatility of the options is based on the historical
including an explanation of the extent to which volatility of the share price since the respective entitys
expected volatility was based on historical equity shares became publicly traded.
volatility; and
d) whether and how any other features of the option The expected life of the share option is based on historical
grant were incorporated into the measurement of data and current expectation and not necessarily
fair value, such as a market condition. indicative of exercise pattern that may occur.
13 Diluted earning per share (EPS) as per Accounting N.A. N.A.
Standard 20
* Since ESOP Scheme is implemented through trust, the same is N.A.
Both the ESOP schemes viz. ESOP Scheme 2001 and ESOP Scheme 2005 are in complinace with the SEBI (ESOP Regulations).
Disclosure in notes to accounts is as prescribed under Guidance Note issued by ICAI.
To calculate the employee compensation cost, the Company has used the Fair Market Value for the valuation of ESOPs.
The options granted to the senior managerial personnel under both the schemes are subject to adjustments as per the terms of respective ESOPs
Scheme / Plan.
2WKHUWKDQWKHHPSOR\HHVWDWHGLQSRLQWQR,,LQRRWKHUHPSOR\HHZDVJUDQWHGVWRFNRSWLRQVH[FHHGLQJRIWKHWRWDORSWLRQVJUDQWHGGXULQJWKH\HDU
1RHPSOR\HHZDVJUDQWHGVWRFNRSWLRQVH[FHHGLQJRIWKHLVVXHGFDSLWDOGXULQJWKH\HDU
Boards Report 55
Nomination, Remuneration and Board Diversity Policy Annexure B
Preamble The Committee shall ensure that the proposed Director

The Board of Directors (the Board) on the recommendation VDWLVHVWKHIROORZLQJDGGLWLRQDOFULWHULD
of the HR & Remuneration Committee (the Committee) Eligible for appointment as a Director on the Board of
has approved and adopted this Nomination, Remuneration WKH&RPSDQ\DQGLVQRWGLVTXDOLHGLQWHUPVRI6HFWLRQ
and Board Diversity Policy (the Policy) in compliance with 164 and other applicable provisions of the Companies
the provisions of Section 178 of the Companies Act, 2013 Act, 2013, and the Listing Agreements.
and rules made thereunder, and Clause 49 of the Listing
$JUHHPHQWVZLWKWKH6WRFN([FKDQJHV Has attained minimum age of 25 years and is not older
than 70 years.
Objectives Does not hold directorship in more than 20 companies
The main objectives of this Policy are: (including private and public limited companies) or 10
public limited companies incorporated in India.
To lay down criteria and terms and conditions with
UHJDUG WR LGHQWLI\LQJ SHUVRQV ZKR DUH TXDOLHG WR LOO EH DEOH WR GHYRWH VXFLHQW WLPH DQG HRUWV LQ
:
EHFRPH 'LUHFWRUV ([HFXWLYH DQG 1RQ([HFXWLYH GLVFKDUJHRIGXWLHVDQGUHVSRQVLELOLWLHVHHFWLYHO\
including Independent Directors), Key Managerial
While evaluating a person for appointment / re-appointment
Personnel (KMP) and persons who may be appointed
as an Independent Director, the Committee shall ensure that
in Senior Management positions.
WKH SURSRVHG DSSRLQWHH VDWLVHV WKH IROORZLQJ DGGLWLRQDO
To lay down criteria for determining the Companys criteria:
approach to ensure adequate diversity in its Board. HHW WKH EDVHOLQH GHQLWLRQ DQG FULWHULD RI
0
To retain, motivate and promote talent and to ensure independence as set out in Section 149 of the
long term sustainability of talented managerial persons Companies Act, 2013 and Clause 49 of the Listing
and create competitive advantage for the Company. Agreements and other applicable laws.
To determine remuneration of Directors, KMPs and Should not hold the position of Independent Director in
other senior management personnels, keeping in PRUHWKDQVL[,QGLDQOLVWHGFRPSDQLHVDQGLIVHUYLQJDV
view all relevant factors including industry trends and Whole-time Director in any Indian listed company then
practices. in not more than three Indian listed companies.
R SURYLGH IRU UHZDUGV OLQNHG GLUHFWO\ WR WKHLU HRUW

7 Should not hold any Board / employment position with
performance, dedication and achievement of the a competitor in the geographies where the Company
Companys target. is operating. However, the Board may in special
circumstances waive this requirement.
$$WWULEXWHV4XDOLFDWLRQVDQG'LYHUVLW\ 7KH UHDSSRLQWPHQW H[WHQVLRQ RI WHUP RI DQ\ %RDUG
Directors and Key Managerial Personnel members shall be on the basis of their performance
The Committee shall be responsible for identifying a suitable evaluation report.
candidate for appointment as Director or as KMP of the Senior Management
Company.
While evaluating a person for appointment / re-appointment
The Board shall consist of such number of Directors as in a senior management position, the management shall
LV QHFHVVDU\ WR HHFWLYHO\ PDQDJH WKH &RPSDQ\ RI WKH considers various factors including individuals background,
size and nature as of Bharti Airtel, subject to a minimum competency, skills, abilities (viz. leadership, ability to
RI DQG PD[LPXP RI LQFOXGLQJ ZRPDQ 'LUHFWRUV 7KH H[HUFLVH VRXQG MXGJHPHQW HGXFDWLRQDO DQG SURIHVVLRQDO
%RDUG VKDOO KDYH DQ DSSURSULDWH FRPELQDWLRQ RI ([HFXWLYH background, personal accomplishment, age, relevant
1RQ([HFXWLYH DQG ,QGHSHQGHQW 'LUHFWRUV 7KH %RDUG VKDOO H[SHULHQFHDQGXQGHUVWDQGLQJRIUHODWHGHOGYL]PDUNHWLQJ
appoint a Chairman and a Managing Director or CEO and WHFKQRORJ\ QDQFH RU VXFK RWKHU GLVFLSOLQH UHOHYDQW WR
the roles of Chairman and Managing Director or CEO shall present and prospective operations of the Company.
QRWEHH[HUFLVHGE\WKHVDPHLQGLYLGXDO Senior Management means personnel of the Company
While evaluating a person for appointment / re-appointment ZKRDUHPHPEHUVRILWVFRUHPDQDJHPHQWWHDPH[FOXGLQJ
as Director or as KMP, the Committee shall consider and Board of Directors and shall comprise of all members of
evaluate number of factors including but not limited to PDQDJHPHQW RQH OHYHO EHORZ WKH ([HFXWLYH 'LUHFWRUV
EDFNJURXQG NQRZOHGJH VNLOOV DELOLWLHV DELOLW\ WR H[HUFLVH including all functional heads.
VRXQG MXGJHPHQW SURIHVVLRQDO H[SHULHQFH IXQFWLRQDO
H[SHUWLVH HGXFDWLRQDO DQG SURIHVVLRQDO EDFNJURXQG B. Remuneration Policy
SHUVRQDO DFFRPSOLVKPHQW DJH H[SHULHQFH XQGHUVWDQGLQJ Board Members
of the telecommunication sector / industry, marketing, The overall limits of remuneration of the Board members
WHFKQRORJ\ QDQFH DQG RWKHU GLVFLSOLQHV UHOHYDQW WR WKH LQFOXGLQJ([HFXWLYH%RDUGPHPEHUVLH0DQDJLQJ'LUHFWRU
business etc. and such other factors that the Committee :KROHWLPH'LUHFWRU([HFXWLYH'LUHFWRUVHWFDUHJRYHUQHG
might consider relevant and applicable from time to time by the provisions of Section 197 of the Companies Act,
towards achieving a diverse Board. 2013, rules made thereunder and shall be approved by

40-125
the shareholders of the Company and shall be subject to person will be entitled to sitting fee for the relevant
DYDLODELOLW\RISURWVRIWKH&RPSDQ\ meeting.
Within the overall limit approved by the shareholders, on Executive Board Members (Managing Director,
the recommendation of the Committee, the Board shall Whole-time Director, Executive Directors etc.)
determine the remuneration. The Board can determine The remuneration (including revision in the
GLHUHQWUHPXQHUDWLRQIRUGLHUHQW'LUHFWRUVRQWKHEDVLVRI
UHPXQHUDWLRQ RI ([HFXWLYH %RDUG PHPEHUV VKDOO
their role, responsibilities, duties, time involvement etc.
be approved by the Board on the basis of the
Non-Executive Directors including Independent recommendation of the HR and Nomination Committee.
Directors
7KH UHPXQHUDWLRQ SD\DEOH WR ([HFXWLYH %RDUG
Pursuant to the provisions of Section 197 of the Companies
PHPEHUVVKDOOFRQVLVWRID)L[HG3D\ZKLFKLVSD\DEOH
Act, 2013, rules made thereunder and the shareholders
approval, the Board has approved the following remuneration monthly, and shall include basic pay, contributions to
IRU 1RQ([HFXWLYH 'LUHFWRUV LQFOXGLQJ ,QGHSHQGHQW UHWLUHPHQWEHQHWVKRXVHUHQWDOORZDQFHRUFRPSDQ\
Directors): leased accommodation and other allowances as per
the Companys policy (b) Variable Pay (paid at the end
L 3URWOLQNHG &RPPLVVLRQ (Payable annually after of Financial Year) directly linked to the performance of
DSSURYDORIWKHQDQFLDOUHVXOWVIRUWKH\HDU the individual employee (i.e. achievement against pre-
Non-Executive Directors who are nominees of determined KRAs), his / her respective Business Unit
shareholders: and the overall Companys performance (c) Long term
USD 60,000/- per annum for Directors not residing incentive / ESOPs as may be decided by the HR &
in India. Nomination Committee from time to time.
` 3,000,000/- per annum for Directors residing in Remuneration to Key Managerial Personnel (other
India. than Managing Director and Whole-time Director),
Independent Non-Executive Directors: Senior Management and other employees
USD 100,000/- per annum for Directors not The remuneration of Key Managerial Personnel (other
residing in India. than Managing Director and Whole-time Director), shall
be as per the compensation and appraisal policy of the
` 5,000,000/- per annum for those residing in Company.
India.
The remuneration payable to key managerial personnel
Chairman Audit & Risk Management Committee,
(other than Managing Director and Whole-time Director),
and HR and Nomination Committee:
senior management and other employees shall consist
not residing in India additional USD 100,000/-
RID)L[HG3D\ZKLFKLVSD\DEOHPRQWKO\DQGLQFOXGH
per annum.
EDVLF SD\ FRQWULEXWLRQV WR UHWLUHPHQW EHQHWV KRXVH
residing in India additional ` 3,000,000/- per rent allowance or company-leased accommodation
annum. and other allowances as per the Companys policy (b)
Chairman Technology Committee: additional USD Variable Pay (paid at the end of Financial Year) directly
150,000/- per annum. linked to the performance of the individual employee
(i.e. achievement against pre-determined KRAs), his /
Committee Membership Fee (per committee): her respective business unit and the overall Company
not residing in India additional USD 10,000/- per performance (c) Long term incentive / ESOPs as may
annum. be decided by the Committee from time to time.
residing in India additional ` 500,000/- per Disclosures by the Company
annum.
This Policy shall be disclosed in the Companys Annual
Travel fee if not residing in India: USD 10,000 per Report.
meeting.
General
ii. Sitting Fees The Group Director HR and the Company Secretary
,Q DGGLWLRQ WR WKH SURW OLQNHG FRPPLVVLRQ WKH DUHMRLQWO\DXWKRULVHGWRDPHQGWKH3ROLF\WRJLYHHHFW
Independent Directors will also be entitled to sitting fee WR DQ\ FKDQJHV DPHQGPHQWV QRWLHG E\ 0LQLVWU\ RI
of ` 100,000/- for all Board meetings and all Committee &RUSRUDWH $DLUVRU6HFXULW\([FKDQJH%RDUGRI,QGLD
meetings held in a single day. For avoidance of doubt,
w.r.t. Directors any matter covered by this policy. The
in case an Independent Director attends more than
amended policy shall be placed before the Board for
one Board and / or Committee meeting in a day, he
QRWLQJDQGUDWLFDWLRQ$Q\TXHVWLRQVDQGFODULFDWLRQV
will be paid consolidated sitting fee of ` 100,000/- for
all such meetings. If the Board appoint any person as relating to this Policy should be addressed to the
an alternate Director to an Independent Director, such Company Secretary at FRPSOLDQFHRFHU#EKDUWLLQ.
Boards Report 57
Secretarial Audit Report (Financial Year ended March 31, 2016) Annexure C
The Members G 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD6KDUH

Bharti Airtel Limited %DVHGHPSOR\HH%HQHWV5HJXODWLRQV
Bharti Crescent, 1, Nelson Mandela Road,
H 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD,VVXH
Vasant Kunj, Phase-II,
and Listing of Debt Securities) Regulations, 2008;
New Delhi 110070
Not Applicable
We have conducted the secretarial audit of the compliance
I 7KH 6HFXULWLHV DQG ([FKDQJH %RDUG RI ,QGLD
of applicable statutory provisions and the adherence to good
(Registrars to an Issue and Share Transfer Agents)
corporate practices by Bharti Airtel Limited (hereinafter
Regulations, 1993 regarding the Companies Act
called the Company). Secretarial Audit was conducted in a
DQGGHDOLQJZLWKFOLHQWWRWKHH[WHQWRIVHFXULWLHV
manner that provided us a reasonable basis for evaluating
issued;
the corporate conducts / statutory compliances and
H[SUHVVLQJRXURSLQLRQWKHUHRQ J 7KH 6HFXULWLHV DQG ([FKDQJH %RDUG RI ,QGLD
(Delisting of Equity Shares) Regulations, 2009;
%DVHG RQ RXUYHULFDWLRQ RI WKH &RPSDQ\V ERRNV SDSHUV
and Not Applicable
PLQXWH ERRNV IRUPV DQG UHWXUQV OHG DQG RWKHU UHFRUGV
maintained by the Company and also the information K 7KH 6HFXULWLHV DQG ([FKDQJH %RDUG RI ,QGLD
SURYLGHGE\WKH&RPSDQ\LWVRFHUVDJHQWVDQGDXWKRULVHG (Buyback of Securities) Regulations, 1998. Not
representatives during the conduct of secretarial audit, Applicable
We hereby report that in our opinion, the Company has, YL 7KH RWKHU ODZV DV LQIRUPHG DQG FHUWLHG E\ WKH
GXULQJ WKH DXGLW SHULRG FRYHULQJ WKH QDQFLDO \HDU HQGHG PDQDJHPHQW RI WKH &RPSDQ\ ZKLFK DUH VSHFLFDOO\
on March 31, 2016 complied with the statutory provisions applicable to the Company based on their Sectors /
listed hereunder and also that the Company has proper Businesses are:
Board-processes and compliance-mechanism in place to
WKHH[WHQWLQWKHPDQQHUDQGVXEMHFWWRWKHUHSRUWLQJPDGH a) The Indian Telegraph Act, 1885
hereinafter: b) The Telecom Regulatory Authority of India Act,
:HKDYHH[DPLQHGWKHERRNVSDSHUVPLQXWHERRNVIRUPV 1997 and Rules and Regulations made thereunder
DQG UHWXUQV OHG DQG RWKHU UHFRUGV PDLQWDLQHG E\ WKH c) The Indian Wireless Telegraphy Act, 1933
&RPSDQ\ IRU WKH QDQFLDO \HDU HQGHG RQ 0DUFK
according to the provisions of: :H KDYH DOVR H[DPLQHG FRPSOLDQFH ZLWK WKH DSSOLFDEOH
clauses of the following:
(i) The Companies Act, 2013 (the Act) and the rules made
thereunder; (i) Secretarial Standards issued by The Institute of
&RPSDQ\ 6HFUHWDULHV RI ,QGLD EHLQJ HHFWLYH IURP
(ii) The Securities Contracts (Regulation) Act, 1956 01.07.2015.
(SCRA) and the rules made thereunder;
(ii) The Listing Agreements entered into by the Company
(iii) The Depositories Act, 1996 and the Regulations and ZLWK1DWLRQDO6WRFN([FKDQJHRI,QGLD/LPLWHGDQG%6(
%\HODZVIUDPHGWKHUHXQGHUWRWKHH[WHQWRI5HJXODWLRQ Limited and SEBI (Listing Obligations and Disclosure
55A; 5HTXLUHPHQWV5HJXODWLRQVEHLQJHHFWLYHIURP
LY )RUHLJQ ([FKDQJH 0DQDJHPHQW $FW DQG WKH 01.12.2015.
UXOHVDQGUHJXODWLRQVPDGHWKHUHXQGHUWRWKHH[WHQWRI During the period under review the Company has generally
Foreign Direct Investment, Overseas Direct Investment complied with the provisions of the Act, Rules, Regulations,
DQG([WHUQDO&RPPHUFLDO%RUURZLQJV Guidelines, Standards, etc. mentioned above.
(v) The following Regulations and Guidelines prescribed We further report that,
XQGHUWKH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD$FW
1992 (SEBI Act): The Board of Directors of the Company is duly constituted
ZLWK SURSHU EDODQFH RI ([HFXWLYH 'LUHFWRUV 1RQ([HFXWLYH
D 7KH 6HFXULWLHV DQG ([FKDQJH %RDUG RI ,QGLD Directors and Independent Directors. The changes in the
(Substantial Acquisition of Shares and Takeovers) composition of the Board of Directors that took place during
Regulations, 2011; the period under review were carried out in compliance with
E 7KH 6HFXULWLHV DQG ([FKDQJH %RDUG RI ,QGLD the provisions of the Act.
(Prohibition of Insider Trading) Regulations, 2015; Adequate notice is given to all Directors to schedule the
F 7KH 6HFXULWLHV DQG ([FKDQJH %RDUG RI ,QGLD Board Meetings, agenda and detailed notes on agenda were
(Issue of Capital and Disclosure Requirements) VHQWDWOHDVWVHYHQGD\VLQDGYDQFHDQGDV\VWHPH[LVWVIRU
Regulations, 2009; VHHNLQJDQGREWDLQLQJIXUWKHULQIRUPDWLRQDQGFODULFDWLRQV

40-125
on the agenda items before the meeting and for meaningful in pursuance of the above referred laws, rules, regulations,
participation at the meeting. guidelines, standards, etc.
All decisions at Board Meetings and Committee Meetings
are carried out unanimously as recorded in the minutes of Dr. S. Chandrasekaran
the meetings of the Board of Directors or Committee of the Senior Partner
Board, as the case may be.
We further report that there are adequate systems and Chandrasekaran Associates
processes in the Company commensurate with the size Company Secretaries
and operations of the Company to monitor and ensure
Place: New Delhi Membership No. FCS No.: 1644
compliance with applicable laws, rules, regulations and
guidelines. Date: April 22, 2016 &HUWLFDWHRI3UDFWLFH1R
We further report that during the audit period the Board

has approved the merger of Augere Wireless Broadband Note: This report is to be read with our letter of even date
Private Limited with the Company and the said event may be ZKLFKLVDQQH[HGDV$QQH[XUH$ to this report and form an
GHHPHGWRKDYHDPDMRUEHDULQJRQWKH&RPSDQ\VDDLUV integral part of this report.
Annexure A to the Secretarial Audit Report
The Members
Vasant Kunj, Phase-II,
New Delhi 110070
1. Maintenance of secretarial record is the responsibility 5. The compliance of the provisions of Corporate and
of the management of the Company. Our responsibility other applicable laws, rules, regulations, standards is
LV WR H[SUHVV DQ RSLQLRQ RQ WKHVH VHFUHWDULDO UHFRUGV WKH UHVSRQVLELOLW\ RI PDQDJHPHQW 2XU H[DPLQDWLRQ
based on our audit. ZDV OLPLWHG WR WKH YHULFDWLRQ RI SURFHGXUHV RQ WKH
random test basis.
2. We have followed the audit practices and processes
as were appropriate to obtain reasonable assurance 6. The Secretarial Audit Report is neither an assurance
about the correctness of the contents of the secretarial as to the future viability of the Company nor of the
UHFRUGV 7KH YHULFDWLRQ ZDV GRQH RQ WKH UDQGRP HFDF\ RU HHFWLYHQHVV ZLWK ZKLFK WKH PDQDJHPHQW
WHVW EDVLV WR HQVXUH WKDW FRUUHFW IDFWV DUH UHHFWHG LQ KDVFRQGXFWHGWKHDDLUVRIWKH&RPSDQ\
secretarial records. We believe that the processes and
practices, we followed provide a reasonable basis for
Dr. S. Chandrasekaran
our opinion.
Senior Partner
:H KDYH QRW YHULHG WKH FRUUHFWQHVV DQG
DSSURSULDWHQHVV RI QDQFLDO UHFRUGV DQG %RRNV RI
Accounts of the Company. Chandrasekaran Associates
4. Wherever required, we have obtained the Management Company Secretaries

representation about the compliance of laws, rules and Place: New Delhi Membership No. FCS No.: 1644
regulations and happening of events etc. Date: April 22, 2016 &HUWLFDWHRI3UDFWLFH1R
Boards Report 59
The Annual Report on Corporate Social Responsibility (CSR) Activities Annexure D
1. Brief Outline of Companys CSR Policy hunger, promoting preventive healthcare and sanitation
At Bharti Airtel, business success is not just about and providing legal assistance to underprivileged
SURWVDQGVKDUHKROGHUUHWXUQV:HEHOLHYHLQSXUVXLQJ under-trials. Bharti Airtels CSR and welfare activities
wider socio-economic and cultural objectives and have are committed to create and support programmes that
bring about sustainable changes through education.
always endeavoured to not just live up to it, but to try
DQG H[FHHG WKH H[SHFWDWLRQV RI WKH FRPPXQLWLHV LQ The detailed CSR Policy of the Company is
which we operate. available on Companys website at: http://
w w w. a i r t e l . i n / w p s / w c m /c o n n e c t / f d 7 b 3 1 7 2 -
The Board of Directors adopted the CSR policy of 0 2 e 5 - 4 e 2 5 - a f 7 e - 5 1 d 6 4 c c 1 7 5 3 4 /C S R + Po l i c y.
the Company on April 29, 2014 which is available pdf?MOD=AJPERES&ContentCache=NONE.
on the website of the Company. The Companys CSR
The overview of various CSR projects and programmes
and welfare activities centers around promoting
undertaken by the Company has been provided in the
education with special emphasis on girl child, livelihood
Corporate Social Responsibility & Sustainability Report
enhancement education programmes, eradicating
section of the Annual Report.
2. Composition of CSR Committee

Name Designation
Mr. Rakesh Bharti Mittal, Chairman Non-Executive Director
Mr. D. K. Mittal Independent Director
Mr. Gopal Vittal Managing Director & CEO (India & South Asia)
(` Millions)
3. $YHUDJHQHWSURWEHIRUHWD[RIWKH&RPSDQ\IRUODVWWKUHHQDQFLDO\HDUV 94,502
4. Prescribed CSR Expenditure (2% of the amount as above) 1,890
5. Details of CSR spent during the year
a) 7RWDODPRXQWWREHVSHQWIRUWKHQDQFLDO\HDU 1,890
b) Amount Unspent 1355.31
F 0DQQHULQZKLFKDPRXQWVSHQWGXULQJWKHQDQFLDO\HDU
(` Millions)
Sl. CSR project Sector in Projects or Amount Amount spent Cumulative Amount
No. or activity which the programmes outlay on the projects expenditure spent: Direct
LGHQWLHG project is (budget) or programmes up to the or through
(1) Local area
covered project or Sub-heads: reporting implementing
or other
programmes period agency
(1) Direct
(2) Specify wise
expenditure
the State and
on projects or
district where
programmes
projects or
programmes (2) Overheads
was
undertaken
Eligible CSR Programmes / Projects:
1. Satya Bharti Promotion of 6SHFLHG 224.79 196.59 196.59 Bharti
School Program education below* Foundation
(Operating
Expenditure)
2. Satya Bharti Promotion of 6SHFLHG 90 90 90 Bharti
School Program education below* Foundation
(Capital
Expenditure)
3. Satya Bharti Sanitation Ludhiana, 210 102.6 102.6 Bharti
Abhiyan Punjab Foundation

40-125
(` Millions)
Sl. CSR project Sector in Projects or Amount Amount spent Cumulative Amount
No. or activity which the programmes outlay on the projects expenditure spent: Direct
LGHQWLHG project is (budget) or programmes up to the or through
(1) Local area
covered project or Sub-heads: reporting implementing
or other
programmes period agency
(1) Direct
(2) Specify wise
expenditure
the State and
on projects or
district where
programmes
projects or
programmes (2) Overheads
was
undertaken
4. Footwear Employment Chhindwara, 6.90 6.90 6.90 Centum
Design and enhancing Madhya Foundation
Development vocation skills Pradesh
skill to youth
5. Education to Promotion of Dehradun, 1 1 1 Direct
underprivileged education Uttarakhand
Girl Child
6. Anubandh - Old Maintenance Jodhpur, 2 2 2 Direct
Age Home of old age Rajasthan
homes
Total 534.69 394.3 394.3
Other Contributions:
Carnegie India Public Policy New Delhi 16.93 16.93 16.93 Direct
1.
and Research
Miscellaneous Miscellaneous Miscellaneous 23.38 23.38 23.38 Direct
2.
Total 40.31 40.31 40.31

Grand Total 575 434.61 434.61
* District wise / State wise details of Satya Bharti School Program - Kaithal, Kurukshetra, Jhajjar, Mahendergarh, Rewari in Haryana; Amritsar, Ludhiana, Sangrur in
Punjab; Amer, Neemrana, Jodhpur in Rajasthan; Sivaganga in Tamil Nadu; Farrukhabad, PPES, Shahjahanpur in Uttar Pradesh and Mushirdabad in West Bengal.
District wise / State wise details of Satya Bharti Learning Program Barmer, Sawaimadhopur, Jodhpur in Rajasthan; Barwani, Jhabau in Madhya Pardesh and
Deoghar, Dumka, Godda, Pakur Sahibganj in Jharkhand. District wise / State wise details of Quality Support Model Rewari, Mahendergarh, Kurukshetra in
Haryana; Balesar, Shergarh, Mandore, Phalodi, Baori in Rajasthan; Nangla, Chandigarh in Punjab and Mundka in Delhi.
6. Reason for not spending the prescribed 2% amount

7KH&RPSDQ\KDGLQFUHDVHGLWV&65VSHQGLQJE\DSSUR[RYHUWKHSUHYLRXVQDQFLDO\HDULHIURP` 411 Mn in
FY 2014-15 to ` 534.69 Mn in FY 2015-16. Additionally, the Company has also contributed ` 40.31 Mn towards various
other charitable causes (disclosed as other contributions in the above mentioned table) which do not fall under the
ambit of CSR spending under the provisions of Section 135 of the Companies Act, 2013. The overall CSR spending
of the Company for FY 2015-16, if added up, would have been ` 575 Mn. Being in the initial years of implementation,
WKH&RPSDQ\LVSHUVLVWHQWO\H[SORULQJQHZRSSRUWXQLWLHVWRLQFUHDVHLWV&65H[SHQGLWXUHWRWKHSUHVFULEHGOHYHO$VD
socially responsible company, it is committed to play a larger role in Indias sustainable development by embedding wider
economic, social and ecological objectives.
7. Responsibility statement of the CSR Committee

7KH&RPPLWWHHFRQUPVWKDWWKHLPSOHPHQWDWLRQDQGPRQLWRULQJRI&653ROLF\LVLQFRPSOLDQFHZLWK&65REMHFWLYHVDQG
policy of the Company.
Gopal Vittal Rakesh Bharti Mittal

Managing Director & CEO (India & South Asia) Chairman, CSR Committee
Boards Report 61
Extract of Annual Return Annexure E
Form No. MGT - 9

DVRQWKHQDQFLDO\HDUHQGHGRQ0DUFK
[Pursuant to Section 92(3) of the Companies Act, 2013 and rule 12(1) of the
Companies (Management and Administration) Rules, 2014]
I. Registration and Other Details

CIN L74899DL1995PLC070609
Registration Date July 07, 1995
Name of the Company Bharti Airtel Limited
Category of the Company Limited by shares
Sub-Category of the Company Indian Non-Government Company
$GGUHVVRIWKH5HJLVWHUHGRFHDQGFRQWDFWGHWDLOV Bharti Crescent, 1, Nelson Mandela Road, Vasant
Kunj, Phase - II, New Delhi 110 070.
Phone : +91 11 4666 6100
Whether listed company Yes
Name, Address and Contact details of Registrar and Karvy Computershare Private Limited
Transfer Agents Karvy Selenium Tower B, Plot number 31 & 32,
Gachibowli, Financial District, Nanakramguda,
Hyderabad 500032, India.
Phone : +91 040 6716 2222
II. Principal Business Activities of the Company

Businesses contributing 10% or more of the total turnover of the Company are given below:
Sl. Name and Description of main products / NIC Code of the product / % to total turnover of the
No. services service* Company
1 Wireless telecommunications activities 612 86.16%
2 Wired telecommunications activities 611 11.38%
$VSHU1DWLRQDO,QGXVWULDO&ODVVLFDWLRQ0LQLVWU\RI6WDWLVWLFVDQG3URJUDPPH,PSOHPHQWDWLRQ
III. Particulars of Holding, Subsidiary and Associate Companies

Sl. Name of the Company Address CIN / Registration No. % of
No. shares
held
Subsidiary Companies u/s 2(87)(ii) of the Companies Act, 2013
1 Bharti Airtel Services Limited Bharti Crescent, 1, Nelson Mandela Road, U64201DL1997PLC091001 100
Vasant Kunj, Phase - II, New Delhi - 110 070
2 Bharti Hexacom Limited Bharti Crescent, 1, Nelson Mandela Road, U74899DL1995PLC067527 70
3 Bharti Infratel Limited Bharti Crescent, 1, Nelson Mandela Road, L64201DL2006PLC156038 71.7
4 Bharti Infratel Services Bharti Crescent, 1, Nelson Mandela Road, U64200DL2013PLC253495 71.7
Limited (under process of Vasant Kunj, Phase - II, New Delhi - 110 070
VWULNLQJR
5 SmarTx Services Limited Bharti Crescent, 1, Nelson Mandela Road, U64202DL2015PLC285515 71.7
6 Indo Teleports Limited Bharti Crescent, 1, Nelson Mandela Road, U32204DL2008PLC183976 95
(formerly known as Bharti Vasant Kunj, Phase - II, New Delhi - 110 070
Teleports Limited)
7 Bharti Telemedia Limited Bharti Crescent, 1, Nelson Mandela Road, U92200DL2006PLC156075 95
8 Airtel M Commerce Services Bharti Crescent, 1, Nelson Mandela Road, U64200DL2010PLC201058 100
Limited Vasant Kunj, Phase - II, New Delhi - 110 070
9 Telesonic Networks Limited 4th Floor, C Wing, Airtel Centre, U64200HR2009PLC039237 100
Plot No. 16, Phase - IV, Udyog Vihar,
Gurgaon - 122 015, Haryana, India.

40-125

No. shares
held
10 Nxtra Data Limited Bharti Crescent, 1, Nelson Mandela Road, U72200DL2013PLC254747 100
11 Wynk Limited Bharti Crescent, 1, Nelson Mandela Road, U74140DL2015PLC275325 100
12 Augere Wireless Broadband Bharti Crescent, 1, Nelson Mandela Road, U64200DL2010PTC207522 100
India Private Limited Vasant Kunj, Phase - II, New Delhi - 110 070
13 Airtel Bangladesh Limited House # 34, Road # 19/A, Banani, C - 55081(1766)/04 100
(under amalgamation) Dhaka - 1213, Bangladesh
14 Bangladesh Infratel Networks House # 34, Road # 19/A, Banani, C - 93753/11 100
Limited (under liquidation) Dhaka - 1213, Bangladesh
15 Bharti Airtel (France) SAS 88, Ter Avenue Gnral Leclerc 92100 RCS Nanterre 523 035 426 100
Boulogne, Billancourt
16 Bharti Airtel (Hongkong) 12/F, No. 3, Lockhart Road, Wanchai, 1080074 100
Limited Hongkong
17 Bharti Airtel (Japan) Shinjuku Park Tower 30th Floor, 7-1, 0111-01-055989 100
Kabushiki Kaisha Nishi Shinjuku 3-Chome, Shinjuku-ku, Tokyo
18 Bharti Airtel (UK) Limited 26, Red Lion Square, London, WC1R 4AG, 5917314 100
United Kingdom
19 Bharti Airtel (USA) Limited 335, Madison Avenue 12thRRU F-060912000-217 100
New York 10017
20 Bharti Airtel Holdings 150, Orchard Road, #08-01, Orchard Plaza, 2007-18118-G 100
(Singapore) Pte Ltd Singapore
21 Bharti Airtel International Cim Corporate Services Ltd, Les Cascade 094380 CI/GBL 100
(Mauritius) Limited Building, Edith Cavell Street, Port Louis,
Mauritius
22 Bharti Airtel International Overschiestraat 65, 1062 XD Amsterdam, 34387410 100
(Netherlands) B.V. The Netherlands
23 Bharti Airtel Lanka (Private) Level 11, West Tower, World Trade Centre, PV10652 100
Limited Echelon Square Colombo 1, Sri Lanka
24 Bharti Infratel Lanka (Private) Level 11, West Tower, world Trade Centre, 63290 100
Limited (under process of Echelon Square Colombo 1, Sri Lanka
VWULNLQJR
25 Bharti International 150, Orchard Road, #08-01, Orchard Plaza, 2010-05788-R 100
(Singapore) Pte Ltd Singapore
26 Network i2i Limited Cim Corporate Services Ltd, Les Cascade 25951/6339 100
Building, Edith Cavell Street, Port Louis,
Mauritius
27 Africa Towers N.V. Overschiestraat 65, 1062 XD Amsterdam, 50979965 100
The Netherlands
28 Africa Towers Services Parkside Towers, Mombasa Road, Plot Nr. LR CPR/2011/56039 100
Limited 209-11880,PB 73146-00200, Nairobi, Kenya
29 Airtel (Ghana) Limited 2nd-4th Floors GNAT Heights, No. 30 C-71,259 75
Independence Avenue, North Ridge, Accra,
Ghana
30 Airtel (Seychelles) Limited P.O. Box 1358, Emerald House, Providence, 841930-1 100
East Coast, Victoria, Mahe, Seychelles
31 Airtel (SL) Limited 25, Regent Road, Hill Station, Freetown, C/F/179/1998 100
Sierra Leone
32 Airtel Burkina Faso S.A. 771, Avenue du Prs. Aboubacar Sangoul, BFOUA 2000-B-522 100
Lamizana, 01 Boite Postale 6622,
Ouagadougou, 01, Burkina Faso
33 Airtel Congo S.A. 2me tage, Immeuble SCI MONTE CRISTO, CG/BZV/07 B299 90
Rond-point de la Gare, Croisement du
Boulevard Denis SASSOU NGUESSO et
de lavenue Orsy, B.P : 1038, Brazzaville -
Rpublique du Congo
34 Airtel DTH Services (SL) C/o Airtel (SL) Limited, 42, Motor Road, 55/2011 100
Limited (under liquidation) Wilberforce, Freetown, Sierra Leone
35 Airtel DTH Services Nigeria Plot L2, Banana Island, Foreshore Estate, 932607 100
Limited (under liquidation) Ikoyi, Lagos, Nigeria
36 Airtel Gabon S.A. Rue Pecqueur, Immeuble Libreville Business 2001/B01 000 (7344/B) 90
Square, B.P. 9259, Libreville, Gabon
Boards Report 63

No. shares
held
37 Airtel Madagascar S.A. Immeuble Kube B, Zone Galaxy, Andraharo, 1997B00392 100
101 -Anantanarivo, Madagascar
38 Airtel Malawi Limited $LUWHO&RPSOH[&LW\&HQWUH2&RQYHQWLRQ 5114 100
Drive, P.O Box 57, Lilongwe, Malawi
39 Airtel Mobile Commerce (SL) 25, Regent Road, Hill Station, Freetown, C/F/689/2009 100
Limited Sierra Leone
40 Airtel Mobile Commerce B.V. Overschiestraat 65, 1062 XD Amsterdam, 34375413 100
The Netherlands
41 Airtel Mobile Commerce 771 Avenue du Pres. Aboubacar Sangoule BFOUA2010B3275 100
Burkina Faso S.A. Lamizina, 01 Boite Postale 6622
Ouagadouugou
42 Airtel Mobile Commerce 30 Independence Avenue, North Ridge/ CA 62, 772 75
Ghana Limited GNAT Heights, Accra, Ghana
43 Airtel Mobile Commerce Overschiestraat 65, 1062 XD Amsterdam, 34381129 100
Holdings B.V. The Netherlands
44 Airtel Mobile Commerce Parkside Towers, Mombasa Road, P. O. Box C 169576 100
Kenya Limited 73146-00200, Narobi, Kenya
45 Airtel Mobile Commerce $LUWHO&RPSOH[&LW\&HQWUH2&RQYHQWLRQ 9831 100
Limited (Malawi) Drive, P.O Box 57, Lilongwe, Malawi
46 Airtel Mobile Commerce Immeuble Kube B, Zone Galaxy, Andraharo, 2011B00235 100
Madagascar S.A. 101 -Anantanarivo, Madagascar
47 Airtel Mobile Commerce Gasabo District, Remera, Nyabisindu, Kigali, 102933620 100
Rwanda Limited Rwanda
48 Airtel Mobile Commerce Emerald House, Providence, Victoria, P.O. 841930-1 100
(Seychelles) Limited Box 1358, Mahe, Seychelles
49 Airtel Mobile Commerce Airtel House, Block 41 Kinondoni, Corner of 79802 100
Tanzania Limited A.H. Mwinyi Road/Kawawa Road, Kinondoni,
Dar es Salaam, Tanzania
50 Airtel Mobile Commerce Avenue Charles De Gaulle, BP: 5665, TC/NDJ/10B 183 100
Tchad S.A.R.L. NDjamena, Tchad
51 Airtel Mobile Commerce Airtel House, Plot 16A, Clement Hill Road, 123833 100
Uganda Limited Nakasero, Kampala, P. O. Box 6771, Kampala
- Uganda
52 Airtel Mobile Commerce Airtel House, Stand 2375, Addis Ababa 80052 100
Zambia Limited Drive, P.O. Box 320001, Lusaka, Zambia
53 Airtel Money RDC S.A. 127, Avenue de Plateau, Gombe, Kinhasa, CD/KIN/RCCM/14-B-6552 100
Republique Democratique du Congo,
Congo DRC
54 Airtel Money Niger S.A. 2054 Route de laroport, B.P. 11922 NI-NIA 2009-B-1848 90
Niamey, Niger
55 Airtel Money S.A. (Gabon) Avenue de Colonet Parrant, BP 23 899 RG LBV 2101 B 09955 100
Libreville, Gabon
56 Airtel Networks Kenya Parkside Towers, Mombasa Road, P. O. Box 140223 100
Limited 73146-00200, Narobi, Kenya
57 Airtel Networks Limited Plot L2, Banana Island, Foreshore Estate/ 398557 79.06
Ikoyi Lagos, Nigeria
58 Airtel Networks Zambia Plc Plot 2375, Airtel House, Corner Addis Ababa 38136 96.36
Drive and Great East Road, Lusaka, Zambia
59 Airtel Rwanda Limited Airtel Building Gasabo District, Remera, 102437818 100
Nyabisindu, P.O. Box 4164, Kigali, Rwanda
60 Airtel Tanzania Limited Airtel House, Block 41 Kinondoni, Corner of 41291 60
A.H. Mwinyi Road/Kawawa Road, Kinondoni,
61 Airtel Tchad S.A. Avenue Charles De Gaulle, BP: 5665, TC/NDJ/10B127 (TC.NDJ 100
NDjamena, Tchad 063B99)
62 Airtel Towers (Ghana) Limited 4th Floor, GNAT Heights, 30 Independence CA 82,071 75
Avenue, North Ridge, Accra, Ghana
63 Airtel Towers (S.L.) Company 25, Regent Road, Hill Station, CF/106/2011 100
Limited Freetown, Sierra Leone
64 Airtel Uganda Limited Airtel Towers, Plot 16A Clement Hill Road, V-232-36 100
Nakasero, P.O.Box 6771, Kampala-Uganda
65 Bharti Airtel Africa B.V. Overschiestraat 65, 1062 XD Amsterdam, 8076497 100
The Netherlands

40-125

No. shares
held
66 Bharti Airtel Burkina Faso Overschiestraat 65, 1062 XD Amsterdam, 08077622 100
67 Bharti Airtel Chad Holdings Overschiestraat 65, 1062 XD Amsterdam, 34125184 100
B.V. The Netherlands
68 Bharti Airtel Congo Holdings Overschiestraat 65, 1062 XD Amsterdam, 08077621 100
69 Bharti Airtel Developers Plot 2375, Airtel House, Corner Addis Ababa 82795 96.36
Forum Limited Drive and Great East Road, Lusaka, Zambia
70 Bharti Airtel DTH Holdings Overschiestraat 65, 1062 XD Amsterdam, 50921266 100
71 Bharti Airtel Gabon Holdings Overschiestraat 65, 1062 XD Amsterdam, 08078528 100
72 Bharti Airtel Ghana Holdings Overschiestraat 65, 1062 XD Amsterdam, 34204633 100
73 Bharti Airtel Kenya B.V. Overschiestraat 65, 1062 XD Amsterdam, 38023926 100
The Netherlands
74 Bharti Airtel Kenya Holdings Overschiestraat 65, 1062 XD Amsterdam, 34164357 100
75 Bharti Airtel Madagascar Overschiestraat 65, 1062 XD Amsterdam, 34204848 100
76 Bharti Airtel Malawi Holdings Overschiestraat 65, 1062 XD Amsterdam, 8077659 100
77 Bharti Airtel Mali Holdings B.V. Overschiestraat 65, 1062 XD Amsterdam, 34164359 100
The Netherlands
78 Bharti Airtel Niger Holdings Overschiestraat 65, 1062 XD Amsterdam, 34143743 100
79 Bharti Airtel Nigeria B.V. Overschiestraat 65, 1062 XD Amsterdam, 34164360 100
The Netherlands
80 Bharti Airtel Nigeria Holdings Overschiestraat 65, 1062 XD Amsterdam, 08076499 100
B.V. (under liquidation) The Netherlands
81 Bharti Airtel Nigeria Holdings Overschiestraat 65, 1062 XD Amsterdam, 8077623 100
II B.V. The Netherlands
82 Bharti Airtel RDC Holdings Overschiestraat 65, 1062 XD Amsterdam, 34125193 100
83 Bharti Airtel Services B.V. Overschiestraat 65, 1062 XD Amsterdam, 8077657 100
The Netherlands
84 Bharti Airtel Sierra Leone Overschiestraat 65, 1062 XD Amsterdam, 8078533 100
85 Bharti Airtel Tanzania B.V. Overschiestraat 65, 1062 XD Amsterdam, 8078747 100
The Netherlands
86 Bharti Airtel Uganda Holdings Overschiestraat 65, 1062 XD Amsterdam, 8078530 100
87 Bharti Airtel Zambia Holdings Overschiestraat 65, 1062 XD Amsterdam, 8076501 100
88 Celtel (Mauritius) Holdings C/o Abax Corporate Services Ltd, 18259/3238 100
Limited 6thRRU7RZHU$&\EHUFLW\(EHQH
Mauritius
89 Airtel Congo (RDC) S.A. 278, Avenue del Equateur, Kinshasa,Gombe, CD/KIN/RCCM/13-B-01054 98.5
Democratic Republic of Congo
90 Celtel Niger S.A. 2054 Route de laroport, BP 11 922, NI-NIM-2007-B 1848 90
Niamey, Niger
91 Channel Sea Management C/o Abax Corporate Services Ltd, 6thRRU 18258/3237 100
Co Mauritius Limited Tower A, 1 Cybercity, Ebene, Mauritius
92 Congo RDC Towers S.A. Croisement des Avenues du Tchad et du Bas CD/KIN/RCCM/14-B-4040 100
Congo, Commune de la Gombe, Republique
Democratique du Congo
93 Congo Towers S.A. (under Avenue Amilcar cabral, B.P. 1038, CG/BZV/11 B 2566 90
dissolution) Brazzaville, Republique du Congo
94 Gabon Towers S.A. (under 124 Avenue Bouet/ BP 9259, Libreville, 2013B11106 90
dissolution) Gabon
95 Indian Ocean Telecom Minerva Trust & Corporate Services 70138 100
Limited Limited, 43/45, La Motte Street, St. Helier,
Jersey, JE4 8SD, Channel Islands
Boards Report 65

No. shares
held
96 Madagascar Towers S.A. Immeuble Kube B, Zone Galaxy Andraharo, 2011 B 00184 100
101- Antananarivo, Madagascar
97 Malawi Towers Limited $LUWHO&RPSOH[&LW\&HQWUH2&RQYHQWLRQ 10995 100
Drive, P.O Box 57, Lilongwe, Malawi
98 Mobile Commerce Congo S.A. 1er et 2me tages, Immeuble SCI Monte 09B 1796 100
Cristo, Rond Point de la Gare, Croisement
du Boulevard Denis Sassou Gnuesso &
de lavenue Orsy, Centre Ville, BP 1038,
Brazzaville, Rpublique du Congo
99 Montana International Abax Corporate Services Ltd, 6thRRU 6/97/2593 100
Tower A, 1 Cybercity, Ebene, Mauritius
100 MSI-Celtel Nigeria Limited 7, Walter Carrington Crescent, Victoria 372966 100
(under liquidation) Island, Lagos
101 Partnership Investments 68/A Croisement des avenues du 51554 100
S.A.R.L. Commerce et Marais, 2ieme niveau, Gombe,
Kinshasa, DRC
102 Socit Malgache de Abax Corporate Services Ltd, 6thRRU 19022/3479 100
Telephonie Cellulaire S.A. Tower A, 1 Cybercity, Ebene, Mauritius
103 Tanzania Towers Limited Airtel House, Block 41 Kinondoni, Corner of 84005 60
A.H. Mwinyi Road/Kawawa Road, Kinondoni,
104 Tchad Towers S.A. Avenue Charles De Gaulle, BP: 5665, TC/NDJ 11 B 69 100
NDjamena, Tchad
105 Towers Support Nigeria Plot L2, Foreshore Estate, Banana Island, 940514 79.06
Limited (under liquidation) Ikoyi, Lagos, Nigeria
106 Warid Telecom Uganda Airtel House, Plot 16A, Clement Hill Road, 82317 100
Limited (under Nakasero, Kampala, P. O. Box 6771, Kampala
amalgamation) - Uganda
107 Zap Trust Company Nigeria Plot L2, Banana Island, Foreshore Estate/ 889384 100
Limited (under liquidation) Ikoyi Lagos, Nigeria
108 Bharti Airtel Rwanda Holdings Abax Corporate Services Ltd, 6thRRU C083311 100
Limited (formerly known as Tower A, 1 Cybercity, Ebene, Mauritius
Zebrano (Mauritius) Limited)
109 Airtel Money Transfer Limited Parkside Towers, Mombasa Road, L.R. Nr. CPR/2015/199517 100
209/11880, P.O. Box 73146-00200 Nairobi,
Kenya
Associates u/s 2(6) of the Companies Act, 2013
1 Tanzania 12th Floor, Exelcoms House, Dar es Salaam, 24490 35
Telecommunications Tanzania
Company Limited
2 Seychelles Cable Systems Third Floor, Caravelle House, Victoria, Mahe, 846498-1 26
Company Limited Seychelles
Joint Venture Companies u/s 2(6) of the Companies Act, 2013
1 Indus Towers Limited Bharti Crescent, 1, Nelson Mandela Road, U92100DL2007PLC170574 30.19
2 Bridge Mobile Pte Limited 750 Chai Chee Road, Technopark@ 200413856E 10
ChaiChee, The Oasis, #03-02/0,
Singapore 469000
3 FireFly Networks Limited A-19, Mohan Co-operative Industrial Estate, U74999DL2014PLC264417 50
Mathura Road, New Delhi - 110044

40-125
IV. Shareholding Pattern (Equity Share Capital Breakup as percentage of Total Equity)
(i) Category-wise Shareholding:
Category of No. of shares held at the beginning of the year i.e. No. of shares held at the end of the year i.e. %
Shareholders April 01, 2015 March 31, 2016 Change
during
Demat Physical Total % of Total Demat Physical Total % of
the
Shares Total
year
Shares
A. Promoters
Indian
Individual / HUF - - - - - - - - -
Central Government - - - - - - - - -
State Government - - - - - - - - -
Bodies Corporate 1,747,545,460 - 1,747,545,460 43.72 1,802,318,492 - 1,802,318,492 45.09 1.39
Banks / FI - - - - - - - - -
Any Other - - - - - - - - -
Sub-Total (A) (1) 1,747,545,460 - 1,747,545,460 43.72 1,802,318,492 - 1,802,318,492 45.09 1.39
Foreign
NRIs - Individuals - - - - - - - - -
Others - Individuals - - - - - - - - -
Bodies Corporate 857,180,286 - 857,180,286 21.44 865,673,286 - 865,673,286 21.66 -
Banks / Financial - - - - - - - - -
Institutions
Any other (Foreign 8,493,000 - 8,493,000 0.21 - - - - -
Institutional Investor)
Sub-Total A(2) 865,673,286 - 865,673,286 21.66 865,673,286 - 865,673,286 21.66 -
Total A=A(1)+A(2) 2,613,218,746 2,613,218,746 65.37 2,667,991,778 2,667,991,778 66.74 1.39
B. Public
Shareholding
Institutions
Mutual Funds / UTI 108,033,416 - 108,033,416 2.70 99,168,397 - 99,168,397 2.48 (0.23)
Banks / FI 932,054 - 932,054 0.02 1,291,949 - 1,291,949 0.03 0.01
Central Government - - - - - - - - -
State Government - - - - - - - - -
Venture Capital - - - - - - - - -
Funds
Insurance 190,892,726 - 190,892,726 4.78 297,836,594 0 297,836,594 7.45 2.67
Companies
FIIs (including foreign 716,795,355 - 716,795,355 17.93 670,962,174 0 670,962,174 16.78 (1.15)
portfolio investors)
Foreign Venture - - - - - - - - -
Capital Funds - - - - - - - - -
Others - - - - - - - - -
Sub-Total B(1) 1,016,653,551 - 1,016,653,551 25.43 1,069,259,114 - 1,069,259,114 26.75 1.30
Non Institutions
Bodies Corporate
i) Indian 110,752,708 5,444,270 116,196,978 2.91 4,079,321 5,444,270 9,523,591 0.24 (2.67)
ii) Overseas - - - - - - - - -
Individual 29,099,563 8,418 29,107,981 0.73 27,145,695 8,852 27,154,547 0.68 (0.05)
shareholders holding
nominal share capital
upto ` 1 lakh
Individual 6,595,400 - 6,595,400 0.16 4,749,760 - 4,749,760 0.12 (0.04)
shareholders holding
nominal share capital
in excess of `1 lakh
4XDOLHG)RUHLJQ - - - - - - - - -
Investor
Foreign National - - - - - - - - -
Foreign Companies 204,952,716 - 204,952,716 5.13 204,127,716 - 204,127,716 5.11 (0.02)
Non-resident Indians 2,159,619 - 2,159,619 0.05 2,174,198 - 2,174,198 0.05 0.00
Trusts 5,670,563 - 5,670,563 0.14 7,773,082 7,773,082 0.19 0.05
Clearing Members 2,844,548 - 2,844,548 0.07 4,416,431 - 4,416,431 0.11 0.04
Sub-Total B(2) 362,075,117 5,452,688 367,527,805 9.19 346,554,232 5,453,122 352,007,354 8.81 (2.69)
Total Public 1,378,728,668 5,452,688 1,384,181,356 34.63 1,323,955,202 5,453,122 1,329,408,324 33.26 (1.39)
shareholding (B) =
B(1)+B(2)
C. Shares held by - - - - - - - - -
Custodians for
GDRs & ADRs
Total (A) + (B) + (C) 3,991,947,414 5,452,688 3,997,400,102 100 3,991,946,980 5,453,122 3,997,400,102 100 -
Boards Report 67
(ii) Shareholding of Promoters:

Sl. Shareholder Shareholding at the beginning of Shareholding at the end of the year
No. Name the year
No. of shares % of total % of shares No. of shares % of total % of shares
shares pledged / shares pledged / % Change in
of the encumbered of the encumbered shareholding
Company to total Company to total
shares shares
1 Bharti Telecom 1,747,545,460 43.72% - 1,802,318,492 45.09% - 1.37%

Limited
2 Pastel Limited 591,319,300 14.79% - 591,319,300 14.79% - 0.00%
3 Indian Continent 265,860,986 6.65% - 265,860,986 6.65% - 0.00%
Investment Limited
4 Viridian Limited 8,493,000 0.21% - 8,493,000 0.21% - 0.00%
Total 2,613,218,746 65.37% - 2,667,991,778 66.74% - 1.37%
(iii) Change in Promoter Shareholding:

Sl. Name of the Shareholding at the Date Increase/ Reasons Cumulative Shareholding
No. Promoter beginning of the year decrease during the year /
during the shareholding at the end of
year the year
No. of shares % of total No. of shares % of total

shares of the shares
Company of the
Company
1 Bharti 1,747,545,460 43.72% April 01, 2015

Telecom
Limited
May 08, 2015 3,068,055 Market 1,750,613,515 43.79%
December 18, 2015 669,575 Purchase 1,751,283,090 43.81%
through
December 25, 2015 2,430,138 Stock 1,753,713,228 43.87%
December 31, 2015 3,662,000 Exchanges 1,757,375,228 43.96%
February 05, 2016 3,767,315 1,761,142,543 44.06%
February 12, 2016 5,780,636 1,766,923,179 44.20%
February 19, 2016 2,799,693 1,769,722,872 44.27%
February 26, 2016 7,781,064 1,777,503,936 44.47%
March 04, 2016 11,155,145 1,788,659,081 44.75%
March 11, 2016 3,243,942 1,791,903,023 44.83%
March 18, 2016 5,665,469 1,797,568,492 44.97%
March 25, 2016 4,750,000 1,802,318,492 45.09%
March 31, 2016 - 1,802,318,492 45.09%
Note: There was no change in shareholding of other promoters during the year.
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):
Sl. Name of the Shareholder Shareholding Cumulative Shareholding during
No. the Year
No. of Shares % of total shares No. of Shares % of total
of the Company shares of the
Company
1 Life Insurance Corporation of India
At the beginning of the year 188,528,106 4.72 188,528,106 4.72
Bought during the year 54,318,505 1.36 242,846,611 6.08
Sold during the year 38,967,755 0.97 203,878,856 5.10
At the end of the year 203,878,856 5.10 203,878,856 5.10

40-125

No. the Year
Company
2 Dodge and Cox International Stock Fund
Bought during the year - - 57,768,204 1.45
3 Goldman Sachs (Singapore) Pte. Limited
Sold during the year 60,794,806 1.52 58,513 0.00
At the end of the year 58,513 0.00 58,513 0.00
4 ICICI Prudential Life Insurance Company
Limited
5 HDFC Trustee Company Limited
At the end of the year 23,480,565 0.59 23480565 0.59
6 Skagen Kon-Tiki Verdipapirfond
Bought during the year - - 29,648,206 0.74
7 Capital World Growth and Income Fund
Sold during the year - - 24,119,712 0.60
8 Vanguard Emerging Markets Stock Index
Fund
Bought during the year 372,872 0.01 23,408,632 0.59
9 Parvest Equity India
10 Franklin Templeton Mutual Fund
At the end of the year 26,081,139 0.65 26,081139 0.65
11 ICICI Prudential Mutual Funds
Boards Report 69

No. the Year
Company
12 Abu Dhabi Investment Authority
13 Government Pension Fund Global
Note: The details of shareholding are maintained by respective Depositories and it is not feasible to provide daily change in the shareholding of top ten
shareholders. Therefore, consolidated changes during the year 2015-16 have been provided.
(v) Shareholding of Directors and Key Managerial Personnel

Sl. Name of the Shareholding at the Date Increase/ Reasons Cumulative
No. Director or KMP beginning of the decrease Shareholding
year during during the year /
the year shareholding at the
end of the year
No. of % of total No. of % of total
Shares shares Shares shares
of the of the
Company Company
Key Managerial
Personnel
1 Mr. Gopal Vittal 114,885 0.00% April 01, 2015 114,885 0.00%
Managing
Director & CEO
(India & South
Asia)
May 01, 2015 10,000 Shares allotted 124,885 0.00%
under ESOP
August 14, 2015 20,000 Shares allotted 144,885 0.00%
under ESOP
September 18, 2015 65,000 Shares allotted 209,885 0.00%
under ESOP
December 18, 2015 20,000 Shares allotted 229,885 0.00%
under ESOP
March 31, 2016 229,885 0.00%
2 Mr. Srikanth 4,913 0.00% April 01, 2015 4,913 0.00%
Balachandran*
March 25, 2016 (4,000) Market Sale 913 0.00%
March 31, 2016 913 0.00%
3 Mr. Nilanjan Roy# 1,673 0.00% April 01, 2015 1,673 0.00%
May 08, 2015 (1,673) Market Sale 0 0.00%
June 05, 2015 2,750 Shares allotted 2,750 0.00%
under ESOP
December 18, 2015 5,867 Shares allotted 8,617 0.00%
under ESOP
December 25, 2015 (2,750) Market Sale 5,867 0.00%
March 31, 2016 5,867 0.00%
1RRWKHU'LUHFWRURU.03KHOGDQ\VKDUHVRIWKH&RPSDQ\GXULQJWKHQDQFLDO\HDU
5ROHFKDQJHGWR*OREDO&KLHI+52FHUZHI$XJXVW
# Appointed as Global CFO w.e.f. August 05, 2015.

40-125
V. Indebtedness
Indebtedness of the Company including interest outstanding / accrued but not due for payment
(` Millions)
Secured Loans Unsecured Deposits Total
excluding deposits Loans Indebteness
Indebtedness at the beginning of
WKHQDQFLDO\HDU
i) Principal Amount 19 215,678 - 215,697
ii) Interest due but not paid - - - -
iii) Interest accured but not due - 267 - 267
Total (i+ii+iii) 19 215,945 - 215,964
Change in indebtedness during
WKHQDQFLDO\HDU
Addition 17 306,576 - 306,593
Reduction 16 64,839 - 64,855
Net Change 1 241,737 - 241,738
Indebtedness at the end of the
QDQFLDO\HDU
i) Principal Amount 20 457,415 - 457,435
ii) Interest due but not paid - - - -
iii) Interest accured but not due - 1,218 1,218
Total (i+ii+iii) 20 458,633 - 458,653
VI. Remuneration of Directors and Key Managerial Personnel

A. Remuneration to Managing Director, Whole-time Directors and / or Manager:
(` Millions)
Sl. Particulars of Remuneration Name of Managing Director / Whole-time Total
No. Director / Manager Amount
Mr. Sunil Bharti Mittal Mr. Gopal Vittal
Chairman Managing Director &
CEO (India & South Asia)
1 Gross salary
(a) Salary as per provisions contained in 246.22 59.02 305.24
Section 17(1) of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) Income-tax 11.78 0.05* 11.83
Act, 1961
(c) 3URWVLQOLHXRIVDODU\XQGHU6HFWLRQ - - -
Income-tax Act, 1961
2 Stock Option - 41.78* 41.78
3 Sweat Equity - - -
4 Commission - - -
DVRISURW - - -
-others, specify - - -
5 Others PF Contribution 20.55 3.04 23.59
Total (A) 278.55 103.89 382.44
Ceiling as per the Act `0QEHLQJRI1HW3URWVRIWKH&RPSDQ\
calculated as per Section 198 of the Companies Act, 2013).
* Value of perquisites u/s 17 (2) Income Tax Act, 1961 does not include perquisite value of ` 41.78 Mn towards stock options exercised by Mr. Gopal
Vittal during FY 2015-16. The same has been shown separately in point no. (2).
Boards Report 71
B. Remuneration to Non-Executive Directors including Independent Directors:

(` Millions)
Independent Directors Fee for attending board Commission Total
/ committee meetings
Mr. Ben Verwaayen 0.50 16.68 17.18
Mr. Craig Ehrlich 0.50 9.95 10.45
Mr. D. K. Mittal 1.00 7.00 8.00
Mr. Manish Kejriwal 0.40 6.50 6.90
Ms. Obiageli Ezekwesili1 - 3.55 3.55
Mr. Shishir Priyadarshi 0.50 9.95 10.45
Mr. V. K. Viswanathan 0.50 8.00 8.50
Total B1 3.40 61.63 65.03
Other Non-Executive Directors Fee for attending board Commission Total

/ committee meetings
Mr. Rakesh Bharti Mittal2 - 0.70 0.70
Ms. Chua Sock Koong - 3.98 3.98
Mr. Rajan Bharti Mittal3 - 2.30 2.30
Ms. Tan Yong Choo - 3.98 3.98
Sheikh Faisal Thani Al-Thani - 3.98 3.98
Total B2 - 14.94 14.94
Total B = (B1+B2) 3.40 76.57 79.97
Ceiling as per the Act ` 0Q EHLQJ RI 1HW 3URWV RI WKH &RPSDQ\ FDOFXODWHG DV SHU
Section 198 of the Companies Act, 2013).
Total Managerial Remuneration ` 462.41 Mn
(A+B)
Total ceiling as per the act (11%) `0QEHLQJRI1HW3URWVRIWKH&RPSDQ\FDOFXODWHGDVSHU
Section 198 of the Companies Act, 2013).
(1) Term of Ms. Obiageli Ezekwesili ended on September 25, 2015.
(2) Appointed w.e.f. January 07, 2016.
(3) Ceased to be Director of the Company w.e.f. January 07, 2016.
C. Remuneration to Key Managerial Personnel other than Managing Director / Whole-time Director / Manager:
(` Millions)
Sl. Particulars of Remuneration Key Managerial Personnel Total Amount
No.
Mr. Nilanjan Roy Mr. Rajendra Chopra
Global CFO# Company Secretary#
1 Gross Salary
(a) Salary as per Sec 17(1) of Income Tax Act, 31 6.97 37.97
1961
(b) Value of perks as per Sec 17(2) of Income 0.09* 0.04 0.13
Tax Act, 1961
(c) 3URWVLQOLHXRIVDODU\XQGHU6HFWLRQ - - -
Income Tax Act, 1961
2 Stock Options 2.15* - 2.15
3 Sweat Equity - - 0
4 Commission - - 0
DVRISURW - - 0
- others, specify - - 0
5 Others - PF Contribution 1.14 0.32 1.46
Total 34.38 7.33 41.71
9DOXHRISHUTXLVLWHVXV,QFRPH7D[$FWGRHVQRWLQFOXGHSHUTXLVLWHYDOXHRI`0QWRZDUGVVWRFNRSWLRQVH[HUFLVHGE\0U1LODQMDQ5R\
during FY 2015-16. The same has been shown separately in point no. (2).
# Mr. Nilanjan Roy was appointed as Global CFO w.e.f. August 05, 2015 and Mr. Rajendra Chopra was appointed as Company Secretary w.e.f. April 28, 2015.
However, the remuneration provided above for Global CFO and Company Secretary is for the FY 2015-16.
9,, 3HQDOWLHV3XQLVKPHQW&RPSRXQGLQJRI2HQFHV
KHUHZHUHQRSHQDOWLHVSXQLVKPHQWFRPSRXQGLQJRIRHQFHVIRUEUHDFKRIDQ\VHFWLRQRI&RPSDQLHV$FWDJDLQVW
7
WKH&RPSDQ\RULWV'LUHFWRUVRURWKHURFHUVLQGHIDXOWLIDQ\GXULQJWKH\HDU

40-125
Annexure F
Particulars of Energy Conservation, Technology ORZHU HQHUJ\ FRQVXPSWLRQ DQG PRUH HFLHQW
Absorption and Foreign Exchange Earnings and Outgo cooling.
Installed Variable Frequency Drives (VFDs) in for
A. Conservation of Energy the HVAC systems, which helps to automatically
1. The Company undertook various initiatives to reduce the motors speed and power driven.
reduce and conserve energy:
a. On Network side: HUIRUPHG LGHQWLFDWLRQ DQG UHFWLFDWLRQ RI KRW
3
spots and optimised lighting and aircon usage.
0D[LPLVLQJ RXWGRRU 1HZ VLWHV KDYH EHHQ
deployed as outdoor sites with reduced need of DLQWDLQHGDQDYHUDJH3RZHU8WLOLVDWLRQ(FLHQF\
0
air-conditioners and diesel. WRLPSURYHHFLHQF\DFURVVDOO'DWD&HQWUHV
Sites on sharer basis Deployed new sites on F (QHUJ\HFLHQF\LQ$LUWHOIDFLOLWLHV
shared basis, which results in reduction of their Use of Variable Frequency Drive for HVAC system.
energy consumption by 30% as compared to
standalone sites. HWURWWHG WKH YDULRXV EXLOGLQJV ZLWK HQHUJ\
5
HFLHQWDLUFRQGLWLRQLQJDQG/('OLJKWV
Incremental sites have been deployed outdoor by
utilising technology like low power consuming BTS, Introduced UPS optimisation at its technology
Free Cooling Unit (FCU), Natural Cooling Unit (NCU), centres.
Micro Cooling Unit (MCU), Power Management Installed Automatic Power Factor Controller,
Units (PMUs). $3)&DWRFHDFURVV3DQ,QGLD
Installed advance VRLA battery banks, Li-ion 2. Utilisation of green energy:
Battery solutions and other operational measures.
Rooftop Solar at Main Switching Centres (MSCs):
Introduced air-conditioning rationalisation, The Company has installed solar power plants at
reducing the consumption by 10%. total 14 MSC locations by the end of FY 2015-16,
H[SDQGLQJWKHWRWDOLQVWDOOHGFDSDFLW\WR0:S
HSOR\HG HQHUJ\ HFLHQW UHWURWV LQ %76 VLWHV
'
such as integrated power management systems, Green Power Wheeling for MSC and Data Centres:
HFLHQW'&WR$&FRQYHUWRUVHFLHQWDLUFRQV 7R HQKDQFH WKH HQHUJ\ HFLHQF\ WKH &RPSDQ\
implemented the renewable sources of energy
,QVWDOOHGHQHUJ\HFLHQWDLUFRQGLWLRQLQJDQG/('
at its core locations. Green Power Wheeling
lighting in core locations.
agreements were made for procuring green
,QWURGXFHG LQQRYDWLYH GHVLJQ PRGLFDWLRQV DW HQHUJ\ IRU ORFDWLRQV DQG LV SODQQLQJ WR H[WHQG
sites: the same for nine more sites.
Trail conducted on solar natural cooling Solar and battery hybrid solution: The Company,
solutions. with help of its network infrastructure partners,
Designed and installed outdoor small cell converted over 350 additional sites to green sites
sites with ground based mast with Li-ion by utilising solar and battery hybrid solution in
batteries reducing the energy consumption FY 2015-16.
by 30-40%. Reduction by using battery back-ups: In FY 2015-
Installed sites with auto-TRX shutdown 16, over 4,530 sites were installed with advance
feature, which reduces the energy VRLA batteries and Li-ion battery solutions to
requirement at non-peak hours. reduce the running of DG set. Few sites were
also installed with Li-ion battery banks by utilising
Piloted TRX shutdown feature for cell, sector ground based mast designs with Li-ion battery
and cluster level. solution.
Installed shelters with optimal cooling, power ,QVWDOODWLRQ RI VRODU SODWHV IRU IDFLOLWLHV DQG RFH
and thermal management systems etc. premises.
Reduced the indoor placement of BTS, which
3. The capital investment on energy conservation
reduced the air-conditioning load.
equipment is shown below:
E (QHUJ\HFLHQF\DFURVV'DWD&HQWUHV
Sl. Location Capex
The Company puts emphasis on optimising the data
No. (in `
centre facilities, operations for energy conservation,
Millions)
improved space utilisation and enhanced performance.
Some of the initiatives undertaken are as follows: 1 2ZQVLWHV+H[DFRP &RUH 47
TOCO (Indus Towers & Bharti
Use of cold aisle containment as a physical barrier 2 487
Infratel) & SP (Ericsson /NSN)
WR UHGXFH WKH PL[LQJ RI FROG VXSSO\ DLU DQG KRW
H[KDXVW DLU LQ 'DWD &HQWUH DLVOHV 7KLV GHOLYHUV TOTAL 534
Boards Report 73
B. Technology Absorption $LUWHO LV WKH UVW WHOHFRP FRPSDQ\ WR LPSOHPHQW 6HOI
7KHHRUWVPDGHWRZDUGVWHFKQRORJ\DEVRUSWLRQ Optimising Network (SON), enabling automation of
Indian mobile broadband demand has been growing QHWZRUN RSWLPLVDWLRQ RI LWV FRPSOH[ PXOWLWHFKQRORJ\
H[SRQHQWLDOO\DWPRUHWKDQ&$*5,QGLDQRZKDV multi-vendor networks. It has enabled dynamic
the second largest internet user base with more than FRQJXUDWLRQ RI WKH QHWZRUN IRU VHDPOHVV KDQGRYHUV
400 Mn internet users, out of which more than 80% of in 3G & 2G network, thus reducing the drop calls. Real
the users are using internet service on mobile network. time balancing of network load across congested and
There are 1 Bn wireless subscribers as opposed to a non-congested sites have reduced overloading, thus
mere 26 Mn wireline subscribers. improving user throughput and blocking in the network.
Real time optimisation has improved network utilisation
With an objective to provide best in class mobile
WKXV LPSURYLQJ HFLHQF\ RI WKH DYDLODEOH VSHFWUXP
EURDGEDQG H[SHULHQFH WR RXU FXVWRPHUV DQG
and network capacity. Airtel has pioneered customer
LPSURYHPHQW LQ VSHFWUXP HFLHQF\ $LUWHO HQYLVDJHG
GHPDQG FHQWULF QHWZRUN SODQQLQJ GHQVLFDWLRQ
deployment of 75,000 sites last year. This was a
by getting visibility of the network consumption on
challenging task as this had to be deployed across
JUDQXODU P [ P JULG ,W KDV KHOSHG LQ HQVXULQJ
India in partnership with multiple vendors. Every tower
deployment of new sites, small cells in corridors of high
installation required proper wireless planning, MW
FRQVXPSWLRQ WKXV LPSURYLQJ HFLHQF\ RI WKH QHZ
planning, transport planning, availability of material,
permission, alignment of material with ASP team, deployments.
MW team, provisioning team. All the deployment was In case of imported technology (imported during
happening on live sites, which made this deployment the last three years reckoned from the beginning of
H[HUFLVHHYHQPRUHFULWLFDO WKHQDQFLDO\HDU
Deployment of these sites was essential to launch a. The details of technology imported:
3G sites in 6 gap markets and a pan India 4G launch. The Company has not imported any technology
We also planned to re-farm 900MHz spectrum to 3G in the given period, only telecom equipment were
for improved indoor coverage for mobile broadband imported.
network, increasing capacity of 3G networks and b. Year of import:
LQFUHDVLQJHFLHQF\RIWKHVFDUFHVSHFWUXPUHVRXUFHV
N.A.
7R PDQDJH WKH H[LVWLQJ QHWZRUN EHWWHU $LUWHO KDV
c. Whether the technology been fully absorbed:
embraced Self Optimisation Network & Geo-analytical
WRROVUHDOWLPHFXVWRPHUH[SHULHQFHEDVHGRSWLPLVDWLRQ N.A.
of its mobile broadband network. These platforms d. If not fully absorbed, areas where absorption
have enabled automatic optimisation of multi-layered has not taken place, and the reasons thereof:
networks, thereby reducing drop calls, network N.A.
blocking, and increasing data throughputs for setting
QHZEHQFKPDUNVLQHQGXVHUH[SHULHQFH 3. The expenditure incurred on Research and
Development:
In our continuous endeavour to be pioneers in new NIL
technology, we launched carrier aggregation, dual band
3G, 3G dual carrier last year. 7KHHRUWVPDGHWRZDUGVFUHDWLQJDGLJLWDO$LUWHO:
With the growth of smartphones and the consumers
7KHEHQHWVGHULYHGIURPWHFKQRORJ\DEVRUSWLRQ
becoming more and more digitally savvy, there is a huge
7KURXJKPHWLFXORXVDQGHHFWLYHSODQQLQJDQGSURMHFW focus towards creating a digital Airtel. There is a massive
management, we managed to deploy more than SURJUDPPHUXQQLQJZLWKIRFXVRQGLJLWLVLQJH[SHULHQFHIRU
88,000 towers in our network and additional 20,000
the customers as well as internally for employees. Digitisation
.PRIEUHDFURVV,QGLD7KURXJKWKLVZHGRXEOHGRXU
is helping us seamlessly manage the ever changing
mobile broadband footprint. We now connect more
RUJDQLVDWLRQDO FRPSOH[LWLHV WKDW FRPH ZLWK WKH VFDOH RI
than 350,000 towns and villages through high speed
250 Mn subscribers, 500 Mn monthly transactions and
broadband. Last year we launched 4G in all 14 licensed
1.5 Mn retailers.
circles and 3G in 6 gap circles. In this journey we also
ODXQFKHG ,QGLDV UVW GXDO EDQG * LQ 0XPEDL Market Digitisation: The entire sales and distribution chain
MHz was re-farmed in 5 circles this year AP, KK, NESA, of the organisation from retailers to distributors as well as our
Punjab, Mumbai. entire salesforce are fully empowered with a digital suite of
apps that gives them ready access to qualitative information
$LUWHO EHFDPH WKH UVW FRPSDQ\ LQ ,QGLD WR ODXQFK
on their mobile with full transparency in market planning,
carrier aggregation, LTE TD and FD, on a commercial
target setting, KPI scorecard measurements and earnings.
device reaching a speed of 135 Mbps. Airtel also
This app suite gets over 6 Mn hits per month and has helped
SLRQHHUHG ,QGLDV UVW GXDO FDUULHU LQ 7DPLO 1DGX IRU
enhance revenue and drive key value propositions in the
3G in 2100 MHz reaching a peak speed on 42 Mbps.
market.
This technology adoption and innovation helped us to
PDQDJH WKH VSHFWUXP HFLHQWO\ DQG SURYLGH D JUHDW Customer Acquisition: 7KHFXVWRPHUDFTXLVLWLRQRZKDV
EURDGEDQGH[SHULHQFHWRRXUFXVWRPHUV been digitised for postpaid and Telemedia, where customers

40-125
can check feasibility, services and plans and purchase new schedules, allows appointment, booking and provides
FRQQHFWLRQV RU PDNH FKDQJHV WR H[LVWLQJ RQHV DOO RQOLQH PD[LPXPHFLHQF\LQWKHHQWLUHSURFHVV7KLVDOORZVXVWR
through www.airtel.in. Airtel stores also provide a world VHUYLFHRXUFRQVXPHUVDQG%%FOLHQWVPRUHHFLHQWO\DQG
FODVV GLJLWDO DQG WUDQVSDUHQW H[SHULHQFH IRU DFTXLVLWLRQV HHFWLYHO\
through eCAF, an in-house solution enabling on-the-spot Due to all these advanced developments, Airtel has won the
postpaid activations with self-selected mobile number and a prestigious Global TM forum digital award for Outstanding
SHUVRQDOLVHGH[LEOHSODQ Contribution to Improved Business Agility Award
Communications Industry.
Customer Service: P\$LUWHO DSS RHUV IXOO H[LELOLW\ DQG
control to consumers to view their usage, make payments, C. Foreign Exchange Earnings and Outgo
self-service any plan changes, recharge their prepaid or DTH $FWLYLWLHV UHODWLQJ WR LQLWLDWLYHV WDNHQ WR LQFUHDVH H[SRUWV
connections etc. Millions of consumers around the country GHYHORSPHQW RI QHZ H[SRUW PDUNHWV IRU SURGXFWV DQG
are using myAirtel app on a daily basis. VHUYLFHVDQGH[SRUWSODQV
Workforce Management: 9DULRXV HOG IRUFHV RI $LUWHO IRU 7RWDOIRUHLJQH[FKDQJHXVHGDQGHDUQHGIRUWKH\HDU
service, installation and fault repair etc., have also been
D 7RWDO)RUHLJQ([FKDQJH(DUQLQJV` 41,867 Mn.
digitised through a workforce management solution called
Airtel Konnect which automatically assigns tasks, manages E 7RWDO)RUHLJQ([FKDQJH2XWJR` 112,627 Mn.
Annexure G
Statement of Disclosure of Remuneration under Section 197(12) of Companies Act, 2013 read with Rule 5(1) of
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
L 7KHSHUFHQWDJHLQFUHDVHLQUHPXQHUDWLRQRIHDFK'LUHFWRU&KLHI)LQDQFLDO2FHU&KLHI([HFXWLYH2FHUDQG
Company Secretary during FY 2015-16, ratio of the remuneration of each Director to the median remuneration
of the employees of the Company for FY 2015-16 and comparison of the remuneration of each Key Managerial
Personnel (KMP) against the performance of the Company are as under:
Sl. Name of the Director Remuneration of Percentage Ratio of Comparison of

No. Director / KMP increase in remuneration remuneration of
for FY 2015-16 remuneration of each KMP against the
(in `) in FY 2015-165 Director performance of
to median the Company
remuneration
of the
employees of
the Company5,6
Executive Directors
1. Mr. Sunil Bharti Mittal, 278,546,235 2.494 347.49 The Companys
Chairman revenue has
increased by
2. Mr. Gopal Vittal, 62,105,442* 16.234 77.48
11.7% on year to
Managing Director & CEO year basis and
(India & South Asia) revenue from
operations has
increased by
8.66% year to
year basis.
Non-Executive Directors
3. Mr. Rakesh Bharti Mittal1 696,721 N.A. 3.74
4. Ms. Chua Sock Koong 3,979,974 6.38 4.97
5. Mr. Rajan Bharti Mittal2 2,303,279 (0.35) 3.73
6. Ms. Tan Yong Choo 3,979,974 6.38 4.97
7. Sheikh Faisal Thani Al-Thani 3,979,974 5.16 4.97
Independent Directors
8. Mr. Ben Verwaayen 17,183,179 (30.95) 21.44
9. Mr. Craig Ehrlich 10,449,935 15.76 13.04
10. Mr. D. K. Mittal 8,000,000 33.33 9.98
11. Mr. Manish Kejriwal 6,900,000 - 8.61
12. Ms. Obiageli Ezekwesili3 3,548,456 (12.14) 9.10
13. Mr. Shishir Priyadarshi 10,449,935 (10.04) 13.04
14. Mr. V. K. Viswanathan 8,500,000 3.64 10.60
Boards Report 75
Sl. Name of the Director Remuneration of Percentage Ratio of Comparison of

No. Director / KMP increase in remuneration remuneration of
for FY 2015-16 remuneration of each KMP against the
(in `) in FY 2015-165 Director performance of
to median the Company
remuneration
of the
employees of
the Company5,6
Key Managerial Personnel
other than Executive
Directors
15. Mr. Nilanjan Roy7 22,410,832# 11.554 - The Companys
Global Chief Financial revenue has
2FHU increased by
16. Mr. Rajendra Chopra8 7,002,382^ 58.764 - 11.7% on year to
Company Secretary year basis and
revenue from
operations has
increased by 8.66
% year to year
basis.
1. From January 07, 2016 to March 31, 2016.
2. From April 01, 2015 to January 07, 2016. Mr. Rajan Bharti Mittal ceased to be Director of the Company.
3. Term of Ms. Obiageli Ezekwesili ended on September 25, 2015.
4. The value of performance linked incentive (PLI) in remuneration of Key Managerial Personnels (KMPs) represents incentive which will accrue at 100%
SHUIRUPDQFHOHYHO)RUHHFWLYHFRPSDULVRQWKH3/,FRPSRQHQWRIWKHLUUHPXQHUDWLRQIRU)<KDVDOVREHHQFRQVLGHUHGDWSHUIRUPDQFH
level.
5. Based on Annualised Remuneration.
5HPXQHUDWLRQRI(PSOR\HHVDQG.03VGRHVQRWLQFOXGHSHUTXLVLWHYDOXHRIVWRFNRSWLRQVH[HUFLVHGGXULQJWKHQDQFLDO\HDU
7. From August 05, 2015 to March 31, 2016.
8. From April 28, 2015 to March 31, 2016.
7KHUHKDVEHHQQRFKDQJHLQUHPXQHUDWLRQSROLF\IRU1RQ([HFXWLYH'LUHFWRUV&KDQJHLQUHPXQHUDWLRQRI1RQ([HFXWLYH'LUHFWRUVYLVYLVSUHYLRXV\HDU
LVGXHWRFKDQJHLQWKHLU&RPPLWWHHPHPEHUVKLSDQGFKDQJHLQIRUHLJQH[FKDQJHUDWHV
7KHUHPXQHUDWLRQRI0U*RSDO9LWWDOH[FOXGHVSHUTXLVLWHYDOXHRIVWRFNRSWLRQVRI`H[HUFLVHGGXULQJWKHFXUUHQWQDQFLDO\HDU
7KHUHPXQHUDWLRQRI0U1LODQMDQ5R\H[FOXGHVSHUTXLVLWHYDOXHRIVWRFNRSWLRQVRI`H[HUFLVHGGXULQJWKHFXUUHQWQDQFLDO\HDUDQGFDVK
payout of ` 9,813,969 under performance-based long-term incentive plan of the Company.
A7KHUHPXQHUDWLRQRI0U5DMHQGUD&KRSUDH[FOXGHVFDVKSD\RXWRI` 327,367 under performance-based long-term incentive plan of the Company.
ii. KHSHUFHQWDJHLQFUHDVHLQWKHPHGLDQUHPXQHUDWLRQRIWKHHPSOR\HHVLQWKHQDQFLDO\HDU There has been a

7
decrease of 4.5% in median remuneration of employees in FY 2015-16 as compared to FY 2014-15.
iii. The number of permanent employees on the roll of the Company: There were 9,596 employees on the rolls of the
Company as on March 31, 2016.
iv. The explanation on the relationship between average increase in remuneration and Company performance:
The revenue growth during FY 2015-16 over FY 2014-15 was 11.7% and revenue from operations increased was
7KHDYHUDJHLQFUHDVHLQWKHUHPXQHUDWLRQRIHPSOR\HHVH[FOXGLQJ.H\0DQDJHULDO3HUVRQQHOGXULQJ)<
was 9%.
v. a) Variation in the market capitalisation: The market capitalisation is based on closing share price quoted on NSE,
` 1,572,177.46 Mn at March 31, 2015 and ` 1,402,287.96 Mn at March 31, 2016 i.e. decrease of 10.80%.
b) Price earnings ratio: The price earning ratio was 18.58 at March 31, 2016 as compared to 11.91 at March 31,
2015 i.e. an increase of 56.01%.
c) Percentage increase in the market quotation of shares of the Company as compared to the rate of last
SXEOLFRHU The closing price of Companys equity shares of face value of ` 5/- each on NSE and BSE as of March
31, 2016 was ` 350.80 and ` 350.90 respectively, representing 1,459% increase over IPO price of ` 45/- per equity
share of face value of ` 10/- each.

40-125
vi. Average percentage increase already made in the salaries of employees other than the managerial personnel in
)<DQGLWVFRPSDULVRQZLWKWKHSHUFHQWDJHLQFUHDVHLQWKHPDQDJHULDOUHPXQHUDWLRQDQGMXVWLFDWLRQ
thereof:7KHDYHUDJHLQFUHDVHLQWKHUHPXQHUDWLRQRIHPSOR\HHVH[FOXGLQJ.03VGXULQJ)<ZDVDQGWKH
average increase in the remuneration of KMPs was 22.26%. The increase of 22.26% is due to substantial increase in
VDODU\RI&KLHI)LQDQFLDO2FHUDQG&RPSDQ\6HFUHWDU\RIWKH&RPSDQ\ZKLFKZDVEDVHGRQH[WHUQDOEHQFKPDUNLQJ
internal parity, Companys performance and individual performance level.
vii. The key parameters for any variable component of remuneration availed by the Directors: In terms of Companys
UHPXQHUDWLRQ3ROLF\WKHNH\SDUDPHWHUVIRUWKHYDULDEOHFRPSRQHQWRIUHPXQHUDWLRQDYDLOHGE\WKH([HFXWLYH'LUHFWRUV
are directly linked to performance of the individual (i.e. achievement against pre-determined KRAs), his / her respective
Business Unit and the overall Companys performance. No other Director receives any variable pay.
viii. The ratio of the remuneration of the highest paid Director to that of the employees who are not Directors but
receive remuneration in excess of the highest paid Director during the year: During the year 2016, no employee
UHFHLYHGUHPXQHUDWLRQLQH[FHVVRIKLJKHVWSDLG'LUHFWRU
ix. $UPDWLRQWKDWWKHUHPXQHUDWLRQLVDVSHUWKHUHPXQHUDWLRQSROLF\RIWKH&RPSDQ\ The remuneration of Directors
was as per the Remuneration Policy of the Company.
$XGLWRUV&HUWLFDWHUHJDUGLQJ&RPSOLDQFHRI&RQGLWLRQVRI&RUSRUDWH*RYHUQDQFH Annexure H
To
The Members of Bharti Airtel Limited,
:HKDYHH[DPLQHGWKHFRPSOLDQFHRIFRQGLWLRQVRIFRUSRUDWHJRYHUQDQFHE\%KDUWL$LUWHO/LPLWHGWKH&RPSDQ\IRUWKH

year ended March 31, 2016, as stipulated in Clause 49 of the Listing Agreement (Listing Agreement) of the Company with
WKH6WRFN([FKDQJHVIRUWKHSHULRG$SULOWR1RYHPEHUDQGDVSHUWKHUHOHYDQWSURYLVLRQVRI6HFXULWLHV
DQG([FKDQJH%RDUGRI,QGLD/LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV5HJXODWLRQV/LVWLQJ5HJXODWLRQVDV
referred to in Regulation 15(2) of the Listing Regulations, for the period December 01, 2015 to March 31, 2016.
7KHFRPSOLDQFHRIFRQGLWLRQVRIFRUSRUDWHJRYHUQDQFHLVWKHUHVSRQVLELOLW\RIWKHPDQDJHPHQW2XUH[DPLQDWLRQZDVOLPLWHGWR
procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of Corporate
*RYHUQDQFH,WLVQHLWKHUDQDXGLWQRUDQH[SUHVVLRQRIRSLQLRQRQWKHQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\
,QRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXVZHFHUWLI\WKDWWKH&RPSDQ\
has complied with the conditions of Corporate Governance as stipulated in the above mentioned Listing Agreement / Listing
Regulations, as applicable.
:HIXUWKHUVWDWHWKDWVXFKFRPSOLDQFHLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRUWKHHFLHQF\RU
HHFWLYHQHVVZLWKZKLFKWKHPDQDJHPHQWKDVFRQGXFWHGWKHDDLUVRIWKH&RPSDQ\
For S.R. Batliboi & Associates LLP

ICAI Firm Registration Number: 101049W
per Nilangshu Katriar

Place: Gurgaon Partner
Date: April 27, 2016 Membership Number: 58814
Boards Report 77
Annexure I
78
Statement of particulars under Section 197(12) of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 for the year ended March 31, 2016
(A) Employed Throughout the Financial Year
Sl. Name Designation 4XDOLFDWLRQV Age Date of Total Nature of duties of Gross Previous employment / Designation
No. (In Commencement of experience the employee Remuneration
years) Employment (in years) (in `)
1 A Ganesh Sr. VP - Distribution Head PGDBM / B. Tech 39 01-Feb-2013 15 Sales 13,242,012 Hindustan Unilever Limited / General Manager
2 Abhay Savargaonkar Director Networks & CTO B.E. / B. Tech 51 05-Aug-2006 26 Operations 23,500,210 %KDUWL,QIRWHO/WG&KLHI7HFKQRORJ\2FHU
3 Aditya Kohli Head HR - Enabling Functions PG Diploma 40 13-Oct-2014 18 HR 12,435,284 Standard Chartered Bank / Head P&R
Annual Report 2015-16

4 Ajai Puri Director - Market Operations Post Graduation 55 15-May-2004 35 Business Head 41,274,542 Cargill Foods India / Business Head-India Foods
5 Ajay Jain Circle CTO M.E 44 27-Jul-2001 23 Network 7,731,306 ENIL (TOI Group) / Head Projects
6 Ajay Chitkara Director - Global Voice & Data Business PGDBM 44 01-May-2001 22 Business Head 23,009,593 Comsat Max Limited / Area Sales Manager
7 Akhil R Garg Head FR - India MBA / CA 39 23-Jan-2014 14 Finance 6,623,041 Pepsico / Sr. GM
8 Amit Anchal Sr. Vice President - Business Development MBA 39 10-Jun-2002 17 Business 9,404,799 Kucheri & Associates, Mumbai / Audit Assistant
Development
9 Anant Arora CEO - EGB South B.E / B.Tech 49 11-Apr-2003 26 Business Head 17,156,116 Reliance Infocomm Ltd / Head - Sales Operations
10 Anil Bahl Head India Indirect Tax CA-Inter 47 01-Apr-2008 21 Finance 6,381,946 S.R. Batliboi & Co / Manager-Indirect Tax
11 Anjani Rathor Head - IT Governance & PMO PGDBM 43 10-Dec-2007 19 IT 14,253,914 Delhi Accenture Boeing / Director, Strategy and Business
Development
12 Anupam Arora S & M Head - Telemedia Homes MBA 42 02-Jan-1998 18 Sales 6,412,694 Bharti Telemedia Limited / GM
13 Aravind V Gunari Circle CTO B.E 45 08-Aug-2005 20 Network 8,932,351 BPL Mobile Cellular Ltd / Head NSS
14 Archana Aggarwal Head Media Planning & Buying MBA 44 09-Dec-2013 15 Brand 9,427,128 Procter & Gamble / Country Media Manager
15 Argha Basu Sr. Vice President - Prod Dev & TSG MBA 48 25-Feb-2008 25 Prod Dev & TSG 10,759,715 VSNL / Business Head-Mpls
16 Aruna Pidikiti Hub CTO M.Tech. 46 21-Dec-2000 25 Network 11,741,579 STPI / Dy. Director (TECH)
17 Ashish Arora CEO - Corporate Business MBA 46 03-Apr-2007 21 Business Head 12,949,419 Sify Ltd / National Sales Head
18 Ashish Jain Vice President - Finance MBA 42 07-Aug-2014 20 Finance 6,476,515 &HQWXP/HDUQLQJ&KLHI)LQDQFLDO2FHUDQG+HDG,7
19 Ashish Mehra Vice President - Sales - EGB N&E Commerce 47 02-Aug-2010 27 Sales 8,006,101 Manpower Professional / Associate Manager
20 Ashok Ganapathy CEO - Market Operations-Maharashtra PGDBM 50 03-May-2013 27 Business Head 19,384,793 Reliance Mediaworks / CEO
21 Asit Tandon Sr. VP - Network B.E 46 02-Apr-2007 23 Network 9,476,305 Siemens / General Manager
22 Atul Sachdeva Head Wireless Planning PGDBM 43 29-Aug-2006 21 Network 11,191,037 Tata Teleservices Ltd / Head- BSS, Transmission and Core
Planning
23 Atul Sohoni &KLHI2SHUDWLQJ2FHU0DUNHW2SHUDWLRQV MBA 42 19-Jul-2010 19 Business Head 8,546,484 AMD India Pvt Ltd / Marketing Head
- Kerala
24 Avinash Deepak Regional Business Head B.E 45 28-Aug-2006 22 Sales 8,373,494 BT Infonet / National Head (Strategic Accounts)
25 Ayan Sarkar Head Marketing PG Diploma 38 30-Jan-2006 13 Marketing 6,312,091 Idea Cellular Ltd. / Manager - Marketing
26 Balakrishnan Janardhanan Vice President - Sales MBA 47 26-Apr-2004 26 Sales 6,783,094 BPL Cellular Ltd / Branch Manager & Zonal Sales Manager
27 Biswaranjan Dash Head Cons Biz IT B.Sc / BCA 49 21-May-2001 26 IT 7,022,605 Koshika Telecom Ltd / Manager
28 C Surendran CEO-Market Operations KK B.E & MBA 50 04-Nov-2003 28 Business Head 16,691,538 Modi Xerox / Head-Outsourcing
29 Campbell Mcclean Chief Architect Graduated from 52 07-Jul-2014 33 IT 53,471,402 Telefonica / Global Chief Architect
the Royal Military
Academy Sandhurst
30 Chamakura Venkata Narasimha Head Data & Circuit Core & IN A&E B.E 46 29-Apr-2010 23 Network 9,989,317 Etisalat / AVP
Varaprasad
31 Chandrakant Tripathi Circle CTO B.Tech 44 29-Dec-2000 22 Network 6,922,018 Reliance Telecom Ltd / Deputy Manager Core O&M
32 Chandrasekar Ramamoorthy Head - Network Experience MBA 34 03-Feb-2014 11 Network 10,287,791 Booz & Company / Senior Associate
33 Deepak Sanghi Head Transport & IP Planning B.E 42 29-Mar-2004 21 Network 9,430,938 Nortel Networks / Technical Consultant
34 Deven Khanna 'LUHFWRU&0'V2FH B.Com, CA 56 01-Sep-2004 26 Finance 37,342,589 Triveni Engineering Industries Ltd. / VP-Corp Finance &
Planning
35 Dharmender Khajuria &KLHI2SHUDWLQJ2FHU0DUNHW2SHUDWLRQV83 MBA 47 21-Nov-2001 24 Business Head 11,934,893 1DWLRQDO3DQDVRQLF6U6DOHV2FHU
West
36 Dhruv Bhagat CEO-Market Operations UP East PGDBM 46 01-Sep-2006 20 Business Head 18,834,037 Hutchison Essar Ltd. / Business Head
37 Dushyant Kumar Head Central Operations Group B.E / B.Tech 50 02-Nov-1998 24 Network 12,519,532 Bharti BT Internet Ltd / Manager
38 Gaurav Khandelwal Commercial Controller - Consumer Business CA 38 03-Nov-2014 15 Finance 10,271,427 Hindustan Unilever Limited / Director - Financial Controls
39 Gautam Anand Head HR S&D CS DTH MBA 39 30-Jul-2009 17 HR 13,432,412 Citibank / Portfolio Management
40 George Mathen CEO - Market Operations Tamil Nadu Post Graduation 47 17-Nov-2006 25 Business Head 15,243,730 Coca Cola India / Head - Sales
41 Gopal Vittal MD & CEO - India & South Asia MBA 50 03-Apr-2012 25 Business Head 62,105,442 Hindustan Uniliver Limited / Executive Director
42 Gurpreet Singh S & M Head - Telemedia Homes PGDM 42 12-Nov-2002 20 Sales 7,837,546 ISERV India Solutions Ltd. / Dy. Manager
43 Harjeet Kohli Group Treasurer MBA 42 19-Jan-2009 18 Finance 21,305,479 Citigroup India / Director
44 Harjinder Singh Kohli Head - Government Vertical B Com 49 22-Sep-2011 29 Sales 8,897,286 Sify Technologies Limited / Sr. Vice President & Head
Government Business
45 Harmeen Mehta Global CIO BE (computer Sc & 42 24-Oct-2013 17 Information 61,381,456 BBVA / CIO Global Markets
Engg) Technology
46 Harsh Dhillon Head - Channel & Inside Sales B.A 44 20-May-2013 19 Sales 6,726,644 Tulip Telecom / Head - Carrier Business
47 Hemanth Kumar Guruswamy CEO Homes PGDBM 45 27-Jan-2014 21 Marketing 9,560,251 Matrimony.com / Sr. VP Retail
48 Indeevar Krishna Head Market Ops PGDBM 47 01-Nov-2010 22 Customer Experience 15,350,411 CITIBANK / Head - Branch Operations and Service, North
49 Inder Walia Group Director - Human Resources PGDBM 58 06-Aug-2007 32 Human Resources 58,631,316 Arcelor Mittal / Executive Vice President, HR
50 Jijo John Head USD & CTO EGB B.Tech 43 02-Jul-2001 21 Network 6,288,710 Satyam Infotway Ltd. Bengaluru / Account Manager -
Internet Commerce
51 Kamal Dua FR India Segment Head B.Com 37 08-Mar-2007 15 Finance 8,378,810 Idea / AM
02-39 | Corporate Overview
52 Kanwardeep Singh Ahluwalia Head Middleware Integration PGDBM 40 20-Jul-2009 19 IT 7,117,224 Wipro Technologies / Engineer
53 Kartik Sheth &KLHI,QQRYDWLRQ2FHU &(2:\QN MBA 38 06-May-2013 14 Marketing 17,054,977 /DNPH/HYHU3ULYDWH/LPLWHG&KLHI2SHUDWLQJ2FHU
54 Kishor Asrani CEO - EGB N&E PGDBM 46 15-Feb-2005 25 Business Head 11,070,358 +&/,QQHW/LPLWHG=RQDO+HDG1RUWK (DVW
55 Mahesh Halankar Circle CTO MBA 47 10-Jan-2011 20 Network 9,511,501 Aircel Ltd / Head of Network
56 Manikandan R Vice President - Customer Experience B.Sc 49 12-May-2004 29 Customer Experience 6,840,574 Cholamandalam Investment / Senior Manager
57 Manish Agarwal Global Head Taxation CA / CS 42 11-Dec-2008 18 Finance 14,879,354 HCL TEchnologies, Noida / Deputy General Manager
40-125
58 Manish Prakash Director - Enterprise & Government MBA 42 02-Jan-2014 20 Business Head 23,755,323 Accenture Australia Limited / Managing director
59 Manoj Murali CEO - Market Operations Hexacom Rajasthan MBA 45 01-Oct-2001 21 Business Head 15,439,820 Crompton Greaves / Area Sales Manager
60 Manpreet Singh Khurana Head - Global Infrastructure & Ops MBA 40 03-Jul-2014 13 IT 10,482,315 HCL Technologies / Vice President - Global IT
61 Manu Sood CEO - Market Operations Punjab MBA 43 13-Jan-2012 15 Business Head 17,538,178 Hindustan Lever Limited / General Manager - North India
62 Mohan Shukla +HDG([WHUQDO$DLUV BA 62 02-Sep-2013 32 Corporate Regulatory 10,239,068 Carrefour WC&C Indian Pvt Limited / Director - Corporate
Statutory Reports
$DLUV
63 Monika Gupta Vice president - IT B.E 42 02-Jan-2015 13 IT 7,111,135 Ericsson / Director
64 Moti Gyamlani Director - Supply Chain Masters in 42 17-Dec-2012 20 Supply Chain 46,505,666 GE Energy / Group Vice President - Global supply Chain
International Management
Business
Administration
65 Mukesh Singla Finance Controller-NSG CA 44 19-Nov-2001 20 Finance 8,806,027 Spice Communication Limited / Deputy Manager
66 Murthy Chaganti CEO-Market Operations Gujarat MBA 46 10-Apr-2014 28 Business Head 14,345,362 Aircel / Circle Business Head
67 Naveen Aldangady Vertical head - DTH Supply Chain B.E 49 01-Feb-2007 26 SCM 7,224,123 RCL / Head - Source
68 Naveen Sanghi Head - Legal & Compliance LLM 43 03-Aug-2004 19 Legal 7,094,503 Spice Communication Limited / Dy Manager Legal
69 Navin Shenoy Head Advertising PGDBM 38 15-Jul-2013 14 Brand 6,915,042 Hindustan Unilever Limited / Sr. Brand Manager
70 Nikhil Gilani Head - 4G LTE MBA 37 09-May-2007 15 Marketing 8,224,370 VSNL / Manager - Retail business
71 Nikhil Kumar Head - Cust Experience & Billing Systems PGDCA 54 17-Jul-2001 21 IT 9,306,925 BPL Mobile Ltd / Manager
72 Nilanjan Roy Global CFO CA 50 01-Mar-2006 26 Finance 22,410,832 Unilever Nv / Plc, Usa / Finance Director
73 Pandian M Head CSD MBA 46 19-Oct-2001 25 Customer Experience 6,655,687 BPL Cellular Limited / Asst. Manager
Boards Report
74 Pankaj Chopra Head Planning B.Tech 41 16-Jul-2012 21 Network 6,325,587 Ruckus Wireless / Sr. Technical Account Manager
75 Pankaj Sarna India Tax Lead CA 55 16-Jan-1999 31 Finance 8,334,473 Modi Xerox Ltd. / Controller - Indirect Channels
126-355 | Financial Statements
76 Prasad Routray Regional Business Head PG Diploma 42 11-Feb-1998 21 Sales 7,432,694 Koshika Telecom Ltd / Executive-Sales
79
80
77 Pravin Surana Head Direct Tax CA 37 23-Jan-2006 16 Finance 6,558,226 5HOLDQFH(QHUJ\*HQHUDWLRQ/WG6HQLRU2FHU
78 Purumedh Gupta Regional Business Head B.Tech 40 09-Apr-2007 18 Sales 7,071,505 Tata Autocomp Systems Ltd. / Incharge Business
Development, Marketing & Sales
79 Raghunath Mandava Director - Customer Experience BE & MBA 49 29-Sep-2003 26 Business Head 43,775,855 Hindustan Lever Ltd. / Operations & Marketing Manager
80 Rahul Sethi Head Sales MBA 41 01-Jun-2006 18 Sales 6,826,650 BPL Mobile Cellular Ltd / Area Sales Manager

81 Rajat Dhawan Regional Business Head PG Diploma 43 03-Nov-2005 20 Sales 7,505,692 Reliance Infocomm Ltd. / Circle Lead (Strategic Accounts)
82 Rajendra Chopra Sr. Vice President - Corp. Secretarial & CS / LLB 44 16-Mar-2005 23 Corp Secretarial & 7,002,382 DLF Power Ltd / Company Secretary
Regulatory Regulatory
83 Rajesh Gupta Circle CTO PG Diploma 45 19-Apr-2006 22 Network 6,800,177 ADIL Rajasthan / DGM
84 Rajesh Kumar CSO - Global Business PGDBA / Diploma 46 14-Jun-2007 19 Customer Experience 8,085,731 Convergys India / Senior Manager Technology
in Didgital
Electronics(PG)
85 Rajnish Verma Vice President - Sales PG Diploma 44 15-Mar-2005 22 Sales 6,523,191 Reliance Telecom Limited / Regional Sales Manager
86 Rakesh Kumar Circle CTO M Tech 48 01-Apr-2006 26 Network 9,810,730 BSNL / Joint Deputy Director General
87 Ram Kuppuswamy &KLHI*OREDO6RXUFLQJ2FHU MBA 40 05-Jan-2015 17 SCM 20,780,544 Microsoft Mobile (China) Investment Company Ltd. /
Director Materials Management
88 Ranjan Sharma Head - Network Capex Sourcing B.Tech 41 09-Mar-2015 20 SCM 8,412,971 ZTE Telecom India Pvt Ltd / Director
89 Rashim Kapoor Head Service Platform Operations Engineering 43 31-Aug-2005 21 Network 8,754,671 Reliance Infocom / Team Leader
90 Ravi Parkash Gandhi Chief Regulatory Policies B.Tech 45 03-Mar-2008 24 Legal 13,436,683 Reliance Communication Limited Usha / Vice President
91 Ravindra Singh Negi CEO - Market Operations-West Bengal PGDBM 44 01-Aug-2000 21 Business Head 15,694,619 Koshika Telecom Ltd. / Product Manager - Prepaid
92 Raza Khan Vice President - Corporate Communications PG Diploma 44 05-May-2011 21 Corporate 7,490,854 Viom Networks / GM - Corp Comm
Communications
93 Ritesh P. Sanghvi Head Marketing MBA 37 10-Jun-2002 15 Marketing 6,884,794 Bharti Airtel Ltd / GM
94 Rohin Vig Vice President - SCM CA 37 23-Jul-2007 15 SCM 10,968,143 Worldspace Inc / Revenue Assurance
95 Rohit Marwha Head Pricing & Market Ops PGDBM 40 16-Jul-2001 18 Marketing 10,555,872 Vijaya Prints & Packs / Director
96 Rohit Relan Head Market Ops CA 46 04-Apr-2005 21 Customer Experience 9,489,069 Tata Teleservices Ltd. / Sr. Manager
97 Rohit Malhotra CEO - Retail PGDM 48 15-Apr-2009 24 Business Head 21,769,873 Pantaloon Retail India Ltd / Head Operation - South Zone
98 S Balasubramanian Group Financial Controller CA 50 08-Aug-2005 25 Finance 13,298,712 Coke / General Chief Accountant
99 Sachin Deshpande Head Small Cell Solution & Acq PGDBM 49 26-Dec-2014 21 Network 9,088,542 Radius Synergies International P.Ltd. / COO
100 Sachin Verma EA Core IT B.Tech 40 09-Jul-2007 19 IT 6,715,513 COLT Technologies / Consultant
101 Sachin R Sarna Vice President - Sales MBA 42 13-Apr-2005 21 Sales 7,376,622 M/s BPL Cellular Ltd / Zonal Sales Manager
102 Saibal Roy Regional Business Head B.Tech 47 23-Aug-2012 28 Sales 8,956,837 Tulip Telecom Ltd. / COO- North and Head- International
Business
103 Sameer Batra &KLHIRSHUDWLQJ2FHU0DUNHW2SHUDWLRQV PGDM / B.E 40 21-Feb-2006 16 Business Head 11,827,728 BPL Mobile Ltd / Product Manager
Maharashtra
104 Sameer Chugh Director - Legal LLB, PGDBM 42 04-Aug-2014 21 Legal 20,867,381 Cummins India Limited / VP - Legal and Secretarial
105 Sameer Kirit Anjaria CEO -Market Operations Assam MMS / B.E 43 03-Dec-2012 19 Business Head 12,763,840 Nokia Corporation MEA / Head Care Channel Development,
IMEA
106 Sandeep Gupta Head Wireless A & E & LAB B.Tech 46 30-Nov-2012 25 Network 12,320,490 Huawei Telecommunications India Pvt. Limited / Director -
Wirelsss & PS Solution Sales
107 Sanjay Berry Sr. Vice President - Finance CA 47 29-May-2012 21 Finance 10,122,123 SCS India Pvt Ltd / Director - Tax
108 Sanjeev Kashyap CTO - SNG MBA 48 17-Oct-2007 25 Network 6,918,073 WWIL / CTO
109 Sanjiv Mishra Vice President - Sales MBA 46 01-Aug-2007 24 Sales 8,045,471 Becton Dickenson India / Regional Manager
110 Sarang Kanade Director - Customer Experience Post Graduation 45 02-Mar-2010 19 Business Head 23,306,234 Spencers Retail Ltd / VP Operation
111 Satyamoorti Sivasubramanian Sr. Vice President - IT PhD 58 02-Jun-2014 35 IT 20,525,855 SingTel-Optus / Director, Information Security
112 Sayali Phatak Sr. Vice President - Legal LLB 50 22-Dec-2010 20 Legal 9,748,405 Nokia siemens Network / Vice President
113 Senthil Kumar Balasubramaniam Circle CTO B.E 42 11-May-2005 18 Network 7,271,830 Shogi Communications / Director - Technical
114 Shailesh Gupta Head SAE IP & Transport PG Diploma 41 18-Dec-2000 15 Network 6,828,953 6LHPHQV6U2FHU
115 Sharad Jaiswal Head - Operations PGDBM 41 03-Dec-2012 18 Marketing 7,573,531 VIP Industires / Head - Retail
116 Sharan Shetty COO - Market Operations Karnataka MMS / B. Tec 48 04-Jun-2007 21 Business Head 11,310,576 Levis / Business Head
117 Shefali Malhotra Global Head Revenue Assurance CA 43 01-Mar-2000 21 Finance 9,711,426 Airborne Express / Manager Accounts
118 Shyam P Mardikar Head - Architecture and Planning B.E / B.Tech 45 26-Jul-2012 23 Network 24,803,612 /HDUD&KLHI7HFKQLFDO2FHU
119 Siddharth Sharma Head - Postpaid MBA 40 02-Mar-2005 16 Marketing 8,606,435 BPL Mobile Ltd / DMA Manager
120 Srikanth Balachandran Global CHRO CA, B.Com 55 17-Nov-2008 35 Finance 48,700,990 Hindustan Unilever Limited / Programme Leader Global
Finance
121 Srini Gopalan Director - Consumer Business MBA, BA Hons 46 02-Sep-2013 24 Business Head 60,635,636 Vodafone UK / Consumer Director
(Economics)
122 Srinivas S Vemuri Head CS - PS Planning MBA 47 11-Jul-1998 25 Network 7,484,213 Vizag Steel Plant / Lecturer
123 Subhransu Rout Head Consumer Insights PGDBM 47 23-Jun-2014 22 Marketing 8,263,464 Millwardbrown India Pvt Ltd / MD Delhi & Head Client
Solutions
124 Sunil Singh Head NLD & Domestic Data - W & S B.E 47 01-Dec-2004 23 Sales 8,647,913 Unicom Infotel / Director-Sales
125 Sunil Bharti Mittal Chairman Graduate 57 01-Oct-2001 28 Genral Management 278,546,235 Bharti Cellular Limited. / CMD
126 Swati Kamat Hub CTO B.E 50 29-Aug-2014 29 Network 8,955,910 Tech M / Corperate Head Director
127 Venkatesh Vijay Raghavan CEO - Market Operations AP PGDBM 43 04-Jul-2003 21 Business Head 15,384,946 Reliance Infocom Ltd. / Product Manager-Marketing
128 Vidur Rattan COO - Market Operations Maharashtra PGDBM 38 16-Apr-2001 19 Business Head 10,022,993 Standard Chartered Bank / Management Trainee
129 Vikram Deshpande Head IKSL MBA 44 08-Aug-2005 23 Sales 6,467,214 Reliance Infocom / Cluster Head
130 Vinny Puri Head - Mobile & Telemedia experience Post Graduation 39 22-Jun-1998 18 Customer Experience 6,941,710 Bharti Airtel Ltd / GM
131 Vipin Gupta Circle CTO MBA 44 03-Oct-2001 15 Network 6,975,906 Hughes Telecom / AM
132 Vir Inder Nath CEO - Market Operations-MP&CG PGDBM 43 23-Apr-2007 19 Business Head 12,523,459 IDEA Cellular / DGM
133 Vivek Bharti Global Head - Supply Chain COE B.Tech 46 01-Aug-2013 23 SCM 7,734,406 JKT Consulting Limited / Vice President
134 Vivek Manglik Head - Global Voice VAS & Roaming PGDBM 45 06-Sep-2010 21 Sales 10,774,977 Tata Communications Limited / GM Sales
40-125
Statutory Reports
Boards Report
81
82
(B) Employed for Part of the Financial Year
Age Date of Total Gross
Sl. Nature of duties of
Name Designation 4XDOLFDWLRQV (In Commencement of experience Remuneration Previous employment / Designation
No. the employee
1 Amit Sobti Vice President - Customer Experience Post Graduation 41 15-Jul-2010 19 CSD 5,175,203 Passet Consulting Private Limited / Director
2 Anand Chandrasekaran &KLHI3URGXFW2FHU M.Sc 38 08-Apr-2014 14 Marketing 19,187,093 Yahoo / Senior Director
3 Anand Khurana CEO - Market Operations-Bihar MBA 44 06-Jan-2014 19 Business Head 10,634,645 HUL / Business Head
4 Arvind Chopra Group Director - Internal Assurance B. Com (H), ACA 52 30-Sep-2015 25 Internal Assurance 14,954,014 Essar Services India Pvt Ltd / President - Group Assurance

and Cost Control
5 Ashwani Rana Chief Regulatory Operations LLM 49 01-Nov-2004 27 Legal 9,439,369 Idea Cellular / Sr. Manager
6 Bharath Uppiliappan CEO - Market Operations-Bihar MBA 44 10-Aug-2015 20 Business Head 6,458,768 Bharti Retail / Sr. VP
7 Deepa Chadha Vice President - HR PG Diploma 44 09-Feb-2009 21 HR 5,428,071 Genpact / Vice president HR Shared Services
8 Deepak Kumar Head - Real Estate & FM M Tech 47 01-Sep-2014 16 SCM 6,159,139 Nokia / Head of Real Estate, India
9 Govindaranjan Parthasarathy &KLHI0DUNHWLQJ2FHU%& MBA 42 01-May-2013 19 Business Head 25,174,108 Hindustan Unilever Limited / Vice President Skin Cleansing,
South Asia
10 Gurpreet Singh Head Service Ops CA / LLB 44 28-Dec-2010 19 CSD 4,652,643 Etisalat DB Telecom P Limited / Associate VP - CS
11 Ishwinder Khurana Sales & Marketing Head MBA 40 23-Jul-2014 14 Sales 5,735,825 Bajaj Auto / Head of North and West India
12 Jatinder Pal Singhsehdev Head Transport & IP Planning PG Diploma 43 22-Mar-2012 29 Network 8,379,789 Huawei Telecommunications India Ltd / Director
13 Jayant Sood Head - Contact Experience CA 51 12-Aug-2009 31 CSD 4,337,393 American Express / Business Leader
14 Jonathan Rafael Abrahamson Head Digital & VAS B.Com 37 01-Sep-2015 15 Marketing 7,096,263 Singtel / Director, Prepaid and mFinance
15 Lal Bahadur Prasad &KLHI6HFXULW\2FHU$LUWHO%XVLQHVV Post Graduation 49 01-Jul-2002 27 CSD 4,360,510 Wipro Infotech / Regional Manager
16 Mohit Beotra &KLHI%UDQG2FHU MBA 48 22-Mar-2010 26 Brand 17,148,934 Lowe Lintas India Limited / Executive Director
17 N Arjun Director - Projects B.Com, MBA and 59 17-Jan-1993 33 Business Head 73,054,745 %KDUWL7HOH9HQWXUHV/WG&KLHI2SHUDWLQJ2FHU
P.G. Diploma in
International Trade
18 Natraj Akella Head - Project Jaguar MBA 46 10-May-2010 25 Marketing 4,850,219 IBM / Business Manager
19 Navin Sherman Sr. Vice President - Finance CA 46 07-May-2003 25 Finance 2,460,139 BPL Mobile Communications / Sr. Manager
20 Neeraj Jain Head FR - India CA 39 19-Jul-2004 17 Finance 6,550,816 C D Equisearch Pvt. Ltd. / Vice President - Finance
21 Papiya Banerjee CLO and Global Head of Talent MA 42 01-Feb-2016 18 HR 1,657,118 Edelweiss Tokio Life Insurance Co.Ltd / Sr. Vice President
- HR
22 Paramjit Singh Nayyar Head HR Enabling Functions MBA 38 04-Nov-2003 17 HR 6,517,725 Triveni Engineering & Inds Ltd / Sr. Executive
23 R Mahalakshmi CLO and Global Head of Talent MBA 42 30-Oct-2008 19 HR 14,211,366 Ranbaxy Laboratories Ltd / GM - HR (L & D)
24 Rajiv Mathrani &KLHI%UDQG2FHU MBA 41 01-Sep-2015 16 Brand 6,385,292 PepsiCo / Senior Marketing Director
25 Ramakrishna Lella &KLHI6XSSO\&KDLQ2FHU,QGLD Post Graduation 51 11-Mar-2016 28 SCM 514,497 Reliance Jio / Sr. Vice President
26 Ramananda S G S & M Head - Telemedia Homes Graduation 50 18-Sep-2007 30 Sales 5,095,179 Raksha Group / CEO
27 Saji Pk &KLHI'HOLYHU\2FHU MBA 47 29-Dec-2014 28 CSD 5,308,562 Tata Communications / Vice President
28 Salil Khanna CEO - EGB West MBA 48 11-Jul-2006 28 Business Head 5,067,669 Reliance Infocomm Ltd. / L2
29 Sanjay Sachdeva Head Supply Chain Process & Systems MBA 50 05-Feb-2007 28 SCM 7,312,171 Motorola / S. I. Procurment Manager
30 Sanjay Kumar Jain &LUFOH&KLHI7HFKQLFDO2FHU B.E / B.Tech 48 03-Aug-2009 24 Network 2,466,139 Smart Digivision Pvt. Ltd. / CTO
31 Sanjeev Mahajan Head Market & Demand Planning BA / Diploma in 48 19-Sep-2005 26 Marketing 2,898,607 Idea Cellular Limited / DGM - National Accounts
Electronics
32 Saurabh Goel CEO - Market Operations Assam Post Graduation 48 27-Jun-2003 20 Business Head 14,707,133 Hughes Escorts Comm. Ltd. / Team Lead
33 Selvinson S J S Circle CTO B.E 43 07-Jun-2004 23 Network 1,853,907 Bobsai Networks / Technical Head
34 Sonal Kapasi 6U9LFH3UHVLGHQW0'V2FH CA 44 03-Jan-2000 24 0'2FH 7,344,043 A F Ferguson & Co. / Assistant Consultant
35 Soumya Ranjan Jena Head Network Quality B.E / B.Tech 49 05-Apr-2007 21 Network 7,602,043 Ecnet (Celtel Nigeria Ltd) / Manager
(B) Employed for Part of the Financial Year
Age Date of Total Gross

Sl. Nature of duties of
Name Designation 4XDOLFDWLRQV (In Commencement of experience Remuneration Previous employment / Designation
No. the employee
36 Srikanth Karra Director - Human Resources Masters in Personal 53 15-May-2014 26 Human Resources 5,807,632 Soseeo Solutions Private Limited / Founder & Director
Management &
Industrial Relations,
Bachelor of General
Law
37 Sucheta Mahapatra Head Business Strategy & Support MBA 35 25-May-2015 14 Business Head 5,620,256 Bain and Company / Sr. Manager
38 Sundar Rajan R Group General Counsel CS, LLB 51 03-Sep-2015 26 Legal 14,834,808 *05&RUSRUDWH$DLUV3YW/WG*URXS*HQHUDO&RXQVHO
President - Legal & Secretarial
39 Tejinder Pal Singh Circle CTO B.Tech 49 09-Feb-2012 28 Network 6,225,480 Reliance / CTO (UN)
40 Venkatesh Rangachari COO - Mobility MBA 43 29-Nov-2011 17 Business Head 7,311,067 Aircel / Circle Business Head
41 Vijai Prakash Tripathi Head UNOC Post Graduation 53 15-Dec-1997 28 Network 9,268,477 Optel Telecom Ltd. / Project Lead
Note:
1. *URVVUHPXQHUDWLRQFRPSULVHVRI6DODU\$OORZDQFHV&RPSDQ\VFRQWULEXWLRQWR3URYLGHQW)XQGDQGWD[DEOHYDOXHRISHUTXLVLWHV
2. The employee would qualify for being included in Category (A) or (B) on the following basis:
For (A) if the aggregate remuneration drawn by him during the year was not less than ` 60,00,000 p.a.
For (B) if the aggregate remuneration drawn by him during the part of the year was not less than ` 5,00,000 p.m.
1RQHRIWKHHPSOR\HHVPHQWLRQHGDERYHLVDUHODWLYHRIDQ\'LUHFWRUVRIWKH&RPSDQ\H[FHSW0U6XQLO%KDUWL0LWWDO0U5DNHVK%KDUWL0LWWDODQG0U5DMDQ%KDUWL0LWWDOZKRDUHEURWKHUV
4. None of the employees mentioned above hold 2% or more share capital of the Company.
7KHGHVLJQDWLRQ'LUHFWRUZKHUHYHUSUH[HGGHVFULELQJWKHDUHDRIUHVSRQVLELOLW\RFFXUULQJLQWKHDERYH6WDWHPHQWLVQRWD%RDUGSRVLWLRQH[FHSWWKDWRI0U6XQLO%KDUWL0LWWDODQG0U*RSDO9LWWDO
7KHUHDUHQRVSHFLFWHUPVDQGFRQGLWLRQVIRUHPSOR\PHQW
1DWXUHRIHPSOR\PHQWIRUDOOWKHHPSOR\HHVLVSHUPDQHQWH[FHSWIRU0U6XQLO%KDUWL0LWWDODQG0U*RSWDO9LWWDOZKLFKLVFRQWUDFWXDO
8. Remuneration of Mr. Gopal Vittal does not include perquisite value of `0QWRZDUGVWKHYDOXHRIVWRFNRSWLRQVH[HUFLVHGGXULQJWKH\HDU
5HPXQHUDWLRQRI0U5DMHQGUD&KRSUDH[FOXGHVFDVKSD\RXWRI`0QXQGHUSHUIRUPDQFHEDVHGORQJWHUPLQFHQWLYHSODQRIWKH&RPSDQ\GXULQJWKHFXUUHQWQDQFLDO\HDU
40-125
7KHUHPXQHUDWLRQRI0U1LODQMDQ5R\H[FOXGHVSHUTXLVLWHYDOXHRIVWRFNRSWLRQVRI`0QH[HUFLVHGGXULQJWKHFXUUHQWQDQFLDO\HDUDQGFDVKSD\RXWRI` 9.81 Mn under performance-based long-term incentive plan of the Company.

Statutory Reports
Boards Report
83
Management Discussion and Analysis

At Bharti Airtel, we are transforming at a rapid pace; and GDP Growth Trend (%)
catering to the aspirations of millions of people in South Asia
Actual Projections
and Africa as a leading global telecommunications company.
Our life-enrichment network transcends geographic barriers, 2014 2015 2016 2017
FXOWXUDOGLHUHQFHVDQGOLQJXLVWLFGLYHUVLWLHVWRHPHUJHDVD World Output 3.4 3.1 3.2 3.5
XQLHURQDJOREDOVFDOH:LWKRYHU0QFXVWRPHUVDFURVV Advanced Economies 1.8 1.9 1.9 2.0
20 countries of the world, the Airtel family is growing stronger
each day, touching almost every aspect of life. We emerged Emerging and
4.6 4.0 4.1 4.6
Developing Economies
as the worlds third largest operator during FY 2016 in
terms of customer base. This landmark was achieved in only China 7.3 6.9 6.5 6.2
two decades of operations, underlining the strength of our India 7.2 7.3 7.5 7.5
business model and global scale.
Bangladesh 6.3 6.4 6.6 6.9
We continue to be committed towards our customers and Sri-Lanka 4.5 5.2 5.0 5.0
maintain our leadership position across geographies. We
Sub-Saharan Africa 5.1 3.4 3.0 4.0
are happy to be leading in an industry (Telecom), which is
itself transforming and creating plenty of opportunities for (Source IMF)
XV'DWDKDVVHHQDVLJQLFDQWXSWDNHLQWKHSDVW\HDUZLWK
4G launches across India. Our entry into Mobile banking in Key Snapshot
India with the grant of a Payments Bank license gives us 1. The US economy grew by 2.4% in CY 2015, just as
the opportunity to enter into a complementary category. it did in CY 2014. The challenges were weaker than
:H ODXQFKHG PDQ\ LQGXVWU\UVW LQLWLDWLYHV DQG HQWHUHG H[SHFWHG GRPHVWLF GHPDQG ODFNOXVWUH SHUIRUPDQFH
into strategic partnerships. We will continue to enhance our RI WKH PDQXIDFWXULQJ VHFWRU GHFOLQLQJ H[SRUWV GXH WR
LQYHVWPHQWV LQ $IULFD DQG UHDS EHQHWV RI WKH H[SRQHQWLDO VWURQJHUGROODUDQGDGYHUVHH[WHUQDOWUDGHHQYLURQPHQW
RSSRUWXQLWLHVWKHFRQWLQHQWRHUV:HDUHZHOOSRVLWLRQHGWR 2. The Euro Area as a whole grew by 1.6% in CY 2015,
derive advantages from low mobile broadband penetration in faster than CY 2014. The economy received robust
,QGLDDQG$IULFDVLJQLFDQWJURZWKLQVPDUWSKRQHVKLSPHQWV support from three tailwinds: a) lower oil prices
favourable demographics and industry consolidation. EROVWHULQJFRQVXPHUH[SHQGLWXUHGRPHVWLFGHPDQG
We are focusing on deleveraging in Africa through strategic EH[SDQVLRQDU\VFDOSROLFLHVDQGFDQDFFRPPRGDWLYH
stake sale in subsidiaries, tower sales and other asset (&%7KHFKDOOHQJHVKRZHYHUZHUHVXE]HURLQDWLRQ
monetisation. Our investment grade ratings (awarded and high non-performing loans and debt trajectories, low
UHDUPHG E\ LQWHUQDWLRQDO FUHGLW UDWLQJ DJHQFLHV YDOLGDWH investment and eroding skills of the working population
the fact that we have built a robust, scalable and sustainable due to long-term high unemployment in the region.
business model. Our focus is to maintain the optimum capital 3. Economic growth for China was 6.9% in CY 2015. The
VWUXFWXUHDWDOOWLPHVDQGHQKDQFHRXUQDQFLDOVWUHQJWK:H slowdown and rebalancing of the economy led to a
stay committed to creating value for our stakeholders, while decline in investment in real estate, manufacturing and
ensuring highest standards of corporate governance. allied industries.
Economic Overview 4. The economic performance of many African economies

ZDVORZHUWKDQH[SHFWDWLRQV5HVRXUFHULFKFRXQWULHVLQ
Global Review
$IULFDVXHUHGRZLQJWRDGHFOLQHLQFRPPRGLW\SULFHV
Global economic activity in 2015 remained largely subdued. and also because their frontier markets were adversely
Global growth is projected at 3.4% in 2016 and 3.6% in 2017. DHFWHGE\WLJKWHUJOREDOQDQFLQJFRQGLWLRQV
Gradual slowdown and rebalancing of economic activity
in China, lower prices for energy and other commodities, Indian Economy
and gradual tightening of monetary policy in United States Indias economic growth for 2015-16 was 7.6%, overtaking
LQXHQFHG WKH JOREDO RXWORRN *URZWK LQ HPHUJLQJ DQG its formidable economic rival China (Source: CSO). The
developing economies contributed to 70% of global growth GHFOLQH LQ RLO SULFH ZKLOH DHFWLQJ ODUJH SDUWV RI WKH ZRUOG
in 2015. has helped the economy lower its huge import bill. The
Government of India has also ushered in a series of reforms
Economic adjustments on the back of global slowdown will
in agriculture, manufacturing, infrastructure and services
KDYHPDWHULDOLPSDFWRQHFRQRPLFUHFRYHU\:KLOHGHDWLRQ
sectors to bolster economic performance and make growth
and revitalisation of European Union and Japan has led to
PRUH LQFOXVLYH 'HFOLQLQJ VFDO GHFLW PRGHUDWLQJ LQDWLRQ
central banks undergoing quantitative easing programmes,
DQG D FRPIRUWDEOH LQWHUHVW UDWH WUDMHFWRU\ ZHUH GHQLWH
United States is looking at rate hikes this year on the back positives as well. India stands out as one of the rising stars in
of strengthening economy and wage escalations. Some DZRUOGFKDUDFWHULVHGE\YRODWLOLW\DQGQDQFLDOWXUEXOHQFHRQ
LPSURYHGGDWDUHOHDVHVOLNHUPLQJRIRLOSULFHVVXSSRUWE\ account of its economic stability, favourable demographics,
PDMRUFHQWUDOEDQNVDQGORZHUFDSLWDORXWRZVIURP&KLQD proactive Central Bank and a Government focused on
are resulting in improved investor sentiments. consistent reforms.

40-125
Key Snapshot /HVV IRFXV RQ RLO H[SRUWV DQG RWKHU FRPPRGLWLHV ZLOO
1) The Union Budget 2016-17 focused on enhancing augur well for the economy, going forward.
farm output and welfare of farmers. South Asian Economies
&RQVLVWHQW VFDO FRQVROLGDWLRQ KDV UHGXFHG %DQJODGHVK VKRZV VLJQLFDQW SRWHQWLDO LQ 6RXWK $VLD ,W
*RYHUQPHQWV VFDO GHFLW WR FORVH WR RI *'3 RQ has a stable democracy with focus on empowerment from
a 12-month rolling basis), down from a peak of 7.6% in grassroots. The economys key growth enablers comprise:
2009. growing manufacturing and construction sector, robust
service sector and higher private consumption bolstered
3) The Governments Make in India initiative has been by remittances. These pivots have resulted in sustainable
a resounding success. It has encouraged domestic economic growth for the nation.
entrepreneurship and even attracted FDI to the country
VLJQLFDQWO\,QWKHSHULRGRIPRQWKV2FWREHU Sri Lanka is also a stable, democratic society with focus on
inclusive growth. The island nations economic potential
to February 2016) after the launch of Make in India,
is considerable. The country has a strong base of human
)', LQRZV LQFUHDVHG E\ 6RXUFH 0LQLVWU\ RI
capital and reliable infrastructure. It also occupies a strategic
Commerce and Industry).
position in Asia, the fastest growing region in the world; and
4) Digital India will have a transformational impact on investments over the last decade (especially in ports and
Indian society. It represents a connected society, where other transport-related facilities) can take advantage of this
every citizen will be connected to the internet. This will opportunity.
KHOS HQKDQFH HGXFDWLRQ HPSOR\PHQW HFLHQFLHV Key Snapshot
governance and controls.
%DQJODGHVKV*'3JUHZE\LQYLVYLV
5) Internet penetration is around 30% in India; and is in 2014.
SURMHFWHG WR WRXFK DURXQG QH[W \HDU 6RXUFH *URZWKLVH[SHFWHGWRIXUWKHULQFKXSWRLQ
IAMAI). OHG E\ VWURQJ JDUPHQWV H[SRUWV DQG ULVLQJ SULYDWH
6) The Governments Smart Cities Mission is a revolutionary consumption as government employees get wage
concept in terms of overall infrastructure, sustainable increase.
real estate, communications and market viability. There 3) Real GDP growth for Sri Lanka was 4.8% in 2015
are many technological platforms involved, including (broadly unchanged from 2014), driven by robust
but not limited to automated sensor networks and data growth in services and agriculture, as well as a positive
centres. contribution from manufacturing.
African Economy 6UL /DQNDV HFRQRP\ LV H[SHFWHG WR JURZ E\
Africas economy as a whole remained more resilient and 5.8% in 2016 and 2017, respectively on back of
to global volatilities, compared to many other emerging strong domestic demand, and higher private and public
and developing regions. The continents growth enablers investments.
comprise: the vastly improved macroeconomic environment,
EHQHWLQJEXVLQHVVHVUHGXFWLRQRIH[WHUQDOGHEWDQGVRFLDO Megatrends that drive the Companys business
FRQLFWV LPSURYHG SROLWLFDO DQG HFRQRPLF JRYHUQDQFH 1. Internet users in India have risen from 50 Mn in 2007 to
JURZLQJGRPHVWLFGHPDQGEXR\DQWVHUYLFHVVHFWRUQDQFLDO 100 Mn in 2010; and more than 300 Mn in 2015. Of the
services growth in line with an upswing in information and 306 Mn internet users as on December 2015, 219 Mn
communications technology; and rapid internet penetration. users are from urban India. The urban user base grew
by 71% year-on-year. On the other hand, the rural user
Poverty in the continent is also seeing a declining trend. base went up by 93% from December 2014 to reach
Africas young and aspirational population is acting as 87 Mn at the end of December 2015.
an agent of change in largely conservative societies. The
2. India is a lucrative market for global and domestic
FRQWLQHQWV\RXWKEXOJHZLOOGULYHWKHQH[WHUDRIJURZWKDQG
smartphone manufacturers. Smartphone shipments
transformation.
increased by 55% between 2014 and 2015 (Source
Key Snapshot IDC). The country has an established base of 184 Mn
1) A large African middle-class is emerging, over XVHUV (QKDQFHG IRFXV RQ PDQXIDFWXULQJ DRUGDEOH
350 Mn people, driving the culture of innovation and handsets with indigenous technology will further spur
policymaking. mobile telephony.
2) Africa is the worlds second fastest growing FDI :LWK ULVH LQ DRUGDEOH VPDUWSKRQHV DQG PRUH XVHUV
GHVWLQDWLRQMXVWEHKLQG$VLD3DFLF preferring 3G / 4G, data usage is likely to grow by 12
WLPHVIURPWR0RELOHGDWDWUDFLQFUHDVHG
3) Sustainable policies for urbanisation, manufacturing by 89% between 2014 and 2015; and mobile data
growth, agricultural output, along with education and WUDFJUHZE\WLPHVIDVWHUWKDQ,QGLDV[HG,3WUDF
empowerment can act as key catalysts. (Source: Cisco VNI forecasts). Network migration from
Management Discussion and Analysis 85

2G to 3G / 4G is driving a change in data consumption Industry Overview

from low bandwidth to high-bandwidth applications,
Indian Telecom Sector
along with more availability of relevant content.
Indias total customer base stood at 1058.86 Mn with a tele-
4. India is in a sweet spot to leverage market opportunities density of 83.36%, as on March 31, 2016, having grown from
emerging through Internet of Things (IoT). A strong a base of 996.49 Mn and tele-density of 79.38% last year.
ecosystem of IT organisations, renewed focus on The urban tele-density stood at 154.01%, whereas the rural
PDQXIDFWXULQJ VLJQLFDQW RSSRUWXQLWLHV LQ HGXFDWLRQ tele-density stood at 51.37%, as on March 31, 2016. Indias
healthcare and agriculture; and enormous growth telecom market is witnessing a strong growth of internet
in mobile internet usage will act as key catalysts in users; and now has the worlds second highest number of
supporting investments in IoT. The Government of internet users. The wire-line customer base is 25.22 Mn at
Indias initiative of smart cities requires seamless digital
WKHHQGRI0DUFKYLVYLV0QDWWKHHQGRI
DQG SK\VLFDO LQIUDVWUXFWXUH WR EH VKDUHG HFLHQWO\
March 31, 2015.
across devices and applications; IoT will play a critical
UROHLQIXOOOLQJWKLVYLVLRQ $PRQJ WKH VHUYLFH DUHDV H[FOXGLQJ PHWURV +LPDFKDO
Pradesh has the highest tele-density (127.41%) followed
5. Convergence is a global trend for the telecom
by Tamil Nadu (118.12%), Punjab (106.09%), Kerala
business of the future. It enables a user to have a
XQLIRUP H[SHULHQFH ERWK DW KRPH DQG RQ WKH PRYH (102.27%), Karnataka (101.88%), Gujarat (100.05%) and
Combination of conveniences, freedom of movement, Maharashtra (98.98%). Among the three metros, Delhi tops
and personalised services, along with high quality and with 236.30% tele-density. On the other hand, the service
VSHHGRI[HGFRPPXQLFDWLRQVZLOOHQDEOHDVHDPOHVV areas, such as Bihar (54.31%), Assam (57.55%), Madhya
QHWZRUNH[SHULHQFHIRUWKHHQGXVHU Pradesh (64.18%), Uttar Pradesh (65.83%) and Odisha
(69.09%) have comparatively low tele-density.
6. India is on the cusp of a huge digital revolution. Digital
Literacy Mission will touch 60 Mn rural households as
per the Union Budget of India 2016. The Government of
Tele Density: India (%)
India also plans to connect 550 farmer markets in the
country through the use of technology. The Digital India
drive will bring along a transformative impact on every 1,058.86
citizen through the medium of internet. 996.49
951.34 933.00
898.02
7. The proposed policy environment through M&A rules,
spectrum sharing guidelines and 20-year spectrum
positions for telecom operators not only enhances
business certainty, but also encourages industry
78.66 83.36
consolidation and healthy growth. The gains in network
HFLHQF\WKDWVKDULQJFDQSURYLGHZLOOEHQHWRSHUDWRUV 79.38
and customers alike. Upcoming auctions will further
help in building stronger networks. 75.23
73.32
8. Mobile banking is on a rise in India and Africa. Indias
largest wallet company has around 120 Mn wallets
with other companies estimated to have 30 Mn+. This
LVVLJQLFDQWO\PRUHWKDQWKHQXPEHURIFUHGLWFDUGVLQ
India. Additionally, mobile phone banking technology 2011-12 2012-13 2013-14 2014-15 2015-16
is bringing more people in Sub-Saharan Africa into the
IRUPDOQDQFLDOVHFWRUDQGWKHHFRQRP\PRUHEURDGO\
Customer Base (Mn) Tele Density (%)
9. Africa, with a median population of less than 20
(Source: Telecom Regulatory Authority of India)
years, is on the cusp of a mobile data revolution as
3G and 4G deployments gather scale with more
DRUGDEOH KDQGVHWV DYDLODEOH 0RELOH GDWD LV KHOSLQJ Rural penetration (low at nearly 50%) represents huge
people elevate their lives with a large proportion of headroom for growth. With urban tele-density crossing
the population relying on the internet for education, LQWHUQHW SHQHWUDWLRQ DQG H[SHULHQFH ZLOO EH WKH NH\
QDQFLDOWUDQVDFWLRQVKHDOWKFDUHDQGVRRQ drivers of growth in urban areas. With the governments
10. E-commerce is at the epicentre of Africas thriving favourable regulation and policies and the developing 4G
economy. The continents digital evolution is a promising HFRV\VWHP,QGLDVWHOHFRPPXQLFDWLRQVHFWRULVH[SHFWHGWR
SURVSHFWZLWKWKHHFRPPHUFHPDUNHWH[SHFWHGWREH ZLWQHVVDQH[SORVLYHGDWDJURZWKLQWKHQH[WIHZ\HDUV
ZRUWK DSSUR[LPDWHO\ 86' %Q E\ ,QGLD KDV During the year, the Company introduced a comprehensive
DQH[FLWLQJHFRPPHUFHVWRU\DVZHOOZLWKRQOLQHUHWDLO network transformation programme - Project Leap aimed
JURZLQJ[LQWKHODVWWKUHH\HDUV,QGLDVHFRPPHUFH at delivering a world class network. This programme will
industry is likely to be worth USD 38 Bn by 2016, a 67% see an investment of `0QLQWKHQH[WWKUHH\HDUV
surge over the USD 23 Bn revenues for 2015 (Source: The programme will help Airtel build a smart and dynamic
Deloitte). QHWZRUN WKDW ZLOO VLJQLFDQWO\ LPSURYH WKH TXDOLW\ RI ERWK

40-125
voice and data services across India. The programme aims guidelines, active infrastructure sharing will be limited
WR GHOLYHU D WUXO\ GLHUHQWLDWHG FXVWRPHU H[SHULHQFH DQG to antenna, feeder cable, Node B, Radio Access Network
reinforce its commitment to build a future-ready network. (RAN) and transmission system only.
$LUWHO KDV DFTXLUHG ULJKWV WR XVH [ 0+] VSHFWUXP LQ Valuation and Reserve Price of Spectrum: In January
the 1800 MHz Band from Videocon Telecommunications 2016, TRAI issued its recommendation on Valuation
Limited (VTL) which was allotted to VTL by the Department and Reserve price of Spectrum in 700 MHz, 800 MHz,
RI 7HOHFRPPXQLFDWLRQ 'R7 RQ $SULO IRU VL[ 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz and 2500
circles, namely, Bihar, Haryana, Madhya Pradesh, UP (East), MHz Bands. As per the recommendation, auction in all
UP (West) and Gujarat at an aggregate consideration of the bands should be conducted simultaneously. DoT
` 44,280 Mn. VKRXOG FDUU\ RXW FDUULHU UHDVVLJQPHQW H[HUFLVH LQ WKH
800 MHz band at the earliest; and ensure that the entire
%KDUWL $LUWHO /LPLWHG DQG LWV VXEVLGLDU\ %KDUWL +H[DFRP
spectrum that is available for commercial use is put to
/LPLWHG HQWHUHG LQWR GHQLWLYH DJUHHPHQWV ZLWK $LUFHO
auction and it should be in contiguous blocks. Spectrum
Limited and its subsidiaries Dishnet Wireless Limited and
LQ0+]EDQGVKRXOGEHRHUHGLQWKHEORFNVL]HRI
Aircel Cellular Limited to acquire rights to use 20 MHz 2300
MHz (paired). In case a TSP is able to win more than one
Band 4G TD spectrum for eight circles namely, Tamil Nadu
block of spectrum in the upcoming auctions, it should be
(including Chennai), Bihar, Jammu & Kashmir, West Bengal,
allocated spectrum in contiguous blocks.
Assam, North East, Andhra Pradesh; and Odisha at an
aggregate consideration of ` 35,000 Mn. The closing of the Liberalisation of Spectrum: On November 05, 2015,
said transaction is subject to certain customary regulatory the Department of Telecommunications issued the
approvals and other closing conditions. Guidelines on Liberalisation of Administratively allotted
spectrum in 800 MHz and 1800 MHz band in a service
During the year, the Company had launched 3G services
area for the balance validity period of right to use of
in its gap circles and the high-speed 4G services were also
spectrum, after payment of auction determined price,
commercially launched across India.
prorated for the balance validity period. The entry fee
With the proposed spectrum acquisitions from Videocon paid will be pro-rated for the balance validity period of
and Aircel, the Company is set to become a pan-India 4G the right to use spectrum; and will be deducted from the
operator. total amount to be paid by the TSP for liberalising the
spectrum. In case the spectrum gets liberalised, the One
African Telecom Sector
Time Spectrum Charges (OTSC) will be charged and the
Africa is among the fastest growing regions, but had faced
same has to be paid by the licensee.
VLJQLFDQW KHDGZLQGV LQ WKH ODVW \HDU DV D UHVXOW RI JOREDO
WUHQGV DQG UHJLRQ VSHFLF LVVXHV 7KH JOREDO FRPPRGLW\ DoT guidelines on Spectrum Trading: In October 2015,
super-cycle has come to an end, sharply lowering the price of the DoT issued the guidelines on Spectrum Trading.
RLOJDVPHWDOVDQGPLQHUDOV$VDQHWFRPPRGLWLHVH[SRUWHU Spectrum Trading shall be allowed between two access
$IULFDLVGHHSO\DHFWHGE\IDOOLQJFRPPRGLW\SULFHVSXWWLQJ service providers, holding Cellular Mobile Telephone
SUHVVXUHRQWKHFXUUHQWDFFRXQWDQGVFDOEDODQFHV 6HUYLFH&0768QLHG$FFHVV6HUYLFH/LFHQVH8$6/
8QLHG /LFHQVH $FFHVV 6HUYLFHV 8/$6 8QLHG
7KHUHYHQXHZHLJKWHGFXUUHQF\GHSUHFLDWLRQYLVYLVWKH86
License (UL) with authorisation of Access service in
Dollar across 17 countries in Africa over the last 12 months
a licensed service area. All access spectrum bands
H[LW 0DUFK UDWHV KDV EHHQ SULPDULO\ FDXVHG E\
earmarked for Access Services by the Licensor will be
depreciation in Malawi Kwacha by 54.9%, Zambian Kwacha
treated as tradable spectrum bands. Only that spectrum
by 45.1% and Tanzanian Shilling by 17.3%. In terms of
can be traded that has been assigned through an auction
the 12-month average rates, the revenue-weighted Y-o-Y
in 2010 or afterwards, or on which TSP has already paid
currency depreciation has been 18.3%, mainly caused by
the prescribed market price.
depreciation in Zambian Kwacha by 51.8%, Malawi Kwacha
by 32.1%, Ugandan Shilling by 25.1%, Nigerian Naira by TRAI releases Telecom Consumers Protection (Ninth
18.0% and CFA by 14.2%. Amendment) Regulations, 2015 on Call Drop: On
October 16, 2015 TRAI releases Telecom Consumers
However, Africas market with a billion-plus population
Protection (Ninth Amendment) Regulations, 2015 on Call
promises considerable opportunities for African telecom
Drop, which mandates the originating service provider
VHFWRU'DWDDQGPRELOHPRQH\KDYHDVLJQLFDQWSRWHQWLDO
providing Cellular Mobile Telephone Service, for each call
for sustained growth; and with increasing adoption of
drop within its own network compensate the consumer
smartphones this trend is set to continue.
by crediting the account of the calling consumer by
Development in Regulations UXSHH VXEMHFW WR D PD[LPXP RI GURSSHG FDOOV LQ D
The year saw several regulatory changes and developments. day; and inform the consumer within four hours of the
7KHVLJQLFDQWUHJXODWRU\FKDQJHVZHUH occurrence of a call drop. The Supreme Court ruled in
favour of Telcos where it struck down TRAIs directive.
India
Sharing of Active Infrastructure: In February 2016, the Spectrum Sharing: On September 24, 2015 the
Department of Telecommunications issued Guidelines Department of Telecommunications issued the
for Sharing of Active Infrastructure among service guidelines on Spectrum Sharing. Spectrum sharing will
providers, based on mutual agreements. As per the be allowed only for the access service providers holding

CMTS license, UASL, UL (AS) and UL with authorisation RQWKH'DUHV6DODDP6WRFN([FKDQJHZLWKLQPRQWKV

of Access Service in a Licensed Service Area (LSA), failing which they have to make a contribution of 0.6% of
where both the licensees are having spectrum in the its annual gross revenues to the ICT development fund.
same band. Both the licensees shall ensure that they
Uganda, Kenya and Rwanda: The Governments in
IXOOO WKH VSHFLHG UROORXW REOLJDWLRQV DQG VSHFLHG
these three countries are pushing forward the agenda
Quality of Service norms.
of the One Area Network. In the last quarter these
TRAIs recommendations on Introducing Virtual *RYHUQPHQWV KDYH SURSRVHG WR H[SDQG WKH VFRSH RI
Network Operators in Telecom Sector: In May 2015, VHUYLFHVXQGHUWKHUHJXODWHGWDULWR606DQG'DWD
TRAI made its recommendations on Introducing Virtual
Network Operators in telecom sector to DoT. Virtual Nigeria: Nigerian Communications Commission (NCC)
Network Operators (VNO) to be introduced through a has released the Information Memorandum for 2.6
proper licensing framework. The terms and conditions of GHz spectrum auction for LTE and has also shared the
sharing of infrastructure between the Network Services consultation paper on Procedures and Guidelines for the
Operator (NSO) and VNO should be left to the market i.e. provision of Value Added Services in Nigeria.
on the basis of mutually accepted terms and conditions Ghana: The Regulator has proposed to license frequency
between the NSO and the VNO. An NSO shall allocate in the 800 MHz band. This comes with an obligation for
a numbering range to their VNO(s) from the numbering local shareholding of up to 40%. Consultations between
range allocated to it by the licensor. VNOs shall also the industry and the Regulator have taken place and the
utilise the LRN and network codes of the parent NSO for QDOGHFLVLRQLVDZDLWHG
the purpose of routing of calls.
Zambia: The Regulator is proposing to introduce a
Africa XQLHG OLFHQVLQJ UHJLPH ,I WKLV SURSRVDO LV DGRSWHG LW
Zambia, Tanzania, Malawi and Other SADC ZLOO DHFW WKH H[LVWLQJ ULJKWV DQG REOLJDWLRQV XQGHU WKH
Countries: The Governments within the SADC region FXUUHQWOLFHQVLQJ,WZLOODOVRDHFWRXUVSHFWUXPKROGLQJ
have commenced bilateral arrangements to implement and introduce new acquisition costs.
WKH 5RDP /LNH DW +RPH WDULV LPSRVHG E\ WKH 6$'&
governments. Kenya: The Regulator has agreed to make available to
Airtel at least 10 MHz of the available 800 MHz spectrum
Burkina Faso and Congo B: The Regulator has for LTE. The price for the same is under discussion with
performed a cost study to determine the interconnect the Regulator.
rates that will be applicable in 2016. Basis that, the
Regulator has kept the rates unchanged. Niger: The Government has put in place a new law
SURSRVLQJWKHLQWURGXFWLRQRIDQH[FOXVLYHLQWHUQDWLRQDO
Rwanda: The interconnect rates glide path, which had gateway, which is in violation of the mobile operators
been set by the Regulator has come to the end of the license.
term. Operators are now awaiting new rates from the
Regulator. DRC: There is a proposed new law that will if passed;
DHFWWKHWHUPVDQGFRQGLWLRQVRIWKHOLFHQVH6RPHRI
Uganda: The Regulator has indicated that it will review the proposals include restrictions on license ownership,
the interconnect rates; and is in the process of recruiting QDWLRQDOLVDWLRQ RI LQIUDVWUXFWXUH DQG WDUL FRQWURO
a consultant to handle the process. Industry is in discussion with the Regulator to review the
Burkina Faso: The Regulator is proposing the introduction proposed law.
RIDWD[RQLQFRPLQJLQWHUQDWLRQDOWUDF7KHLQGXVWU\LV
Malawi: There is a requirement in the license that
in discussion with the Regulator on this matter. So far no
the Company should have a minimum of 20% local
decision has been taken for its implementation.
VKDUHKROGLQJ $LUWHO KDV UHFHLYHG D ZULWWHQ H[WHQVLRQ RI
Tanzania: The Government of Tanzania in October 2015 the 20% local shareholding obligation for another 1.5
had passed a new regulation that requires Telcos to list years from February 2016.

40-125
SCOT Analysis
Strengths Challenges
1. Spectrum: Strong and expanding network 1. Operations: Geographically varied presence,
Pan India 4G spectrum and 3G spectrum integrating operations across India, South Asia
in 21 circles. Wide spectrum presence with and Africa leveraging common platform.
21.1% spectrum market share (post deals
2. Customer Needs: Understanding changing
with Videocon and Aircel); 4G and 3G carrier
customer expectations and perceptions in a
aggregation available in 12 and 8 circles,
fast evolving multi-cultural, multi-lingual, and
respectively.
multi-technological environment.
2. Presence: #1 telecom player in India and #3
3. Technological: Harmonisation of multi-band
worldwide. The Company is present in 20
sub 5MHz of spectrum.
countries across South Asia and Africa.
3. Scale: The Companys revenue market share
is the highest in the industry. It also has the
highest subscriber market share with the
largest net additions this year.
'LYHUVLHG3RUWIROLR Vast product line, which
includes telecom services like DTH, Telemedia,
Airtel Business and Tower Infrastructure. The
portfolio also includes other bundled services
like Wynk music, movies, and mobile wallet.
Opportunities Threats
1. Data Usage: Data explosion is at its cusp with 1. Competition: Competitor launches and its
WKHSUROLIHUDWLRQRIDRUGDEOHVPDUWSKRQHV impact on the overall industry structure and
Data uptake has also increased with usage SURWDELOLW\HVSHFLDOO\GDWDUDWHVDFURVV
moving from low to high bandwidth content. 4G + 3G.
2. Convergence: Newer and converged needs 2. OTT: Cannibalisation of traditional voice
across technologies and services targeted to and messaging further aggravated by OTT
VSHFLFFXVWRPHUVHJPHQWV applications gaining scale.
3. Internet Space: 6LJQLFDQWRSSRUWXQLWLHV 3. Regulatory: Political and economic
thrown up by the internet across payment uncertainties in Africa and India due to
mechanisms, e-commerce, m-commerce changes in policies.
and IoT.
4. Currency Exposures: Volatility in currencies
4. Investments: Large residual opportunity with due to global macro-economic uncertainties.
bulk investments in place. Best pan-India
spectrum assets with prime spectrum to yield
GDWDXSWDNHODUJHVWRSWLFDOEUHQHWZRUN
amongst private players.

Financial Review SURWV IURP RSHUDWLRQV EHIRUH GHULYDWLYH DQG H[FKDQJH

Consolidated Figures XFWXDWLRQV IRU WKH \HDU HQGHG 0DUFK VWRRG DW
`0QYLVYLV` 285,280 Mn in the previous year.
FY 2015-16 FY 2014-15
Particulars ` USD ` USD 1HWQDQFHFRVWVDW`0QZHUHVLJQLFDQWO\KLJKHU
Millions Millions* Millions Millions* by ` 20,403 Mn, compared to that of previous year, primarily
Gross revenue 965,321 14,742 920,394 15,064
on account of higher interest on borrowings due to spectrum
EBITDA before 341,902 5,222 314,517 5,148
exceptional items
ERUURZLQJ FRVW KLJKHU LQWHUHVW RQ QDQFH OHDVH REOLJDWLRQ
Interest, Depreciation 235,702 3,600 198,855 3,255 DQG ORZHU LQYHVWPHQW LQFRPH 7KH )RUH[ DQG GHULYDWLYH
& Others before losses were lower at ` 18,108 Mn (PY: ` 21,530 Mn).
exceptional items
3URWEHIRUH 106,200 1,622 115,662 1,893 &RQVHTXHQWO\ WKH FRQVROLGDWHG SURW EHIRUH WD[HV DQG
exceptional items H[FHSWLRQDO LWHPV DW ` 106,200 Mn has declined by 8.2%
and Tax over the previous year.
3URWEHIRUHWD[ 120,705 1,843 107,130 1,753
Tax expense 59,368 907 54,047 885 7KHFRQVROLGDWHGLQFRPHWD[H[SHQVHEHIRUHWKHLPSDFWRQ
3URWIRUWKH\HDU 54,842 838 51,835 848 H[FHSWLRQDOLWHPVIRUWKHIXOO\HDUHQGLQJ0DUFK
Earnings per share 13.72 0.21 12.97 0.21 ZDV DOPRVW DW DW ` 53,180 Mn, compared to ` 52,928
(In ` / USD) 0Q IRU WKH SUHYLRXV\HDU 7KH HHFWLYH WD[ UDWH LQ ,QGLD IRU
* 1 USD = `([FKDQJH5DWHIRUQDQFLDO\HDUHQGHG0DUFK WKH IXOO \HDU FDPH LQ DW H[FOXGLQJ GLYLGHQG
(1 USD = `([FKDQJH5DWHIRUQDQFLDO\HDUHQGHG0DUFK GLVWULEXWLRQWD[FRPSDUHGWRH[FOXGLQJWKH
LPSDFW RI GLYLGHQG GLVWULEXWLRQ WD[ IRU WKH IXOO \HDU HQGHG
Standalone Figures 0DUFK7KHLQFUHDVHLQWKHXQGHUO\LQJHHFWLYHWD[
FY 2015-16 FY 2014-15 UDWHLQ,QGLDLVSULPDULO\RQDFFRXQWRIH[SLU\UHGXFWLRQRI
Particulars ` USD ` USD WD[KROLGD\EHQHWVLQVHOHFWXQLWV7KHWD[FKDUJHLQ$IULFD
Millions Millions* Millions Millions* for the full year at USD 189 Mn (PY: USD 203 Mn) has been
Gross revenue 603,002 9,209 554,964 9,083 ORZHUSULPDULO\GXHWRFKDQJHLQSURWPL[RIWKHFRXQWULHV
EBITDA before 238,218 3,638 246,241 4,030
exceptional items ([FHSWLRQDO LWHPV GXULQJ WKH \HDU DFFRXQWHG IRU QHW JDLQV
Interest, Depreciation 131,021 2,001 89,688 1,468 of ` 7,097 Mn. These included impact of gains / losses
& Others on divestment of telecom towers, settlement of various
3URWEHIRUH 107,197 1,637 156,553 2,562 disputes, few restructuring and integration activities and
exceptional items
and Tax revisiting certain accounting positions. After accounting for
3URWEHIRUHWD[ 100,398 1,533 156,553 2,562 H[FHSWLRQDO LWHPV WKH UHVXOWDQW FRQVROLGDWHG QHW LQFRPH
Tax expense 24,933 381 24,548 402 for the year ended March 31, 2016 touched ` 54,842 Mn,
3URWIRUWKH\HDU 75,465 1,153 132,005 2,160 a 5.8% escalation over the previous year. Net income before
Earnings per share 18.88 0.29 33.02 0.54 H[FHSWLRQDO LWHPV IRU WKH IXOO\HDU WRXFKHG ` 47,745 Mn, a
(In ` / USD) 21.5% decline over the previous year.
* 1 USD = `([FKDQJH5DWHIRUQDQFLDO\HDUHQGHG0DUFK
(1 USD = `([FKDQJH5DWHIRUQDQFLDO\HDUHQGHG0DUFK 7KHFDSLWDOH[SHQGLWXUHIRUWKHIXOO\HDUZDV` 205,919 Mn
86' %Q DQ LQFUHDVH RI YLVYLV WKH SUHYLRXV
The Companys consolidated revenues grew by 4.9% to \HDU &RQVROLGDWHG RSHUDWLQJ IUHH FDVK RZ IRU WKH \HDU
` 965,321 Mn for the year ended March 31, 2016 (growth of UHHFWHGDQLQFUHDVHRIWR` 135,982 Mn.
6.9% after normalising for impact of IUC in India and impact During the year, the Group has designated the USD
of divestment of tower assets in Africa). The revenues for GHQRPLQDWHGQDQFHOHDVHREOLJDWLRQV)/2UHVXOWLQJIURP
India and South Asia (` 723,881 Mn for the year ended the sale and lease back of telecom tower assets in Africa,
March 31, 2016) represented a growth of 9.6% compared to as a hedge against the net investments in subsidiaries with
that of previous year (growth of 12.2% after normalising for 86'IXQFWLRQDOFXUUHQF\7KHHHFWLYHSRUWLRQRIWKHIRUHLJQ
impact of IUC in India). The revenues for Africa, in constant H[FKDQJHPRYHPHQWVRQWKHKHGJLQJLQVWUXPHQWKDVEHHQ
currency terms, grew by 3.1% (growth of 4.2% adjusting for UHFRJQLVHGLQRWKHUFRPSUHKHQVLYHLQFRPHVRDVWRRVHW
the impact of divestment of tower assets). WKH IRUHLJQ H[FKDQJH PRYHPHQW RQ WKH QHW LQYHVWPHQWV
7KH &RPSDQ\ LQFXUUHG RSHUDWLQJ H[SHQGLWXUH H[FOXGLQJ EHLQJKHGJHG$FFRUGLQJO\GXULQJWKH\HDUIRUHLJQH[FKDQJH
access charges, cost of goods sold, license fees and CSR loss of ` 0Q QHW RI WD[ DQG QRQFRQWUROOLQJ LQWHUHVWV
costs) of ` 413,886 Mn representing an increase of 2.9% has been recognised in other comprehensive income.
over the previous year. Consolidated EBITDA at ` 341,902 Liquidity and Funding
Mn grew by 8.7% over the previous year. The Companys
During the year, the Company undertook several initiatives
(%,7'$ PDUJLQ IRU WKH IXOO \HDU WRXFKHG YLVYLV
to meet and manage its long term funding. Primarily in Q1,
LQ WKH SUHYLRXV \HDU SULPDULO\ GXH WR WLJKWHU RSH[
the Company raised USD 1,000 Mn through the issuance
controls (after adjusting for the impact in reduction of
of 4.375%, Guaranteed Senior Notes due 2025 at an issue
termination rates, EBITDA margin for the previous year was
price of 99.304%.
34.6%). Depreciation and amortisation costs for the year
were higher by 12.4% to ` 174,498 Mn primarily on account As on March 31, 2016, the Company was rated Investment
of spectrum related amortisation cost in India. Consequently, Grade with a Stable outlook by all three international
EBIT at ` 166,434 Mn increased by 5.0%, resulting in a credit rating agencies namely Fitch, Moodys and S&P. It
DW PDUJLQ RI YLVYLV WKH SUHYLRXV \HDU 7KH FDVK had cash and cash equivalents of ` 37,087 Mn and short-

40-125
term investments of ` 30,059 Mn. During the year ended industry. Data revenues, as a percentage of total revenues,
March 31, 2016, the Company generated operating free VLJQLFDQWO\LQFUHDVHGIURPWRLQWKHFXUUHQW
FDVKRZRI` 135,981 Mn. The Companys consolidated net year. Of its total number of mobile subscribers, the Company
debt as on March 31, 2016 increased by USD 1,982 Mn to had 58.2 Mn data customers at the end of March 31, 2016,
USD 12,661 Mn as compared to USD 10,679 Mn last year, of which 35.4 Mn were mobile broadband customers.
mainly on account of deferred payment liabilities to the DoT
7KH VHJPHQW ZLWQHVVHG VLJQLFDQW LPSURYHPHQW LQ WKH
EHLQJ LQFOXGHG LQ GHEW 7KH 1HW 'HEW H[FOXGLQJ WKH 'R7
EBITDA margin to 39.0% during the year, compared to
obligations stood at USD 7,508 Mn as on March 31, 2016
37.6% in the last year. Improvement in margin is primarily
i.e. it decreased by USD 884 Mn over the previous year (USD
due to the sustained top line growth and tighter control
8,392 Mn as at March 31, 2015). The Net Debt - EBITDA
RYHURSHUDWLQJH[SHQVHV(%,7PDUJLQIRUWKH\HDUGHFOLQHG
ratio (USD terms LTM) as on March 31, 2016 deteriorated to
to 22.8%, compared to 24.0% in the last year, primarily on
2.47 times as compared to 2.08 times in the previous year,
account of incremental amortisation cost on new spectrum
mainly on account of increase in debt during the year. The
acquired, which has an impact on EBIT margin of 2.3%.
Net Debt-Equity ratio increased to 1.28 times as on March
31, 2016, compared to 1.08 times in the previous year. During the year, the Company accelerated its spends on
FDSH[ ZKLFK ZHUH ODUJHO\ GLUHFWHG WRZDUGV EXLOGLQJ GDWD
Awards and Recognition
capacities, increasing 3G / 4G coverage and improving the
Airtel is No. 1 Telecom Company in the Best Telecom DOOURXQGFXVWRPHUH[SHULHQFH'XULQJWKH\HDUWKH&RPSDQ\
companies to Work for in India survey conducted by rolled out over 63 K mobile broadband (MBB) base stations
Business Today and No. 8 across all sectors. in India. This is one of the largest global rollouts of MBB base
Airtel has won the Golden Peacock Award for stations in a single year. The Company had 154,097 network
Sustainability for 2015. It is indeed an honour to receive towers, compared to 146,539 network towers in the last year.
WKLVDZDUGDVLWUHFRJQLVHV$LUWHOVHRUWVLQHPEHGGLQJ Mobile broadband (MBB) base stations were 118,197 at the
sustainability in the services we provide; and the way we end of the year, compared to 54,381 at the end of last year.
conduct our business. This award brings Airtel a step
closer to achieving our vision of becoming the most Y-o-Y
loved brand. Particulars FY 2015-16 FY 2014-15
Growth
$LUWHO ZLQV ,QQRYDWLRQ $ZDUG IRU H[FHOOHQFH LQ ` Millions ` Millions %
Internal Auditing by the Institute of Internal Auditors (IIA). Gross Revenues 560,818 519,636 8%
Airtel has been honoured as the Firm of the year - EBIT 127,734 124,695 2%
Telecommunication at the CNBC TV18 India Risk Note: Normalising for impact of IUC, Y-o-Y revenue growth is 11.7%.
Management Awards.
Airtel Global Revenue Assurance & Fraud Management Wireless Subscribers: India (Million)
WHDPZLQVWKH2SHUDWRU([FHOOHQFHDZDUGLQWKHFDWHJRU\
RI %XVLQHVV ,QQRYDWLRQ LQ 5LVN 0DQDJHPHQW DW 6XEH[
10.6% CAGR
user conference organised at Prague, Czech Republic.
251.2
Airtel wins Annual Cybermedia ICT Business Awards for
being Indias Top Mobile Services Operator, Top Internet
Services Operator & Top Broadband Wireless Access
Operator award for the year 2015. 226.0
Segment-wise Performance
B2C services
Mobile Services: India 205.5
Overview
7KH ODVW \HDU VDZ VLJQLFDQW EXVLQHVV DQG UHJXODWRU\
developments, which also include the release of spectrum 2013-14 2014-15 2015-16
sharing and trading guidelines by the Department of
Telecommunications. The Company launched 3G services in
LWVJDSFLUFOHVDQGZDVWKHUVWRSHUDWRUWRODXQFKKLJKVSHHG Key Initiatives
4G services across India. With the spectrum acquisitions AiUWHOKDVLQWURGXFHGLWVQHZUDQJHRI,QQLW\3ODQVDQG
from Videocon and the proposed spectrum acquisition DQ LQGXVWU\ UVW WHFKQRORJ\ SODWIRUP )OH[SDJH :KLOH
from Aircel, the Company is set to become a pan-India 4G WKH,QQLW\3ODQVUHSUHVHQWDQLQGXVWU\UVWSODQWRRHU
operator. It also widened its content portfolio by launching unlimited voice calls on mobile, along with bundled
Wynk Movies and Wynk Games mobile application. PRYLHV DQG PXVLF WKH )OH[SDJH LV DQ DXWRPDWHG
platform that allows customers to track their data usage
As on March 31, 2016, the Company had 251.2 Mn mobile and get real-time usage alerts.
customers. The churn has increased to 3.4% for the current
year, compared to 2.7% during the previous year, primarily on Airtel launched Wynk Movies its an all new carrier
account of enhanced market intervention and competitive DJQRVWLF PRELOH DSSOLFDWLRQ RHULQJ FXVWRPHUV
pressure; however, it still remains the lowest in the thousands of movies and other video content. Launched

following the success of Wynk Music, the app is Services Limited (AMSL)). The Reserve Bank of India had
,QGLDV UVW FXUDWHG YLGHR PDUNHWSODFH WKDW RHUV DQ decided to grant an in-principle approval to APBL to set
H[KDXVWLYH OLEUDU\ RI SRSXODU PRYLHV 79 VKRZV DQG XSD3D\PHQWV%DQNLQ,QGLD$3%/DOUHDG\RHUV$LUWHOV
other entertainment videos across genres. It also has a DJVKLSVHPLFORVHGZDOOHWXQGHUWKHEUDQGQDPH$LUWHO
comprehensive library of 5,000+ movies and 25,000+ Money.
videos.
$LUWHO KDV DFTXLUHG ULJKWV WR XVH [ 0+] VSHFWUXP
Airtel mobile moves all its prepaid mobile customers to in the 1800 MHz Band allotted to Videocon
per second billing. Rolled out under the new Pay for What Telecommunications Limited (VTL) by the Department of
You Use initiative as part of the Companys Customer 7HOHFRPPXQLFDWLRQ'R7RQ$SULOIRUVL[FLUFOHV
First commitment, this will help ensure that customers namely, Bihar, Haryana, Madhya Pradesh, UP (East), UP
pay only for the time they use the Airtel network. (West) and Gujarat at an aggregate consideration of
` 44,280 Mn.
$LUWHO UHYROXWLRQLVHG WKH VPDUWSKRQH H[SHULHQFH IRU
HYHU\ FXVWRPHU E\ RHULQJ LUUHVLVWLEOH GDWD EHQHWV %KDUWL$LUWHO/LPLWHGDQGLWVVXEVLGLDU\%KDUWL+H[DFRP
and surprises ranging from 50% daily Data Cashback /LPLWHG HQWHUHG LQWR D GHQLWLYH DJUHHPHQW ZLWK $LUFHO
RHU VKDULQJ RI * * SDFNV LQ )DPLO\ DV ZHOO DV Limited and its subsidiaries Dishnet Wireless Limited and
6PDUWSKRQH 6XUSULVH RHUV D SLRQHHULQJ LQLWLDWLYH LQ Aircel Cellular Limited to acquire rights to use 20 MHz
India. With this, Airtel has further established itself as an 2300 Band 4G TD spectrum for eight circles namely,
XQGLVSXWHGSUHIHUUHGSDUWQHUIRUGDWDH[SHULHQFHRQDQ\ Tamil Nadu (including Chennai), Bihar, Jammu & Kashmir,
smartphone. West Bengal, Assam, North East, Andhra Pradesh and
Odisha at an aggregate consideration of ` 35,000 Mn.
$LUWHO ODXQFKHG ,QGLDV UVW XQUHVWULFWHGYDOLGLW\ GDWD
The closing of the said transaction is subject to certain
plan for its prepaid mobile customers. The Company
customary regulatory approvals and other closing
reinforced its commitment of Customers First by
conditions.
enabling its prepaid users to enjoy unrestricted validity
towards consuming their data quota. Airtel signed an agreement to acquire 100% equity stake
in Augere Wireless Broadband India, which holds 20
$LUWHO H[SDQGHG LWV FRQWHQW SRUWIROLR E\ ODXQFKLQJ
MHz of BWA spectrum in the telecom circle of Madhya
beta phase of Wynk Games mobile application the
Pradesh and Chhattisgarh.
Companys latest OTT addition to the Wynk portfolio.
7KH DSS RHUV D OLEUDU\ RI RYHU JOREDO DQG ORFDO Kotak Mahindra Bank Limited (KMBL) and Airtel
games from across genres. Wynk Games subscription Payments Bank Limited signed the Share Subscription
is free for Airtel users and at a promotional price of ` 29 and Shareholders Agreement, wherein, KMBL agreed to
for other customers in the current beta phase of the app. acquire 19.90% of the paid-up capital of APBL.
Airtel invited customers in its network modernisation
drive by, launching a microsite www.airtel.in/leap. It allows Telemedia Services
the customers to know everything they want to know Overview
about project leap; and get a transparent view of the 7KH&RPSDQ\SURYLGHV[HGOLQHWHOHSKRQHDQGEURDGEDQG
coverage of voice and high speed broadband services, '6/VHUYLFHVIRUKRPHVDVZHOODVRFHVLQFLWLHVDFURVV
along with other details in their respective localities. This India. The Telemedia business witnessed a record high DSL
LVDQLQGXVWU\UVWLQLWLDWLYH net addition of 309 k, seven times compared to previous year,
Airtel network transformation programme Project Leap primarily driven by launch of innovative pricing plans and an
is now focusing on a series of fresh initiatives towards aggressive Go-to-Market strategy. As on March 31, 2016,
creating a greener environment and building a sustainable Airtel had 3.7 Mn customers. Of these, 1.8 Mn customers
network for the future. The Company announced the subscribed to its broadband / internet services, representing
migration of 40,000 of its network sites across India to 49.6% compared to 44.2% last year. The higher number of
green technology, while committing to bring down its EURDGEDQGFXVWRPHUVDOVRUHVXOWHGLQDVLJQLFDQWLQFUHDVH
carbon emission footprint by 70% by 2018. in ARPU to ` 1,063 during the year, compared to ` 1,026
in the previous year. Consequently, non-voice revenue as
$LUWHO EHFDPH WKH UVW PRELOH RSHUDWRU LQ ,QGLD WR a percentage of total Telemedia revenues now represents
commercially deploy LTE-Advanced (4G+) technology 68.2% as compared to 64.9% in the last year.
on a live 4G network in Kerala. LTE-Advanced carrier
aggregation technology combines TD LTE (2300 MHz) ,Q WKH +RPHV VHJPHQW WKH RHULQJV LQFOXGH KLJKVSHHG
with FD LTE (1800 MHz) bandwidths to deliver mobile EURDGEDQG RQ FRSSHU DQG EUH XS WR WKH VSHHGV RI
GDWDVSHHGVXSWR0ESV7KLVLVDOVRDQLQGXVWU\UVW Mbps. Besides, the product portfolio also includes local,
initiative. national and international long-distance voice connectivity,
IPTV and other VAS services. Majority of the DSL Net additions
Airtel announced the launch of its Platinum 3G network as referred above has come in the Homes Segment.
for customers in the North East. Airtels Platinum 3G will
deliver faster internet speeds, enhance voice clarity and In the Corporate Business segment, Airtel is a trusted ICT
RHUDVXSHULRUQHWZRUNH[SHULHQFHIRUFXVWRPHUVLQWKH VROXWLRQSURYLGHUIRU[HGOLQHYRLFH35,V6,3WUXQNLQJGDWD
circle. solutions (ILP, MPLS, NLD) and other connectivity solutions
like Enterprise Mobility (Resource Tracking, IOT / M2M).
Key Highlights $GGLWLRQDOO\ WKH &RPSDQ\ RHUV VROXWLRQV WR EXVLQHVVHV
RBI approved Payments Bank License to Airtel Payments to improve employee productivity through collaborative
Bank Limited (APBL) (formerly known as Airtel Commerce solutions (Audio, Video and Web Conferencing). Cloud

40-125
portfolio is also an integral part of its business solutions 7KH &RPSDQ\ FXUUHQWO\ RHUV ERWK VWDQGDUG DQG KLJK
VXLWHZKLFKRHUVVWRUDJHFRPSXWH 0LFURVRIW2FH GHQLWLRQ +' GLJLWDO 79 VHUYLFHV ZLWK ' FDSDELOLWLHV DQG
on a pay-as-you-go model. 'ROE\ VXUURXQG VRXQG 7KH &RPSDQ\ FXUUHQWO\ RHU D WRWDO
of 504 channels including 42 HD channels, 4 international
FKDQQHOVDQGLQWHUDFWLYHVHUYLFHV$RUGDELOLW\RI+'VHWWRS
Y-o-Y
Particulars FY 2015-16 FY 2014-15 ER[HV GHPDQG IRU +' FKDQQHOV DQG XSVHOOLQJ HRUWV OHG WR
Growth
ARPU increasing by ` 19 to ` 226 as compared to previous
` Millions ` Millions % year on an underlying basis. Consequently, DTH business
Gross Revenues 47,609 44,325 7% turned EBIT positive on full year basis at ` 1,843 Mn compared
EBIT 12,429 8,699 43% to EBIT losses of ` 1,581 Mn in the previous year.
Broadband Users (Million) Y-o-Y

Particulars FY 2015-16 FY 2014-15
Growth
` Millions ` Millions %
11.7% CAGR
Gross Revenues 29,178 24,759 18%
1.82 EBIT 1,843 (1,581) 217%
DTH Subscriber Base (Million)
14% CAGR
1.51 11.7
1.46
2013-14 2014-15 2015-16

10.1
.
Key Initiatives 9.0
2Q WKH +RPHV IURQW VLJQLFDQW SURJUHVV ZDV PDGH
in the endeavour to pioneer high-speed broadband
through FTTH and VDSL rollouts in the top markets. 2013-14 2014-15 2015-16
Another key intervention was improvement in the quality
of acquisition through focused interventions and plan
/ price rationalisation, resulting in lower churn. Focus Key Initiatives
on high-speed internet during both - acquisition and ALUWHO 'LJLWDO 79 ODXQFKHG LWV UVW .8OWUD +' 8+'
EDVHPLJUDWLRQUHVXOWHGLQKLJKVSHHGEDVHGHQHGDV channel. With the launch of UHD channel, Airtel enables
greater than or equal to 4 Mbps) moving to 59% at the LWVFXVWRPHUVWRH[SHULHQFHWKHWLPHVVXSHULRUSLFWXUH
end of the year as against 46% last year. quality as compared to HD channels.
2Q WKH &RUSRUDWH %XVLQHVV IURQW VLJQLFDQW SURJUHVV $LUWHO 'LJLWDO 79 DQQRXQFHG WKH ODXQFK RI LWV UVW
was made in ICT solutions both in terms of increasing LQGLJHQRXVO\ PDQXIDFWXUHG VHWWRSER[HV 7KH 0DGH LQ
geographic coverage - making all sites RF ready & faster ,QGLDVHWWRSER[HVZLOOEHDYDLODEOHLQ+'WREHJLQZLWK
LPSOHPHQWDWLRQZLWKGHQHGWLPHOLQHV2QSURGXFWIURQW
DQG VRRQ DOO RI $LUWHO 'LJLWDO 79V VHWWRSER[HV ZLOO EH
OD\HUHGLQWHUQHWRHULQJVFUHDWHGIRUVHUYLFLQJFXVWRPHU
manufactured in India. With this, Airtel Digital TV has
needs of all segments.
become the latest corporate to join the Governments
$LUWHOUROOHGRXWLUUHVLVWLEOHRHUVRQLWVKRPHEURDGEDQG Make in India initiative, contributing to its growing
SODQV IRU H[LVWLQJ DV ZHOO DV QHZ FXVWRPHUV FDOOHG DV proliferation across sectors.
$LUWHO 6XUSULVHV ,W HQDEOHV WKH H[LVWLQJ FXVWRPHUV WR
XSJUDGHWRKLJKHUVSHHGVRUDGGLWLRQDOGDWDEHQHWVRQ B2B Services
WKHLUH[LVWLQJSODQVFRPSOHWHO\IUHHRIFRVWDQGHQDEOHV Airtel Business
its new customers to avail the best possible internet
Overview
VSHHGDWWKHLUKRPHDWQRH[WUDFRVW
Airtel Business is Indias leading and most trusted ICT
services provider. Its diverse portfolio of services includes
Digital TV Services
voice, data, video, network integration, data centre, managed
Overview services, enterprise mobility applications and digital media.
The Company served a customer base of 11.7 Mn on its Airtel Business consistently delivers cutting-edge integrated
Direct-to-Home platform (Airtel digital TV), as on March 31, solutions, superior customer service and unmatched depth
2016, adding 1.7 Mn customers during the year. During
/ reach to global markets, to enterprises, governments,
WKH \HDU WKH &RPSDQ\ ODXQFKHG LWV UVW LQGLJHQRXVO\
carriers, and small and medium businesses.
PDQXIDFWXUHGVHWWRSER[HV

Revenues in this segment include those from: a) Enterprise Airtel launched the digital engagement solutions with
& Government Business (EGB), which is predominantly long-term contracts in the government space. Main
Data, and b) Global Business which includes wholesale voice pillars of the solutions, include IVR, USSD, Bulk SMS and
and data. The EGB revenues (included in Airtel Business) toll-free internet.
together with the Corporate Mobile revenues (included in Airtel continued its drive to localise the content, which
,QGLD0RELOHDQG&RUSRUDWH)L[HG/LQHUHYHQXHVLQFOXGHG LPSURYHVXVHUH[SHULHQFHDORQJZLWKORZHULQJWKHFRVW
in Telemedia) is ` 92,327 Mn in this year; this is now 13.0% of accessing content. Airtel now serves more than 50%
of the total India revenues, and has grown by 18.8% over internet requirements from India and have partnered
the last year. with various global OTTs for content delivery service.
Global Business, the international arm of Airtel Business, $LUWHO KDV H[SDQGHG LWV FORXG VHUYLFH SRUWIROLR ZLWK WKH
RHUV DQ LQWHJUDWHG VXLWH RI JOREDO DQG ORFDO FRQQHFWLYLW\ ODXQFK RI &RQQH[LRQ ZKLFK ZLOO HQVXUH D PRUH VHFXUH
solutions, spanning voice and data to the carriers, Telcos, scalable and seamless private connection between
OTTs, large multinationals and content owners globally. enterprises, cloud service providers, and data centre
Airtels international infrastructure includes the ownership of partners. This will help customers seamlessly and
i2i submarine cable system, connecting Chennai to Singapore more securely connect to Microsoft Azure, by bringing
and consortium ownership of SMEWE4 submarine cable down their network cost substantially and improving
system, which connects Chennai and Mumbai to Singapore performance.
and Europe. It also includes cable system investments like
Airtel has strategic tie-ups with various global operators for
Asia America Gateway (AAG), India, the Middle East and
satellite business. The objective is to reach destinations,
Western Europe (IMEWE), Unity, Europe India Gateway (EIG)
and East Africa Submarine System (EASSy). Along with where we have limited or unreliable connectivity. Airtel is
these seven owned subsea cables, Airtel Business has a focusing primarily on satellite communication, media and
capacity on 20 other cables across various geographies. broadcast solutions, along with managed solutions and
consulting projects.
Its global network runs across 225,000 Rkms with over
FXVWRPHUVFRYHULQJFRXQWULHVDQGYHFRQWLQHQWV $LUWHOLVDGGLQJQHZFDSDFLW\LQQHZDQGH[LVWLQJFDEOHV
This is further interconnected to its domestic network and DVVHWVLQWKH3DFLFDQG$WODQWLFURXWHVWRIXUWKHUH[SDQG
direct terrestrial cables to SAARC countries and China, its footprint globally.
helping accelerate Indias emergence as a preferred transit Airtel has launched two new POP in Kenya and South
hub. Global business now serves more than 60% of the Africa for IP Transit and MPLS services.
SAARC internet requirement.
Key Highlights
Leveraging the direct presence of Airtel in 20 countries
Innovations like Call me free and Share credit with
DFURVV $VLD DQG $IULFD *OREDO %XVLQHVV DOVR RHUV PRELOH
solutions (ITFS, signalling hubs, messaging), along with friends in Airtel Talk helped in winning Innovations
managed services and SatCom solutions. Award in the Consumer Services category at the Global
Telecom Awards 2016, London.
Airtel Talk also won the Gold Stevie Award in the Utility and
Y-o-Y Services app category at the 12th annual International
Growth Business Awards, 2015. Stevies is one of the worlds
` Millions ` Millions % most prestigious awards and celebrates distinguished
Gross Revenues 78,033 67,130 16% accomplishments of companies worldwide.
EBIT 12,167 7,713 58% Airtel Corporate Business won Frost & Sullivan ICT Award
for the second year in a row.
Key Initiatives
Airtel Business has won the coveted Aegis Graham
Airtel has launched Smart MPLS services, wherein
Bell Award for its mHealth solution. mHealth solution
customers would be provided access to application
aims to improve the delivery of primary health services,
performance management in addition to network
performance management. VSHFLFDOO\ IRU H[SHFWLQJ PRWKHUV LQ UXUDO ,QGLD E\
leveraging technology. The application successfully
Global Business has launched Direct Internet Access works in tandem with the National Rural Health Missions
(DIA) product in partnership with various global (NRHM) initiatives to improve local health indices and
carriers. The DIA product would enable global telecom quality of life.
organisations to deal multiple providers, multiple billings
DQGGLHUHQW6/$ZKHQSURFXULQJORFDO,QWHUQHWIRUWKHLU Passive Infrastructure Services
customers across multiple countries.
Overview
Airtel launched a unique, one-of-a-kind gamut of corporate Bharti Infratel Limited, a subsidiary of Bharti Airtel, provides
applications known as EAS- Enterprise Application store, passive infrastructure services on a non-discriminatory basis
which will empower an enterprise by providing the one to all telecom operators in India. Bharti Infratel deploys, owns
VWRS VKRS H[SHULHQFH WR DFKLHYH LWV PRELOLW\ REMHFWLYHV and manages telecom towers and communication structures
provide completely online / touch free consumption and in 11 circles of India. It also holds 42% share in Indus Towers
self-care for enterprise application user. (a joint venture between Bharti Infratel, Vodafone and Idea

40-125
Cellular). Indus Towers operates in 15 circles (four common 0Q UHHFWHG D VLPLODU PDUJLQ RI FRPSDUHG WR WKH
FLUFOHVZLWK%KDUWL,QIUDWHOFLUFOHVRQDQH[FOXVLYHEDVLV previous year. EBIT at USD 79 Mn was lower in comparison
Hence, the Company has a nationwide presence with to USD 155 Mn in the previous year, primarily due to lower
operations in Indias all the 22 telecommunications circles. (%,7'$ $IWHU DFFRXQWLQJ IRU WKH IXOO \HDU FDSH[ RI 86'
0Q3<86'0QRSHUDWLQJIUHHFDVKRZZDV
As on March 31, 2016, Bharti Infratel owned and operated
USD 81 Mn, compared to cash burn of USD 197 Mn in the
38,458 towers, while Indus Towers operated 119,881
previous year.
towers. Bharti Infratels towers, including its 42% interest
in Indus Towers, comprised an economic interest in the
equivalent of 88,808 towers in India, as on March 31, 2016. Y-o-Y
%KDUWL,QIUDWHOLVOLVWHGRQWKH,QGLDQ6WRFN([FKDQJHV16( Particulars FY 2015-16 FY 2014-15
Growth
and BSE.
Gross Revenues 251,332 269,070 (7%)
Y-o-Y EBIT 4,909 11,781 (58%)
Growth
Y-o-Y
EBIT 15,106 14,462 4% Particulars FY 2015-16 FY 2014-15
Growth
USD (CC) USD (CC) %
Africa Millions Millions
Overview Gross Revenues 4,059 3,965 3%
The revenue-weighted currency depreciation versus the US
EBIT 79 155 (49%)
Dollar across 17 countries in Africa over the last 12 months
H[LW 0DUFK UDWHV KDV EHHQ SULPDULO\ FDXVHG E\ Note: Normalising for impact of divestment of Tower assets, Y-o-Y revenue
the depreciation in Malawi Kwacha, Zambian Kwacha and growth is 4.2%.
Tanzanian Shilling. In terms of the 12-month average rates,

the revenue-weighted Y-o-Y currency depreciation has been Wireless Subscriber: Africa (Million)
18.3%, primarily caused by the depreciation in Zambian
Kwacha, Nigerian Naira, CFA, Malawi Kwacha and Ugandan
7.7% CAGR
Shilling. To enable comparison on an underlying basis, all
QDQFLDOV XS WR 3%7 DQG DOO RSHUDWLQJ PHWULFV PHQWLRQHG
below are in constant currency rates as on March 05, 2015
IRU DOO WKH SHULRGV 3%7 DV PHQWLRQHG EHORZ H[FOXGHV DQ\ 76.26 80.56
UHDOLVHGXQUHDOLVHGGHULYDWLYHVDQGH[FKDQJHJDLQRUORVV
for the period).
During the year, sale and lease back of 8,740 towers in
seven countries was completed for a total consideration of 69.44
USD 1.8 Bn.
As on March 31, 2016, the Company had 80.6 Mn customers
in Africa across 17 countries, compared to 76.3 Mn customers
in the previous year, an increase of 5.6%. The total minutes 2013-14 2014-15 2015-16
on the network during the year increased by 14.7% to 136.0
Bn, compared to 118.6 Bn in the previous year. At the end of Key Initiatives
the year, 15.8 Mn data customers accounted for 19.6% of ALUWHO.HQ\DODXQFKHGDQHZSODQZKLFKRHUVDWUDWH
the total customer base, compared to 16.1% in the previous IRU URDPLQJ DFURVV $IULFD 2QH $LUWHO SURYLGHV H[LEOH
\HDURQWKHEDVLVRIUHYLVHGGHQLWLRQRIGDWDFXVWRPHUDV DQGVLPSOHWDULZLWKLQWKH$LUWHO1HWZRUNIRRWSULQW7KH
RQHZKRXVHVDWOHDVW0%LQODVWGD\V'DWDWUDFKDG customers of Airtel Kenya roaming in 16 Airtel Africas
been more than doubled to 74.0 Bn MBs from 35.3 Bn MBs countries will be treated as local customers on the visited
in the previous year with usage per customer increasing from network in terms of pricing, including receiving calls free
277 MBs to 435 MBs. Voice realisation per minute, however, of charge, while retaining their home SIM card.
declined from 2.53 cents to 2.14 cents for the full year, due
$LUWHO*KDQDODXQFKHGWKHUVWHYHUWDSDQGSD\PRELOH
to competitive pressures. Consequently, the overall ARPU in
money payment service in Ghana. The OpCo has
Africa declined from USD 4.6 to USD 4.2. Total sites in Africa
DGGHGDQRWKHUUVWWRLWVFUHGLWVDVLWKDVUROOHGRXWDQ
as on March 31, 2016 were 20,196 (PY: 18,819), of which
innovative service through its Airtel Money that allows
13,128 (PY: 10,011) were 3G sites, representing 65% of the
a tap-and-pay, contactless payment, based on the Near
total sites, compared to 53% for the previous year.
Field Communications (NFC) technology.
The revenues of Airtel Africa grew by 3.1% to USD 4,059 Airtel signed a three-year global agreement with the
Mn, compared to USD 3,935 Mn in the last year (growth World Food Programme for cash and value voucher
of 4.2% adjusting for the impact of divestment of tower distribution services in Madagascar, Malawi, Tanzania,
assets). Underlying EBITDA at USD 906 Mn (PY: USD 869 DRC, Congo B and Zambia.

Airtel DRC and Korongo Airlines have signed an tower 2,681 towers for USD 0.54 Bn, IHS towers - 949
agreement for air tickets purchase through Airtel towers for USD 0.15 Bn, Helios towers - 393 towers for
M-Falanga - Airtel Money. USD 0.05 Bn and ATC 4,717 towers for USD 1.06 Bn).
Airtel Africa partners with customer engagement $LUWHOKDVVLJQHGDGHQLWLYHDJUHHPHQWZLWK2UDQJHWo
software provider IMImobile, to launch Airtel Artist sell its operations in Burkina Faso and Sierra Leone. The
Management System. The Airtel Artist Management companies had signed an initial agreement in July 2015
System is a new service innovation, enabling upcoming for the acquisition of Airtels operations in Burkina Faso,
music artists to upload and make available their music to Sierra Leone, Chad and Congo B. The agreement over
potential audiences out of its 83 Mn subscribers. the latter two countries has lapsed.
$LUWHO '5& 8%$ RFLDOO\ ODXQFK /,%,., WKH QHZ The Companys subsidiary in Tanzania and American
microloan service through mobile phones. LIBIKI is the Towers Corporation and its subsidiaries have entered
QHZ$LUWHO0RQH\VHUYLFHVZKLFKRHUVPDOODPRXQWRI into an agreement for the sale of over 1,300 telecom
loans to the entrepreneurs or craftsmen, who have no towers in Tanzania.
access to the bank credit system.
$LUWHO 5ZDQGD LQ D GULYH WR H[WHQG DRUGDEOH
Airtel and I&M Bank Ltd have announced a partnership telecommunications products and services to Rwandans,
that enables I&M Bank customers access to their has partnered with ITEL to introduce a new trendy and
accounts via Airtel Money free of charge. The Bank DRUGDEOH GDWD HQDEOHG SKRQH GXEEHG .(=$ ,W QRZ
account holders will now be able to pull money from their VWDQGV DV RQH RI WKH PRVW DRUGDEOH GDWD HQDEOHG
bank accounts into their Airtel Money wallets or push phones in the Rwandan market.
money from their Airtel Money wallets to their I&M Bank
Awards & Recognition
accounts.
Airtel Rwanda received the award of best 4G Mobile
The year has continued to see Airtels involvement in the 1HWZRUN2SHUDWRUIRUIRUH[FHSWLRQDOSHUIRUPDQFH
community across Africa, such as: in 4G LTE.
Airtel Kenya participated in the First Ladys half Airtel Money Malawi was commended for being the
marathon aimed at eradicating maternal deaths by PRELOH QDQFLDO VHUYLFHV OHDGHU LQ 0DODZL DW
providing better healthcare systems for pregnant market share by Malawi Communications Regulatory
mothers. Authority in conjunction with the National Statistical
2FH
Airtel Chad together with UNICEF launched and
H[HFXWHG D QDWLRQZLGH FDPSDLJQ WR JKW 0DODULD Airtel Money Seychelles won the best innovative product
Ebola and Cancer. in the Seychelles chambers of commerce award (SCCI)
in November 2015.
Airtel led a breast cancer awareness campaign in
partnership with the Think Pink Foundation. Airtel Tanzania has lifted awards in a recent Tanzania
Leadership Awards 2015. Airtel emerged winners in two
Airtel Zambia donated various items for the
categories, the best use of social media in marketing
0DOQXWULWLRQZDUGDVZHOODVIRRGVWXIRUWKHFDQFHU
DQG EUDQG H[FHOOHQFH ZLWKLQ WKH WHOHFRP VHFWRU LQ WKH
ward.
country.
Airtel Kenya reached 43 schools with free internet
Airtel Sierra Leone has received an award in recognition
connectivity. RI WKH UROH WKH &RPSDQ\ SOD\HG LQ WKH JKW WR FRQWDLQ
$LUWHO*KDQDKHOSHGPLOOLRQVRIRRGYLFWLPVE\JLYLQJ and eradicate the Ebola Virus Disease (EVD) from the
them an opportunity to communicate with their loved 2FHRIWKH3UHVLGHQW
RQHVDQGIULHQGVIRUIUHHWKURXJKDQHPHUJHQF\RHU Airtel Ghana was bestowed with four awards at the 2015
Airtel Too Much Relief Pack. Ghana Telecom Awards. The Company has won these
Key Highlights DZDUGV IRU YH FRQVHFXWLYH \HDUV $LUWHO *KDQD VZHSW
Airtel and Liquid Telecom signed pan-African agreement awards in the following categories - Telecom Brand of
WR SURYLGH EUH FRQQHFWLYLW\ WR WRZHUV $LUWHOV PRELOH the Year; Marketing Campaign of the Year - Talk Chaw;
broadband subscribers in Africa will soon enjoy faster Innovative Enterprise Product of the Year - One Network
Internet access speeds on its 3G and 4G networks. and Special Recognition to the Telecom Industry Award -
The framework agreement enables Airtel operations Lucy Quist.
WR OHYHUDJH /LTXLG 7HOHFRPV H[LVWLQJ NPORQJ Airtel Nigeria emerges Telecom Company of the Year for
EUH QHWZRUN DFURVV (DVW &HQWUDO DQG 6RXWKHUQ $IULFD its laudable contributions to the growth of the telecoms
DV ZHOO DV HQMR\ QHZ SXUSRVHEXLOW EUH LQIUDVWUXFWXUH industry in Nigeria. Airtel Nigeria has been named
to connect Airtels mobile base stations and enterprise Africas Telecommunications Company of the Year at the
FXVWRPHUVZLWKEUH 6th African Business Leadership Forum & Awards 2015.
During the year, sale and lease back of 8,740 towers in Airtel Uganda won two awards at the Digital Impact
seven countries (Ghana, Uganda, Kenya, Burkina Faso, Awards Africa for its innovations in the Finance and
Zambia, Nigeria and Congo B) was completed for a total Entertainment sector. Airtel Ugandas mobile money
consideration of USD 1.8 Bn (sale and lease back to Eaton transaction service was recognised and awarded in the

40-125
category of Best Financial Inclusion Impact. The talent Airtel Sri Lanka won a Gold Award for the Best
search music competition, Airtel Trace Music Star, was Multinational Corporations in Sri Lanka and silver award
recognised in the category of the Best Digital Marketing for Medium Sized Enterprise Category. Airtel Lanka
Campaign. is the youngest organisation in terms of market
Airtel Money Tanzania was recognised for the Best H[LVWHQFH LQ 6UL /DQND WR UHFHLYH WKHVH SUHVWLJLRXV
Mobile Money Product Innovation at Kalahari mobile accolades; and the only telecommunication operator to
money awards. be listed on the GPTW (Sri Lanka) Hall of Fame.
South Asia [LDWD *URXS %HUKDG DQG %KDUWL $LUWHO /LPLWHG VLJQHG
$
Overview D 'HQLWLYH $JUHHPHQW WR PHUJH WKHLU UHVSHFWLYH
As on March 31, 2016, South Asia had 10.2 Mn mobile telecommunication subsidiaries in Bangladesh, namely,
customers on the Companys network. Data customers 5REL $[LDWD /LPLWHG 5REL DQG $LUWHO %DQJODGHVK
represented 28.7% of the total customer base as on March Limited (Airtel). The agreement followed the September
2016, compared to 25.5% in the last year (on the basis of 09, 2015 announcement of both parties entering into
UHYLVHGGHQLWLRQRIGDWDFXVWRPHUDVRQHZKRXVHVDWOHDVW DQ H[FOXVLYH GLVFXVVLRQ WR H[SORUH WKH SRVVLELOLW\ RI
1 MB in last 30 days). As on March 2016, the Company had combining the business operations in Bangladesh.
7,083 sites on network, compared to 6,867 sites in the last
Airtel Bangladesh has won the prestigious Asia
year. Of the total number, 3G sites were 4,115 (PY: 3,050) in
number, representing 58.1% of the total sites, compared to Communication Award 2015 in the Category of
44.4% for the previous year. &XVWRPHU ([SHULHQFH ,QLWLDWLYH IRU 2QOLQH $LUWHO
([SHULHQFH&HQWUH
The Companys full year revenues of South Asia increased
by 4.4% to ` 16,454 Mn, compared to ` 15,759 Mn in the Risks and Concerns
previous year. EBITDA loss for the year was at ` 801 Mn,
At Bharti Airtel (the Company), we have thrived globally
compared to a loss of ` 196 Mn in the previous year. EBIT
by building a culture of innovation and high performance.
losses for the year reported at ` 6,394 Mn, compared to a
:H H[SORUH QHZ PDUNHWV DQG EXVLQHVV PRGHOV DFURVV
loss of `0QLQWKHSUHYLRXV\HDU&DSH[IRUWKH\HDU
was ` 3,321 Mn, compared to ` 3,233 Mn in the previous the world; evolve new ways of customer and stakeholder
year. engagement; enter into new strategic partnerships; adopt
QHZ WHFKQRORJLHV DQG EXLOG H[SRQHQWLDO HFLHQFLHV LQ
H[LVWLQJ V\VWHPV :KLOH WKHVH LQLWLDWLYHV XQYHLO D XQLYHUVH
Y-o-Y
Particulars FY 2015-16 FY 2014-15 of possibilities, potential risks and uncertainties arise in a
Growth
volatile business environment. The distress signals need to
be addressed with urgency for smooth operations. Therefore,
we have created a robust risk management framework
EBIT (6,394) (6,138) (4%)
in our operating landscape. We have a sound practice to
identify key risks across the Group and prioritise relevant
Wireless Subscriber: South Asia (Million) action plans for mitigation.
At the Board Governance level, the Risk Management
9% CAGR Framework is reviewed bi-annually by the Companys Risk
10.24 Management Committee. The Board of Directors performs
DQDQQXDOUHYLHZ7KHVHDSH[UHYLHZVLQFOXGHGLVFXVVLQJWKH
management submissions on risks, prioritising key risks and
approving action plans to mitigate such risks. The Internal
Audit function is responsible to assist the Risk Management
Committee on an independent basis with a full status of
8.62 risk assessments and management. Every quarter, the Risk
Management Committee also obtains periodic updates on
8.60
FHUWDLQLGHQWLHGULVNVGHSHQGLQJXSRQWKHQDWXUHTXDQWXP
and likely impact on the business.
2013-14 2014-15 2015-16 At the Management level, the respective CEOs for the
0DQDJHPHQW%RDUGV$0%DQG$IULFD([FRDUHDFFRXQWDEOH
for managing risks across their respective businesses,
Key Initiatives viz., India and South Asia, and Africa. The strategic risk
Airtel Sri Lanka commenced 2016 by being the UHJLVWHUVFDSWXUHWKHULVNVLGHQWLHGE\WKHRSHUDWLQJWHDPV
Principal Sponsor of the Battle of the North (annual (Circles or Operating Companies) as well as the functional
cricketing tournament) for the third consecutive year. OHDGHUVKLSWHDPVDWWKHQDWLRQDOOHYHO7KH$0%$IULFD([FR
Airtel Sri Lanka launched Smart Byte facility in order HQVXUHWKDWWKHHQYLURQPHQWERWKH[WHUQDODQGLQWHUQDOLV
to facilitate customers to enjoy data usage at scanned for all possible risks. Internal Audit reports are also
discounted rates. FRQVLGHUHGIRULGHQWLFDWLRQRINH\ULVNV

The two CEOs, for India & South Asia and Africa, are responsible for the implementation of the agreed risk
framework, including the detailed processes of:
Scanning the entire Listing and

Classifying various risks in Developing objective
business environment - prioritising the key
terms of probability, impact measurement and
internal and external for risks to be addressed
and nature methodology for such risks
identifying potential risks and managed
Approving resources, Fixing accountability of Agreeing detailed action

including budgets for risk people and positions to plans to manage key risks
management implement the mitigating
action plans
Reviewing progress of action Reporting progress to 5HSRUWLQJRQVSHFLF

plans, taking stock of gross the Board and Audit issues to the Audit
and net exposures and Committee Committee
mandating corrective actions
At the operating level, WKH([HFXWLYH&RPPLWWHHV(&RI of the changing political scenario. We contribute to the
Circles in India and Operating Companies in the international socio-economic growth of the countries in which we
operations are entrusted with responsibilities of managing operate through high-quality services to our customers,
the risks at the ground level. Every EC has local representation improved connectivity, providing direct and indirect
from all functions, including many centrally driven functions HPSOR\PHQW DQG FRQWULEXWLRQV WR WKH H[FKHTXHU 2XU
like IT, Legal & Regulatory, Finance and SCM, besides annual Sustainability Report is a document, which
customer-facing functions, such as Customer Service, Sales KLJKOLJKWV WR WKH ODUJHU H[WHUQDO HQYLURQPHQW WKH UROH
& Distribution and Networks. It is the responsibility of the we are playing in the countries we are operating in.
Circle CEO or Country MD to pull together various functions We maintain cordial relationships with governments
and partners to manage the risks. They are also responsible and other stakeholders in every country where we
IRULGHQWLFDWLRQRIULVNVDQGHVFDODWLQJLWWRWKH&HQWUHIRU operate. The Country MDs and Circle CEOs carry direct
agreeing mitigation plans. Operating level risk assessments accountability for maintaining neutral Government
(RACM) have been concluded at Function / OpCo risk relations. Through our CSR initiatives (Bharti Foundation
DVVHVVPHQWDQGPLWLJDWLRQSODQVDJUHHGDQGNLFNHGR etc.), we contribute to the social and economic
Internal Audit Plans are being drawn up to ensure scope and GHYHORSPHQWHVSHFLDOO\LQWKHHOGRIHGXFDWLRQ
FRYHUDJHRIWKHVHFULWLFDOULVNVGXULQJWKHFRXUVHRIQH[W\HDU
We actively work with industry bodies like COAI, CII, and
The key risks that may impact the Company and the FICCI on espousing industry issues e.g. penalties, right
mitigating actions undertaken by the Company comprise: of way, tower sealing, and so on.
1. Regulatory and Political Uncertainties (Legal & 2. Economic Uncertainties (Operational)

Compliance) Risk Statement
Risk Statement The Companys strategy is to focus on growth opportunities
The Company operates in India, Bangladesh, Sri Lanka and in the emerging and developing markets. These markets
17 African countries. Some of these countries (or regions are characterised by low to medium mobile penetration, low
ZLWKLQ FRXQWULHV DUH DHFWHG E\ SROLWLFDO LQVWDELOLW\ FLYLO internet penetration and relatively lower per capita incomes,
unrest and other social tensions. The political systems in a few WKXV RHULQJ PRUH JURZWK SRWHQWLDO +RZHYHU WKHVH
countries are also fragile, resulting in regime uncertainties; countries are also more prone to economic uncertainties,
hence, the risk of arbitrary action. Such conditions tend to VXFKDVFDSLWDOFRQWUROVLQDWLRQLQWHUHVWUDWHVDQGFXUUHQF\
DHFW WKH RYHUDOO EXVLQHVV VFHQDULR ,Q DGGLWLRQ UHJXODWRU\ XFWXDWLRQV 6LQFH WKH &RPSDQ\ KDV ERUURZHG LQ IRUHLJQ
uncertainties, like escalating spectrum prices, call drops / FXUUHQFLHV DQG PDQ\ ORDQV DUH FDUU\LQJ RDWLQJ LQWHUHVW
EMF penalties, among others are potential risks facing the WHUPV ZH DUH H[SRVHG WR PDUNHW ULVNV ZKLFK LPSDFW RXU
business.
HDUQLQJV FDVK RZ DQG EDODQFH VKHHW 7KHVH FRXQWULHV
Mitigation DUH DOVR DHFWHG E\ HFRQRPLF GRZQWXUQV SULPDULO\ GXH WR
As a responsible corporate citizen, we engage FRPPRGLW\ SULFH XFWXDWLRQV UHGXFHG DLG FDSLWDO LQRZV
proactively with key stakeholders in the countries in and remittances. Slowing down of economic growth tends
which we operate; and continuously assess the impact WRDHFWFRQVXPHUVSHQGLQJLQFOXGLQJWHOHFRP

40-125
Mitigation Mitigation
As a global player with presence across 20 countries, Network Planning is increasingly being done in-house,
we KDYHGLYHUVLHGRXUULVNVDQGRSSRUWXQLWLHVDFURVV to ensure that intellectual control on architecture is
markets. retained within the Company. The recently announced
` 600,000 Mn Leap Programme in India continuously
Through a variety of services including voice, data,
seeks to address issues (congestion, indoor coverage,
Airtel Money and value added services, we have also
call drops, modernisation and upgrade of data speeds,
spread our portfolio.
among others) to ensure better quality of network.
To mitigate currency risks, we follow a prudent risk 5HFHQW HRUWV DOVR LQFOXGH WUDQVIRUPDWLRQ RI WKH
management policy, including hedging mechanisms PLFURZDYH WUDQVPLVVLRQ EUH QHWZRUNV VHFRQGDU\
WR SURWHFW RXU FDVK RZ 1R VSHFXODWLYH SRVLWLRQV rings / links and submarine cable networks. The
are created; all foreign currency hedges are taken on Company consistently eliminates systemic congestion
WKH EDFN RI RSHUDWLRQDO H[SRVXUHV $ SUXGHQW FDVK in the network, and removes causes of technical
management policy ensures that surplus cash is up- failures through a quality improvement programme,
streamed regularly to minimise the risks of blockages as well as embedding redundancies. Tighter SLAs are
DW WLPHV RI FDSLWDO FRQWUROV :H KDYH VSHFLFDOO\ reinforced upon network partners for their delivery. The
UHQHJRWLDWHG PDQ\ RSHUDWLQJ H[SHQGLWXUH FDSH[ Companys Network Team performance is measured,
)[ FRQWUDFWV LQ $IULFD DQG FRQYHUWHG WKHP WR ORFDO EDVHG RQ QHWZRUN VWDELOLW\ FXVWRPHU H[SHULHQFH DQG
FXUUHQF\WKHUHE\UHGXFLQJ)[H[SRVXUH competitor benchmarking. The Revenue Assurance
team constantly monitors revenue leakages due to
To mitigate interest rate risks, the Company is further IDLOXUHRIV\VWHPVRUFRQJXUDWLRQHUURUV7KH&RPSDQ\
VSUHDGLQJ LWV GHEW SUROH DFURVV ORFDO DQG RYHUVHDV follows a conservative insurance cover policy that
sources of funds and to create natural hedges. provides a value cover, equal to the replacement values
Finally, the Company adopts a pricing strategy that is RI DVVHWV DJDLQVW ULVNV VXFK DV UH RRGV DQG RWKHU
EDVHGRQWZLQSULQFLSOHVRIPDUNWRPDUNHWSURWDELOLW\ natural disasters.
DQGDRUGDELOLW\ZKLFKHQVXUHVWKDWZHSURWHFWPDUJLQV In Africa, a sustained concentrated investment
DW WLPHV RI LQDWLRQ DQG PDUNHW VKDUHV DW WLPHV RI programme started in FY 2015-16 based on market
market contraction. revenue mapping will ensure that our network quality
in these areas are comparable if not better than
3. Poor Quality of Networks and Information competition.
Technology Including Redundancies and Disaster
The Companys philosophy is to share infrastructure
Recoveries (Operational)
with other operators, and enter into SLA-based
Risk Statement outsourcing arrangements. We have been proactively
The Companys operations and assets are spread across VHHNLQJVKDULQJUHODWLRQVKLSVRQWRZHUVEUH96$7GDWD
wide geographies. Our telecom networks are subject to risks centres and other infrastructure. The disposal of towers
of technical failures, partner failures, human errors, or wilful in Africa to independent and well-established tower
acts or natural disasters. Equipment delays and failures, companies and long-term lease arrangements with
spare shortages, energy or fuel shortages, software errors, them will ensure high quality of assets and maintenance
EUHFXWVODFNRIUHGXQGDQF\SDWKVZHDNGLVDVWHUUHFRYHU\ on the passive infrastructure. We have also put in place
IDOOEDFN DQG SDUWQHU VWD DEVHQWHHLVP DPRQJ RWKHUV DUH UHGXQGDQF\ SODQV IRU SRZHU RXWDJHV EUH FXWV 96$7
IHZ H[DPSOHV RI KRZ QHWZRUN IDLOXUHV KDSSHQ 5HSHDWHG breakdowns, and so on, through appropriate backups
outages and / or poor quality of networks cause disruption such as generators, secondary links, among others.
of services, resulting in revenue losses, customer attrition, Similar approaches are deployed for IT hardware and
market share losses and damage to brand image and software capacities; and internal IT architecture teams
&RPSDQ\ UHSXWDWLRQ 5HJXODWRUV DUH QRZ DOVR OHY\LQJ VWL FRQWLQXRXVO\UHDVVHVVWKHHHFWLYHQHVVRI,7V\VWHPV
monetary penalties for poor quality of services. Information Security is managed by dedicated
The Companys IT systems are critical to run the customer- IT professionals, given the huge dependence on
facing and market-facing operations, besides running automated systems, as well as to ensure that customer
internal systems. In many geographies or states, the quality privacy is protected.
of IT connectivity is sometimes erratic or unreliable, which
DHFW WKH GHOLYHU\ RI VHUYLFHV HJ UHFKDUJHV FXVWRPHU 4. Inadequate Quality of Customer Lifecycle
query, distributor servicing, customer activation, billing, etc. Management from Acquisition to Churn
,Q VHYHUDO GHYHORSLQJ FRXQWULHV WKH TXDOLW\ RI ,7 VWD LV (Operational)
rudimentary, leading to instances of failures of IT systems Risk Statement
and / or delays in recoveries. The systems landscape is ever In a market dominated by prepaid customers, several
changing due to newer versions, upgrades and patches for LQHFLHQWSURFHVVHVKDYHFUHSWLQRYHUWKH\HDUVDFURVVWKH
innovations, price changes, among others; the dependence industry, in respect of customer acquisitions. Such practices
RQ ,7 VWD IRU WXUQDURXQG RI VXFK SURMHFWV DQG FKDQJHV LV are resulting in high rotational churn, high acquisition costs,
huge. Unauthorised access to network and IT systems can low lifetime value of new customers, diversion of focus of
UHVXOWLQZURQJFRQJXUDWLRQVSRRUTXDOLW\RIVHUYLFHIUDXGV sales force on acquisitions, rather than revenue generation,
and regulatory non-compliances. trade frauds, among others.

XVWRPHUPLQGVHWVDQGKDELWVDUHVKLIWLQJUDSLGO\UHHFWHG
& LQFUHDVHVLQDWLRQ)[LPSDFWVZDJHKLNHVDQGVRRQ7KHVH
LQ WKHLU HYHUULVLQJ H[SHFWDWLRQV LQ WHUPV RI TXDOLW\ YDULHW\ costs may not be naturally compensated through revenue
features and pricing. The competitive landscape is also increases, which are linked to telecom mark to market issues
changing dramatically, as operators vie with one another HJPDUNHWWDULVFRPSHWLWLYHSRVLWLRQVDQGLGOHFDSDFLWLHV
to capture customer and revenue market shares. Failure &RQVHTXHQWO\ &RPSDQ\ PDUJLQV FDVK RZV FDQ FRPH
WR NHHS SDFH ZLWK FXVWRPHU H[SHFWDWLRQV ZRXOG UHVXOW LQ XQGHU SUHVVXUH SXWWLQJ WKH QDQFLDO KHDOWK RI D &RPSDQ\
FXVWRPHUFKXUQOHDGLQJWRHURVLRQRIUHYHQXHVSURWVDQG at risk.
FDVKRZVDQGPDUNHWVKDUHORVVHV
Mitigation
Mitigation The Company has institutionalised the War on
Improved customer acquisition process like monitoring Waste (WOW) Programme, an enterprise-wide cost-
new customer acquisition churn, high acquisition reduction programme. This has been rolled out across
recharge denominations, direct distribution, trade all functions and countries. All functions / countries
margins structures and so on have been introduced. DUH WDUJHWLQJ FRVW UHGXFWLRQV DQG FRVW HFLHQFLHV
&DSH[ &RPPLWWHHV KDYH EHHQ LQWURGXFHG HQVXULQJ
The Company constantly refreshes its ways of
VWULQJHQWPRQLWRULQJRIFDSH[SURSRVDOV7KHSURSRVDOV
working, especially in customer service, innovation,
now systemically need to cover issues like revenue
marketing and distribution. These are now captured
JHQHUDWLQJFDSH[UDWLRFDSH[WULJJHUULVNVDOWHUQDWHV
in the Companys integrated Customer Lifecycle
competitors, among others.
Management approach, which ensures that every
FXVWRPHUV EHKDYLRXU LV VWXGLHG FODVVLHG DQG HGXFWLRQLQFDSH[VSHQGVDQGLPSURYHPHQWLQFDSH[
5
segmented, followed by segmented service and price SURGXFWLYLW\KDVKDSSHQHGZLWKVLJQLFDQWSURJUDPPHV
RHULQJV 2UJDQLVDWLRQDO HHFWLYHQHVV LV HQKDQFHG OLNH,&5EUHVKDULQJ,58EUHFREXLOGDQG$IULFDWRZHU
through appropriate design and creation of leaner disposal.
and multi-functional teams. Technologies and tools The Company has introduced more science into the
EXVLQHVV LQWHOOLJHQFH VFLHQWLF SULFLQJ PRGHOV DUH decision-making criteria for investments in new sites.
deployed in managing the customer lifecycle.
7. Entry of New Competition with Disruptive
1
RQFRPSOLDQFHZLWK6XEVFULEHU9HULFDWLRQ Business Models (Strategic)
and KYC Regulations (Operational) Risk Statement
Risk Statement
Entry of any new operators, including MVNOs into an already
Regulators are introducing more stringent subscriber crowded telecom market is a potential risk. Entry of new
YHULFDWLRQ DQG .<& JXLGHOLQHV LQFOXGLQJ YHULFDWLRQ operators into the market will create surplus capacities,
processes capturing biometrics, such as retina scan, leading to pricing pressures in the industry; and at the same
QJHUSULQWV DPRQJ RWKHUV 7KH TXDOLW\ RI .<& GRFXPHQWV time accelerate customer migration from legacy 2G / 3G
is also being stringently scrutinised. Non-compliance with networks. This may put pressure on margins / cash for the
WKHVHJXLGHOLQHVHQWDLOVHYHUHSHQDOWLHVZKLFKLVUHHFWHGE\ Company, in the short term before industry consolidates and
instances of such actions by regulators on other operators. / or the surplus capacity is absorbed.
Mitigation Mitigation
KH &RPSDQ\ LV LQYHVWLQJ VLJQLFDQWO\ LQ .<& WRROV
7 Airtel has prided itself on being the # 1 network
including biometric scanners to improve the quality of operator across the country. Its long term spectrum
subscriber activation and documentation processes strategy, based on future technologies and consumer
as per required legislation. Self-compliance and needs have been ahead of the market. The Company
reinforcing of tone at the top to ensure compliance is LQ4ZDVWKHUVW*RSHUDWRUWRODXQFK*DFURVV
the bedrock of our control. Focus on quality of partners ,QGLDLQFLWLHVUPLQJLWVSRVLWLRQVDVWKHRQO\*
DQG,7V\VWHPVVWDWUDLQLQJSURDFWLYHPDNHUFKHFNHU operator in the country. The Company has become the
controls and internal audits, as well as robust internal only company with 3G spectrum across 21 of the 22
MIS help achieve adherence to compliances. Internal circles in India. A record breaking 63,816 broadband
MIS on compliance scores, activation time taken, etc. GDWDVLWHVZHUHUROOHGRXWDFURVV,QGLDWKLVVFDOZKLFK
has been standardised to achieve greater focus on is well ahead of all the operators. Airtel has also been
FRPSOLDQFHV 6WD LQYROYHG LQ VXFK SURFHVVHV KDYH the preferred network for high value customers; and
EHHQ UHYDPSHG WR UHHFW FOHDU UHVSRQVLELOLWLHV IRU has the highest ARPU in the industry. The Company has
FRPSOLDQFH WRYHULFDWLRQ DQG .<& JXLGHOLQHV 6HYHUH strategic programmes for driving down churn through
management action is taken in case of any non- DQLQWHJUDWHGDQGHQGWRHQGH[SHULHQFHWKURXJKVKDUS
compliance. propositions for high-value customers.
6. Increase in Cost Structure (Capex / Operating 8. Issues Arising out of Emerging Businesses and
Expenditure) Ahead of Revenues (Operational) New Technologies (Strategic)
Risk Statement Risk Statement
Across markets, costs structures have been increasing both Evolving technologies result in change in customer value
from volumes (new sites rollouts, capacity) or / and rate SURSRVLWLRQV7KHTXDOLW\RILQWHUQHWH[SHULHQFHHVSHFLDOO\LQ

40-125
a seamless manner and indoor environment has emerged as Mitigation

a key competitive parameter. Digital content and apps have The Company has always stood for a fair, transparent and non
now become the favourites for mobile customers. Digital discriminatory government policy on telecom regulation. It
Mobile money technologies, innovative mobile apps, Cloud, has insisted governments of all countries that sustainable
M2M, SaaS and other technology-based VAS products regulatory regimes will lead to a healthy growth of the sector,
are also evolving. Such rapid technology evolution may leading to higher investments and modernisation, which
LPSDFW WKH IXQFWLRQDOLW\ RI H[LVWLQJ DVVHWV DQG DFFHOHUDWH LQ WXUQ EHQHWV WKH LQGXVWU\ DQG VRFLHW\ 7KH &RPSDQ\
obsolescence. Keeping pace with changing customer stands for a regime that promotes healthy, competitive
H[SHFWDWLRQVLVDELJDJHQGDIRUWKHWHOHFRPVHFWRU pricing keeping two objectives in mind customer interests
There is also a serious risk of unavailability of right skills to and health of the sector. As an industry participant the
grow these emerging businesses and / or deploy the new &RPSDQ\SURYLGHVDGHTXDWHIDFWVDQGJXUHVWRSURYHKRZ
technologies. Talent availability in emerging economies is healthy telecom growth strengthens a countrys economic
also limited, since the overall demand for good talent far growth. The Company has been at the forefront of industry
RXWVWULSVWKHVXSSO\VSHFLFDOO\IRU,7DQG1HWZRUNVDHFWLQJ cooperation to share infrastructure, minimise impact on
the performance of our partners also. In addition, there is a the environment, lower operational cost and make services
need for constantly upgrading skills and competencies of the PRUH DRUGDEOH $V D UHVSRQVLEOH RSHUDWRU WKH &RPSDQ\
H[LVWLQJZRUNIRUFH6NLOOPLVPDWFKOHDGVWRIDLOHGODXQFKHV participates in government consultation and industry
ill-planned projects, sub-optimal cost structures, faulty asset association events, to foster collaboration and knowledge
FRQJXUDWLRQVDPRQJRWKHUVZKLFKLQWXUQOHDGVWRQDQFLDO sharing for best industry policies and practices.
losses.
10. Gaps in Internal Controls (Financial and Non-
Mitigation
QDQFLDO2SHUDWLRQDO
Airtels strong strategic vendor relationships especially
Risk Statement
in the areas of network technologies, IT, mobile money
and a few other key VAS technologies help us keep pace The Company serves over 357 Mn customers globally with
with technology shifts and retain market leadership. The a daily average of 4,037 Mn minutes of voice and 1,887
Companys own digital innovations such as Wynk under terra bytes of data carried on wireless networks located at
which OTT apps like Music, Movies and Gaming have more than 181,000 sites. Gaps in internal controls and / or
EHHQODXQFKHG0\$LUWHO$SSHWFDUHIHZH[DPSOHVRI process compliances not only lead to wastages, frauds and
its keeping pace with the changing landscape. losses, but can also adversely impact the Airtel brand.
The potential risks of asset obsolescence are managed Mitigation

through leaner order pipelines, demand-based capacity Airtels business philosophy is to ensure compliance
sourcing and formal swap arrangements with vendors. with all accounting, legal and regulatory requirements
In several countries, the Company is proactively leading proactively. Compliance is monitored meticulously
the development of 3G, 4G, digital content partnerships, at all stages of operation. Substantial investments in
mobile money, among others ahead of the curve to ,7 V\VWHPV DQG DXWRPDWHG ZRUNRZ SURFHVVHV KHOS
leverage big opportunities. The Company has also minimise human errors.
entered the digital payments space with the receipt of a
Payments Bank license, which will enable it to become Besides internal audits, we also have a process of self-
a key player in this rapidly evolving ecosystem. validation of several checklists and compliances as
well as a maker-checker division of duties to identify
9. Adverse Regulatory Taxation or Fiscal Taxation and rectify deviations early enough. The Company has
Developments including Risks Related to Tax also implemented GRC systems (Governance, Risk and
Positions (Legal & Compliance) Compliance) to embed systemic controls.
Risk Statement The Company has introduced Internal Financial
Regulatory developments in India, South Asia and Africa can Controls and the Corporate Audit Group has tested
pose several challenges to the telecom sector. The telecom such controls. The Audit Group has asserted that the
VHFWRULVKLJKO\WD[HGZLWKKLJKUHYHQXHVKDUHEDVHGOLFHQVH Company has in place adequate tools, procedures and
IHHVDQGVLJQLFDQWVSHFWUXPDFTXLVLWLRQFRVWVLQDXFWLRQV SROLFLHV HQVXULQJ RUGHUO\ DQG HFLHQW FRQGXFW RI LWV
PXOWLSOHOHYLHVVXFKDVVHUYLFHWD[HVH[FLVHGXWLHV6LPWD[ business, including adherence to Companys policies,
9$7DQGVRRQ7KHFRUSRUDWHWD[UDWHVRQSURWVFRPELQHG safeguarding of its assets, prevention and detection
ZLWK ZLWKKROGLQJ WD[HV RQ UHPLWWDQFHV KDYH PDGH WKH of frauds and errors, accuracy and completeness of
RYHUDOO WD[ VWUXFWXUH H[WUHPHO\ KHDY\ ,Q VHYHUDO FRXQWULHV accounting records; and timely preparation of reliable
WD[ OLWLJDWLRQV DUH JHWWLQJ SURORQJHG GXH WR DPELJXRXV QDQFLDOLQIRUPDWLRQ
interpretations and / or lack of judicial precedents. In some
countries, which are undergoing economic challenges, Internal Controls
unfortunately, the telecom industry is being seen as a cash
The Companys philosophy towards internal controls is
cow. The stringent regulatory requirements in respect
based on the principle of healthy growth with a proactive
of rollout / coverage and quality of services accompanied
approach to risk management.
by unreasonable demands also pose another threat. Such
DGYHUVHUHJXODWRU\RUWD[DWLRQGHYHORSPHQWVKDYHDHFWHG The Circle and Country Finance Heads are held accountable
the telecom sector, including the Company. IRU QDQFLDO FRQWUROV PHDVXUHG E\ REMHFWLYH PHWULFV

on accounting hygiene and audit scores. They are fully India. The award recognises entities for innovation in the
responsible for accuracy of books of accounts, preparation use of technology, controls, business process and internal
RI QDQFLDO VWDWHPHQWV DQG UHSRUWLQJ WKH VDPH DV SHU auditing in an innovative manner for business impact.
the Companys accounting policies. Regulatory and
7KH $LUWHO &HQWUH RI ([FHOOHQFH $&( EDVHG LQ *XUJDRQ
legal requirements, accounting standards, and other
and Bengaluru, is the captive shared service for Financial
pronouncements are assessed regularly as to whether and
Accountage, Revenue Assurance, SCM and HR processes. It
WRZKDWH[WHQWWKH\DUHUHOHYDQWDQGWKHLUUHODWHGLPSDFWRQ
FRQWLQXHVWRH[SDQGLWVIRRWSULQWDFURVVFRXQWULHVWKHUHE\
QDQFLDOUHSRUWLQJ7KHUHOHYDQWUHTXLUHPHQWVDUHGHQHGLQ
ensuring standardisation of all these processes across the
the Group Accounting Manuals, which are communicated
organisation with inbuilt embedded controls. Digitisation of
WR UHOHYDQW XQLWV DQG WRJHWKHU ZLWK WKH QDQFLDO UHSRUWLQJ
ACE is being aimed as a part of the transformation agenda
calendar evidencing the tasks and timelines that are binding
and includes initiatives like system based reconciliation,
WKURXJKRXW WKH *URXS IRUPV WKH EDVLV RI WKH QDQFLDO
UHSRUWLQJSURFHVVHVZLWKYLYLGO\GHQHGVHJUHJDWLRQRIGXWLHV
reporting process.
ERP integration in Africa into an Oracle Single Instance has
The Company deploys robust system of internal controls been accomplished across all African countries, ensuring
WKDW IDFLOLWDWHV IDLU SUHVHQWDWLRQ RI RXU QDQFLDO UHVXOWV LQ XQLIRUPLW\DQGVWDQGDUGLVDWLRQLQ(53FRQJXUDWLRQVFKDUW
a manner that is complete, reliable and understandable, RI DFFRXQWV QDQFH DQG 6&0 SURFHVVHV DFURVV FRXQWULHV
ensure adherence to regulatory and statutory compliances, 4XDOLW\RIQDQFLDOUHSRUWLQJDQGFRQWUROVFRQWLQXHVWRVKRZ
and safeguards investor interest by ensuring the highest LPSURYHPHQW :H FRQWLQXRXVO\ H[DPLQH RXU JRYHUQDQFH
level of governance and periodic communication with practices to enhance investor trust and improve the Boards
investors. M/s. S.R. Batliboi & Associates LLP, our Statutory RYHUDOO HHFWLYHQHVV ,QLWLDWLYHV XQGHUWDNHQ LQ WKH SUHYLRXV
Auditors, have done an independent evaluation of key years such as virtual desktop interface for ultimate data
FRQWUROV RYHU QDQFLDO UHSRUWLQJ ,&2)5 DQG H[SUHVVHG security, self-validation checks, desktop reviews and regular
DQ XQTXDOLHG RSLQLRQ VWDWLQJ WKDW WKH &RPSDQ\ KDV LQ SK\VLFDO YHULFDWLRQ DUH SURGXFLQJ PHDVXUDEOH RXWFRPHV
DOO PDWHULDO UHVSHFWV DGHTXDWH LQWHUQDO QDQFLDO FRQWURO through substantial improvement in control scores across
V\VWHP RYHU QDQFLDO UHSRUWLQJ DQG VXFK LQWHUQDO QDQFLDO both India and Africa.
FRQWUROV RYHU QDQFLDO UHSRUWLQJ ZHUH RSHUDWLQJ HHFWLYHO\
Oracle Governance Risk & Compliance (GRC) module
as on March 31, 2016. Independent validation was also led
has been implemented for India and Africa to strengthen
E\&RUSRUDWH$XGLW*URXSIRUDVVHVVLQJWKHHHFWLYHQHVVRI
H[LVWLQJFRQWUROVSHUWDLQLQJWRDFFHVVULJKWVIRUYDULRXV(53V
Internal Financial Controls (IFC) and no reportable material
ensuring segregation of duties and preventing possibilities
weaknesses in the design or operation were observed.
RIDFFHVVFRQLFWV
The Company has in place an Internal Assurance Group
(IAG) headed by Group Director - Internal Assurance. Material Developments in Human Resources
M/s. KPMG and M/s. ANB & Co (ANB) are the Internal At Bharti Airtel, talent has always been key to our sustainable
$XGLWRUV RI WKH &RPSDQ\ ZKLFK FRQGXFWV QDQFLDO growth. From the roll-out of 4G technology to the latest
compliance and process improvement audits each year. GLJLWDODSSVEULOOLDQWFXVWRPHUH[SHULHQFHDQGQHZVHUYLFH
Our Audit Committee oversees the scope and evaluates propositions, our people are involved in both design and
the overall results of these audits, and members of that H[HFXWLRQ:HUHDOLVHWKDWRXUDELOLW\WRFRQWLQXHDQGVXVWDLQ
Committee regularly attend meetings of Board of Directors. RXU JURZWK DQG H[WUDRUGLQDU\ VXFFHVV VWURQJO\ GHSHQGV
7KH$XGLW&RPPLWWHHDOVRUHYLHZVWKHHHFWLYHQHVVRIWKH on our ability to grow and nurture this talent. Through our
internal control system, and invites functional Directors 10-point Talent First agenda, the people pillar of the Airtel
and senior management personnel to provide updates on GPS, our endeavour is to provide an enabling environment
RSHUDWLQJ HHFWLYHQHVV DQG FRQWUROV IURP WLPH WR WLPH that empowers our employees to learn, grow and succeed.
$ &(2 DQG &)2 &HUWLFDWH IURP DOO RSHUDWLQJ HQWLWLHV
IRUPLQJSDUWRIWKH&RUSRUDWH*RYHUQDQFH5HSRUWFRQUPV In 2015-16, we encouraged a culture of performance
WKH H[LVWHQFH DQG HHFWLYHQHVV RI LQWHUQDO FRQWUROV DQG H[FHOOHQFH E\ SURYLGLQJ HPSOR\HHV FRPSOHWH FODULW\ RQ
UHLWHUDWHV WKHLU UHVSRQVLELOLWLHV WR UHSRUW GHFLHQFLHV WR WKH WKHLUJRDOV(PSOR\HHVZHUHH[SHFWHGWRVHWRQO\IRXU.5$V
Audit Committee and rectify the same. The Companys code three operational and one strategic. Mid-year and year-end
of conduct requires compliance with law and Company performance assessments and dialogues provided a view of
SROLFLHVDQGDOVRFRYHUVPDWWHUVVXFKDVQDQFLDOLQWHJULW\ the employees performance to his / her reporting manager,
DYRLGLQJFRQLFWVRILQWHUHVWZRUNSODFHEHKDYLRXUGHDOLQJV who in turn provided feedback to the person concerned.
ZLWKH[WHUQDOSDUWLHVDQGUHVSRQVLELOLWLHVWRWKHFRPPXQLW\ Employees performance and potential were then discussed
in Talent Councils to enable One View of Talent across the
$XGLWV DUH FDWHJRULVHG LQWR GHQHG DVVXUDQFH WUDFNV ZLWK Company; and ensure that leaders are made accountable
M/s. KPMG responsible to audit Finance and Technology for talent development. The Companys leadership
track and ANB responsible to audit Customer and L&R development strategy is focused on nurturing in-house
track. M/s. KPMG is also engaged to perform forensics work. talent through need-based interventions. With an internal
Bottom-up risk assessment and directional inputs from the succession rate of over 70% and over 16% of employees
Audit & Risk Management Committee formed the basis of with cross-functional H[SHULHQFH WKH &RPSDQ\ KDV
audit priorities. The Company was awarded for Innovation been able to provide accelerated career and development
in Internal Audit 2016 by the Institute of Internal Auditors, opportunities to its young talent.

40-125
At the senior leadership level, succession planning was Conference. In another prestigious recognition, an Airtel
conducted for critical roles to ensure a ready pipeline. A employee in Seychelles, Ms. Erna Hoarau, was bestowed
360-degree feedback survey was administered for over with the National Employee of the Year award for the ICT
370 senior leaders across India and Africa to enhance Industry by the Ministry of Labour & HRD.
OHDGHUVKLSHHFWLYHQHVV7KH\HDUVDZWKHODXQFKRI$LUWHOV
new Learning Management System, iLearn, with interactive Outlook
features like social learning, virtual connect sessions, Indias telecommunications sector continues to be an
e-libraries and so on. There was a continued focus on role- integral part of the countrys engine of growth, innovation
based academies for critical talent like the Zonal Business and disruption. With a subscriber base of nearly
Manager Academy. The Companys high impact functional 1,058.86 Mn at the end of March 2016, India has the
learning programmes in Sales, Marketing, Network, worlds second largest telecom network. Mobile based
)LQDQFH 6&0 DQG ,7 DQG SUHVWLJLRXV H[WHUQDO leadership Internet is a key component of the countrys internet usage,
development programmes, also enabled enriching learning with seven out of eight users accessing internet from their
H[SHULHQFHV:HDOVRODXQFKHGDQinduction module giving PRELOH SKRQHV 7KH DYDLODELOLW\ RI DRUGDEOH VPDUWSKRQHV
an overview of Bharti Group, Airtel and its business verticals. is driving industry growth. Smartphones will likely account
As a part of our commitment to build a diverse workforce, for over 80% of annual phone shipments by 2018. Thanks
ZH LQFUHDVHG RXU 0DWHUQLW\ OHDYH SROLF\ IURP WKH H[LVWLQJ to e-commerce, mobile banking and high quality content
12 weeks to 22 weeks, along with the Companys pledge viewing (anytime anywhere), India is set to witness an
to provide the same or an equivalent role to the woman H[SRQHQWLDO GDWD JURZWK ZKLOH YRLFH JURZWK LV ODUJHO\
employee on return. stabilising.
The Company has also launched the Mood-o-Meter app, $IULFDV WHOHFRP VHFWRU KDV VHHQ H[SRQHQWLDO JURZWK LQ
which gives employees an option to provide feedback mobile phone usage since the early 2000s. Over the
throughout the year. With thousands of employees working in past year, digital innovation continues to transform the
WKHPDUNHWHOGDQGVWRUHVWKLVXQLTXHIHDWXUHRIIHHGEDFN continents economic and business landscape. There are
on-the-go is useful to regularly feel the organisational pulse. substantial growth opportunities in the data market in Africa,
both in terms of data connectivity and data based services.
The past year also saw multiple initiatives to brand Airtel as $IULFD E\SDVVHG [HG OLQHV WR GHYHORS PRELOH QHWZRUNV
an Employer of Choice. Some of them are: Airtel Stories $GGLWLRQDOO\ PRELOH PRQH\ KDV VLJQLFDQWO\ HQKDQFHG
(highlighting the career journey of employees); launching a QDQFLDOLQFOXVLRQLQ$IULFD$IULFDVPRELOH0RQH\0DUNHWLV
refurbished Airtel careers website; and enhanced presence H[SHFWHGWRJURZQHDUO\VHYHQIROGE\
on LinkedIn (over 238,790 followers) and Facebook.
Telecom operators continue to invest heavily on networks
Airtel was ranked No 1 in Business Todays Best Companies
to tap the increased demand from the sector. Bharti Airtels
to Work For survey in the telecom sector, and No 8 overall. In
pan-India 4G footprint, payments bank license, South Asian
Africa, Airtel was awarded the Best Organisation in the L&D
SUHVHQFH GLYHUVLHG SURGXFW SRUWIROLR DQG QHWZRUN UROORXWV
category in the Caf Africa 2015 eLearning International
in Africa will act as a major stimulus to the Companys growth.

Report on Corporate Governance

Corporate Governance is more than set of processes Adopts policies on tenure of Directors, rotation of
and compliances at Bharti Airtel Limited. It underlines Auditors and a Code of Conduct for Directors and
the role that we see for ourselves for today, tomorrow Senior Management.
and beyond.
Creates various Committees for Audit & Risk
,Q DFFRUGDQFH ZLWK 6HFXULWLHV DQG ([FKDQJH %RDUG RI Management, HR and Nomination, Corporate Social
India (Listing Obligations and Disclosure Requirements) Responsibility, Employee Stock Option Plans and
Regulations, 2015 (Listing Regulations) and some of the best Stakeholders Relationship.
practices followed internationally on Corporate Governance,
Ensures complete and timely disclosure of relevant
the following report on governance lays down the ethos of
QDQFLDO DQG RSHUDWLRQDO LQIRUPDWLRQ WR HQDEOH WKH
Bharti Airtel Limited (Bharti Airtel / Airtel / the Company)
%RDUGWRSOD\DQHHFWLYHUROHLQJXLGLQJVWUDWHJLHV
and its commitment to conduct business in accordance with
sound Corporate Governance practices. Organises meetings of Independent Directors without
WKH SUHVHQFH RI DQ\ 1RQ,QGHSHQGHQW ([HFXWLYH
Governance Philosophy Directors and members from the management
At Bharti Airtel, the philosophy of Corporate Governance to identify areas, where they need more clarity or
focuses on creating and sustaining a deep relationship information and putting the same before the Board or
of trust and transparency with all stakeholders. We follow management.
ethical business standards in all our operations globally. We
HUV D IRUPDO LQGXFWLRQ VFKHGXOH DQG SURYLGH
2
consider stakeholders as partners in our journey forward
and we are committed to ensure their wellbeing, despite familarisation programme for new Board members
business challenges and economic volatilities. that enable them to meet individually with the top
management team, customers etc.
7KHQRUPVDQGSURFHVVHVRI&RUSRUDWH*RYHUQDQFHUHHFW
our commitment to disclose timely and accurate information HYLHZV UHJXODUO\ DQG HVWDEOLVKHV HHFWLYH PHHWLQJ
5
UHJDUGLQJRXUQDQFLDODQGRSHUDWLRQDOSHUIRUPDQFHDVZHOO practices that encourage active participation and
as the Companys leadership and governance structure. Over contribution from all members.
the years, our stakeholder commitment has enhanced the Ensures independence of Directors in reviewing and
respect and recall of our brand nationally and internationally. approving corporate strategy, major business plans and
Our global stature has enabled us to attract best industry activities.
WDOHQW DQG QDQFLDO UHVRXUFHV WR WUDQVODWH RXU VKRUWWHUP
and long-term strategies into a viable business blueprint. HHSVLQSODFHDZHOOGHQHGFRUSRUDWHVWUXFWXUHWKDW
.
establishes checks, balances and delegates decision
Our Board of Directors (Board) shapes the long-term making to appropriate levels in the organisation, though
vision and policy approach to steadily elevate the quality WKH%RDUGDOZD\VUHPDLQVLQHHFWLYHFRQWURORIDDLUV
RI JRYHUQDQFH LQ RXU RUJDQLVDWLRQ :H IROORZ D GHQHG
guideline and an established framework of corporate Corporate Governance Rating
governance. The objective is to emerge as a market leader
CRISIL assigned its Governance and Value Creation (GVC)
in our industry, nationally and internationally with focus on
rating, viz. CRISIL GVC Level 1 on the Corporate Governance
creating greater value for all those who have a stake in our
progress directly or indirectly. At the same time, the Board practices adopted by Airtel. The rating indicates that Bharti
puts a lot of emphasis on creating a global talent pool and Airtels capability, with respect to Corporate Governance
helping protect the environment by following green practices and value creation for all its stakeholders, is the highest. The
and technologies. Company acknowledges that standards are a constantly
upwardly moving target. It aims to benchmark itself with the
2XU HQOLJKWHQHG %RDUG UHSUHVHQWV D FRQXHQFH RI best of companies in India and globally and to maintain the
H[SHULHQFHDQGH[SHUWLVHDFURVVGLYHUVHDUHDVUDQJLQJIURP highest ratings for its practices.
JOREDO QDQFH WHOHFRPPXQLFDWLRQ JHQHUDO PDQDJHPHQW
administrative services and consulting. There is a clear Governance Structure
demarcation of duties and responsibilities among the Sustaining a culture of integrity along with high performance
Chairman and Managing Directors & CEOs to ensure best
RULHQWDWLRQLQWRGD\VFRPSOH[EXVLQHVVHQYLURQPHQWQHHGV
corporate performance and socio-economic value creation.
a robust governance structure. The Corporate Governance
Our governance conforms to global standards through structure of the Company is multi-tiered, comprising
continuous evaluation and benchmarking. It is based on the governing / management Boards at various levels, each of
following broad tenets whereby the Company: which is interlinked in the following manner:
Adopts transparent procedures and practices and WWKHDSH[OHYHOLVWKH%RDUGRI'LUHFWRUVDQGYDULRXV
$
arrives at decisions based on adequate information. committees, which collectively direct the highest
standards of Corporate Governance and transparency
QVXUHV FRPSOLDQFH ZLWK UHJXODWRU\ DQG GXFLDU\
(
LQ WKH &RPSDQ\V IXQFWLRQLQJ 7KH %RDUG H[HUFLVHV
requirements in letter and spirit.
independent judgement in overseeing management
HUV KLJK OHYHOV RI GLVFORVXUHV WR GLVVHPLQDWH
2 performance on behalf of the share owners and
FRUSRUDWH QDQFLDO DQG RSHUDWLRQDO LQIRUPDWLRQ WR DOO other stakeholders, and hence, plays a vital role in
stakeholders. the oversight and management of the Company. The

40-125
Board is chaired by the Chairman, who is responsible The Board comprises of twelve members which includes a
for the overall strategy development, alliances, Chairman, a Managing Director & CEO (India & South Asia)
leadership development, international opportunities, IRXU1RQ([HFXWLYH'LUHFWRUVDQGVL[,QGHSHQGHQW'LUHFWRUV
strengthening governance practices and enhancing
'HWDLOHG SUROH RI HDFK RI WKH 'LUHFWRUV LV DYDLODEOH RQ
brand value and Airtels global image and reputation.
the Companys website at www.airtel.com in the Investor
At one level below the Board, strategic co-ordination Relations section.
and direction is provided by the Airtel Corporate
The Companys Board members are from diverse
Council (ACC). The ACC is headed by the Chairman
EDFNJURXQGV ZLWK VNLOOV DQG H[SHULHQFH LQ FULWLFDO DUHDV
and comprises the Managing Directors & CEOs
OLNH WHFKQRORJ\ JOREDO QDQFH WHOHFRPPXQLFDWLRQ
and selected senior management personnel as its
entrepreneurship, administrative services, consulting and
members. The key role and responsibilities of the ACC
JHQHUDOPDQDJHPHQW0DQ\RIWKHPKDYHZRUNHGH[WHQVLYHO\
are provided later in this report.
in senior management positions in global corporations, and
The Managing Director & CEO (India & South Asia) others are industrialists of repute with a deep understanding
is responsible for strategy deployment and overall of the global business environment. The Board reviews its
business performance of Indian and South Asia. He strength and composition from time to time to ensure that
is supported by the Airtel Management Board (AMB). it remains aligned with the statutory, as well as business
The Companys business in India is structured into four requirements.
business units (BUs) i.e. Mobile Services, Telemedia
Services, Airtel Business and Digital TV Services, each As per the Companys Policy on Nomination, Remuneration
headed by a Business President / CEO. and Board Diversity, selection of a new board member(s)
is the responsibility of the HR and Nomination Committee,
The Passive Infrastructure business is deployed, owned which is subsequently approved by the Board. All the
and managed by Bharti Infratel Limited (Infratel), a appointments are made with unanimous approval. The
listed subsidiary company. Infratels operations are appointment of such Director is subsequently approved by
managed by its Managing Director & CEO under the the shareholders at the Annual General Meeting (AGM).
supervision of an Independent Board. The business While the shareholders representative Directors are
transactions between the Company and Infratel are proposed by the respective shareholders, Independent
undertaken on an arms length basis, since it provides Directors are selected from diverse academic, professional
services to other telecom operators as well, on a non- or technical background depending upon business needs.
discriminatory basis.
The Companys operations in Africa are guided by Independent Directors
the Managing Director & CEO (Africa) of Bharti Airtel The Company has a policy on Independent Directors, their
International (Netherlands) B.V., a subsidiary company. roles, responsibilities and duties, are consistent with the
He is responsible for strategy deployment and overall Listing Regulations and Section 149 of the Companies Act,
business performance. He is supported by the Africa 2013. It sets out the criteria of independence, age limits,
([HFXWLYH$(; recommended tenure, committee memberships, remuneration
and other related terms of appointment. The policy emphasises
The AMB in India and South Asia, and AEX in Africa importance of independence. As per the policy:
provide support relating to the Companys business
strategy and also derive operational synergies across a) The Independent Director must meet the baseline
business units. They own and drive company-wide GHQLWLRQ DQG FULWHULD RQ LQGHSHQGHQFH DV VHW RXW LQ
processes, systems, policies, and also function as role Listing Regulations (erstwhile Listing Agreement) and
models for leadership development and as catalysts Section 149 of the Companies Act, 2013 and other
for imbibing customer centricity and meritocracy in the regulations.
Company. E 7KH,QGHSHQGHQW'LUHFWRUPXVWQRWEHGLVTXDOLHGIURP
Airtels governance structure thus helps in clearly being appointed as Director in terms of Section 164
determining the responsibilities and entrusted powers and other applicable provisions of the Companies Act,
RIHDFKRIWKHEXVLQHVVHQWLWLHVHQDEOLQJWKHPWRIXOOO 2013.
WKRVH UHVSRQVLELOLWLHV LQ WKH PRVW HHFWLYH PDQQHU ,W
c) KHPLQLPXPDJHLV\HDUVDQGWKHPD[LPXPLV
7
also allows the Company to retain the organisational years.
'1$ ZKLOH HQDEOLQJ HHFWLYH GHOHJDWLRQ RI DXWKRULW\
and empowerment at all levels. d) The Independent Directors are not to be on the Board
RIPRUHWKDQVL[OLVWHGFRPSDQLHV+RZHYHUSXUVXDQW
Board of Directors to the Listing Regulations if the Independent Director is
serving as a Whole-time Director in any listed company
Composition of the Board
then he shall not serve as an Independent Director in
7KH &RPSDQ\V %RDUG LV DQ RSWLPXP PL[ RI ([HFXWLYH more than three listed companies.
1RQ([HFXWLYH DQG ,QGHSHQGHQW 'LUHFWRUV DQG FRQIRUPV
with the provisions of the Companies Act, 2013, the Listing e) ThH PD[LPXP WHQXUH LV WZR WHUPV RI YH\HDUV HDFK
Regulations, FDI guidelines, terms of the requirements of the However, the second term is subject to approval by
shareholders agreement and other statutory provisions. shareholders by way of special resolution.
Report on Corporate Governance 105

The Company has issued letter of appointment to all opportunity to familiarise themselves with the Company, its
the Independent Directors. This letter inter-alia sets out management, its operations and the industry in which the
the roles, functions, duties and responsibilities, details Company operates.
regarding remuneration, training and development and
The induction programme includes one-to-one interactive
performance evaluation process. The detailed terms
and conditions of the appointment of Independent sessions with the top management team, business and
Directors are available on the Companys website i.e. functional heads, among others, and also includes visit to
http://www.airtel.in/wps/wcm/connect/2ffaf2d2- networks centre to understand the operations and technology.
d 5 4 2 - 4 4 e 2 - a 4 2 a - 5 0 2 2 5 c 9 2 4 5 f 5 / Te r m s - a n d - Apart from the induction programme, the Company
Conditions-of-Appointment-of-Independent-Director. periodically presents updates at the Board / Committee
pdf?MOD=AJPERES. meetings to familiarise the Directors with the Companys
VWUDWHJ\EXVLQHVVSHUIRUPDQFHRSHUDWLRQVSURGXFWRHULQJV
At the time of appointment and thereafter at the QDQFHULVNPDQDJHPHQWIUDPHZRUNKXPDQUHVRXUFHVDQG
EHJLQQLQJ RI HDFK QDQFLDO \HDU WKH ,QGHSHQGHQW other related matters. The Board members are also given an
'LUHFWRUV VXEPLW D VHOIGHFODUDWLRQ FRQUPLQJ WKHLU opportunity to visit Airtel outlets and meet customers / other
independence and compliance with various eligibility VWDNHKROGHUV SHULRGLFDOO\ IRU JDLQLQJ UVWKDQG H[SHULHQFH
criteria laid down by the Company, among other about the products and services of the Company.
disclosures and the Company also ensures that its
Directors meet the above eligibility criteria. All such The Board also has an active communication channel with
declarations are placed before the Board for information. WKH H[HFXWLYH PDQDJHPHQW ZKLFK HQDEOH 'LUHFWRUV WR UDLVH
TXHULHVVHHNFODULFDWLRQVIRUHQDEOLQJDJRRGXQGHUVWDQGLQJ
Lead Independent Director of the Company and its various operations. Quarterly updates,
The Company has for a long time followed the practice of press releases and mid-quarter updates are regularly
appointing a Lead Independent Director. Mr. Craig Ehrlich is FLUFXODWHGWRWKH'LUHFWRUVWRNHHSWKHPDEUHDVWRQVLJQLFDQW
currently designated as the Lead Independent Director and developments in the Company.
his role and responsibilities, inter alia, are to:
Detailed familiarisation programme for Directors is available
Preside over all deliberation sessions of the Independent on the Companys website at http://www.airtel.in/wps/
Directors. wcm/connect/ea0152dc-a649-40ae-89d9-b3cec142d249/
Provide objective feedback of the Independent Directors Familiarisation+Programme+for+Board+Members.
as a group to the Board on various matters, including pdf?MOD=AJPERES&ContentCache=NONE.
agenda and other matters relating to the Company.
Board Evaluation
Undertake such other assignments, as may be In compliance with the provisions of the Companies Act,
requested by the Board from time to time. 2013 and the Listing Regulations, the HR and Nomination
Committee has approved the process, format, attributes and
Meeting of Independent Directors
criteria for the performance evaluation of the Board, Board
The Independent Directors meet separately at least once
Committees and Individual Directors including the Chairman
in a quarter, prior to the commencement of Board meeting,
and Managing Director & CEO (India and South Asia). The
without the presence of any Non-Independent Directors or
process provides that the performance evaluation shall be
representatives of management. They meet to discuss and
carried out on an annual basis. During the year, the Directors
form an independent opinion on the agenda items, various
had completed the evaluation process, which included
other Board-related matters, identify areas where they need
for clarity or information from management and to annually evaluation of the Board as a whole, the Board Committees
review the performance of Non-Independent Directors, the and individual Directors including the Chairman and the MD
Board as a whole and the Chairman. The Lead Independent & CEO (India and South Asia). The evaluation process was
Director updates the Board about the proceedings of the IDFLOLWDWHGE\DQLQGHSHQGHQWFRQVXOWLQJUP
meeting. Performance of the Board and Board Committees were
In these meetings, the Independent Directors also meet the evaluated on various parameters such as structure,
Statutory Auditors, as well as Internal Auditors at least once FRPSRVLWLRQ TXDOLW\ GLYHUVLW\ H[SHULHQFH FRPSHWHQFLHV
D \HDU E\ URWDWLRQ WR GLVFXVV LQWHUQDO DXGLW HHFWLYHQHVV SHUIRUPDQFH RI VSHFLF GXWLHV DQG REOLJDWLRQV TXDOLW\ RI
control environment and their general feedback. The Lead GHFLVLRQPDNLQJDQGRYHUDOO%RDUGHHFWLYHQHVV
Independent Director updates the Audit & Risk Management Performance of individual Directors was evaluated on
Committee / the Board about the outcome of the meetings parameters, such as meeting attendance, participation
and action, if any, required to be taken by the Company. and contribution, responsibility towards stakeholders and
During FY 2015-16, the Independent Directors met four independent judgement.
times i.e. April 28, 2015, August 04, 2015, October 25, 2015 The Chairman and the MD & CEO were evaluated on certain
and January 28, 2016. additional parameters, such as performance of the Company,
Familiarisation programme for Board members leadership, relationships, communication, recognition and
The Company has adopted a well structured two-day awards received by the Company.
induction programme for orientation and training of Directors Some of the performance indicators based on which the
at the time of their joining so as to provide them with an Independent Directors were evaluated include:

40-125
HYRWLRQ RI VXFLHQW WLPH DQG DWWHQWLRQ WRZDUGV

' functional heads of various business segments / functions
professional obligations for independent decision are also invited at regular intervals to present updates on
making and for acting in the best interest of the their core areas.
Company.
Information available to the Board
Providing strategic guidance to the Company and help The Board has complete access to all the relevant
determine important policies with a view to ensure information within the Company and to all the employees
long-term viability and strength. of the Company. The information shared on a regular basis
ULQJLQJH[WHUQDOH[SHUWLVHDQGLQGHSHQGHQWMXGJHPHQW
% ZLWKWKH%RDUGVSHFLFDOO\LQFOXGHV
that contributes objectivity in the Boards deliberation, Annual operating plans, capital budgets and updates
particularly on issues of strategy, performance and therein.
FRQLFWPDQDJHPHQW
Quarterly and annual consolidated and standalone
All Directors participated in the evaluation survey and UHVXOWV DQG QDQFLDO VWDWHPHQWV RI WKH &RPSDQ\ DQG
UHYLHZ ZDV FDUULHG RXW WKURXJK SHHUHYDOXDWLRQ H[FOXGLQJ its operating divisions or business segments.
the Director being evaluated. The result of evaluation was
discussed in the Independent Directors meeting, respective Minutes of meetings of the Board and Board
Committee meetings and in the Board Meeting held on Committees, resolutions passed by circulations, and
April 27, 2016. The Board members noted the suggestions/ Board minutes of the unlisted subsidiary companies.
inputs of Independent Directors, HR and Nomination Information on recruitment / remuneration of senior
Committee and respective committee Chairman and also RFHUVMXVWEHORZ%RDUGOHYHO
discussed various initiatives to further strengthen Board
HHFWLYHQHVV Material important show cause, demand, prosecution
notices and penalty notices, if any.
Board Meeting Schedules and Agenda
The calendar for the Board and Committee meetings, in Fatal or serious accidents, dangerous occurrences,
ZKLFK WKH QDQFLDO UHVXOWV ZRXOG EH FRQVLGHUHG LQ WKH PDWHULDOHXHQWRUSROOXWLRQSUREOHPVLIDQ\
HQVXLQJ\HDUDVZHOODVPDMRULWHPVRIWKHDJHQGDDUH[HG Q\ PDWHULDO GHIDXOW LQ QDQFLDO REOLJDWLRQV WR DQG E\
$
in advance for the whole year. The Board Calendar for the the Company or substantial non-payment for services
QDQFLDO\HDUKDVEHHQGLVFORVHGODWHULQWKHUHSRUW provided by the Company.
and has also been uploaded on the Companys website.
The Board meetings are held within 45 days from the Any issue which involves possible public or product
end of the quarter in the manner that it coincides with the liability claims of substantial nature, if any.
announcement of quarterly results. Time gap between two
Details of any acquisition, joint venture or collaboration
FRQVHFXWLYHPHHWLQJVGRHVQRWH[FHHGGD\V,QFDVHRI
agreement.
an urgent necessity, additional Board meetings are called.
Transactions involving substantial payment towards
The Audit & Risk Management Committee and the HR and
goodwill, brand equity or intellectual property.
Nomination Committee meetings are generally held on the
same dates as Board meetings. To ensure an immediate Human resource updates and strategies.
update to the Board, the Chairman of the respective
committee briefs the Board about the proceedings of the Sale of material nature, investments, subsidiaries,
respective committee meetings. assets, which is not in the normal course of business.
The Company Secretary, in consultation with the Chairman, Quarterly treasury reports.
prepares the Board and the Committee meetings agenda. XDUWHUO\FRPSOLDQFHFHUWLFDWHVZLWKWKH([FHSWLRQV
4
7KH GHWDLOHG DJHQGD DORQJ ZLWK H[SODQDWRU\ QRWHV DQG Reports, which includes non-compliance of any
DQQH[XUHV DV DSSOLFDEOH DUH VHQW WR WKH %RDUG DQG regulatory, statutory nature or listing requirements and
Committee members well in advance, at least a week before shareholders service.
WKH PHHWLQJV ,Q VSHFLDO DQG H[FHSWLRQDO FLUFXPVWDQFHV
additional or supplementary item(s) are permitted to be Disclosures received from Directors.
taken up as any other item. Sensitive subject matters are Proposals requiring strategic guidance and approval of
discussed at the meeting, without written material being the Board.
circulated in advance.
Related party transactions.
As a process prior to each Board meeting, proposals
are invited from Independent Directors for discussion / Regular business updates.
deliberation at the meeting(s) and these are included in the
Update on Corporate Social Responsibility activities.
meetings agenda.
LJQLFDQW WUDQVDFWLRQV
6 DQG DUUDQJHPHQWV E\
Group CFO and other Senior Management members are
subsidiary companies.
invited to the Board meetings to present reports on the
items being discussed at the meeting. In addition, the Report on action taken on last Board meeting decisions.

Number of Board Meetings

During FY 2015-16, the Board met four times i.e. on April 28, 2015, August 04, 2015, October 26-27, 2015 and January 28,
2016. Requisite information, according to the requirements of Regulation 34 of the Listing Regulations is provided below:
Name of Director Director Category Number of other directorships1 No. of board Whether
,GHQWLFDWLRQ and committee2 memberships and meetings attended
Number chairmanships attended last AGM
Directorships Committees (total held
during
Chairman Member
tenure)
Mr. Sunil Bharti Mittal 00042491 Chairman 9 Nil Nil 4 (4) Yes
Executive
Mr. Gopal Vittal 02291778 2 Nil Nil 4 (4) Yes
Director
Non-Executive
Ms. Chua Sock Koong3 00047851 1 Nil Nil 2 (4) No
Director
Non-Executive
Mr. Rajan Bharti Mittal4 00028016 N.A. N.A. N.A. 3 (3) No
Director
Non-Executive
Mr. Rakesh Bharti Mittal5 00042494 14 Nil 1 1 (1) N.A.
Director
Sheikh Faisal Thani Non-Executive
06675785 Nil Nil Nil 1 (4) No
Al-Thani Director
Non-Executive
Ms. Tan Yong Choo 02910529 1 Nil Nil 4 (4) No
Director
Independent
Mr. Ben Verwaayen 06735687 Nil Nil Nil 4 (4) No
Director
Independent
Mr. Craig Ehrlich 02612082 Nil Nil Nil 4 (4) No
Director
Independent
Mr. D. K. Mittal 00040000 11 Nil 4 4 (4) Yes
Director
Independent
Ms. Obiageli Ezekwesili6 06385532 N.A. N.A. N.A. 0 (2) No
Director
Independent
Mr. Manish Kejriwal 00040055 3 Nil 2 3 (4) No
Director
Independent
Mr. Shishir Priyadarshi9 03459204 1 Nil Nil 4 (4) No
Director
Independent
Mr. V. K. Viswanathan 01782934 7 3 2 4 (4) Yes
Director
1. The directorships, held by Directors, as mentioned above, do not include the directorships held in foreign body corporates and Bharti Airtel Limited.
2. Committees considered for the purpose are those prescribed under Regulation 26 of the Listing Regulations viz. the Audit and Risk Management Committee
and the Stakeholders Relationship Committee of Indian Public Limited companies other than Bharti Airtel Limited. Committee memberships details provided
do not include chairmanship of committees as it has been provided separately.
3. Two meetings were attended by Mr. Mark Chong Chin Kok, alternate Director.
4. Mr. Rajan Bharti Mittal ceased to be a Director w.e.f. January 07, 2016.
5. Mr. Rakesh Bharti Mittal was appointed as an additional Director w.e.f. January 07, 2016.
6. The term of Ms. Obiageli Ezekwesili ended on September 25, 2015.
([FHSW0U6XQLO%KDUWL0LWWDODQG0U5DNHVK%KDUWL0LWWDOZKRDUHEURWKHUVQRQHRIWKH'LUHFWRUVDUHUHODWLYHVRIDQ\RWKHU'LUHFWRU
8. As on March 31, 2016, apart from Mr. Gopal Vittal, Managing Director & CEO (India & South Asia) who holds 2,29,885 equity shares, no other Director of the
Company holds shares in the Company.
9. Board meeting for the quarter ended September 30, 2015 was held for two days i.e. October 26, 2015 and October 27, 2015. Mr. Shishir Priyadarshi was
granted leave of absence for October 27, 2015.
Nomination, Remuneration & Board Diversity rewarding performance based on a periodice review of the
In terms of the Listing Regulations and Companies Act, achievements periodically.
2013, the Board has approved a Policy on Nomination, The detailed Nomination, Remuneration and Board Diversity
Remuneration and Board Diversity for Directors, KMPs and 3ROLF\LVDQQH[HGDV$QQH[XUH% to the Directors Report. The
other Senior Management Personnel. &RPSDQ\DUPVWKDWWKHUHPXQHUDWLRQSDLGWRWKH'LUHFWRUV
is as per terms laid out in the Nomination, Remuneration and
The Companys remuneration policy is directed towards Board Diversity Policy.

40-125
Directors Remuneration
The details of the remuneration of Directors during FY 2015-16 are given below:
(Amount in `)
Name of Director Sitting Salary and Performance Perquisites Commission Total
Fees allowances linked
incentive
Executive Directors
Mr. Sunil Bharti Mittal -- 191,764,391 75,000,000 11,781,844 -- 278,546,235
Mr. Gopal Vittal -- 42,559,119 19,500,000 46,323 -- 62,105,442
Non-Executive Directors
Mr. Rakesh Bharti Mittal -- -- -- -- 696,721 696,721
Mr. Ben Verwaayen 500,000 -- -- -- 16,683,179 17,183,179
Ms. Chua Sock Koong -- -- -- -- 3,979,974 3,979,974
Mr. Craig Ehrlich 500,000 -- -- -- 9,949,935 10,449,935
Mr. D. K. Mittal 1,000,000 -- -- -- 7,000,000 8,000,000
Mr. Manish Kejriwal 400,000 -- -- -- 6,500,000 6,900,000
Ms. Obiageli Ezekwesili - -- -- -- 3,548,611 3,548,611
Mr. Rajan Bharti Mittal -- -- -- -- 2,303,279 2,303,279
Ms. Tan Yong Choo -- -- -- -- 3,979,974 3,979,974
Sheikh Faisal Thani Al-Thani -- -- -- -- 3,979,974 3,979,974
Mr. Shishir Priyadarshi 500,000 -- -- -- 9,949,935 10,449,935
Mr. V. K. Viswanathan 500,000 -- -- -- 8,000,000 8,500,000
Total 3,400,000 234,323,510 94,500,000 11,828,167 76,571,582 420,623,259
The salary and allowance includes the Companys contribution to the Provident Fund. Liability for gratuity and leave encashment is provided on actuarial
basis for the Company as a whole, the amount pertaining to the Directors is not ascertainable and, therefore, not included.
7KHYDOXHRIWKHSHUTXLVLWHVLVFDOFXODWHGDVSHUWKHSURYLVLRQVRIWKH,QFRPH7D[$FW
Value of Performance Linked Incentive (PLI) considered above represents incentive which will accrue at 100% performance level for FY 2015-16 and
ZLOO JHW SDLG EDVLV DFWXDO SHUIRUPDQFH SDUDPHWHUV LQ WKH QH[W \HDU $W SHUIRUPDQFH OHYHO WKH JURVV UHPXQHUDWLRQ RI 0U 6XQLO %KDUWL 0LWWDO ZDV
` 278,546,235 for FY 2015-16 and ` 271,773,463 for FY 2014-15 and that of Mr. Gopal Vittal was ` 62,105,442 for FY 2015-16 and ` 53,432,196 for
FY 2014-15. During the year, Mr. Sunil Bharti Mittal and Mr. Gopal Vittal were paid ` 99,000,000 and ` 21,124,110 respectively as PLI for previous year 2014-
15, which is not included above.
XULQJWKH\HDU0U*RSDO9LWWDOZDVJUDQWHGVWRFNRSWLRQVRQ$XJXVWXQGHUWKH(6236FKHPHDWDQH[HUFLVHSULFHRI` 5 per option,
'
with vesting period spread over 3 years. The above remuneration of Mr. Gopal Vittal does not include perquisite value of ` 41,780,450 towards the value of
VWRFNRSWLRQVH[HUFLVHGGXULQJWKH\HDU
7KHRSWLRQVFDQEHFRQYHUWHGLQWRHTXLW\VKDUHVHLWKHULQIXOORULQWUDQFKHVDWDQ\WLPHXSWRVHYHQ\HDUVIURPWKHJUDQWGDWH7KHXQH[HUFLVHGYHVWHGRSWLRQV
FDQEHFDUULHGIRUZDUGWKURXJKRXWWKHH[HUFLVHSHULRG7KHRSWLRQVZKLFKDUHQRWH[HUFLVHGZLOOODSVHDIWHUWKHH[SLU\RIWKHH[HUFLVHSHULRG
No other Director has been granted any stock option during the year.
7
KH&RPSDQ\KDVHQWHUHGLQWRFRQWUDFWVZLWKWKH([HFXWLYH'LUHFWRUVLH0U6XQLO%KDUWL0LWWDOGDWHG2FWREHUDQGZLWK0U*RSDO9LWWDOGDWHG
February 01, 2013. These are based on the approval of the shareholders. There are no other contracts with any other Director.
No notice period or severance fee is payable to any Director.
7KHUHZHUHQRRWKHUSHFXQLDU\UHODWLRQVKLSVRUWUDQVDFWLRQVRI1RQ([HFXWLYH'LUHFWRUVYLVYLVWKH&RPSDQ\

Board Committees issues with the Internal and Statutory Auditors and the
In compliance with the statutory requirements, the Board management of the Company.
KDV FRQVWLWXWHG YDULRXV FRPPLWWHHV ZLWK VSHFLF WHUPV RI HYLHZ ZLWK WKH 0DQDJHPHQW WKH TXDUWHUO\ QDQFLDO
5
UHIHUHQFHDQGVFRSH7KHREMHFWLYHLVWRIRFXVHHFWLYHO\RQ statements before submission to the Board for approval.
WKH LVVXHV DQG HQVXUH H[SHGLHQW UHVROXWLRQ RI WKH GLYHUVH
matters. The committees operate as the Boards empowered HYLHZ ZLWK WKH 0DQDJHPHQW WKH DQQXDO QDQFLDO
5
agents according to their charter / terms of reference. The statements and Auditors Report thereon before
Constitution and charter of the Board Committees are submission to the Board for approval, with particular
available on the Companys website, www.airtel.com and are reference to:
also stated herein. Matters required to be included in the Directors
responsibility statement, included in the Boards
Audit & Risk Management Committee Report in terms of Clause (c) of Sub-section 3 of
Audit & Risk Management Committee comprises four Section 134 of the Companies Act, 2013.
Directors, three of whom are independent. The Chairman of
Changes, if any, in accounting policies and
the Committee, Mr. V. K. Viswanathan, Independent Director is
practices and reasons for the same.
D&KDUWHUHG$FFRXQWDQWDQGKDVVRXQGQDQFLDONQRZOHGJH
DVZHOODVPDQ\\HDUVRIH[SHULHQFHLQJHQHUDOPDQDJHPHQW Major accounting entries involving estimates
All members of the Audit & Risk Management Committee, EDVHG RQ WKH H[HUFLVH RI MXGJHPHQW E\
LQFOXGLQJ WKH &KDLUPDQ KDYH DFFRXQWLQJ DQG QDQFLDO management.
PDQDJHPHQWH[SHUWLVH7KHFRPSRVLWLRQRIWKH$XGLW 5LVN
6
LJQLFDQW DGMXVWPHQWV PDGH LQ WKH QDQFLDO
Management Committee meets the requirements of Section
VWDWHPHQWVDULVLQJRXWRIDXGLWQGLQJV
177 of the Companies Act, 2013 and the Listing Regulations.
Compliance with listing and other legal
The Company Secretary is the Secretary to the Committee.
UHTXLUHPHQWVUHODWLQJWRQDQFLDOVWDWHPHQW
The Managing Director & CEO (India & South Asia), the
Managing Director & CEO (Africa), the Global CFO, the Disclosure of all related party transactions.
Group Director Internal Assurance, the Statutory Auditors
0RGLHGRSLQLRQVLQWKHGUDIW$XGLW5HSRUW
and the Internal Auditors are permanent invitees.
Review the following information:
The Chairman of the Committee was present at the last
AGM held on August 21, 2015. 0
DQDJHPHQW'LVFXVVLRQDQG$QDO\VLVRIQDQFLDO
condition and results of operations.
Key Responsibilities of the Audit & Risk Management
Committee Management letter / letters of internal control
2YHUVHH WKH &RPSDQ\V QDQFLDO UHSRUWLQJ SURFHVV weaknesses issued by the Statutory Auditors.
DQGWKHGLVFORVXUHRILWVQDQFLDOLQIRUPDWLRQWRHQVXUH Internal Audit Reports relating to internal control
WKDWWKHQDQFLDOVWDWHPHQWVDUHFRUUHFWVXFLHQWDQG weaknesses.
credible.
7
KH QDQFLDO VWDWHPHQWV LQ SDUWLFXODU WKH
Consider and recommend to the Board, the appointment investments, if any, made by unlisted subsidiary
LQFOXGLQJ OOLQJ RI D FDVXDO YDFDQF\ UHVLJQDWLRQ RU companies.
dismissal, remuneration and terms of appointment
LQFOXGLQJTXDOLFDWLRQDQGH[SHULHQFHRIWKH6WDWXWRU\ 4
XDUWHUO\ FRPSOLDQFH FHUWLFDWHV FRQUPLQJ
Auditor, Internal Auditors / Chief Internal Auditor, Cost compliance with laws and regulations, including
Auditor and Secretarial Auditor. DQ\H[FHSWLRQVWRWKHVHFRPSOLDQFHV
Prior approval of non-audit services that can be Oversee the functioning of the Vigil Mechanism /
provided by the Statutory Auditors and approval of Whistle Blower Mechanism.
payment of such non-audit services. Establish the systems for storage, retrieval and display
Prior approval of all transactions with related party(ies), RI ERRNV RI DFFRXQWV DQG RWKHU QDQFLDO UHFRUGV LQ
VXEVHTXHQW PRGLFDWLRQV RI WUDQVDFWLRQV ZLWK UHODWHG electronic format.
SDUWLHV DQG UHYLHZ RI WKH VWDWHPHQW RI VLJQLFDQW HYLHZWKHQGLQJVRIDQ\LQWHUQDOLQYHVWLJDWLRQE\WKH
5
UHODWHG SDUW\ WUDQVDFWLRQV ZLWK VSHFLF GHWDLOV RI WKH Internal Auditors into matters where there is suspected
transactions. fraud or irregularity, or a failure of internal control
systems of a material nature and reporting the matter
Discussion with the Statutory Auditor before the
to the Board.
commencement of audit about the nature and scope of
the audit to be conducted and post-audit discussion to Review the reasons for substantial defaults, if any, in
ascertain any areas of concern. the payment to the depositors, debenture holders,
shareholders (in case of non-payment of declared
To call for comments of the Auditors about internal
dividends) and creditors, if any.
control system, including the observation of the
$XGLWRUV UHYLHZ QDQFLDO VWDWHPHQW EHIRUH WKHLU Approve the appointment, re-appointment and removal
submission to the Board and discussion on any related RI &RPSDQ\V &KLHI )LQDQFLDO 2FHU DIWHU DVVHVVLQJ

40-125
WKHTXDOLFDWLRQVH[SHULHQFHDQGEDFNJURXQGDPRQJ Formulate and review risk management policy.

others, of the candidate.
Implement, monitor and review the risk management
HYLHZWKH&RPSDQ\VQDQFLDODQGULVNPDQDJHPHQW
5 framework, risk management plan and related matters.
policies, implementation of treasury policies, strategies
and status of investor relation activities. Delegate above said functions to Sub-Committees,
whenever required.
QVXUH WKDW WKH LQWHUQDO DXGLW IXQFWLRQ LV HHFWLYH
(
adequately resourced, and to review coordination The Audit & Risk Management Committee shall also
between Internal and Statutory Auditors and (where undertake such other functions, as may be assigned
relevant) the risk management department. by the Board of Directors from time to time, or as may
be stipulated under any law, rule or regulation including
Review the state and adequacy of internal controls with
key members of the Management, Statutory Auditors the Listing Agreement and the Companies Act, 2013.
and Internal Auditors. Powers of the Audit & Risk Management Committee
Discuss with the Internal Auditor the coverage, Investigate any activity within its terms of reference.
functioning, frequency and methodology of internal
Seek any information that it requires from any employee
audits as per the annual audit plan and discuss
of the Company, and all employees are directed to
VLJQLFDQWQGLQJVDQGIROORZXSWKHUHRQ
cooperate with any request made by the Committee.
Review & monitor the Statutory and Internal Auditors
LQGHSHQGHQFH SHUIRUPDQFH HHFWLYHQHVV RI DXGLW Obtain outside legal or independent professional
process. advice.
Review and scrutinize the inter-corporate loans and 6HFXUHDWWHQGDQFHRIRXWVLGHUVZLWKUHOHYDQWH[SHUWLVH

investments.
$FFHVVVXFLHQWUHVRXUFHVWRFDUU\RXWLWVGXWLHV
Monitor and review with the Management, the
Meetings, Attendance and Composition of the Audit &
statement of uses / application of funds raised through
Risk Management Committee
an issue (public issue, right issue and preferential
issue, among others), the statement of funds utilised During FY 2015-16, the Committee met four times i.e. on
IRU SXUSRVHV RWKHU WKDQ WKRVH VWDWHG LQ WKH RHU April 28, 2015; August 04, 2015; October 25, 2015 and
document / prospectus / notice and the report January 28, 2016.
submitted by the monitoring agency monitoring the
Beside the Committee meetings as above, the Committee
utilisation of proceeds of a public or right issue, and
also holds a conference call before every regular Committee
making appropriate recommendations to the Board to
take up steps in this matter. meeting to discuss routine internal audit issues. This
provides an opportunity to the Committee to devote more
Valuation of undertakings or assets of the Company, WLPHRQRWKHUVLJQLFDQWPDWWHUVLQWKHUHJXODU&RPPLWWHH
wherever necessary. meeting. During FY 2015-16, the Committee had met four
Appointment of a registered valuer of the Company and times through the conference call i.e. April 24, 2015, July 28,
[DWLRQRIWKHLUWHUPVDQGFRQGLWLRQV 2015, October 21, 2015 and January 21, 2016.
YDOXDWLRQ RI LQWHUQDO QDQFLDO FRQWUROV DQG ULVN
( All recommendations made by the Audit & Risk Management
management systems. Committee were accepted by the Board.
The composition and the attendance of members at the meetings held during FY 2015-16, are given below:
Name Category Number of meetings Number of conference calls

attended (total held attended (total conducted
during tenure) during tenure )
Mr. V. K. Viswanathan (Chairman) Independent Director 4 (4) 4 (4)
Mr. Craig Ehrlich Independent Director 4 (4) 1 (4)
Mr. Shishir Priyadarshi Independent Director 4 (4) 4 (4)
Ms. Tan Yong Choo Non-Executive Director 4 (4) 4 (4)
Ms. Obiageli Ezekwesili 1
Independent Director 0 (2) 1 (2)
1. Term ended on September 25, 2015.

Audit and Risk Management Committee Report 7KH &RPPLWWHH DOVR FRQVLGHUV WKDW WKH QDQFLDO
for the year ended March 31, 2016 VWDWHPHQWV DUH WUXH DQG IDLU SURYLGH VXFLHQW
To the Shareholders of Bharti Airtel Limited information. The Committee believes the
Company has followed adequate processes to
The Audit & Risk Management Committee (Audit
SUHSDUHWKHVHQDQFLDOVWDWHPHQWV
Committee or Committee) is pleased to present its
report for the year ended March 31, 2016: III. The Committee has reviewed both abridged
1. The Committee presently comprises of four members and unabridged versions of the standalone and
of whom three-fourths, including the Chairman are FRQVROLGDWHG QDQFLDO VWDWHPHQWV IRU WKH \HDU
Independent Directors, as against the requirement ended March 31, 2016. It has recommended the
of two-thirds prescribed under Regulation 18 of same for the Boards approval.
WKH 6HFXULWLHV DQG ([FKDQJH %RDUG RI ,QGLD /LVWLQJ IV. The Committee has reviewed the internal controls
Obligations and Disclosure Requirements) Regulations, for ensuring that the Companys accounts are
2015 and Section 177 of the Companies Act, 2013. properly maintained and that the accounting
transactions are in accordance with prevailing
2. The responsibility for the Companys internal
laws and regulations. In conducting such reviews,
FRQWUROV DQG QDQFLDO UHSRUWLQJ SURFHVVHV OLHV ZLWK
WKH &RPPLWWHH IRXQG QR PDWHULDO GHFLHQF\
the Management. The Statutory Auditors have the
or weakness in the Companys internal control
responsibility of performing an independent audit of
systems.
WKH&RPSDQ\VQDQFLDOVWDWHPHQWVLQDFFRUGDQFHZLWK
the Indias Generally Accepted Accounting Principles V. The Committee reviewed the Companys internal
(IGAAP) and International Financial Reporting QDQFLDO FRQWUROV DQG ULVN PDQDJHPHQW V\VWHPV
Standards (IFRS) and issuing a report thereon. The from time to time.
Ombudsperson is responsible for the Companys
VI. The Committee reviewed the Ombudspersons
Whistle Blower Mechanism. report on the functioning of the Whistle Blower
3. The Company has in place an Internal Assurance Group Mechanism for reporting concerns about unethical
(IAG) headed by Group Director Internal Assurance. behaviour, actual or suspected fraud, or violation of
The Company has also appointed M/s. KPMG, New the Companys Code of Conduct or ethics policy.
Delhi and M/s. ANB & Co., Chartered Accountants, The Committee believes that the Company has an
Mumbai as Internal Auditors in accordance with Section HHFWLYH :KLVWOH %ORZHU 0HFKDQLVP DQG QRERG\
138 of the Companies Act, 2013. The audit conducted has been denied access to this mechanism.
by the Internal Auditors is based on an internal audit VII. The Committee reviewed with the Management,
plan, which is reviewed each year in consultation the independence and performance of Statutory
with the IAG and the Audit Committee. These audits Auditors. It has recommended to the Board,
are based on risk based methodology and interalia UDWLFDWLRQRIUHDSSRLQWPHQWRI0V65%DWOLERL
involve the review of internal controls and governance & Associates LLP, Chartered Accountants,
processes, adherence to management policies and Gurgaon, as the Companys Statutory Auditors for
review of statutory compliances. The Internal Auditors QH[WWHUPDWWKHHQVXLQJ$*0
VKDUHWKHLUQGLQJVRQDQRQJRLQJEDVLVGXULQJWKH\HDU
for corrective action. VIII. The Committee, along with the Management,
reviewed the performance of the Internal
4. The Audit Committee oversees the work of Statutory Auditors and recommended to the Board the
Auditors, Internal Auditors, IAG and the Ombudsperson. re-appointment of M/s. KPMG, New Delhi and
It is also responsible for overseeing the processes M/s. ANB & Co., Chartered Accountants, Mumbai,
UHODWHG WR WKH QDQFLDO UHSRUWLQJ DQG LQIRUPDWLRQ as the Companys Internal Auditors for the
dissemination. succeeding tenure.
5. In this regard, the Audit Committee Reports as IX. The Committee has been vested with the adequate
follows: powers to seek support and other resources from
I. The Committee has discussed with the Companys the Company. The Committee has access to
Internal Auditors and Statutory Auditors the the information and records as well. It also has
overall scope and plan for their respective audits. the authority to obtain professional advice from
The Committee has also discussed the results H[WHUQDOVRXUFHVLIUHTXLUHG
DQG HHFWLYHQHVV RI WKH DXGLW HYDOXDWLRQ RI WKH X. The Audit & Risk Management Committee
Companys internal controls and the overall quality monitored and approved all related party
RIQDQFLDOUHSRUWLQJ WUDQVDFWLRQV LQFOXGLQJ DQ\ PRGLFDWLRQ
amendment in any such transactions.
II. The Management has presented the Companys
QDQFLDO VWDWHPHQWV WR WKH &RPPLWWHH DQG ,Q FRQFOXVLRQ WKH $XGLW &RPPLWWHH LV VXFLHQWO\
DUPHGWKDWWKH&RPSDQ\VQDQFLDOVWDWHPHQWV VDWLVHGWKDWLWKDVFRPSOLHGZLWKWKHUHVSRQVLELOLWLHVDV
have been drawn in accordance with the Indian outlined in the Audit & Risk Management Committees
GAAP and IFRS. Based on its review and the Charter.
discussions conducted with the Management
and the Statutory Auditors, the Audit Committee V. K. Viswanathan
EHOLHYHVWKDWWKH&RPSDQ\VQDQFLDOVWDWHPHQWV
are fairly presented in conformity with applicable Place: Gurgaon Chairman, Audit & Risk
accounting standards in all material aspects. Date: April 27, 2016 Management Committee

40-125
HR and Nomination Committee (

[HUFLVHSHULRGZLWKLQZKLFKWKHHPSOR\HHVKRXOG
7KH &RPPLWWHH FRPSULVHV YH 1RQ([HFXWLYH 'LUHFWRUV H[HUFLVH WKH RSWLRQ DQG WKDW RSWLRQ ZRXOG ODSVH
of whom three members, including, the Chairman of the RQIDLOXUHWRH[HUFLVHWKHRSWLRQZLWKLQWKHH[HUFLVH
Committee are Independent Directors. The composition period.
of the Committee meets the requirements of Section 178
6
SHFLHG WLPH SHULRG ZLWKLQ ZKLFK WKH HPSOR\HH
of the Companies Act, 2013 and Regulation 19 of the
PXVW H[HUFLVH WKHYHVWHG RSWLRQV LQ WKH HYHQW RI
Listing Regulations. The Company Secretary acts as the
termination or resignation of an employee.
6HFUHWDU\RIWKH&RPPLWWHH7KH*OREDO&KLHI+52FHULV
a permanent invitee to the Committee meetings. Other 5
LJKW RI DQ HPSOR\HH WR H[HUFLVH DOO WKH RSWLRQV
Senior Management members are also invited to the vested in him at one time or at various points of
meeting to present reports relating to items being discussed WLPHZLWKLQWKHH[HUFLVHSHULRG
at the meeting.
Procedure for making a fair and reasonable
Key Responsibilities of the HR and Nomination adjustment to the number of options and to the
Committee H[HUFLVH SULFH LQ FDVH RI ULJKWV LVVXHV ERQXV
HR Related issues and other corporate actions.
Formulation and recommendation to the Board, a policy
*
UDQW YHVW DQG H[HUFLVH RI RSWLRQ LQ FDVH RI
relating to remuneration of Directors, Key Managerial
employees, who are on long leave, and the
Personnel* and other employees.
SURFHGXUHIRUFDVKOHVVH[HUFLVHRIRSWLRQV
Determine the compensation (including salaries and
VDODU\ DGMXVWPHQWV LQFHQWLYHV EHQHWV ERQXVHV Any other matter which may be relevant for
and performance targets of the Chairman and of the administration of ESOP schemes from time to
Managing Directors & CEOs. time.
,QWKHHYHQWRIQRSURWRULQDGHTXDWHSURWWRDSSURYH To frame suitable policies and processes to ensure

the remuneration payable to managerial persons, that there is no violation of SEBI (Prohibition of Insider
WDNLQJ LQWR DFFRXQW WKH &RPSDQ\V QDQFLDO SRVLWLRQ Trading) Regulations, 1992 and SEBI (Prohibition of
LQGXVWU\ WUHQG DSSRLQWHHV TXDOLFDWLRQ H[SHULHQFH Fraudulent and Unfair Trade Practices relating to the
past performance, past remuneration while bringing Securities Market) Regulations, 1995.
objectivity in determining the remuneration package, Other key issues as may be referred by the Board.
while striking a balance between the Companys
interest and shareholders. Nomination Related
Formulate the criteria / policy for appointment of
Attraction and retention strategies for employees.
Directors, Senior Management**, which shall, inter-alia,
Review employee development strategies. LQFOXGH TXDOLFDWLRQV SRVLWLYH DWWULEXWHV GLYHUVLW\ DQG
independence of a Director.
Assess the learning and development needs of the
Directors and recommend learning opportunities, Review and recommend the structure, size and
which can be used by Directors to meet their needs for FRPSRVLWLRQLQFOXGLQJWKHVNLOOVNQRZOHGJHH[SHULHQFH
development. and diversity) of the Board and Board Committees.
Review all human resource related issues, including YDOXDWH WKH EDODQFH RI VNLOOV NQRZOHGJH H[SHULHQFH
(
succession plan of key personnel. and diversity on the Board for description of the role
The Committee shall also consider any other key issues and capabilities, required for a particular appointment.
/ matters as may be referred by the Board, or as may Identify and recommend to the Board, persons who
be necessary in view of Regulation 19 of the Listing DUH TXDOLHG WR EHFRPH 'LUHFWRUV DQG ZKR PD\ EH
Regulations or any other statutory provisions. appointed in Senior Management, including Key
ESOP Related Managerial Personnel, in accordance with the criteria
Formulation of ESOP plans and decide on future grants. laid down and their removal thereof.
Formulation of terms and conditions on following under Recommend the appointment of any Director to
the present ESOP Schemes of the Company with H[HFXWLYHRURWKHUHPSOR\PHQWSODFHRISURWLQWKH
respect to: Company.
Quantum of options to be granted under ESOP Identify and nominate for the approval of the Board,
Scheme(s) per employee and in the aggregate FDQGLGDWHV WR OO %RDUG YDFDQFLHV DV DQG ZKHQ WKH\
under a plan. arise.
Performance conditions attached to any ESOP HYLHZ VXFFHVVLRQ SODQQLQJ IRU ([HFXWLYH DQG 1RQ
5
Plan. ([HFXWLYH 'LUHFWRUV DQG RWKHU 6HQLRU ([HFXWLYHV
particularly the Chairman, Managing Directors & CEOs.
Conditions under which options vested in
employees may lapse in case of termination of Recommend suitable candidate for the role of Lead
employment for misconduct. Independent Director.

Formulation of criteria for evaluation of Independent Committee. The Company Secretary acts as a Secretary to
Directors and the Board. the Committee.
Conduct an annual evaluation of the overall Key Responsibilities of the Stakeholders Relationship
HHFWLYHQHVV RI WKH %RDUG WKH &RPPLWWHHV RI WKH Committee
Board and the performance of each Director. The key responsibilities of the Stakeholders Relationship
Review the Terms of Reference of all committees of Committee include the following:
the Board, including itself on an annual basis, and Formulation of procedures, in line with the statutory
recommend any changes to the Board. guidelines to ensure speedy disposal of various
.H\ 0DQDJHULDO 3HUVRQQHO PHDQV L WKH &KLHI ([HFXWLYH 2FHU RU WKH requests received from shareholders from time to time.
Managing Director or the Manager; ii) the Company Secretary; iii) the Whole-
WLPH'LUHFWRULYWKH&KLHI)LQDQFLDO2FHU Consider and resolve the complaints / grievances of
** Senior Management means personnel of the Company who are members security holders of the Company, including complaints
RI LWV FRUH PDQDJHPHQW WHDP H[FOXGLQJ %RDUG RI 'LUHFWRUV FRPSULVLQJ related to transfer of shares, non-receipt of balance
DOO PHPEHUV RI WKH 0DQDJHPHQW RQH OHYHO EHORZ WKH ([HFXWLYH 'LUHFWRUV
including the functional heads. sheet and non-receipt of declared dividend.
'HPDWHULDOLVHRUUHPDWHULDOLVHWKHVKDUHFHUWLFDWHV
Meetings, Attendance and Composition of HR and
Nomination Committee Approve the transmission of shares or other securities
During FY 2015-16, the Committee met four times i.e. April arising as a result of death of the sole / any of joint
28, 2015, August 04, 2015, October 25, 2015 and January shareholder.
28, 2016. Sub-divide, consolidate and / or replace any share or
The composition and the attendance of members at the RWKHUVHFXULWLHVFHUWLFDWHVRIWKH&RPSDQ\
meetings held during FY 2015-16, are given below:
,VVXHGXSOLFDWHVKDUHRWKHUVHFXULW\LHVFHUWLFDWHV
Name Category Number of LQOLHXRIWKHRULJLQDOVKDUHVHFXULW\LHVFHUWLFDWHV
meetings of the Company.
attended Approve, register and refuse to register transfer /
(total held transmission of shares and other securities.
during
tenure) To further delegate all or any of the power to any other
Mr. Ben Verwaayen, Independent 4 (4) HPSOR\HHVRFHUVUHSUHVHQWDWLYHVFRQVXOWDQWV
Chairman Director professional(s), or agent(s).
Ms. Chua Sock Koong1 Non-Executive 2 (4) Oversee & review, all matters connected with the
Director transfer of securities of the Company.
Mr. D.K. Mittal Independent 4 (4)
Oversee the performance of the Companys Registrar
Director
and Share Transfer Agent.
Mr. Manish Kejriwal Independent 3 (4)
Director Recommend methods to upgrade the standard of
Mr. Rajan Bharti Non-Executive 3 (3) services to the investors.
Mittal2 Director To deal with the Companys unclaimed / undelivered
Mr. Rakesh Bharti Non-Executive 1 (1) shares, as prescribed in the relevant Regulation of the
Mittal3 Director Listing Regulations.
1. Two meetings attended by Mark Chong Chin Kok, alternate Director.
2. Ceased to be member of the Committee w.e.f. January 07, 2016. To do all such acts, deeds and things as may be
3. Appointed as a member of the Committee w.e.f. January 07, 2016. necessary in this regard.
The meetings of the Committee are generally held as
The details relating to remuneration of Directors, as required
and when deemed necessary, to review and ensure that
under Listing Regulations have been given under a separate
all investor requests / grievances are redressed within
section, viz. Directors Remuneration in this report.
stipulated time period.
Stakeholders Relationship Committee Meetings, Attendance and Composition of
In compliance with the Regulation 20 of the Listing Stakeholders Relationship Committee
Regulations, requirements and provisions of Section 178 of 'XULQJ )< WKH &RPPLWWHH PHW VL[ WLPHV LH RQ
the Companies Act, 2013, the Company has a Stakeholders April 28, 2015, June 22, 2015, August 04, 2015, October
Relationship Committee. The Committee comprises four 25, 2015, January 11, 2016 and March 02, 2016. The
members including two Independent Directors. Mr. Rakesh composition and the attendance of members at the
%KDUWL0LWWDO1RQ([HFXWLYH'LUHFWRULVWKH&KDLUPDQRIWKH meetings held during FY 2015-16, are given below:

40-125
Name Category Number of Meetings, Attendance and Composition of Committee

meetings of Directors
attended 'XULQJ)<WKH&RPPLWWHHPHWYHWLPHVLHRQ$SULO
(total held 28, 2015, August 04, 2015, October 27, 2015, December
during 11, 2015 and January 28, 2016. The composition and
tenure) the attendance of members at the meetings held during
Mr. Rakesh Bharti Non-Executive 1 (2) FY 2015 -16, are given below:
Mittal, Chairman1 Director Name Category Number of
Mr. D. K. Mittal Independent 6 (6) meetings
Director attended
Mr. Gopal Vittal Executive 6 (6) (total held
Director during
tenure)
Mr. Manish Kejriwal Independent 2 (6)
Director Mr. Rakesh Bharti Non-Executive 1 (1)
Mittal, Chairman1 Director
Mr. Rajan Bharti Mittal, Non-Executive 3 (4)
Mr. D. K. Mittal Independent 5 (5)
Chairman2 Director
Director
1. Appointed as member and Chairman of the Committee w.e.f. January 07, 2016.
2. Ceased to be member and Chairman of the Committee w.e.f. January 07, 2016.
Mr. Gopal Vittal Executive 5 (5)
Director
&RPSOLDQFH2FHU Mr. Manish Kejriwal Independent 3 (5)
Mr. Rajendra Chopra, Sr. Vice President & Company Secretary Director
DFWVDVWKH&RPSOLDQFH2FHURIWKH&RPSDQ\IRUFRPSO\LQJ Mr. Rajan Bharti Mittal, Non-Executive 4 (4)
with the requirements of the Listing Regulations and Chairman2 Director
requirements of securities laws, including SEBI (Prohibition of 1. Appointed as member and Chairman of the Committee w.e.f. January 07, 2016.
Insider Trading) Regulations, 2015. 2. Ceased to be member and Chairman of the Committee w.e.f. January 07, 2016.
Nature of Complaints and Redressal Status Key Responsibilities of the Committee of Directors
During FY 2015-16, the complaints and queries received by (within the limit approved by the Board)
the Company were general in nature, which include issues Investment Related
relating to non-receipt of dividend warrants, shares, annual To grant loans to any body corporate / entity.
reports and others, which were resolved to the satisfaction
of the shareholders. To give guarantee(s) in connection with loan made to
any body corporate / entity.
Details of the investors complaints received during FY 2015-
2016 are as follows: R QHJRWLDWH QDOLVH DPHQG PRGLI\ DSSURYH DQG
7
accept the terms and conditions with respect to
Type of Number Redressed Pending as aforesaid loans and / or guarantee(s) from time to time.
complaint on March To purchase, sell, acquire, subscribe, transfer or
31, 2016 otherwise deal in the shares / securities of any
Non-receipt of Company, body corporate or other entities.
0 0 0
securities Treasury Related
Non-receipt of To borrow such sum of money, as may be required
0 0 0
Annual Report by the Company from time to time provided that the
Nonreceipt money already borrowed, together with the money to
of dividend EH ERUURZHG E\ WKH &RPSDQ\ GRHV QRW H[FHHG WKH
1 1 Nil limits provided under Section 180 of the Companies
/ dividend
warrants Act, 2013 i.e. upto the paid up capital and free reserve
of the Company.
Miscellaneous 1 1 Nil
To create security / charge(s) on all or any of the assets
Total 2 2 Nil
of the Company for the purpose of securing credit
facility (ies) of the Company.
Committee of Directors
To deal in government securities, units of mutual funds,
To cater to various day-to-day requirements and to facilitate [HG LQFRPH DQG PRQH\ PDUNHW LQVWUXPHQWV [HG
seamless operations, the Company has formed a functional GHSRVLWVDQGFHUWLFDWHRIGHSRVLWSURJUDPPHRIEDQNV
Committee known as the Committee of Directors. The and other instruments / securities / treasury products
Committee meets as and when deem necessary to cater to RIEDQNV QDQFLDOLQVWLWXWLRQVDVSHUWUHDVXU\SROLF\RI
the day to day requirements of the Company. the Company.
The Committee comprises four members including two R GHDO LQ IRUHLJQ H[FKDQJH DQG QDQFLDO GHULYDWLYHV
7
Independent Directors. Mr. Rakesh Bharti Mittal, Non- OLQNHGWRIRUHLJQH[FKDQJHDQGLQWHUHVWUDWHVLQFOXGLQJ
([HFXWLYH 'LUHFWRU LV WKH &KDLUPDQ RI WKH &RPPLWWHH 7KH EXW QRW OLPLWHG WR IRUHLJQ H[FKDQJH VSRW IRUZDUGV
Company Secretary acts as a Secretary to the Committee. options, currency swaps and interest rate swaps.

To open, operate, close, change in authorisation for H

QWHU LQWR VLJQ H[HFXWH DQG GHOLYHU DOO FRQWUDFWV
any Bank Account, Subsidiary General Ledger (SGL) for and on behalf of the Company.
Account, Dematerialisation / Depository Account.
To do all such acts, deeds and things as may be
RDSSURYHQDOLVHDQGDXWKRULVHWKHH[HFXWLRQRIDQ\
7 required for the smooth conduct of the operations of
deed, document, letter or writing in connection with WKH&RPSDQ\DQGZKLFKGRHVQRWUHTXLUHWKHVSHFLF
the aforesaid activities, including borrowing / credit approval of the Board of the Company or which has
facilities, creation of charge. VSHFLFDOO\EHHQGHOHJDWHGE\WKH%RDUGWRDQ\RWKHU
&RPPLWWHH RI WKH %RDUG RU DQ\ RFHU HPSOR\HH RU
Allotment of Shares agent of the Company.
Issue and allot shares of the Company in one or more
tranches as per the terms of the ESOP Schemes for To perform such other functions as may be authorised
the time being in force or upon conversion of Foreign / delegated by the Board or as might have been
Currency Convertible Bonds issued by the Company. authorised / delegated to the erstwhile Borrowing
Committee, Investment Committee, Committee of
To seek listing of shares issued as above on one or more Director or the Allotment Committee.
6WRFN([FKDQJHVLQ,QGLDDQGDOOVXFKVKDUHVEHLQJSDUL
SDVVXZLWKWKHH[LVWLQJHTXLW\VKDUHVRIWKH&RPSDQ\LQ To authorise / delegate any or all of its power to any
all respects. SHUVRQRFHUUHSUHVHQWDWLYH
To do all such acts, deeds and things, as may be Corporate Social Responsibility (CSR) Committee
necessary and incidental to allotment and listing of
In compliance with the requirements of the Companies Act,
shares.
2013, the Company has constituted the Corporate Social
General Authorisations Responsibility Committee.
7R RSHQ VKLIW PHUJH FORVH DQ\ EUDQFK RFH FLUFOH The Committee comprises three members including
RFH one Independent Director. Mr. Rakesh Bharti Mittal, Non-
To approve for participation into any tender, bid, auction ([HFXWLYH 'LUHFWRU LV WKH &KDLUPDQ RI WKH &RPPLWWHH 7KH
by the Company. Company Secretary acts as a Secretary to the Committee.
To register the Company with any Central / State Key Responsibilities of the CSR Committee
Government authorities, Semi-Government authorities, Formulate, monitor and recommend to the Board
ORFDO DXWKRULWLHV WD[ DXWKRULWLHV LQFOXGLQJ VDOHV WD[ CSR Policy and the activities to be undertaken by the
VHUYLFH WD[ YDOXH DGGHG WD[ DXWKRULWLHV ODERXU ODZ Company.
authorities, administrative authorities, business
HFRPPHQGWKHDPRXQWRIH[SHQGLWXUHWREHLQFXUUHG
5
associations and other bodies.
on the activities undertaken.
To purchase, sell, take on lease / license, transfer or
Review the Companys performance in the area of CSR.
otherwise deal with any property.
Evaluate social impact of the Companys CSR activities.
To apply for and surrender any electricity, power or
water connection. Review the Companys disclosure of CSR matters
including any annual Social Responsibility Report.
To appoint any Merchant Banker, Chartered Accountant,
Advocate, Company Secretary, Engineer, Technician, Review the following, with the Management, before
Consultants and / or Professionals for undertaking any submission to the Board for approval.
assignment for and on behalf of the Company.
The Business Responsibility (BR) Report.
To constitute, reconstitute, modify, dissolve any trust or
CSR Report.
association with regard to the administrative matters
or employee related matters and to appoint, reappoint, Annual Sustainability Report.
remove, replace the trustees or representatives.
Formulate and implement the BR policies in consultation
R DXWKRULVH RQH RU PRUH HPSOR\HHV RFHUV
7 with the respective stakeholders.
representative(s), consultant(s), professional(s), or
Establish a monitoring mechanism to ensure that
agent(s) jointly or severally to:
the funds contributed by the Company are spent by
represent the Company before Central Bharti Foundation, or any other charitable organisation
Government, State Governments, Judicial, Quasi- to which the Company makes contribution, for the
judicial and other statutory / administrative intended purpose only.
authorities or any other entity.
Approve the appointment or re-appointment of
Q
HJRWLDWH QDOLVH H[HFXWH PRGLI\ VLJQ DFFHSW Directors responsible for Business Responsibility.
and withdraw all deed, agreements, undertakings,
RQVLGHU RWKHU IXQFWLRQV DV GHQHG E\ WKH %RDUG RU
&
FHUWLFDWHVDSSOLFDWLRQVFRQUPDWLRQVDGDYLWV
as may be stipulated under any law, rule or regulation
indemnity bonds, surety bonds, and all other
including the Listing Regulations, Corporate Social
documents and papers.
Responsibility Voluntary Guidelines, 2009 and the
D[FRPPRQVHDORIWKH&RPSDQ\ Companies Act, 2013.

40-125
On the recommendation of the CSR Committee, the Board sheet, borrowings and investments, including strategy
had approved the Corporate Social Responsibility (CSR implementation.
Policy) of the Company. The CSR Policy intends to strive for
Appointment, remuneration, promotion, termination,
economic development that positively impacts the society at
career and succession planning and all employment
large with minimal resource footprints. The Policy is available
related matters of the AMB and AIMB members (other
on the Companys website at www.airtel.com.
than Chairman, MD & JMD).
Meetings, Attendance and Composition of CSR
Approval of the variation in the Approved Annual
Committee
Operation Plan up to 5% negative deviation.
During FY 2015-16, the Committee met three times i.e. on
April 28, 2015, October 26, 2015 and January 25, 2016. Approval of overall rewards strategy for the Company
The composition and the attendance of members at the and its funding cost.
meetings held during the FY 2015 - 16, are given below:
Approval of performance target for the purpose of
Name Category Number of performance bonus and long term incentive plans in
meetings respect of regions, segments and concerned business
attended units.
(total held Review and approval of all strategic consulting
during assignment.
tenure)
Mr. Rakesh Bharti Non-Executive Review and recommend for approval of all items /
1 (1) proposals relating to restructuring, new line of business,
Mittal, Chairman1 Director
LQYHVWPHQWV QDQFLDO UHVWUXFWXULQJ *HQHUDO 5HVHUYHG
Independent
Mr. D. K. Mittal 3 (3) Matters (as referred in Article 125 (ii) of Articles of
Director
Association of the Company) and other matters, which
Executive
Mr. Gopal Vittal 2 (3) require the Boards approval.
Director
Mr. Rajan Bharti Mittal, Non-Executive Acquisition, disposal, transfer of any immovable
2 (2) SURSHUW\ RI YDOXH H[FHHGLQJ DQ\ DPRXQW LQ H[FHVV RI
Chairman2 Director
the duly approved respective DoAs.
1. Appointed as member and Chairman of the Committee w.e.f. January 07, 2016.
2. Ceased to be member and Chairman of the Committee w.e.f. January 07, 2016. Review with the Auditors the Internal Audit Reports and
Corporate Social Responsibility Report for the year Special Audit Reports.
ended March 31, 2016 RUPDWLRQ PRGLFDWLRQ ZLWKGUDZDO LPSOHPHQWDWLRQ
)
The CSR Report for the year ended March 31, 2016 is of systems, policies, control manuals and other
DQQH[HGDV$QQH[XUH' to the Boards Report. SROLF\ IUDPHZRUNV IRU RSHUDWLRQDO HFLHQF\ DQG ULVN
management.
Airtel Corporate Council (ACC)
Approval of major legal initiatives including
Airtel Corporate Council is a non-statutory committee,
commencement of legal action against Government /
constituted by the Board for strategic management
Quasi Government authorities.
and supervision of the Companys operations within the
approved framework. ULWH R DGYDQFHV UHFHLYDEOHV FODLPV DQG DQ\ RWKHU
:
DPRXQWV LQ H[FHVV RI WKH GXO\ DXWKRULVHG UHVSHFWLYH
7KH &RPPLWWHH FRPSULVHV VL[ PHPEHUV 0U 6XQLO %KDUWL
DoAs.
Mittal, is the Chairman of the Committee. The Company
Secretary acts as a Secretary to the Committee. QWU\RUH[LWLQWRQHZVXEOLQHRIEXVLQHVVSURGXFWOLQH
(
/ major activity in any manner whatsoever.
Key Responsibilities of the ACC Committee
Strategic Management and supervision of Companys Change of the Companys brand name, logo, trade
business. mark.
Formulation of Companys business plan including Approval for charitable donations within the overall limit
REMHFWLYHVDQGVWUDWHJLHVFDSH[DQGLQYHVWPHQWV set by the Board.
Formulation of organisation policies, systems and Approval for contribution to any political party / political
processes, concerning the Companys operations. trust within the overall limit set by the Board.
Review and monitor implementation of plans / Nomination of Director / representative on the

strategies. subsidiaries and joint ventures.
Review the business-wise performance against Reviewing all major pending legal cases and related
DSSURYHG SODQV RI UHYHQXH FRVWV SURWV EDODQFH matters.

Powers of ACC in respect of the Subsidiaries and their QWU\LQWRH[LWIURPEXVLQHVVPDMRUEXVLQHVVDFWLYLWLHV

(
step down Subsidiaries (Other than listed subsidiaries) in any manner whatsoever, including purchase, sale,
Formulation of business plan, including any strategic lease, franchise, among others.
LQLWLDWLYH LQYHVWPHQWV FDSH[ ERUURZLQJ LQFOXGLQJ With respect to overseas subsidiaries and their step down
UHQDQFLQJDQGH[WHQVLRQDPRQJRWKHUV VXEVLGLDULHVWKHSRZHURI$&&LVFRQQHGWRSHUIRUPLQJNH\
Nomination of the respective subsidiaries nominee on shareholder functions.
Board of other companies.
General Body Meetings

The details of last three Annual General Meetings (AGMs) are as follows:
Financial Year Location Date Time Special Resolution

passed
2014-2015 Air Force Auditorium, August 21, 2015 1530 Hrs. (IST) No special resolution
2013-2014 Subroto Park, September 01, 2014 1530 Hrs. (IST) was passed in the last
2012-2013 New Delhi - 110 010 September 05, 2013 1530 Hrs. (IST) three AGMs
Postal Ballot Code of Conduct for its employees. As a process, an annual

The Company had passed the following Special Resolutions FRQUPDWLRQ LV DOVR VRXJKW IURP DOO WKH HPSOR\HHV $OO
through postal ballot / e-voting on Tuesday, April 14, 2015: HPSOR\HHVDUHH[SHFWHGWRFRQUPFRPSOLDQFHWRWKH&RGH
DQQXDOO\ 5HJXODU WUDLQLQJ SURJUDPPH VHOI FHUWLFDWLRQV
Implementation of the ESOP Scheme 2005 through DUHFRQGXFWHGDFURVVORFDWLRQVWRH[SODLQDQGUHLWHUDWHWKH
ESOP Trust and related amendment in the ESOP importance of adherence to the code.
Scheme 2005; and
Authorisation to the ESOP trust for secondary Disclosures and Policies
acquisition of shares and provision of money for 'LVFORVXUH RQ 0DWHULDOO\ 6LJQLFDQW 5HODWHG 3DUW\
acquisition of such shares. 7UDQVDFWLRQV WKDW PD\ KDYH SRWHQWLDO FRQLFW ZLWK WKH
interest of Company at large
Details of postal ballot w.r.t. above resolutions were provided
$OOWUDQVDFWLRQVHQWHUHGLQWRZLWKUHODWHGSDUWLHVDVGHQHG
in the Report on Corporate Governance forming part of
under the Companies Act, 2013 and the Listing Regulations
$QQXDO5HSRUWIRUWKHQDQFLDO\HDUHQGHG0DUFK
GXULQJ WKH QDQFLDO \HDU ZHUH LQ WKH RUGLQDU\ FRXUVH RI
There is no immediate proposal for passing any special business and on arms length basis and do not attract the
resolution through Postal Ballot on or before ensuing Annual provisions of Section 188 of the Companies Act, 2013.
General Meeting.
None of the transactions with any of the related parties
ZHUH LQ FRQLFW ZLWK WKH LQWHUHVW RI WKH &RPSDQ\ UDWKHU
Code of Conduct they synchronise and synergise with the Companys
In compliance with Regulation 17 of the Listing Regulations operations. Attention of members is drawn to the
and the Companies Act, 2013, the Company has framed disclosure of transactions with the related parties set out in
and adopted a Code of Conduct for all Directors and Senior Note no. 47 of the Standalone Financial Statements, forming
Management Personnel. The Code is available on the part of the Annual Report.
Companys website www.airtel.com. The Code is applicable
to all Board members and Senior Management Personnel The required statements / disclosures, with respect to the
who directly report to the Chairman, the Managing Director related party transactions, are placed before the Audit & Risk
& CEO (India & South Asia). The Code is circulated to all Management Committee as well as to the Board of Directors,
Board members and Senior Management Personnel and its on quarterly basis in terms of Regulation 23(3) of the
FRPSOLDQFHLVDUPHGE\WKHPDQQXDOO\ Listing Regulations and other applicable laws for approval /
information. Prior omnibus approval is obtained for Related
%HVLGHVWKH&RPSDQ\DOVRSURFXUHVDTXDUWHUO\FRQUPDWLRQ Party Transactions which are of repetitive in nature.
RI PDWHULDO QDQFLDO DQG FRPPHUFLDO WUDQVDFWLRQV HQWHUHG
into by Senior Management personnel with the Company The Companys major related party transactions are
WKDWPD\KDYHDSRWHQWLDOFRQLFWRILQWHUHVW generally with its subsidiaries and associates. These
transactions are entered into based on consideration of
A declaration signed by the Managing Director & CEO YDULRXVEXVLQHVVH[LJHQFLHVVXFKDVV\QHUJ\LQRSHUDWLRQV
,QGLD 6RXWK $VLD UHJDUGLQJ DUPDWLRQ RI FRPSOLDQFH sectoral specialisation, liquidity and capital resource of
with the Code of Conduct by Board Members and Senior subsidiary and associates and all such transactions are on
0DQDJHPHQWIRUWKHQDQFLDO\HDUHQGHG0DUFK arms length basis.
LVDQQH[HGDV$QQH[XUH$ to this report.
The Board of Directors has formulated a Policy on dealing
Along with the Code of Conduct for the Board members with Related Party Transactions pursuant to the provisions of
and Senior Management, the Company has also laid down a the Companies Act, 2013 and the Listing Regulations. The

40-125
Policy intends to ensure that proper reporting, approval and administers a formal process to review and investigate any
disclosure processes are in place for all transactions between concern raised. It also undertakes all appropriate actions
the Company and related parties. The Policy is posted on the required to resolve the reported matter. Instances of serious
website of the Company at http://www.airtel.in/wps/wcm/ misconduct dealt with by the Ombudsperson are reported
connect/36a5305d-f0ba-490c-9eff-152ef6811917/BAL- to the Audit & Risk Management Committee. All employees
Policy-on-Related-Party-Transactions.pdf?MOD=AJPERES. of the Company as well as vendors / partners and any
Disclosure on Risk Management SHUVRQWKDWKDVDJULHYDQFHH[FOXGLQJVWDQGDUGFXVWRPHU
The Company has established an enterprise-wide risk complaints) has full access to the Ombudsperson through
management (ERM) framework to optimally identify and phones, emails or even meetings in person. During the year
manage risks, as well as to address operational, strategic under review, no employee was denied access to the Audit &
and regulatory risks. In line with the Companys commitment Risk Management Committee.
to deliver sustainable value, this framework aims to provide $XGLWRUV&HUWLFDWHRQ&RUSRUDWH*RYHUQDQFH
an integrated and organised approach to evaluate and As required under Regulation 34 of the Listing Regulations,
manage risks. Risk assessment monitoring is included in the WKHDXGLWRUVFHUWLFDWHRQ&RUSRUDWH*RYHUQDQFHLVDQQH[HG
Companys annual Internal Audit programme and reviewed
as $QQH[XUH+ to the Boards Report.
by the Audit & Risk Management Committee at regular
intervals. In compliance with Regulation 17 and 21 of the &(2DQG&)2&HUWLFDWLRQ
Listing Regulations, the Board of Directors has formulated 7KHFHUWLFDWHUHTXLUHGXQGHU5HJXODWLRQRIWKH/LVWLQJ
a Risk Management Policy for framing, implementing and Regulations, duly signed by the CEO and CFO was placed
monitoring the risk management plan for the Company. before the Board. The same is provided as $QQH[XUH % to
The Board is periodically updated on the key risks, steps and this report.
processes initiated for reducing and, if feasible, eliminating Subsidiary Companies
various risks. Business risk evaluation and management is The Company monitors performance of subsidiary
an ongoing process within the Company. Companies, inter-alia, by the following means:
Detailed update on risk management framework has Financial Statements, in particular investments made
been covered under the risk section, forming a part of the by unlisted subsidiary companies, are reviewed
Management Discussion and Analysis. quarterly by the Audit & Risk Management Committee.
Details of Non-compliance with regard to Capital Minutes of the Board Meetings of unlisted subsidiary
Markets during the last three years
companies are regularly placed before the Board.
There have been no instances of non-compliances by the
Company and no penalties and / or strictures have been VWDWHPHQW FRQWDLQLQJ VLJQLFDQW WUDQVDFWLRQV DQG
$
LPSRVHG E\ 6WRFN ([FKDQJHV RU 6(%, RU DQ\ VWDWXWRU\ arrangements entered into by unlisted subsidiary
authority on any matter related to capital markets during the companies is placed before the Companys Board.
last three years. Bharti Infratel Limited, the Companys material Indian
Insider Trading VXEVLGLDU\ LV OLVWHG RQ 6WRFN ([FKDQJHV DQG WKHUHIRUH WKH
In compliance with the SEBI regulation on prevention of insider Company is not required to nominate a Director on the
trading, the Company has established systems and procedures Board of Bharti Infratel Limited.
to prohibit insider trading activity and has formulated a code on The Board of Directors have formulated a Policy for
insider trading for designated persons, who may have access determining material subsidiaries pursuant to the provisions
to the Companys price sensitive information. The Code lays of the Listing Regulations. The same is posted on the
down procedures to be followed and disclosures to be made, Companys website at http://www.airtel.in/wps/wcm/
while trading in the Companys shares.
connect/7e99add6-9401-4ab3-899a-07572390a956/
The Company follows highest standards of transparency B A L - Po l i c y - fo r - d e te r m i n i n g - M a te r i a l - S u b s i d i a r i e s .
and fairness in dealing with all stakeholders and ensures pdf?MOD=AJPERES.
that no insider shall use his or her position with or without
Compliance with the Mandatory Requirements of the
NQRZOHGJH RI WKH &RPSDQ\ WR JDLQ SHUVRQDO EHQHW RU WR
Listing Regulations
SURYLGHEHQHWWRDQ\WKLUGSDUW\
The Board of Directors periodically review the compliance
Ombudsperson Policy / Whistle Blower Policy of all applicable laws. The Company has complied with all
Bharti Airtel has adopted an Ombudsperson Policy (includes the mandatory requirements of the Code of Corporate
Whistle Blower Policy). It outlines the method and process *RYHUQDQFHDVVSHFLHGLQ5HJXODWLRQWRDQG&ODXVHV
for stakeholders to voice genuine concerns about unethical (b) to (i) of sub regulation (2) of Regulation 46 of the
conduct that may be in breach with the employees Code of /LVWLQJ 5HJXODWLRQV ,W KDV REWDLQHG D FHUWLFDWH DUPLQJ
Conduct. The policy aims to ensure that genuine complainants the compliances from M/s. S.R. Batliboi & Associates LLP,
DUH DEOH WR UDLVH WKHLU FRQFHUQV LQ IXOO FRQGHQFH ZLWKRXW Chartered Accountants, Gurgaon, the Companys Statutory
any fear of retaliation or victimisation. The Ombudsperson Auditors and the same is attached to the Boards Report.

Details of Compliances with the Non-mandatory (iii) Separate posts of Chairman and CEO
Requirements of Regulation 27 of the Listing Regulations The positions of the Chairman of the Board and the
In addition to the mandatory requirements, the Company 0DQDJLQJ 'LUHFWRU &KLHI ([HFXWLYH 2FHU RI WKH
has also adopted the following non-mandatory requirements Company are held by separate individuals.
Regulation 27(1) of the Listing Regulations: (iv) Reporting of Internal Auditor
(i) Shareholders Rights The Internal Auditors directly reports to the Audit & Risk
The Company has a policy of announcement of the Management Committee.
audited quarterly results. The results, as approved by (v) Compliance with the ICSI Secretarial Standards
WKH%RDUGRI'LUHFWRUVRU&RPPLWWHHWKHUHRIDUHUVW The relevant Secretarial Standards issued by the
VXEPLWWHGWR6WRFN([FKDQJHVZLWKLQPLQXWHV Institute of Company Secretaries of India (ICSI) has
(under Clause 49 of the Listing Agreement / Clause 30 been complied by the Company.
of the Listing Regulations) of the approval of the results.
(vi) IFRS Financial Statements
2QFH WDNHQ RQ UHFRUG E\ WKH 6WRFN ([FKDQJHV WKH
In addition to the Consolidated Financial Statements
same were disseminated in the media through press
prepared under IGAAP, the Company has also voluntarily
UHOHDVH 7KH TXDUWHUO\ QDQFLDO UHVXOWV DUH SXEOLVKHG
prepared the Consolidated Financial Statements as per
in newspapers and uploaded on Companys website IFRS for its investors and other stakeholders.
www.airtel.com.
Green Initiatives by MCA
2QWKHQH[WGD\RIWKHDQQRXQFHPHQWRIWKHTXDUWHUO\ In compliance with the provisions of Section 20 of the
results, an earnings call is organised, where the Companies Act, 2013 and as a continuing endeavour
management responds to the queries of the investors towards the Go Green initiative, the Company sends all
/ analysts. These calls are webcast live and transcripts correspondence / communications through email to those
posted on the website. In addition, discussion with the shareholders who have registered their email id with their
management team is webcast and also aired on the depository participants / Companys registrar and share
electronic media. transfer agent. In case the shareholders desire to receive a
printed copy of such communications, they send a requisition
LL $XGLW4XDOLFDWLRQV
to the Company. The Company forthwith sends a printed
&RPSDQ\VQDQFLDOVWDWHPHQWVDUHXQTXDOLHG copy of the communication to the shareholder.
Status of Dividend Declared

The Company declared its maiden dividend in August 2009 for the FY 2008-09. Status of the dividend declared by the
Company for the last seven years is as under.
Amount in ` Millions
Financial Year Rate of Dividend per equity Total Pay-out Amount Paid to the Amount un-paid to
share of ` 5 each shareholders the shareholders
2014-15 ` 2.22 8,874.23 8,873.32 (99.99%) 0.90 (0.01%)
2014-15 ` 1.63 6,515.76 6,505.85 (99.85%) 9.91 (0.15%)
(Interim Dividend)
2013-14 ` 1.80 7,195.32 7,184.26 (99.85%) 11.06 (0.15%)
2012-13 `1 3,797.53 3,791.06 (99.83%) 6.47 (0.17%)
2011-12 `1 3,797.53 3,790.79 (99.82%) 6.74 (0.18%)
2010-11 `1 3,797.53 3,791.14 (99.83%) 6.39 (0.17%)
2009-10 `1 3,797.53 3,790.09 (99.80%) 7.44 (0.20%)
2008-09 `1 3,796.84 3,790.75 (99.84%) 6.09 (0.16%)
7KH&RPSDQ\FRQVWDQWO\HQGHDYRXUVWRUHGXFHWKHXQSDLGGLYLGHQGDPRXQW7KHVKDUHKROGHUVZKRKDYHQRWFODLPHGWKHLUGLYLGHQGIRUWKHDERYHQDQFLDO\HDUV
are requested to contact the Company or its Share Transfer Agent.
Equity Shares in the Suspense Account

In terms of Regulation 34 of the Listing Regulations, the details of the equity shares lying in the suspense accounts, which
were issued in physical form, are as follows:
Particulars Number of Number of equity

Shareholders shares
Number of shareholders and aggregate number of shares as transferred to 8 21
the Unclaimed Suspense Account outstanding as on April 01, 2015
Number of shareholders who approached the Company for transfer of shares Nil Nil
and shares transferred from suspense account during the year
Aggregate Number of shareholders and the outstanding shares in the 8 21
suspense account lying as on March 31, 2016
The voting rights on the shares in the suspense accounts as on March 31, 2016 shall remain frozen till the rightful owners
of such shares claim the shares.

40-125
Means of Communication Disclosure of commodity price risks and

Quarterly Results: The Companys Quarterly Audited commodity hedging activities
Results are published in prominent daily newspapers, viz. The Company follows prudent Board approved risk
Mint (English daily) and Hindustan (vernacular newspaper) management policies. A detailed note on commodity
and are also uploaded on the Companys website price risks and commodity hedging activities is given in
www.airtel.com. Management Discussion and Analysis forming part of this
Annual Report.
News releases, presentations:2FLDOQHZVUHOHDVHVDQG
RFLDO PHGLD UHOHDVHV DUH VHQW WR 6WRFN ([FKDQJHV DQG General Shareholders Information
uploaded on the Companys website www.airtel.com. 21st Annual General Meeting
Earning Calls & Presentations to Institutional Investors Date August 19, 2016
/ Analysts: The Company organises an earnings call with
Day Friday
DQDO\VWV DQG LQYHVWRUV RQ WKH QH[W GD\ RI DQQRXQFHPHQW
of results, which is also broadcast live on the Companys Time 3.30 p.m.
website. The transcript of the earnings call is posted on the Air Force Auditorium,
ZHEVLWH VRRQ DIWHU $Q\ VSHFLF SUHVHQWDWLRQ PDGH WR WKH Venue Subroto Park,
analysts / others is also uploaded on the website www.airtel. New Delhi 110 010
com.
NSE Electronic Application Processing System (NEAPS)
Financial Calendar
/ BSE Corporate Compliance & Listing Centre: The (Tentative Schedule, subject to change)
NEAPS/ BSEs Listing Centre is a web-based application Financial year April 01 to March 31
GHVLJQHG IRU FRUSRUDWHV $OO SHULRGLFDO FRPSOLDQFH OOLQJV Results for the quarter
like shareholding pattern, Corporate Governance Report, ending:
PHGLD UHOHDVHV DQG RWKHU PDWHULDO LQIRUPDWLRQ LV DOVR OHG June 30, 2016 July 27, 2016 (Wednesday)
electronically on the designated portals. September 30, 2016 October 25, 2016 (Tuesday)
December 31, 2016 January 24, 2017 (Tuesday)
Website: 8SWRGDWH QDQFLDO UHVXOWV DQQXDO UHSRUWV March 31, 2017 April 25, 2017 (Tuesday)
VKDUHKROGLQJ SDWWHUQV RFLDO QHZV UHOHDVHV QDQFLDO
analysis reports, latest presentation made to the institutional Book Closure
investors and other general information about the Company Saturday, August 13, 2016 to Friday, August 19, 2016 (both
are available on the website www.airtel.com. days inclusive).
Since the time of listing of shares, Bharti Airtel adopted Dividend

a practise of releasing a quarterly report, which contains ` 1.36 per equity share of ` 5/- each (i.e. 27.20% on the face
QDQFLDODQGRSHUDWLQJKLJKOLJKWVNH\LQGXVWU\DQG&RPSDQ\ value of the shares)
developments, results of operations, stock market highlights,
QRQ*$$3LQIRUPDWLRQUDWLRDQDO\VLVVXPPDULVHGQDQFLDO Dividend Pay-out Date
statements and so on. The quarterly reports are posted on On or after August 19, 2016 (within the statutory time limit
the Companys website and are also submitted to the Stock of 30 days i.e. up to September 18, 2016), subject to the
([FKDQJHVZKHUHWKH&RPSDQ\VVKDUHVDUHOLVWHG approval of the shareholders.
Equity Shares Listing, Stock Code and Listing Fee Payment

Name and address of the Stock Exchange Scrip code Status of fee paid
for FY 2016-17
National Stock Exchange of India Limited BHARTIARTL Paid
Exchange Plaza, C-1 Block G
Bandra Kurla Complex, Bandra (E), Mumbai 400 051
BSE Limited 532454 Paid
Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001
7KH&RPSDQ\GHOLVWHGLWVVKDUHVIURPWKH'HOKL6WRFN([FKDQJH$VVRFLDWLRQ/LPLWHG5HJLRQDOGXULQJWKHQDQFLDO\HDU
2003-04.
During the year, the Company had issued USD 1,000 Mn 4.375% Senior Unsecured Notes. These Notes are listed on
Singapore Stock Exchange.

Stock Market Data for the Period April 01, 2015 to March 31, 2016
Month BSE NSE

High Low Volume (Nos.) High Low Volume (Nos.)
April 2015 425.70 371.85 6,345,103 427.00 371.80 109,472,835
May 2015 434.70 374.05 7,076,146 435.00 373.60 171,876,253
June 2015 437.20 403.50 6,044,738 437.30 402.85 80,413,818
July 2015 452.45 404.30 4,817,950 452.45 404.10 69,210,577
August 2015 427.60 332.60 4,918,622 427.70 332.50 98,617,633
September 2015 366.00 315.65 5,794,823 365.70 315.60 86,118,960
October 2015 374.35 335.80 4,109,165 374.70 335.60 78,058,324
November 2015 354.10 317.90 3,608,897 353.80 317.10 50,606,564
December 2015 341.20 304.65 4,840,420 341.75 304.15 76,546,265
January 2016 343.90 282.30 5,078,987 344.00 282.30 72,258,491
February 2016 334.80 291.00 9,328,164 334.90 291.20 90,335,726
March 2016 361.20 310.20 6,921,492 361.40 310.25 70,171,917
Source: www.bseindia.com Source: www.nseindia.com
Bharti Airtel Share Price Vs. BSE Sensex Bharti Airtel Share Price Vs. NSE Nifty
110 110
100 100
90 90
80 80
70 70
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Bharti Airtel Share Price BSE Sensex Bharti Airtel Share Price NSE Nifty
Note: Base 100 = April 01, 2015
Registrar and Transfer Agent FRPSOHWH LQ DOO UHVSHFWV $OO WUDQVIHUV DUH UVW SURFHVVHG
All the work related to share registry, both in physical and by the Transfer Agent and are submitted thereafter to
electronic form, is handled by the Companys Registrar the Company, for approval. The Transfer Agent has been
and Transfer Agent at the address mentioned in the authorised to transfer minor shareholding up to 50 shares
communication addresses section. without the Companys involvement.
Pursuant to Regulation 40(9) of the Listing Regulations, the
Share Transfer System
&RPSDQ\ REWDLQV FHUWLFDWHV IURP D SUDFWLFLQJ &RPSDQ\
As much as 99.86% of the Companys equity shares are in
6HFUHWDU\ RQ D KDOI\HDUO\ EDVLV WR WKH HHFW WKDW DOO WKH
electronic format. These shares can be transferred through
transfers are completed within the statutory stipulated
the depositories without the Companys involvement.
SHULRG $ FRS\ RI WKH FHUWLFDWHV VR UHFHLYHG LV VXEPLWWHG
Transfer of shares in physical form is processed within 15 WRERWK6WRFN([FKDQJHVZKHUHWKHVKDUHVRIWKH&RPSDQ\
days from the date of receipt, provided the documents are are listed.

40-125
Distribution of Shareholding
By number of shares held as on March 31, 2016
Sl. no. Category ( by no. of shares) No. of shareholders % to holders No. of shares % of shares
1 1 5000 220,735 97.81 18,586,204 0.47%
2 5001 10000 2,177 0.96 3,302,274 0.08%
3 10001 20000 977 0.43 2,847,428 0.07%
4 20001 30000 360 0.16 1,799,949 0.05%
5 30001 40000 169 0.08 1,192,924 0.03%
6 40001 50000 135 0.06 1,246,131 0.03%
7 50001 100000 226 0.10 3,273,971 0.08%
8 100001 above 906 0.40 3,965,151,221 99.19%
Total 2,25,685 100 % 3,997,400,102 100 %
By category of holders as on March 31, 2016

S. no. Category No. of shares %age of holding
I Promoter and Promoter Group
(i) Indian promoters 1,802,318,492 45.09
(ii) Foreign promoters 865,673,286 21.66
Total Promoters shareholding 2,667,991,778 66.75
II Public Shareholding
(A) Institutional Investors
(i) Mutual Funds and Unit Trust of India 99,168,397 2.48
(ii) Financial institutions and Banks 1,291,949 0.03
(iii) Insurance companies 297,836,594 7.45
(iv) Foreign Institutional Investors 417,947,942 10.46
(v) Others - Foreign Portfolio Investors 253,014,232 6.33
(B) Others
(i) Bodies Corporate (Indian) 9,523,591 0.24
(ii) Bodies Corporate (Foreign) 204,127,716 5.11
(iii) Trusts 7,773,082 0.19
(iv) NRIs / OCBs / Foreign Nationals / QFI 2,174,198 0.05
(v) Indian Public & Others 36,523,623 0.91
Total Public Shareholding 1,329,408,324 33.25
Total Shareholding 3,997,400,102 100.00
Dematerialisation of Shares and Liquidity

The Companys shares are compulsorily traded in dematerialised form and are available for trading with both the depositories
i.e. National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The shareholders
can hold the Companys shares with any of the depository participants, registered with these depositories. ISIN for the
Companys shares is INE397D01024.
7KH&RPSDQ\VHTXLW\VKDUHVDUHIUHTXHQWO\WUDGHGDWWKH%6(/LPLWHGDQGWKH1DWLRQDO6WRFN([FKDQJHRI,QGLD/LPLWHG
Outstanding GDRs / ADRs / Warrants or any Convertible instruments, conversion date and likely impact
on equity
The Company does not have any outstanding GDRs / ADRs / Warrants or any convertible instruments as on date.
Plant Locations
%HLQJDVHUYLFHSURYLGHUFRPSDQ\%KDUWL$LUWHOKDVQRSODQWORFDWLRQV7KH&RPSDQ\V&LUFOH2FHDGGUHVVHVDUHSURYLGHGDW
the end of the Annual Report.

Communication Addresses
Contact Email Address
For Corporate Mr. Rajendra Chopra FRPSOLDQFHRFHU#EKDUWLLQ
Governance and other Company Secretary
Secretarial related Bharti Airtel Limited
matters Bharti Crescent, 1, Nelson
For queries relating to Mr. Harjeet Kohli ir@bharti.in Mandela Road, Vasant Kunj,
Financial Statements Corporate Head - Phase II, New Delhi 110 070
Treasury & Investor Telephone no.: +91 11 46666100
Relations Fax no.: +91 11 46666137
For Corporate Mr. Raza Khan corporate.communications@ Website: www.airtel.com
Communication related Head Group Corporate bharti.in
matters Communications
Registrar & Transfer Karvy Computershare einward.ris@karvy.com Karvy Selenium Tower
Agent Pvt. Ltd. B, Plot number 31 & 32,
Gachibowli, Financial District,
Nanakramguda,
Hyderabad 500032
Ph No.: 040-67162222
Fax No.: 040-23001153
Website: www.karvy.com

40-125
Annexure A
Declaration
,KHUHE\FRQUPWKDWWKH&RPSDQ\KDVUHFHLYHGIURPDOOWKHPHPEHUVRIWKH%RDUGDQG6HQLRU0DQDJHPHQWIRUWKHQDQFLDO
\HDUHQGHG0DUFKDFRQUPDWLRQWKDWWKH\DUHLQFRPSOLDQFHZLWKWKH&RPSDQ\V&RGHRI&RQGXFW
For Bharti Airtel Limited

Place: Gurgaon Gopal Vittal
Date: April 27, 2016 Managing Director & CEO (India & South Asia)
Annexure B
&KLHI([HFXWLYH2FHU&(2&KLHI)LQDQFLDO2FHU&)2&HUWLFDWLRQ

:H*RSDO9LWWDO0DQDJLQJ'LUHFWRU &(2,QGLD 6RXWK$VLDDQG1LODQMDQ5R\*OREDO&KLHI)LQDQFLDO2FHURI%KDUWL$LUWHO
Limited, to the best of our knowledge and belief hereby certify that:
D :HKDYHUHYLHZHGQDQFLDOVWDWHPHQWVDQGWKHFDVKRZVWDWHPHQWIRUWKH\HDUHQGHG0DUFKDQGWKDWWRWKH
best of our knowledge and belief:
(i) these statements do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading;
LL WKHVHVWDWHPHQWVWRJHWKHUSUHVHQWDWUXHDQGIDLUYLHZRIWKH&RPSDQ\VDDLUVDQGDUHLQFRPSOLDQFHZLWKH[LVWLQJ
accounting standards, applicable laws and regulations.
(b) There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which
are fraudulent, illegal or violative of the Companys code of conduct.
F :H DFFHSW UHVSRQVLELOLW\ IRU HVWDEOLVKLQJ DQG PDLQWDLQLQJ LQWHUQDO FRQWUROV IRU QDQFLDO UHSRUWLQJ DQG WKDW ZH KDYH
HYDOXDWHGWKHHHFWLYHQHVVRILQWHUQDOFRQWUROV\VWHPVRIWKH&RPSDQ\SHUWDLQLQJWRQDQFLDOUHSRUWLQJDQGZHKDYH
GLVFORVHGWRWKH$XGLWRUVDQGWKH$XGLW&RPPLWWHHGHFLHQFLHVLQWKHGHVLJQRURSHUDWLRQRIVXFKLQWHUQDOFRQWUROVLIDQ\
RIZKLFKZHDUHDZDUHDQGWKHVWHSVZHKDYHWDNHQRUSURSRVHWRWDNHWRUHFWLI\WKHVHGHFLHQFLHV
(d) We have indicated to the Auditors and the Audit Committee:
L VLJQLFDQWFKDQJHVLQLQWHUQDOFRQWURORYHUQDQFLDOUHSRUWLQJGXULQJWKH\HDU
LL VLJQLFDQWFKDQJHVLQDFFRXQWLQJSROLFLHVGXULQJWKH\HDUDQGWKDWWKHVDPHKDYHEHHQGLVFORVHGLQWKHQRWHVWR
WKHQDQFLDOVWDWHPHQWVDQG
LLL LQVWDQFHVRIVLJQLFDQWIUDXGRIZKLFKZHKDYHEHFRPHDZDUHDQGWKHLQYROYHPHQWWKHUHLQLIDQ\RIWKHPDQDJHPHQW
RUDQHPSOR\HHKDYLQJDVLJQLFDQWUROHLQWKH&RPSDQ\VLQWHUQDOFRQWUROV\VWHPRYHUQDQFLDOUHSRUWLQJ
Place: Gurgaon Nilanjan Roy Gopal Vittal

Date: April 27, 2016 *OREDO&KLHI)LQDQFLDO2FHU Managing Director & CEO (India & South Asia)

Standalone Financial Statements (IGAAP)
Page Page
Particulars Particulars
Nos. Nos.
Independent Auditors Report 127 24. ShortWHUP/RDQVDQG$GYDQFHV 158
Balance Sheet 132 25. Other Current Assets 158
6WDWHPHQWRI3URWDQG/RVV 133 26. *XDUDQWHHVDQG&RQWLJHQW/LDELOLWLHV 158
Cash Flow Statement 134 27. Capital and Other Commitments 162
Notes to Financial Statements 29. Revenue from Operations 162
1. Corporate Information 135 30. Other Income 162
2. Basis of Preparation 135 31. Cost of Goods Sold 162
3. 6XPPDU\RI6LJQLFDQW$FFRXQWLQJ3ROLFLHV 135 32. (PSOR\HH%HQHW([SHQVHV 162
4. Segment Reporting 141 33. Power and Fuel, Rent, Charity and Donation 163
and Other expenses
5. Share Capital 144
34. Finance Costs 164
6. Reserves and Surplus 145
35. Depreciation and Amortisation Expense 164
7. /RQJWHUP%RUURZLQJV 146
36. Exceptional Items 164
8. Taxes 147
37. Acquisitions / Additional Investments / 164
9. 2WKHU/RQJWHUP/LDELOLWLHV 148 New Developments
10. /RQJWHUP Provisions 148 39. Earnings Per Share 166
11. ShortWHUP Borrowings 148 40. (PSOR\HH%HQHWV 166
12. 7UDGH3D\DEOHV 149 41. Investment in Joint Ventures / Jointly 169
13. 2WKHU&XUUHQW/LDELOLWLHV 149 Owned Assets
14. ShortWHUP Provisions 150 43. Expenditure / Earnings in Foreign Currency 171
15. 7DQJLEOH$VVHWV 150 44. CIF Value of Imports 171
16. ,QWDQJLEOH$VVHWV 152 45. Auditors Remuneration 171
17. 153 46. Details of Dues to Micro and Small 172

1RQFXUUHQW,QYHVWPHQWV
Enterprises
18. /RQJWHUP/RDQVDQG$GYDQFHV 155
47. Related Party Disclosures 172
19. 2WKHU1RQFXUUHQW$VVHWV 155
48. /HDVH 181
20. Current Investments 155
49. Employee Stock Compensation 182
21. Inventories 156
50. Forward Contracts & Derivative Instruments 187
22. 7UDGH5HFHLYDEOHV 157 and Unhedged Foreign Currency Exposure
23. Cash and Bank Balances 157 52. Movement in Provision 188
)RU2WKHU1RWHVWR5HIHU3DJHVDQGUHVSHFWLYHO\
126-355
Bharti Airtel Limited 02-39 | Corporate Overview 40-125 | Statutory Reports Financial Statements
Independent Auditors Report

To the Members of Bharti Airtel Limited and the reasonableness of the accounting estimates made
by the Companys Directors, as well as evaluating the overall
Report on the Standalone Financial Statements SUHVHQWDWLRQ RI WKH VWDQGDORQH QDQFLDO VWDWHPHQWV :H
:H KDYH DXGLWHG WKH DFFRPSDQ\LQJ VWDQGDORQH QDQFLDO EHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXFLHQW
statements of Bharti Airtel Limited (the Company), which and appropriate to provide a basis for our audit opinion on
comprises the Balance Sheet as at March 31, 2016, the WKHVWDQGDORQHQDQFLDOVWDWHPHQWV
6WDWHPHQW RI 3URW DQG /RVV DQG &DVK )ORZ 6WDWHPHQW
IRU WKH \HDU WKHQ HQGHG DQG D VXPPDU\ RI VLJQLFDQW Opinion
accounting policies and other explanatory information. In our opinion and to the best of our information and
according to the explanations given to us, the standalone
Managements Responsibility for the Standalone QDQFLDO VWDWHPHQWV JLYH WKH LQIRUPDWLRQ UHTXLUHG E\ WKH
Financial Statements Act in the manner so required and give a true and fair
The Companys Board of Directors is responsible for the view in conformity with the accounting principles generally
matters stated in Section 134(5) of the Companies Act, DFFHSWHGLQ,QGLDRIWKHVWDWHRIDDLUVRIWKH&RPSDQ\DV
2013 (the Act) with respect to the preparation of these DW0DUFKLWVSURWDQGLWVFDVKRZVIRUWKH\HDU
VWDQGDORQH QDQFLDO VWDWHPHQWV WKDW JLYH D WUXH DQG IDLU ended on that date.
YLHZ RI WKH QDQFLDO SRVLWLRQ QDQFLDO SHUIRUPDQFH DQG
Emphasis of Matter
FDVKRZVRIWKH&RPSDQ\LQDFFRUGDQFHZLWKDFFRXQWLQJ
principles generally accepted in India, including the We draw attention to Note 26 (ii) (g) (vi) to the
$FFRXQWLQJ 6WDQGDUGV VSHFLHG XQGHU VHFWLRQ RI WKH VWDQGDORQH QDQFLDO VWDWHPHQWV ZKLFK GHVFULEHV WKH
Act, read with Rule 7 of the Companies (Accounts) Rules, uncertainties related to the legal outcome of Department
2014. This responsibility includes maintenance of adequate of Telecommunications demand with respect to One Time
6SHFWUXP&KDUJH2XURSLQLRQLVQRWTXDOLHGLQUHVSHFWRI
accounting records in accordance with the provisions of the
this matter.
Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; Report on Other Legal and Regulatory
selection and application of appropriate accounting policies; Requirements
making judgements and estimates that are reasonable and 1. As required by the Companies (Auditors report) Order,
prudent; and the design, implementation and maintenance 2016 (the Order) issued by the Central Government
RI DGHTXDWH LQWHUQDO QDQFLDO FRQWURO WKDW ZHUH RSHUDWLQJ of India in terms of sub-section (11) of section 143 of
HHFWLYHO\ IRU HQVXULQJ WKH DFFXUDF\ DQG FRPSOHWHQHVV RI the Act, we give in the Annexure 1 a statement on the
the accounting records, relevant to the preparation and PDWWHUVVSHFLHGLQSDUDJUDSKVDQGRIWKH2UGHU
SUHVHQWDWLRQRIWKHVWDQGDORQHQDQFLDOVWDWHPHQWVWKDWJLYH
2. As required by section 143 (3) of the Act, we report
a true and fair view and are free from material misstatement,
that:
whether due to fraud or error.
(a) We have sought and obtained all the information
Auditors Responsibility
and explanations which to the best of our
Our responsibility is to express an opinion on these knowledge and belief were necessary for the
VWDQGDORQHQDQFLDOVWDWHPHQWVEDVHGRQRXUDXGLW:HKDYH purpose of our audit;
taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to (b) In our opinion, proper books of account as required
be included in the audit report under the provisions of the by law have been kept by the Company so far as it
Act and the Rules made thereunder. We conducted our audit appears from our examination of those books;
in accordance with the Standards on Auditing issued by F 7KH%DODQFH6KHHW6WDWHPHQWRI3URWDQG/RVV
WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLDDVVSHFLHG and Cash Flow Statement dealt with by this Report
under Section 143(10) of the Act. Those Standards require are in agreement with the books of account;
that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about G ,Q RXU RSLQLRQ WKH DIRUHVDLG VWDQGDORQH QDQFLDO
ZKHWKHU WKH VWDQGDORQH QDQFLDO VWDWHPHQWV DUH IUHH IURP statements comply with the Accounting Standards
material misstatement. VSHFLHGXQGHUVHFWLRQRIWKH$FWUHDGZLWK
Rule 7 of the Companies (Accounts) Rules, 2014;
An audit involves performing procedures to obtain
audit evidence about the amounts and disclosures in (e) On the basis of written representations received
WKH VWDQGDORQH QDQFLDO VWDWHPHQWV 7KH SURFHGXUHV from the directors as on March 31, 2016, and
selected depend on the auditors judgement, including taken on record by the Board of Directors, none of
the assessment of the risks of material misstatement of WKHGLUHFWRUVLVGLVTXDOLHGDVRQ0DUFK
WKH VWDQGDORQH QDQFLDO VWDWHPHQWV ZKHWKHU GXH WR IUDXG from being appointed as a director in terms of
or error. In making those risk assessments, the auditor section 164 (2) of the Act;
FRQVLGHUVLQWHUQDOQDQFLDOFRQWUROUHOHYDQWWRWKH&RPSDQ\V (f) With respect to the adequacy of the internal
SUHSDUDWLRQRIWKHVWDQGDORQHQDQFLDOVWDWHPHQWVWKDWJLYH QDQFLDO FRQWUROV RYHU QDQFLDO UHSRUWLQJ RI WKH
a true and fair view in order to design audit procedures that &RPSDQ\DQGWKHRSHUDWLQJHHFWLYHQHVVRIVXFK
are appropriate in the circumstances. An audit also includes controls, refer to our separate Report dated April
evaluating the appropriateness of accounting policies used 27, 2016 in Annexure 2 to this report;
Independent Auditors Report 127


(g) With respect to the other matters to be included in iii. There were no amounts which were required
the Auditors Report in accordance with Rule 11 of to be transferred to the Investor Education and
the Companies (Audit and Auditors) Rules, 2014, Protection Fund by the Company.
in our opinion and to the best of our information
and according to the explanations given to us:
i. The Company has disclosed the impact of pending For S.R. Batliboi & Associates LLP
OLWLJDWLRQVRQLWVQDQFLDOSRVLWLRQLQLWVVWDQGDORQH Chartered Accountants
QDQFLDO VWDWHPHQWV 5HIHU 1RWH E WR WKH
VWDQGDORQHQDQFLDOVWDWHPHQWV
ii. The Company has made provision, as required
Partner
under the applicable law or accounting standards,
Membership Number: 58814
for material foreseeable losses, if any, on long-term
FRQWUDFWV LQFOXGLQJ GHULYDWLYH FRQWUDFWV 5HIHU Place: Gurgaon
1RWHWRWKHVWDQGDORQHQDQFLDOVWDWHPHQWV Date: April 27, 2016
Annexure 1 maintained under section 189 of the Companies Act,

2013. Accordingly, the provision of clause 3(iii)(a), (b)
Annexure referred to in paragraph 1 of Report on other
and (c) of the Order are not applicable to the Company
Legal and Regulatory Requirements
and hence not commented upon.
Re: [BHARTI AIRTEL LIMITED] (the Company)
(iv) In our opinion and according to the information
(i) (a) The Company has maintained proper records and explanations given to us, there are no loans,
showing full particulars with respect to most of investments, guarantees, and securities granted in
LWV[HGDVVHWVDQGLVLQWKHSURFHVVRIXSGDWLQJ respect of which provisions of section 185 and 186 of
quantitative and situation details with respect to the Companies Act, 2013 are applicable and hence not
FHUWDLQ[HGDVVHWVLQWKHUHFRUGVPDLQWDLQHGE\ commented upon.
the Company.
(v) The Company has not accepted any deposits from the
E7KHFDSLWDOLVHG[HGDVVHWVDUHSK\VLFDOO\YHULHG public.
by the management according to a regular
(vi) We have broadly reviewed the books of account
programme designed to cover all the items over
maintained by the Company pursuant to the rules made
a period of three years. Pursuant to the planned
by the Central Government for the maintenance of cost
programme during the year, a substantial portion
records under section 148(1) of the Companies Act,
RI [HG DVVHWV DQG FDSLWDO ZRUN LQ SURJUHVV KDV
2013, related to service of telecommunication and are
EHHQSK\VLFDOO\YHULHGE\WKHPDQDJHPHQWGXULQJ
of the opinion that prima facie, the prescribed accounts
the year, which in our opinion is reasonable having
and records have been made and maintained. We have
regard to the size of the Company and nature of its
not, however, made a detailed examination of records
assets. No material discrepancies were noted on
with a view to determine whether they are accurate or
VXFKYHULFDWLRQ
complete.
(c) Based on our audit procedures performed for the
(vii) (a) The Company is regular in depositing with
purpose of reporting the true and fair view of the
appropriate authorities undisputed statutory
QDQFLDOVWDWHPHQWVDQGDFFRUGLQJWRLQIRUPDWLRQ
dues including provident fund, employees
and explanations given by the management, the
state insurance, income-tax, sales-tax, service
title deeds of immovable properties included in
tax, duty of customs, value added tax, cess and
property, plant and equipment are held in the
other material statutory dues applicable to it.
name of the Company.
The provisions relating to duty of excise are not
LL 7KH PDQDJHPHQW KDV FRQGXFWHG SK\VLFDOYHULFDWLRQ applicable to the Company.
of inventory (other than inventory with third parties)
According to the information and explanations
at reasonable intervals during the year and no
given to us, no undisputed amounts payable
material discrepancies were noticed on such physical
in respect of provident fund, employees state
YHULFDWLRQ
insurance, income-tax, sales-tax, service tax, duty of
(iii) According to the information and explanations given to customs, value added tax, cess and other material
us, the Company has not granted any loans, secured undisputed statutory dues were outstanding, as at
RU XQVHFXUHG WR FRPSDQLHV UPV OLPLWHG OLDELOLW\ the year end, for a period of more than six months
SDUWQHUVKLSUPRURWKHUSDUWLHVFRYHUHGLQWKHUHJLVWHU from the date they became payable.

126-355

(b) According to the records of the Company, the dues outstanding of income-tax, sales-tax, service tax, duty of customs,
value added tax and cess on account of any dispute, are as follows:
Name of Statutes Nature of Amount Period to which Forum where the dispute is
the Dues Disputed it relates pending
(in ` Mn)
Andhra Pradesh VAT Act Sales Tax 41 7ULEXQDO
Deputy Commissioner,
Andhra Pradesh VAT Act Sales Tax 46
Commercial Taxes, Punjagutta
Bihar Value Added Sales Tax Act Sales Tax 0 Assistant Commissioner, Appeal
Bihar Value Added Sales Tax Act Sales Tax 69 Joint Commissioner, Appeal
Bihar Value Added Sales Tax Act Sales Tax 42 7ULEXQDO
Chhattisgarh VAT Act Sales Tax 0 Assistant Commissioner
Gujarat Sales Tax Act Sales Tax 1 Assistant Commissioner
J&K General Sales Tax Sales Tax 34 High Court, Jammu & Kashmir
Karnataka Sales Tax Act Sales Tax 291 Assistant Commissioner
Kerala Sales Tax Act Sales Tax 1 &RPPHUFLDOWD[2FHU
Kerala Sales Tax Act Sales Tax 1 &RPPHUFLDOWD[2FHU
Kerala Sales Tax Act Sales Tax 11 Deputy Commissioner, Appeal
Kerala Sales Tax Act Sales Tax 0 ,QWHOOLJHQFH2FHU6TXDG
Kerala Sales Tax Act Sales Tax 2 7ULEXQDO
Kerala Value Added Tax Act Sales Tax 5 Deputy Commissioner, Appeal
Kerala Value Added Tax Act Sales Tax 71 High Court of Kerala
Asst. Commissioner, Spl Circle
Kerala Value Added Tax Act Sales Tax 44
III, Ernakulam
Intelligence Inspector, Squad
No. I, Tellichery
Intelligence Inspector, Squad
No. 3, Ernakulam
Kerala Value Added Tax Act Sales Tax 1 Asst. Commissioner
Madhya Pradesh Commercial Sales Tax Act Sales Tax 23 Appellate authority
Madhya Pradesh Commercial Sales Tax Act Sales Tax 2 High Court
Madhya Pradesh Commercial Sales Tax Act Sales Tax 1 7ULEXQDO
Madhya Pradesh Commercial Sales Tax Act Sales Tax 0 &RPPHUFLDOWD[2FHU
Madhya Pradesh Commercial Sales Tax Act Sales Tax 1 Deputy Commissioner
Madhya Pradesh Commercial Sales Tax Act Sales Tax 22 Deputy Commissioner, Appeal
Maharashtra Sales Tax Act Sales Tax 0 Joint Commissioner, Appeal
Deputy Excise and Taxation
3XQMDE6DOHV7D[$FW Sales Tax 1
Commissioner
3XQMDE6DOHV7D[$FW Sales Tax 30 High Court
3XQMDE6DOHV7D[$FW Sales Tax 1 Jt. Director (Enforcement)
3XQMDE6DOHV7D[$FW Sales Tax 1 7ULEXQDO
UP VAT Act Sales Tax 20 $VVHVVLQJ2FHU
UP VAT Act Sales Tax 21 Assistant Commissioner
UP VAT Act Sales Tax 1 &RPPHUFLDOWD[2FHU
UP VAT Act Sales Tax 6 High Court
UP VAT Act Sales Tax 3 Joint Commissioner, Appeal
UP VAT Act Sales Tax 7 7ULEXQDO
UP VAT Act Sales Tax 7 Additional Commissioner
UP VAT Act Sales Tax 6 Deputy Commissioner
Uttaranchal VAT Act Sales Tax 0 AO
The Deputy Commisssoner of
West Bengal Sales Tax Act Sales Tax 0
Commercial Taxes
West Bengal Sales Tax Act Sales Tax 0 &RPPHUFLDOWD[2FHU
West Bengal Sales Tax Act Sales Tax 9 Revision Board
West Bengal Sales Tax Act Sales Tax 3 7ULEXQDO
Sub Total (A) 826
Finance Act, 1994 (Service tax provisions) Service Tax 307 Supreme Court
Finance Act, 1994 (Service tax provisions) Service Tax 7 Commissioner Adjudication
Finance Act, 1994 (Service tax provisions) Service Tax 16 Commissioner Appeal
Finance Act, 1994 (Service tax provisions) Service Tax 7 High court
Finance Act, 1994 (Service tax provisions) Service Tax 10,015 7ULEXQDO
Finance Act, 1994 (Service tax provisions) Service Tax 3 $GG&RPPLVVLRQHU'HOKL:+2
Commissioner of Service Tax
Finance Act, 1994 (Service tax provisions) Service Tax 238
Gurgaon
Finance Act, 1994 (Service tax provisions) Service Tax 8 Commissioner of Service Tax
Sub Total (B) 10,601


Name of Statutes Nature of Amount Period to which Forum where the dispute is
the Dues Disputed it relates pending
(in ` Mn)

Income Tax Act, 1961 Income Tax 128 Supreme Court, High Court

Income Tax Act, 1961 Income Tax 11,578 ,QFRPH7D[$SSHOODWH7ULEXQDO

Commissioner of Income Tax
Income Tax Act, 1961 Income Tax 18,899
(Appeals)

Income Tax Act, 1961 Income Tax 17,919 $VVHVVLQJ2FHU

Income Tax Act, 1961 Income Tax 75
Sub Total (C) 48,599
Custom Act, 1962 Custom Act 4,128 Supreme Court
Custom Act, 1962 Custom Act 0 7ULEXQDO
Custom Act, 1962 Custom Act 126 7ULEXQDO
Sub Total (D) 4,254
7KHDERYHPHQWLRQHGJXUHVUHSUHVHQWWKHWRWDOGLVSXWHGFDVHVZLWKRXWDQ\DVVHVVPHQWRI3UREDEOH3RVVLEOHDQG5HPRWHDVGRQHLQFDVHRIFRQWLQJHQW
liabilities of the above cases, total amount deposited in respect of sales tax is ` 292 Mn, Service tax is ` 463 Mn, Income tax is ` 11,056 Mn and Custom
Duty is ` 2,138 Mn.
(viii) Based on our audit procedures for the purpose are not applicable to the Company and hence not
RI UHSRUWLQJ WKH WUXH DQG IDLU YLHZ RI WKH QDQFLDO commented upon.
statements and according to information and
(xiii) Based on our audit procedures performed for the
explanations given by the management, we are of
purpose of reporting the true and fair view of the
the opinion that the Company has not defaulted in
UHSD\PHQW RI GXHV WR D QDQFLDO LQVWLWXWLRQ EDQN QDQFLDOVWDWHPHQWVDQGDFFRUGLQJWRWKHLQIRUPDWLRQ
debenture holders or government. and explanations given by the management,
transactions with the related parties are in compliance
(ix) Based on our audit procedures performed for the with section 177 and 188 of Companies Act, 2013
purpose of reporting the true and fair view of the where applicable and the details have been disclosed
QDQFLDO VWDWHPHQWV DQG DFFRUGLQJ WR LQIRUPDWLRQ LQWKHQRWHVWRWKHQDQFLDOVWDWHPHQWVDVUHTXLUHGE\
and explanations given by the management and on the applicable accounting standards.
an overall examination of the balance sheet, we report
that, monies raised by the Company by way of debt (xiv) According to the information and explanations given
instruments / term loans were applied for the purpose to us and on an overall examination of the balance
for which the loans were obtained, though idle/surplus sheet, the Company has not made any preferential
funds which were not required for immediate utilisation allotment or private placement of shares or fully or
have been gainfully invested in liquid investments partly convertible debentures during the year under
payable on demand. The maximum amount of idle/ review and hence not commented upon.
surplus funds invested during the year was ` 63,215
(xv) Based on our audit procedures performed for the
Mn, of which no amount was outstanding at the end of
SXUSRVHRIUHSRUWLQJWKHWUXHDQGIDLUYLHZRIWKHQDQFLDO
the year.
statements and according to the information and
(x) Based upon the audit procedures performed for the explanations given by the management, the Company
purpose of reporting the true and fair view of the has not entered into any non-cash transactions with
QDQFLDO VWDWHPHQWV DQG DV SHU WKH LQIRUPDWLRQ DQG directors or persons connected with him.
explanations given by the management, we report
that no fraud by the Company or on the Company by (xvi) According to the information and explanations given to
WKH RFHU DQG HPSOR\HHV RI WKH &RPSDQ\ KDV EHHQ us, the provisions of section 45-IA of the Reserve Bank
noticed or reported during the year. of India Act, 1934 are not applicable to the Company.
(xi) Based on our audit procedures performed for the

purpose of reporting the true and fair view of the For S.R. Batliboi & Associates LLP
QDQFLDOVWDWHPHQWVDQGDFFRUGLQJWRWKHLQIRUPDWLRQ Chartered Accountants
and explanations given by the management, we report ICAI Firm Registration Number: 101049W
that the managerial remuneration has been paid /
provided in accordance with the requisite approvals per Nilangshu Katriar
mandated by the provisions of section 197 read with Partner
Schedule V to the Companies Act, 2013. Membership Number: 58814
(xii) In our opinion, the Company is not a Nidhi Company. Place: Gurgaon
Therefore, the provisions of clause 3(xii) of the order Date: April 27, 2016

126-355

ANNEXURE 2 We believe that the audit evidence we have obtained is
Annexure referred to in paragraph 2 of Report on other VXFLHQW DQG DSSURSULDWH WR SURYLGH D EDVLV IRU RXU DXGLW
Legal and Regulatory Requirements RSLQLRQ RQ WKH LQWHUQDO QDQFLDO FRQWUROV V\VWHP RYHU
QDQFLDOUHSRUWLQJ
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 Meaning of Internal Financial Controls Over
(the Act) Financial Reporting
$FRPSDQ\VLQWHUQDOQDQFLDOFRQWURORYHUQDQFLDOUHSRUWLQJ
To the Members of Bharti Airtel Limited is a process designed to provide reasonable assurance
:H KDYH DXGLWHG WKH LQWHUQDO QDQFLDO FRQWUROV RYHU UHJDUGLQJ WKH UHOLDELOLW\ RI QDQFLDO UHSRUWLQJ DQG WKH
QDQFLDOUHSRUWLQJRI%KDUWL$LUWHO/LPLWHGWKH&RPSDQ\ SUHSDUDWLRQRIQDQFLDOVWDWHPHQWVIRUH[WHUQDOSXUSRVHVLQ
as of March 31, 2016 in conjunction with our audit of the accordance with generally accepted accounting principles.
VWDQGDORQHQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\IRUWKH\HDU $ FRPSDQ\V LQWHUQDO QDQFLDO FRQWURO RYHU QDQFLDO
ended on that date. reporting includes those policies and procedures that (1)
Managements Responsibility for Internal pertain to the maintenance of records that, in reasonable
Financial Controls GHWDLO DFFXUDWHO\ DQG IDLUO\ UHHFW WKH WUDQVDFWLRQV DQG
dispositions of the assets of the company; (2) provide
The Companys Management is responsible for establishing
reasonable assurance that transactions are recorded as
DQG PDLQWDLQLQJ LQWHUQDO QDQFLDO FRQWUROV EDVHG RQ WKH
QHFHVVDU\ WR SHUPLW SUHSDUDWLRQ RI QDQFLDO VWDWHPHQWV LQ
LQWHUQDO FRQWURO RYHU QDQFLDO UHSRUWLQJ FULWHULD HVWDEOLVKHG
accordance with generally accepted accounting principles,
by the Company considering the essential components of
and that receipts and expenditures of the company are
internal control stated in the Guidance Note on Audit of
being made only in accordance with authorisations of
Internal Financial Controls Over Financial Reporting issued
management and directors of the company; and (3) provide
by the Institute of Chartered Accountants of India. These
reasonable assurance regarding prevention or timely
responsibilities include the design, implementation and
detection of unauthorised acquisition, use, or disposition of
PDLQWHQDQFH RI DGHTXDWH LQWHUQDO QDQFLDO FRQWUROV WKDW
WKH FRPSDQ\V DVVHWV WKDW FRXOG KDYH D PDWHULDO HHFW RQ
ZHUH RSHUDWLQJ HHFWLYHO\ IRU HQVXULQJ WKH RUGHUO\ DQG
WKHQDQFLDOVWDWHPHQWV
HFLHQW FRQGXFW RI LWV EXVLQHVV LQFOXGLQJ DGKHUHQFH WR
the Companys policies, the safeguarding of its assets, the Inherent Limitations of Internal Financial Controls
prevention and detection of frauds and errors, the accuracy Over Financial Reporting
and completeness of the accounting records, and the timely %HFDXVH RI WKH LQKHUHQW OLPLWDWLRQV RI LQWHUQDO QDQFLDO
SUHSDUDWLRQ RI UHOLDEOH QDQFLDO LQIRUPDWLRQ DV UHTXLUHG FRQWUROV RYHU QDQFLDO UHSRUWLQJ LQFOXGLQJ WKH SRVVLELOLW\
under the Act. of collusion or improper management override of controls,
Auditors Responsibility material misstatements due to error or fraud may occur and
Our responsibility is to express an opinion on the Companys not be detected. Also, projections of any evaluation of the
LQWHUQDOQDQFLDOFRQWUROVRYHUQDQFLDOUHSRUWLQJEDVHGRQ LQWHUQDO QDQFLDO FRQWUROV RYHU QDQFLDO UHSRUWLQJ WR IXWXUH
our audit. We conducted our audit in accordance with the SHULRGV DUH VXEMHFW WR WKH ULVN WKDW WKH LQWHUQDO QDQFLDO
Guidance Note on Audit of Internal Financial Controls Over FRQWURO RYHU QDQFLDO UHSRUWLQJ PD\ EHFRPH LQDGHTXDWH
Financial Reporting (the Guidance Note) and the Standards because of changes in conditions, or that the degree of
RQ$XGLWLQJDVVSHFLHGXQGHUVHFWLRQRIWKH$FWWR compliance with the policies or procedures may deteriorate.
WKHH[WHQWDSSOLFDEOHWRDQDXGLWRILQWHUQDOQDQFLDOFRQWUROV Opinion
both applicable to an audit of Internal Financial Controls and, In our opinion, the Company has, in all material respects, an
both issued by the Institute of Chartered Accountants of DGHTXDWH LQWHUQDO QDQFLDO FRQWUROV V\VWHP RYHU QDQFLDO
India. Those Standards and the Guidance Note require that UHSRUWLQJDQGVXFKLQWHUQDOQDQFLDOFRQWUROVRYHUQDQFLDO
we comply with ethical requirements and plan and perform UHSRUWLQJZHUHRSHUDWLQJHHFWLYHO\DVDW0DUFK
the audit to obtain reasonable assurance about whether EDVHGRQWKHLQWHUQDOFRQWURORYHUQDQFLDOUHSRUWLQJFULWHULD
DGHTXDWHLQWHUQDOQDQFLDOFRQWUROVRYHUQDQFLDOUHSRUWLQJ established by the Company considering the essential
was established and maintained and if such controls components of internal control stated in the Guidance
RSHUDWHGHHFWLYHO\LQDOOPDWHULDOUHVSHFWV Note on Audit of Internal Financial Controls Over Financial
Our audit involves performing procedures to obtain audit Reporting issued by the Institute of Chartered Accountants
HYLGHQFH DERXW WKH DGHTXDF\ RI WKH LQWHUQDO QDQFLDO of India.
FRQWUROVV\VWHPRYHUQDQFLDOUHSRUWLQJDQGWKHLURSHUDWLQJ
HHFWLYHQHVV 2XU DXGLW RI LQWHUQDO QDQFLDO FRQWUROV RYHU
QDQFLDO UHSRUWLQJ LQFOXGHG REWDLQLQJ DQ XQGHUVWDQGLQJ RI
LQWHUQDOQDQFLDOFRQWUROVRYHUQDQFLDOUHSRUWLQJDVVHVVLQJ
the risk that a material weakness exists, and testing and per Nilangshu Katriar
HYDOXDWLQJ WKH GHVLJQ DQG RSHUDWLQJ HHFWLYHQHVV RI Partner
internal control based on the assessed risk. The procedures Membership Number: 58814
selected depend on the auditors judgement, including the
assessment of the risks of material misstatement of the Place: Gurgaon
QDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURU Date: April 27, 2016

Balance Sheet
(` Millions)
As of As of
Particulars Notes
March 31, 2016 March 31, 2015
Equity and Liabilities
Shareholders' Funds
Share capital 5 19,987 19,987
Reserves and surplus 6 824,481 762,742
Non-Current Liabilities
/RQJWHUPERUURZLQJV 7 417,002 196,267
'HIHUUHGWD[OLDELOLWLHV1HW 8 32,784 10,721
2WKHUORQJWHUPOLDELOLWLHV 9 43,954 42,036
/RQJWHUPSURYLVLRQV 10 2,262 1,969
Current Liabilities
6KRUWWHUPERUURZLQJV 11 6,999 6,259
7UDGHSD\DEOHV 12
WRWDORXWVWDQGLQJGXHVRIPLFURHQWHUSULVHVDQGVPDOO 26 10
enterprises
WRWDORXWVWDQGLQJGXHVRIFUHGLWRUVRWKHUWKDQPLFUR 70,562 71,222
enterprises and small enterprises
2WKHUFXUUHQWOLDELOLWLHV 13 193,604 140,675
6KRUWWHUPSURYLVLRQV 14 7,727 12,349
Total 1,619,388 1,264,237
Assets
Non-current Assets
Fixed Assets
7DQJLEOHDVVHWV 15 311,563 256,552
,QWDQJLEOHDVVHWV 16 606,582 277,892
&DSLWDOZRUNLQSURJUHVV 28,251 26,561
,QWDQJLEOHDVVHWVXQGHUGHYHORSPHQW 16 9,715 64,108
1RQFXUUHQWLQYHVWPHQWV 17 430,261 383,958
/RQJWHUPORDQVDQGDGYDQFHV 18 93,470 88,381
2WKHUQRQFXUUHQWDVVHWV 19 25,489 19,221
Current Assets
Current investments 20 8 47,211
Inventories 21 53 94
7UDGHUHFHLYDEOHV 22 37,930 33,110
&DVKDQGEDQNEDODQFHV 23 521 3,887
6KRUWWHUPORDQVDQGDGYDQFHV 24 68,429 53,942
Other current assets 25 7,116 9,320
Total 1,619,388 1,264,237
7KHDFFRPSDQ\LQJQRWHVIRUPDQLQWHJUDOSDUWRIWKHVHQDQFLDOVWDWHPHQWV
As per our report of even date

For S. R. Batliboi & Associates LLP For and on behalf of the Board of Directors of Bharti Airtel Limited
ICAI Firm Registration No: 101049W
per Nilangshu Katriar Sunil Bharti Mittal Gopal Vittal

Partner Chairman Managing Director
0HPEHUVKLS1R & CEO (India & South Asia)
3ODFH*XUJDRQ Rajendra Chopra Nilanjan Roy

'DWH$SULO Company Secretary *OREDO&KLHI)LQDQFLDO2FHU

126-355
6WDWHPHQWRI3URWDQG/RVV
(` Millions, except per share data and as stated otherwise)
For the year ended For the year ended
Particulars Notes
March 31, 2016 March 31, 2015
Income
Revenue from operations 29 603,002 554,964
Other income 30 14,856 51,930
Total Income 617,858 606,894
Expenses
Access charges 80,236 79,601
/LFHQVHIHHDQGVSHFWUXPFKDUJHVUHYHQXHVKDUH 70,654 67,062
Cost of goods sold 31 373 76
(PSOR\HHEHQHWVH[SHQVHV 32 18,693 16,915
Power and fuel 33 40,387 41,151
Rent 33 65,413 59,790
Charity and donation 33 575 292
Other expenses 33 103,309 95,766
Total Expenses 379,640 360,653
3URWEHIRUHQDQFHFRVWVGHSUHFLDWLRQDPRUWLVDWLRQ 238,218 246,241
exceptional items and tax
Finance costs 34 35,590 14,091
Depreciation and amortisation expense 35 95,431 75,597
3URWEHIRUHH[FHSWLRQDOLWHPVDQGWD[ 107,197 156,553
Exceptional items 36 6,799
3URWEHIRUH7D[ 100,398 156,553
Tax Expense (including exceptional items)
Current tax 20,501 31,092
MAT credit (17,631) (7,790)
Deferred tax 22,063 1,246
3URWIRUWKH\HDU 75,465 132,005
Earnings per share (equity shares of par value ` 5 each) 39
Basic and Diluted (In `) 18.88 33.02



Standalone Financial Statements (IGAAP) 133

Cash Flow Statement

(` Millions)
Particulars
March 31, 2016 March 31, 2015
A. &DVKRZVIURPRSHUDWLQJDFWLYLWLHV
3URWEHIRUHWD[ 100,398 156,553
Adjustments for:
Depreciation and amortisation expense 95,431 75,597
Exceptional Items (refer Note 36) 2,925
Interest income (2,815) (1,396)
3URWORVVRQVDOHRILQYHVWPHQWV (173) (34,698)
Finance costs 35,590 14,091
Unrealised foreign exchange (gain) / loss 248 (853)
Expenses on employee stock option plan 204 (6)
3URWORVVRQVDOHRIDVVHWVQHW 716 550
Dividend income (9,470) (13,700)
2SHUDWLQJFDVKRZEHIRUHFKDQJHVLQDVVHWVDQGOLDELOLWLHV 223,054 196,138
Adjustments for changes in assets and liabilities :
,QFUHDVHGHFUHDVHLQWUDGHUHFHLYDEOHV (4,972) (11,455)
,QFUHDVHGHFUHDVHLQRWKHUUHFHLYDEOHV (11,565) (4,074)
,QFUHDVHGHFUHDVHLQLQYHQWRULHV 68 (83)
,QFUHDVHGHFUHDVHLQWUDGHDQGRWKHUSD\DEOHV 15,701 27,260
,QFUHDVHGHFUHDVHLQSURYLVLRQV 93 148
Cash generated from operations 222,379 207,934
CSR expenses Paid (refer Note 33) (411)
Income taxes paid (21,797) (28,125)
1HWFDVKRZIURPXVHGLQRSHUDWLQJDFWLYLWLHV 200,582 179,398
B &DVKRZVIURPLQYHVWLQJDFWLYLWLHV
3XUFKDVHRIWDQJLEOHDVVHWV (117,411) (70,142)
3XUFKDVHRILQWDQJLEOHDVVHWV (69,907) (6,900)
3URFHHGVIURPVDOHRIWDQJLEOHDVVHWV 4,852 501
Sale/(Purchase) of investments (net) 47,376 (40,392)
Proceeds from sale/redemption/reduction of shares in 40,499
VXEVLGLDULHVDVVRFLDWHVMRLQWYHQWXUHVQHWRIH[SHQVHV
$FTXLVLWLRQVXEVFULSWLRQLQYHVWPHQWLQVXEVLGLDULHV (111,384) (40,292)
associates/ joint ventures (refer Note 37)
$GYDQFHVJLYHQWRVXEVLGLDULHVDVVRFLDWHMRLQWYHQWXUH (15,338) (34,861)
5HSD\PHQWRIDGYDQFHVJLYHQWRVXEVLGLDULHVDVVRFLDWHMRLQWYHQWXUH 26,749 8,513
3XUFKDVHRIEDQNGHSRVLWVZLWKPDWXULW\PRUHWKDQWKUHHPRQWKV (46,717) (705)
3URFHHGVIURPPDWXULW\RIEDQNGHSRVLWV 46,658 671
(with maturity more than three months)
Interest received 2,819 1,396
'LYLGHQGUHFHLYHGIURPVXEVLGLDU\FRPSDQLHV 9,470 13,700
1HWFDVKRZIURPXVHGLQLQYHVWLQJDFWLYLWLHV (222,833) (128,012)
C &DVKRZVIURPQDQFLQJDFWLYLWLHV
3URFHHGVIURPERUURZLQJV 74,520 23,192
5HSD\PHQWVRIERUURZLQJV (37,648) (58,138)
6KRUWWHUPERUURZLQJVQHW (105) 3,094
Dividend paid (8,875) (13,711)
Tax on dividend paid (2)
,QWHUHVWDQGRWKHUQDQFHFKDUJHVSDLG (9,007) (6,392)
1HWFDVKRZIURPXVHGLQQDQFLQJDFWLYLWLHV 18,885 (51,957)
1HWLQFUHDVHGHFUHDVHLQFDVKDQGFDVKHTXLYDOHQWVGXULQJWKH\HDU (3,366) (571)
$GG%DODQFHDVDWWKHEHJLQQLQJRIWKH\HDU 3,887 4,458
Balance as at the end of the year (refer note 23) 521 3,887
1RWHV
)LJXUHVLQEUDFNHWVLQGLFDWHFDVKRXWRZ
7KHDERYHFDVKRZVWDWHPHQWKDVEHHQSUHSDUHGXQGHUWKHLQGLUHFWPHWKRGVHWRXWLQ$6&DVK)ORZ6WDWHPHQWVQRWLHGXQGHU6HFWLRQRIWKH&RPSDQLHV
$FWUHDGZLWKUXOHRIWKH&RPSDQLHV$FFRXQWV5XOHVLVVXHGE\WKH0LQLVWU\RI&RUSRUDWH$DLUV
3 Cash and cash equivalents also includes `0QLQXQSDLGGLYLGHQGEDQNDFFRXQW0DUFK` 35 Mn) (refer note 23)
3UHYLRXV\HDUJXUHVKDYHEHHQUHJURXSHGDQGUHFDVWZKHUHYHUQHFHVVDU\WRFRQIRUPWRWKHFXUUHQW\HDUFODVVLFDWLRQ


126-355
NotesWRQDQFLDOVWDWHPHQWV
1. Corporate Information upon managements best knowledge of current events
Bharti Airtel Limited (the Company) incorporated in and actions, uncertainty about these assumptions and
India on July 7, 1995, is a company promoted by Bharti estimates could result in the outcomes requiring a
Telecom Limited (BTL), a company incorporated under material adjustment to the carrying amounts of assets
the laws of India. The Companys shares are publicly and liabilities in future periods.
traded on the National Stock Exchange (NSE) and the
3.2. Tangible Assets
Bombay Stock Exchange (BSE), India. The Registered
Tangible Assets are stated at cost, net of accumulated
RFH RI WKH &RPSDQ\ LV VLWXDWHG DW %KDUWL &UHVFHQW
depreciation and accumulated impairment losses, if any.
1HOVRQ0DQGHOD5RDG9DVDQW.XQM3KDVH,,1HZ
'HOKL Such cost includes purchase price, the cost of replacing
part of the plant and equipment and borrowing costs
The Company is a leading telecommunication service for long term construction projects, if the recognition
provider in India providing telecommunication systems criteria are met and directly attributable cost of bringing
and services. the asset to its working condition for the intended
use. Any trade discounts and rebates are deducted in
2. Basis of Preparation DUULYLQJDWWKHSXUFKDVHSULFH:KHQVLJQLFDQWSDUWVRI
7KH QDQFLDO VWDWHPHQWV RI WKH &RPSDQ\ KDYH EHHQ tangible assets are required to be replaced in intervals,
prepared in accordance with the generally accepted the Company recognises such parts as separate
accounting principles in India (Indian GAAP). The FRPSRQHQW RI DVVHWV ZLWK VSHFLF XVHIXO OLYHV DQG
QDQFLDO VWDWHPHQWV KDYH EHHQ SUHSDUHG WR FRPSO\ provides depreciation over their useful life. Subsequent
in all material respects with the accounting standards costs are included in the assets carrying amount or
QRWLHG XQGHU 6HFWLRQ RI WKH &RPSDQLHV $FW recognised as a separate asset, as appropriate, only
2013 read with rule 7 of the Companies (Accounts) ZKHQ LW LV SUREDEOH WKDW IXWXUH HFRQRPLF EHQHWV
5XOHVLVVXHGE\WKH0LQLVWU\RI&RUSRUDWH$DLUV DVVRFLDWHG ZLWK WKH LWHP ZLOO RZ WR WKH &RPSDQ\
7KH QDQFLDO VWDWHPHQWV KDYH EHHQ SUHSDUHG XQGHU and the cost of the item can be measured reliably. The
the historical cost convention and on an accrual basis carrying amount of the replaced part is derecognised.
except in case of assets for which revaluation is carried All other repair and maintenance costs are recognised
RXW DQG FHUWDLQ GHULYDWLYH QDQFLDO LQVWUXPHQWV UHIHU LQWKHVWDWHPHQWRISURWDQGORVVDVLQFXUUHG&DSLWDO
note 3.13).
work in progress is valued at cost.
The accounting policies have been consistently applied
Where assets are installed on the premises of customers
by the Company and are consistent with those used
(commonly called Customer premise equipment
in the previous year except expenditure incurred on
&3(VXFKDVVHWVFRQWLQXHWREHWUHDWHGDVWDQJLEOH
Corporate Social Responsibility (CSR), which was
assets as the associated risks and rewards remain
DFFRXQWHG DV DSSURSULDWLRQ WR VWDWHPHQW RI SURW
ZLWK WKH &RPSDQ\ DQG PDQDJHPHQW LV FRQGHQW RI
and loss during previous year (in accordance with the
exercising control over them.
guidance issued by ICAI, FAQ on the provision of CSR
under section 135 of the Companies Act 2013 and Gains and losses arising from retirement or disposal of
Rules thereon). During current year, Company has WKH WDQJLEOH DVVHWV DUH GHWHUPLQHG DV WKH GLHUHQFH
aligned accounting treatment of CSR with Guidance between the net disposal proceeds and the carrying
Note on Accounting for Expenditure on Corporate amount of the asset and are recognised in statement of
Social Responsibility Activities issued by the Institute SURWDQGORVVRQWKHGDWHRIUHWLUHPHQWRUGLVSRVDO
of Chartered Accountants of India in May 2015.
Accordingly, expenditure pertaining to CSR activities is Assets are depreciated to the residual values on a
FKDUJHGDVDQH[SHQVHLQWKHVWDWHPHQWRISURWDQG straight-line basis over the useful lives of respective
loss (refer note 3.21). assets as estimated by the management. The
depreciation period and the depreciation method
7KHVH QDQFLDO VWDWHPHQWV DUH SUHVHQWHG LQ ,QGLDQ for a tangible asset are reviewed at least at each
Rupees (Rupees or `) and all amount are rounded to QDQFLDO\HDUHQG&KDQJHVLQWKHH[SHFWHGXVHIXOOLIH
the nearest million (Mn), except as stated otherwise. is accounted for as changes in accounting estimates
and accounted prospectively over the remaining useful
6XPPDU\RI6LJQLFDQW$FFRXQWLQJ3ROLFLHV life. Changes in the expected pattern of consumption
3.1. Use of Estimates RI IXWXUH HFRQRPLF EHQHWV HPERGLHG LQ WKH DVVHW LV
7KH SUHSDUDWLRQ RI WKH QDQFLDO VWDWHPHQWV LQ accounted for as change in the depreciation method
conformity with Indian GAAP requires management and accounted retrospectively, thus, depreciation is
to make judgement, estimates and assumptions that recalculated in accordance with the new method from
DHFW WKH UHSRUWHG DPRXQWV RI DVVHWV DQG OLDELOLWLHV the date of the asset coming into use and any excess
and disclosure of contingent liabilities at the date of the RU GHFLW RQ VXFK UHFRPSXWDWLRQ LV DFFRXQWHG LQ WKH
QDQFLDOVWDWHPHQWVDQGWKHUHVXOWVRIRSHUDWLRQVGXULQJ VWDWHPHQW RI SURW DQG ORVV ZKHQ VXFK FKDQJH LV
the reporting year. Although these estimates are based HHFWHG)UHHKROG/DQGLVQRWGHSUHFLDWHG

Estimated useful lives of the assets are as follows: (ii) Licenses and Spectrum
Acquired licenses and spectrum are initially recognised
Years at cost. Subsequently, they are measured at cost
/HDVHKROG/DQG Period of lease less accumulated amortisation and accumulated
Building 20 impairment loss, if any. Amortisation is recognised in
%XLOGLQJRQ/HDVHG/DQG 20 WKHVWDWHPHQWRISURWDQGORVVRQDVWUDLJKWOLQHEDVLV
Period of lease over the unexpired period of the license/spectrum
/HDVHKROG,PSURYHPHQWV or 10 years, commencing from the date when the related network is
whichever is less available for intended use in the respective jurisdiction.
Plant & Equipment 3 20 The amortisation period related to licenses/spectrum
Computer 3 acquired in a amalgamation is determined primarily by
2FH(TXLSPHQW reference to their unexpired period.
Furniture and Fixtures 5 (iii) Bandwidth
Vehicles 5 3D\PHQWIRUEDQGZLGWKFDSDFLWLHVDUHFODVVLHGDVSUH
The management basis its past experience and technical payments in service arrangements or under certain
assessment has estimated the useful life, which is at conditions as an acquisition of a right. In the latter case
variance with the life prescribed in Part C of Schedule it is accounted for as intangible assets and the cost is
II of the Companies Act, 2013 and has accordingly, amortised over the period of the agreements, which
depreciated the assets over such useful life. may not exceed a period of 15 years depending on the
tenor of the agreement.
3.3. Intangible Assets
,GHQWLDEOHLQWDQJLEOHDVVHWVDUHUHFRJQLVHGZKHQWKH (iv) Other Acquired Intangible Assets
Company controls the asset, it is probable that future Payment for the rights acquired for unlimited license
HFRQRPLF EHQHWV DWWULEXWHG WR WKH DVVHW ZLOO RZ WR access to various applications are recognised as other
the Company and the cost of the asset can be reliably acquired intangibles. They are amortised on a straight -
measured. Intangible assets under development is line basis over the period of the agreements.
valued at cost. 3.4. Leases
At initial recognition, the separately acquired intangible (i) Where the Company is the lessee
assets are recognised at cost. Following initial /HDVHVZKHUHWKHOHVVRUHHFWLYHO\UHWDLQVVXEVWDQWLDOO\
recognition, the intangible assets are carried at cost all the risks and rewards incidental to ownership of the
less any accumulated amortisation and accumulated OHDVHG LWHP DUH FODVVLHG DV RSHUDWLQJ OHDVHV /HDVH
impairment losses, if any. rentals with respect to assets taken on Operating
/HDVHDUHFKDUJHGWRWKHVWDWHPHQWRISURWDQGORVV
Gains and losses arising from retirement or disposal of
on a straight-line basis over the lease term.
WKHLQWDQJLEOHDVVHWVDUHGHWHUPLQHGDVWKHGLHUHQFH
between the net disposal proceeds and the carrying /HDVHV ZKLFK HHFWLYHO\ WUDQVIHU WR WKH &RPSDQ\
amount of the asset and are recognised in statement of substantially all the risks and rewards incidental to
SURWDQGORVVRQWKHGDWHRIUHWLUHPHQWRUGLVSRVDO RZQHUVKLSRIWKHOHDVHGLWHPDUHFODVVLHGDVQDQFH
lease. These are capitalised at the commencement of
$PRUWLVDWLRQ LV UHFRJQLVHG LQ WKH VWDWHPHQW RI SURW
the lease at the fair value of the leased asset or, if lower,
and loss on a straight-line basis over the estimated
at the present value of the minimum lease payments.
useful lives of intangible assets from the date they
/HDVH SD\PHQWV DUH DSSRUWLRQHG EHWZHHQ QDQFH
are available for use. The amortisation period and
charges and reduction of the lease liability so as to
the amortisation method for an intangible asset are
achieve a constant rate of interest on the remaining
UHYLHZHGDWOHDVWDWHDFKQDQFLDO\HDUHQG&KDQJHV
balance of the liability. Finance charges are recognised
in the expected useful life is accounted for as changes
LQWKHVWDWHPHQWRISURWDQGORVV/HDVHPDQDJHPHQW
in accounting estimates and accounted prospectively
fees, legal charges and other initial direct costs of lease
over the remaining useful life. Changes in the expected
are capitalised.
SDWWHUQ RI FRQVXPSWLRQ RI IXWXUH HFRQRPLF EHQHWV
embodied in the asset is accounted for as change in the Leased assets are depreciated on straight-line basis
amortisation method and accounted retrospectively, over the useful life of the asset. However, if there is
thus, amortisation is recalculated in accordance with no reasonable certainty that the Company will obtain
the new method from the date of the asset coming into ownership by the end of the lease term, the asset is
XVHDQGDQ\H[FHVVRUGHFLWRQVXFKUHFRPSXWDWLRQ depreciated on straight-line basis over the shorter of
LVDFFRXQWHGLQWKHVWDWHPHQWRISURWDQGORVVZKHQ the estimated useful life of the asset or the lease term.
VXFKFKDQJHLVHHFWHG
(ii) Where the Company is the Lessor
(i) Software Leases in which the Company does not transfer
Software is capitalised at the amounts paid to acquire substantially all the risks and rewards incidental to
the respective license for use and is amortised over the RZQHUVKLS RI WKH DVVHW DUH FODVVLHG DV RSHUDWLQJ
period of license, generally not exceeding three years. leases. Lease income in respect of Operating Lease
6RIWZDUH XS WR 5XSHHV YH KXQGUHG WKRXVDQG ZKLFK LV UHFRJQLVHG LQ WKH VWDWHPHQW RI SURW DQG ORVV RQ D
has an independent use, is amortised over a period of straight-line basis over the lease term. Assets subject
one year from the date of place in service. WR RSHUDWLQJ OHDVHV DUH LQFOXGHG LQ [HG DVVHWV ,QLWLDO

126-355
direct costs incurred in negotiating an operating lease DUHUHFRJQLVHGLQWKHVWDWHPHQWRISURWDQGORVVDVD
are added to the carrying amount of the leased asset component of depreciation and amortisation expense.
and recognised over the lease term on the same basis
After impairment, depreciation/amortisation is
as rental income.
provided on the revised carrying amount of the asset
Leases in which the Company transfer substantially all over its remaining useful life. An impairment loss is only
the risks and rewards incidental to ownership of the reversed to the extent that the assets carrying amount
DVVHWDUHFODVVLHGDVQDQFHOHDVHV does not exceed the carrying amount that would have
been determined if no impairment loss had previously
$VVHWV OHDVHG WR RWKHUV XQGHU QDQFH OHDVH DUH
been recognised.
recognised as receivables at an amount equal to the
net investment in the leased assets. Finance Income 3.7. Asset Retirement Obligations (ARO)
LVUHFRJQLVHGEDVHGRQDSDWWHUQUHHFWLQJDFRQVWDQW Asset retirement obligations (ARO) are provided
periodic rate of return on the net investment of the for those operating lease arrangements where the
OHVVRURXWVWDQGLQJLQUHVSHFWRIWKHQDQFHOHDVH,QLWLDO Company has a binding obligation at the end of
direct costs are accounted over the lease term. the lease period to restore the leased premises in a
(iii) Indefasible right to use (IRU) condition similar to inception of lease. The estimated
future costs of decommissioning are reviewed annually
As a part of operations, the Company enters into
and adjusted as appropriate. Changes in the estimated
agreement for leasing assets under Indefasible right
future costs are added to or deducted from the cost
to use with third parties. Under the arrangement the
of the asset and depreciated prospectively over the
assets are given on lease over the substantial part of the
remaining useful life.
DVVHWOLIH+RZHYHUWKHWLWOHWRWKHDVVHWVDQGVLJQLFDQW
risk associated with the operation and maintenance 3.8. Investment
of these assets remain with the lessor. Hence, such Investment, which are readily realisable and intended
arrangements are recognised as operating lease. to be held for not more than one year from the date
The contracted price is received in advance and RQZKLFKVXFKLQYHVWPHQWVDUHPDGHDUHFODVVLHGDV
is recognised as revenue during the tenure of the FXUUHQWLQYHVWPHQWV$OORWKHULQYHVWPHQWVDUHFODVVLHG
agreement. Unearned IRU revenue net of the amount as non-current investments.
recognisable within one year is disclosed as deferred On initial recognition, all investments are measured at
revenue in other long term liabilities and the amount cost. The cost comprises purchase price and directly
recognisable within one year is disclosed as deferred attributable acquisition charges such as brokerage,
revenue in other current liabilities. fees and duties.
3.5. Borrowing Cost &XUUHQW ,QYHVWPHQWV DUH FDUULHG LQ WKH QDQFLDO
Borrowing costs consist of interest and other costs that statements at lower of cost and fair value determined
the Company incurs in connection with the borrowing on an individual investment basis. Non-current
of funds. Borrowing costs directly attributable to the investments are valued at cost. Provision is made for
acquisition, construction or production of an asset that diminution in value to recognise a decline, if any, other
necessarily takes a substantial period of time to get than that of temporary nature.
ready for its intended use or sale are capitalised as part
of the cost of the respective assets. All other borrowing 2Q GLVSRVDO RI LQYHVWPHQW WKH GLHUHQFH EHWZHHQ LWV
costs are expensed in the period in which they occur. carrying amount and net disposal proceeds is charged
RUFUHGLWHGWRWKHVWDWHPHQWRISURWDQGORVV
3.6. Impairment of Assets
The carrying amounts of assets are reviewed 3.9. Cash and Cash Equivalents
for impairment, whenever events or changes in Cash and cash equivalents for the purpose of cash
circumstances indicate that the carrying amount RZ VWDWHPHQW FRPSULVH FDVK DW EDQN FDVK RQ KDQG
may not be recoverable or when annual impairment and cheques on hand, call deposits, and other short
testing for an asset is required. An impairment loss is term highly liquid investments with an original maturity
recognised whenever the carrying amount of an asset of three months or less that are readily convertible
or its cash-generating unit exceeds its recoverable to a known amount of cash and are subject to an
amount. The recoverable amount of an asset is the LQVLJQLFDQWULVNRIFKDQJHVLQYDOXH
greater of its fair value less costs to sell and value in 3.10. Inventory
use. To calculate value in use, the estimated future cash
Inventory is valued at the lower of cost and net realisable
RZV DUH GLVFRXQWHG WR WKHLU SUHVHQW YDOXH XVLQJ D
value. Cost is determined on First in First out basis.
SUHWD[GLVFRXQWUDWHWKDWUHHFWVFXUUHQWPDUNHWUDWHV
Inventory costs include purchase price, freight inward
DQG WKH ULVNV VSHFLF WR WKH DVVHW )RU DQ DVVHW WKDW
and transit insurance charges. Net realisable value is
GRHV QRW JHQHUDWH ODUJHO\ LQGHSHQGHQW FDVK LQRZV
the estimated selling price in the ordinary course of
the recoverable amount is determined for the cash-
business, less estimated costs of completion and the
generating unit to which the asset belongs. Fair value
estimated costs necessary to make the sale.
less costs to sell is the best estimate of the amount
obtainable from the sale of an asset in an arms length The Company provides for obsolete and slow-moving
transaction between knowledgeable, willing parties, inventory based on management estimates of the
less the costs of disposal. Impairment losses, if any, usability of inventory.

3.11. Revenue Recognition and Receivables exists regarding realisation of consideration.
Revenue is recognised to the extent that it is probable Installation charges are recognised as revenue on
WKDW WKH HFRQRPLF EHQHWV ZLOO RZ WR WKH &RPSDQ\ satisfactory completion of installation.
and the revenue can be reliably measured. Revenue
(iii) Investing and Other Activities
is measured at the consideration received/receivable
QHW R GLVFRXQWV SURFHVV ZDLYHUV DQG YDOXH DGGHG Income on account of interest and other activities
tax (VAT), service tax or duty. The Company assesses are recognised on an accrual basis.
LWV UHYHQXH DUUDQJHPHQWV DJDLQVW VSHFLF FULWHULD (iv) Dividend Income
LH ZKHWKHU LW KDV H[SRVXUH WR WKH VLJQLFDQW ULVNV Dividend income is recognised when the
and rewards associated with the sale of goods or the Companys right to receive the payment is
rendering of services, in order to determine if it is acting established.
as a principal or as an agent.
(v) Provision for Doubtful Debts
(i) Service Revenues
The Company provides for amounts outstanding
Service revenues include amounts invoiced for more than 90 days from the date of billing, in
IRU XVDJH FKDUJHV [HG PRQWKO\ VXEVFULSWLRQ case of active subscribers, roaming receivables,
charges and very small aperture terminal (VSAT) receivables for data services and for entire
service usage charges, bandwidth services, RXWVWDQGLQJ IURP GHDFWLYDWHG FXVWRPHUV QHW R
roaming charges, activation fees, processing fees VHFXULW\ GHSRVLWV RU LQ VSHFLF FDVHV ZKHUH WKH
and fees for value added services (VAS). Service management is of the view that the amounts from
revenues also include revenues associated with
certain customers are not recoverable.
access and interconnection for usage of the
telephone network of other operators for local, For receivables due from the other operators on
domestic long distance and international calls and account of their National Long Distance (NLD)
data messaging services. DQG ,QWHUQDWLRQDO /RQJ 'LVWDQFH ,/' WUDF IRU
voice and Interconnect Usage charges (IUC), the
Service revenues are recognised as the services
Company provides for amounts outstanding for
are rendered and are stated net of discounts,
more than 120 days from the date of billing, net
process waivers and taxes. Revenues from pre-
of any amounts payable to the operators or in
paid customers are recognised based on actual
VSHFLF FDVHV ZKHUH WKH PDQDJHPHQW LV RI WKH
usage. Processing fees on recharge coupons
view that the amounts from these operators are
is recognised over the estimated customer
not recoverable.
relationship period or coupon validity period,
whichever is lower. Activation revenue and related (vi) Unbilled Revenue
activation costs, not exceeding the activation Unbilled revenue represent revenue recognised
revenue, are deferred and amortised over the from last bill cycle date to the end of the reporting
estimated customer relationship period. The period. These are billed in subsequent periods
excess of activation costs over activation revenue, based on the terms of the billing plans / contractual
if any, are expensed as incurred. Billings in excess arrangements.
of revenue recognised is treated as unearned and
reported as deferred revenue in the balance sheet. 3.12. License fees revenue share
The revenue-share fee on license and spectrum is
Service revenues from the internet and VSAT
computed as per the licensing agreement at the
business comprise revenues from registration,
prescribed rate and is expensed as incurred.
installation and provision of internet and VSAT
services. Registration fee and installation charges 3.13. Foreign Currency Translation, Accounting For
are deferred and amortised over the period of Forward Contracts and Derivatives
agreement with customer. Service revenue is Initial Recognition
recognised from the date of satisfactory installation Foreign currency transactions are recorded in
of equipment and software at the customer site the reporting currency, by applying to the foreign
and provisioning of internet and VSAT services. currency amount the exchange rate between the
Revenues from national and international long reporting currency and the foreign currency at the
distance operations comprise revenue from date of the transaction.
provision of voice services which are recognised on Conversion
provision of services while revenue from provision
Foreign currency monetary items are translated
of bandwidth services (including installation) is
recognised over the period of arrangement. using exchange rates prevailing at the reporting
date. Non-monetary items which are carried in
(ii) Equipment Sales terms of historical cost denominated in a foreign
Equipment sales consist primarily of revenues from currency are translated using the exchange rate
sale of telecommunication equipment and related at the date of the transaction; and non-monetary
accessories. Revenue from equipment sales items which are carried at fair value or other similar
WUDQVDFWLRQV DUH UHFRJQLVHG ZKHQ WKH VLJQLFDQW valuation denominated in a foreign currency are
risks and rewards of ownership are transferred translated using the exchange rates at the date
WRWKHEX\HUDQGZKHQQRVLJQLFDQWXQFHUWDLQW\ when the values were determined.

126-355
([FKDQJH'LHUHQFHV H[SOLFLW WHUPV WKDW DHFW VRPH RU DOO RI WKH FDVK
(
[FKDQJH GLHUHQFHV DULVLQJ RQ WKH VHWWOHPHQW RZ RU WKHYDOXH RI RWKHU H[FKDQJHV UHTXLUHG E\
of monetary items or on restatement of the the contract in a manner similar to a derivative
&RPSDQ\V PRQHWDU\ LWHPV DW UDWHV GLHUHQW instrument. The Company assesses whether
from those at which they were initially recorded the economic characteristics and risks of the
GXULQJ WKH \HDU RU UHSRUWHG LQ SUHYLRXV QDQFLDO embedded derivative are clearly and closely
statements, are recognised as income or as related to the economic characteristics and
expenses in the year in which they arise. risks of the remaining component of the host
contract and whether a separate, non-embedded
Forward Exchange Contracts covered under instrument with the same terms as the embedded
$67KH(HFWVRI&KDQJHVLQ)RUHLJQ LQVWUXPHQW ZRXOG PHHW WKH GHQLWLRQ RI D
Exchange Rates derivative instrument. When it is determined that
(
[FKDQJH GLHUHQFHV RQ IRUZDUG H[FKDQJH (1) the embedded derivative possesses economic
contracts and plain vanilla currency options for characteristics and risks that are not clearly and
establishing the amount of reporting currency and closely related to the economic characteristics
not intended for trading & speculation purposes, and risks of the host contract and (2) a separate,
DUHUHFRJQLVHGLQWKHVWDWHPHQWRISURWDQGORVV stand-alone instrument with the same terms
in the year in the which the exchange rate changes. would qualify as a derivative instrument, the
The premium or discount arising at the inception embedded derivative is separated from the host
of forward exchange contracts is amortised as contract, carried at fair value as a trading or non-
expense or income over the life of the contract. Any hedging derivative instrument. At every year end,
SURWRUORVVDULVLQJRQFDQFHOODWLRQRUUHQHZDORI all outstanding embedded derivative instruments
such forward exchange contract is recognised as are fair valued on mark-to-market basis and any
income or expense for the year. loss on valuation is recognised in the statement
(
[FKDQJH GLHUHQFH RQ IRUZDUG FRQWUDFWV ZKLFK RI SURW DQG ORVV IRU WKH \HDU $Q\ UHGXFWLRQ LQ
are taken to establish the amount other than the mark-to-market valuations and reversals of such
UHSRUWLQJ FXUUHQF\ DULVLQJ GXH WR WKH GLHUHQFH UHGXFWLRQVDUHLQFOXGHGLQVWDWHPHQWRISURWDQG
between forward rate available at the reporting loss for the year.
date for the remaining maturity period and the Translation of Integral and Non-Integral
contracted forward rate (or the forward rate last Foreign Operation
used to measure a gain or loss on the contract for 7
KH QDQFLDO VWDWHPHQWV RI DQ LQWHJUDO IRUHLJQ
an earlier period) are recognised in the statement operation are translated as if the transactions
RISURWDQGORVVIRUWKH\HDU of the foreign operation have been those of the
Other Derivative Instruments, not in the Company itself.
QDWXUHRI$67KH(HFWVRI&KDQJHVLQ ,Q WUDQVODWLQJ WKH QDQFLDO VWDWHPHQWV RI D QRQ
Foreign Exchange Rates integral foreign operation for incorporation in
The Company enters into various foreign currency QDQFLDO VWDWHPHQWV WKH DVVHWV DQG OLDELOLWLHV
option contracts and interest rate swap contracts both monetary and non-monetary are translated
that are not in the nature of forward contracts at the closing rate; income and expense items are
designated under AS 11 as such and contracts translated at average exchange rates prevailing
that are not entered to establish the amount of during the year; and all resulting exchange
the reporting currency required or available at GLHUHQFHVDUHDFFXPXODWHGLQDIRUHLJQFXUUHQF\
the settlement date of a transaction; to hedge its translation reserve until the disposal of the net
ULVNVZLWKUHVSHFWWRIRUHLJQFXUUHQF\XFWXDWLRQV investment.
and interest rate exposure arising out of foreign
currency loan. In accordance with the ICAI 3.14.(PSOR\HH%HQHWV
announcement, at every year end, all outstanding 7KH &RPSDQ\V SRVW HPSOR\PHQW EHQHWV LQFOXGH
derivative contracts are fair valued on a mark- GHQHG EHQHW SODQ DQG GHQHG FRQWULEXWLRQ SODQV
to-market basis and any loss on valuation is 7KH&RPSDQ\DOVRSURYLGHVRWKHUEHQHWVLQWKHIRUP
UHFRJQLVHGLQWKHVWDWHPHQWRISURWDQGORVVRQ RIRWKHUORQJWHUPHPSOR\HHEHQHWV
each contract basis. Any gain on mark-to-market 8QGHUWKHGHQHGEHQHWUHWLUHPHQWSODQWKH&RPSDQ\
valuation on respective contracts is not recognised provides retirement obligation in the form of Gratuity.
by the Company, keeping in view the principle of Under the plan, a lump sum payment is made to eligible
prudence as enunciated in AS 1, Disclosure of employees at retirement or termination of employment
Accounting Policies. Any reduction in fair values based on respective employee salary and years of
and any reversals of such reductions are included experience with the Company.
LQVWDWHPHQWRISURWDQGORVVIRUWKH\HDU
)RU GHQHG EHQHW UHWLUHPHQW SODQV WKH GLHUHQFH
Embedded Derivative Instruments between the fair value of the plan assets and the
The Company occasionally enters into contracts, present value of the plan liabilities is recognised as an
WKDW GR QRW LQ WKHLU HQWLUHW\ PHHW WKH GHQLWLRQ asset or liability in the balance sheet. Scheme liabilities
of a derivative instrument, that may contain are calculated using the projected unit credit method
HPEHGGHG GHULYDWLYH LQVWUXPHQWV LPSOLFLW RU and applying the principal actuarial assumptions as

at the date of balance sheet. Plan assets are assets SD\PHQW WUDQVDFWLRQ RU LV RWKHUZLVH EHQHFLDO WR WKH
WKDWDUHKHOGE\DORQJWHUPHPSOR\HHEHQHWIXQGRU HPSOR\HHDVPHDVXUHGDWWKHGDWHRIPRGLFDWLRQ
qualifying insurance policies.
Where an equity-settled award is cancelled, it is treated
$OO H[SHQVHV LQ UHVSHFW RI GHQHG EHQHW SODQV as if it is vested on the date of cancellation, and any
including actuarial gains and losses, are recognised in expense not yet recognised for the award is recognised
WKHVWDWHPHQWRISURWDQGORVVDVLQFXUUHG immediately. This includes any award where non-
vesting conditions within the control of either the entity
7KH &RPSDQ\V FRQWULEXWLRQV WR GHQHG FRQWULEXWLRQ
or the employee are not met. However, if a new award is
SODQV DUH UHFRJQLVHG LQ VWDWHPHQW RI SURW DQG ORVV
substituted for the cancelled award, and designated as
when the employee renders the related services. The
a replacement award on the date that it is granted, the
Company has no further obligations under these plans
cancelled and new awards are treated as if they were a
beyond its periodic contributions.
PRGLFDWLRQRIWKHRULJLQDODZDUGDVGHVFULEHGLQWKH
The distinction between short-term and long-term previous paragraph. All cancellations of equity-settled
HPSOR\HH EHQHWV LV EDVHG RQ H[SHFWHG WLPLQJ RI transaction awards are treated equally.
settlement rather than the employees entitlement
3.16. Taxes
EHQHWV
(i) Current Income tax
The employees of the Company are entitled to Current Income tax is measured at the amount expected
compensated absences based on the unavailed to be paid to the tax authorities in accordance with
OHDYHEDODQFHDVZHOODVRWKHUORQJWHUPEHQHWV7KH Indian Income Tax Act, 1961. The tax rates and tax laws
Company records liability based on actuarial valuation used to compute the amount are those that are enacted
computed under projected unit credit method. The or substantively enacted, by the reporting date.
Company presents the liability for compensated
absences as a current liability in the balance sheet (ii) Deferred Tax
as it does not have an unconditional right to defer its 'HIHUUHG LQFRPH WD[HV UHHFWV WKH LPSDFW RI FXUUHQW
settlement for 12 months after the reporting date. \HDU WLPLQJ GLHUHQFHV EHWZHHQ WD[DEOH LQFRPH DQG
accounting income for the year and reversal of timing
3.15. Share Based Compensation
GLHUHQFHV RI HDUOLHU \HDUV 'HIHUUHG WD[ LV PHDVXUHG
The Company issues equity-settled and cash-settled based on the tax rates and the tax laws enacted or
share-based options to certain employees. These are
substantively enacted at the balance sheet date.
measured at fair value on the date of grant.
Deferred tax liabilities are recognised for all taxable
The fair value determined on the grant date of the WLPLQJGLHUHQFHV'HIHUUHGWD[DVVHWVDUHUHFRJQLVHG
equity settled share based options is expensed over the only to the extent that there is reasonable certainty
vesting period, based on the Companys estimate of the WKDW VXFLHQW IXWXUH WD[DEOH LQFRPH ZLOO EH DYDLODEOH
shares that will eventually vest. against which such deferred tax assets can be realised.
In situations, where the Company has unabsorbed
The fair value determined on the grant date of the cash
depreciation or carry forward tax losses, deferred tax
settled share based options is expensed over the vesting
assets are recognised only if there is virtual certainty
period, based on the Companys estimates of the shares
supported by convincing evidence that they can be
that will eventually vest. At each reporting date, until the
UHDOLVHGDJDLQVWIXWXUHWD[DEOHSURWV
liability is settled, and at the date of settlement, liability is
re-measured at fair value, with any changes in fair value In the situations where the Company is entitled to a
pertaining to the vesting period till the reporting date is tax holiday under the Indian Income-tax Act, 1961, no
UHFRJQLVHGLPPHGLDWHO\LQSURWDQGORVV deferred tax (asset or liability) is recognised in respect of
WLPLQJGLHUHQFHVZKLFKUHYHUVHGXULQJWKHWD[KROLGD\
Fair value is measured using Lattice-based option
SHULRG 'HIHUUHG WD[ LQ UHVSHFW RI WLPLQJ GLHUHQFHV
valuation model, Black-Scholes and Monte Carlo
which reverse after the tax holiday period is recognised
Simulation framework and is recognised as an expense,
LQWKH\HDULQZKLFKWKHWLPLQJGLHUHQFHVRULJLQDWH)RU
together with a corresponding increase in equity/
UHFRJQLWLRQ RI GHIHUUHG WD[HV WKH WLPLQJ GLHUHQFHV
liability, as appropriate, over the period in which the
ZKLFKRULJLQDWHUVWDUHFRQVLGHUHGWRUHYHUVHUVW
options vest using the graded vesting method. The
expected life used in the model is adjusted, based on The carrying amount of deferred tax assets is reviewed
PDQDJHPHQWV EHVW HVWLPDWH IRU WKH HHFWV RI QRQ at each balance sheet date and reduced to the extent
transferability, exercise restrictions and behavioral that it is no longer reasonably certain or virtual certain,
considerations. The expected volatility and forfeiture DVWKHFDVHPD\EHWKDWVXFLHQWWD[DEOHSURWZLOOEH
assumptions are based on historical information. available to allow all or part of the deferred tax asset to
be realised.
Where the terms of a share-based compensation are
PRGLHG WKH PLQLPXP H[SHQVH UHFRJQLVHG LV WKH At each balance sheet date, unrecognised deferred tax
H[SHQVH DV LI WKH WHUPV KDG QRW EHHQ PRGLHG LI WKH assets of earlier years are re-assessed and recognised to the
original terms of the award are met. An additional extent that it has become reasonably or virtually certain, as
H[SHQVH LV UHFRJQLVHG IRU DQ\ PRGLFDWLRQ WKDW the case may be, that future taxable income will be available
increases the total fair value of the share-based against which such deferred tax assets can be realised.

126-355
(iii) MAT Credit virtually certain. The expense relating to any provision is
Minimum Alternative Tax (MAT) credit is recognised as SUHVHQWHGLQWKHVWDWHPHQWRISURWDQGORVVQHWRIDQ\
an asset only when and to the extent there is convincing reimbursement.
evidence that the Company will pay normal income tax A contingent liability is a possible obligation that arises
GXULQJWKHVSHFLHGSHULRGLHWKHSHULRGIRUZKLFK0$7 IURP SDVW HYHQWV ZKRVH H[LVWHQFH ZLOO EH FRQUPHG
credit is allowed to be carried forward. In the year in by the occurrence or non-occurrence of one or more
which the MAT credit becomes eligible to be recognised uncertain future events not wholly within the control
as an asset in accordance with the recommendations of the Company or a present obligation that is not
contained in Guidance Note on Accounting for credit UHFRJQLVHGEHFDXVHLWLVQRWSUREDEOHWKDWDQRXWRZ
available in respect of Minimum Alternative Tax under RI UHVRXUFHV HPERG\LQJ HFRQRPLF EHQHWV ZLOO EH
the Income Tax Act, 1961, the said asset is created required to settle the obligation or the amount of the
E\ ZD\ RI D FUHGLW WR WKH VWDWHPHQW RI SURW DQG ORVV REOLJDWLRQFDQQRWEHPHDVXUHGZLWKVXFLHQWUHOLDELOLW\
account and shown as MAT Credit Entitlement. The Information on contingent liabilities is disclosed in the
Company reviews the same at each balance sheet date QRWHVWRWKHQDQFLDOVWDWHPHQWVXQOHVVWKHSRVVLELOLW\
and writes down the carrying amount of MAT Credit RI DQ RXWRZ RI UHVRXUFHV HPERG\LQJ HFRQRPLF
Entitlement to the extent there is no longer convincing EHQHWVLVUHPRWH
HYLGHQFH WR WKH HHFW WKDW &RPSDQ\ ZLOO SD\ QRUPDO
LQFRPHWD[GXULQJWKHVSHFLHGSHULRG 3.20. Multiple Element Contracts With Vendors
The Company enters into multiple element contracts
3.17. Segment Reporting
with vendors for supply of goods and rendering of
(i) Primary Segment services. The consideration paid is independent of
The Company operates in three primary business the value of supplies received and services availed.
segments viz. Mobile Services, Telemedia Services and Accordingly, the supplies and services are accounted
Airtel Business. for based on their relative fair values to the overall
(ii) Secondary Segment FRQVLGHUDWLRQ 7KH VXSSOLHV ZLWK QLWH OLIH XQGHU VXFK
The Company has operations serving customers within contracts are accounted as Tangible assets or as
India as well as in other countries located outside India. Intangible assets in view of the substance of these
The operations in India constitute the major part, which contracts and existence of economic ownership in
is the only reportable segment, the remaining portion these assets.
being attributable to others. 3.21. Expenditure incurred on Corporate Social
3.18. Earnings Per Share Responsibility (CSR)
The earnings considered in ascertaining the Companys In accordance with the guidance note issued by
(DUQLQJVSHU6KDUH(36FRPSULVHWKHQHWSURWDIWHU Institute of Chartered Accountants of India (ICAI)
tax attributable to equity shareholders. The number of on May 15, 2015, Accounting for Expenditure on
shares used in computing basic EPS is the weighted Corporate Social Responsibility Activities, the amount
average number of shares outstanding during the of expenditure incurred on CSR is accounted as charge
year. The weighted average number of equity shares WRWKHVWDWHPHQWRISURWDQGORVV
outstanding during the year are adjusted for events of 3.22. Exceptional Items
bonus issue, bonus element in a rights issue to existing Exceptional items refer to items of income or expense
shareholders, share split, and reverse share split within the income statement from ordinary activities
(consolidation of shares). The diluted EPS is calculated which are non-recurring and are of such size, nature or
on the same basis as basic EPS, after adjusting for the incidence that their separate disclosure is considered
HHFWVRISRWHQWLDOGLOXWLYHHTXLW\VKDUHVLIDQ\ necessary to explain the performance of the Company.
3.19. Provisions and Contingencies 3.23. Amalgamation Accounting
Provisions are recognised when the Company has a The Company has treated the amalgamation in the
present obligation as a result of past event, it is probable nature of merger under pooling of interest method as
WKDW DQ RXWRZ RI UHVRXUFHV HPERG\LQJ HFRQRPLF there is continuity of business of the amalgamated
EHQHWV ZLOO EH UHTXLUHG WR VHWWOH WKH REOLJDWLRQ DQG Company and all the assets, liabilities and ownership is
a reliable estimate can be made of the amount of the transferred to the Company.
obligation. Provisions are not discounted to its present
value and are determined based on best estimate 4. Information about Business Segments -
required to settle the obligation at the balance sheet Primary
date. These estimates are reviewed at each balance
6HJPHQW'HQLWLRQV
VKHHW GDWH DQG DGMXVWHG WR UHHFW WKH FXUUHQW EHVW
The Companys operating businesses are organised
estimates.
and managed separately according to the nature of
Where the Company expects some or all of a provision products and services provided, with each segment
to be reimbursed, the reimbursement is recognised as UHSUHVHQWLQJ D VWUDWHJLF EXVLQHVV XQLW WKDW RHUV
a separate asset but only when the reimbursement is GLHUHQWSURGXFWVDQGVHUYHVGLHUHQWPDUNHWV

Mobile Services - These services cover voice and data global corporations by serving as a single point of
telecom services provided through wireless technology contact for all telecommunication needs across data
in India (2G/3G/4G). This includes the captive national and voice (domestic as well as international long
long distance networks which primarily provide distance), network integration and managed services.
connectivity to the mobile services business in India.
Unallocated - Unallocated includes other income,
7KLVDOVRLQFOXGHVLQWUDFLW\EUHQHWZRUNV
SURWV ORVVHV DVVHWV LQFOXGLQJ QRQFXUUHQW
Telemedia Services - These services cover voice and investments) and liabilities of the Company which are
data telecommunication services provided through not allocated to the business segments and is primarily
[HGOLQHQHWZRUNDQGEURDGEDQGWHFKQRORJ\ related to the corporate headquarter of the Company.
These also include current tax (net of provisions of
Airtel Business - These services cover end-to-end
tax), deferred tax (net), MAT credit and borrowings not
telecom solutions being provided to large Indian and
allocated to the primary business segments.
Summary of the Segmental Information for the year ended and as of March 31, 2016
(` Millions)
Mobile Telemedia Airtel Unallocated Eliminations Total
Particulars
Services Services Business
Revenue
5HYHQXHIURPRSHUDWLRQV 500,080 43,908 59,014 603,002
external
Inter Segment Revenue 18,226 514 9,176 (27,916)
Total Revenue 518,306 44,422 68,190 - (27,916) 603,002
Results
6HJPHQW5HVXOW3URW/RVV 110,955 11,910 7,598 (134) 130,329
)LQDQFHFRVWV,QFRPH 23,132
Exceptional items # 6,799
3URWEHIRUHWD[ 100,398
Tax expense
&XUUHQWWD[LQFOXGLQJ0$7 2,870
Credit)
'HIHUUHGWD[FKDUJH 22,063
3URWIRUWKHSHULRG 75,465
Other Information
Capital expenditure 425,954 11,807 8,025 932 (11,042) 435,676
Depreciation and amortisation 85,970 9,127 5,976 14 (5,656) 95,431
expense
As of March 31, 2016
Segment Assets 987,398 29,187 33,336 512,359 1,562,280
Inter Segment Assets 389,702 144,841 125,634 358 (660,535)
Advance tax (Net of provision 829 829
for tax)
MAT Credit 56,279 56,279
Total Assets 1,377,100 174,028 158,970 569,825 (660,535) 1,619,388
6HJPHQW/LDELOLWLHV 564,869 11,238 32,220 133,809 742,136
,QWHU6HJPHQW/LDELOLWLHV 54,374 98,544 70,105 437,512 (660,535)
'HIHUUHG7D[/LDELOLW\QHW 32,784 32,784
Total Liabilities 619,243 109,782 102,325 604,105 (660,535) 774,920
6HJPHQWUHVXOWVH[FOXGHQDQFHLQFRPHRI`0QLVQHWWHGRIURPQDQFHFRVWVIRUWKHSXUSRVHRIVHJPHQWUHSRUWLQJ
** Unallocated liabilities includes amount borrowed for the acquisition of 3G and BWA Licenses (including spectrum) of ` Nil.
# Exceptional items represents regulatory fee provisions arising out of re-assessment of certain positions and operating cost on network refarming and up-
gradation program.

126-355
(` Millions)
Mobile Telemedia Airtel Unallocated Eliminations Total
Particulars
Services Services Business
Revenue
Revenue from operations 464,426 40,195 50,343 554,964
external
Inter Segment Revenue 18,508 849 8,955 (28,312)
Total Revenue 482,934 41,044 59,298 - (28,312) 554,964
Results
6HJPHQW5HVXOW3URW/RVV 112,562 8,506 3,786 (4,004) 120,850
)LQDQFHFRVWV,QFRPH (35,703)
Tax expense
&XUUHQW7D[LQFOXGLQJ0$7 23,302
Credit)
'HIHUUHG7D[&KDUJH 1,246
3URWIRUWKH\HDU 132,005
Other Information
Capital expenditure 228,213 7,598 6,356 452 (6,772) 235,847
Depreciation and amortisation 66,079 9,040 5,483 11 (5,016) 75,597
Segment Assets 632,821 29,103 32,356 531,308 1,225,588
Inter Segment Assets 435,337 76,880 90,661 (602,878)
MAT Credit 38,649 38,649
Total Assets 1,068,158 105,983 123,017 569,957 (602,878) 1,264,237
6HJPHQW/LDELOLWLHV 337,154 8,774 29,484 94,877 470,289
,QWHU6HJPHQW/LDELOLWLHV 48,602 42,556 41,464 470,256 (602,878)
Provision for Tax (Net of 498 498
Advance Tax)
'HIHUUHG7D[/LDELOLW\QHW 10,721 10,721
Total Liabilities 385,756 51,330 70,948 576,352 (602,878) 481,508
6HJPHQWUHVXOWH[FOXGHVQDQFHLQFRPHRI`0QZKLFKLVQHWWHGRIURPQDQFHFRVWVIRUWKHSXUSRVHRIVHJPHQWUHSRUWLQJ
** Unallocated liabilities includes amount borrowed for the acquisition of 3G and BWA Licenses (including spectrum) of ` 8,153 Mn
Notes:
7KH&RPSDQ\SUHSDUHVLWVVHJPHQWLQIRUPDWLRQLQFRQIRUPLW\ZLWKWKHDFFRXQWLQJSROLFLHVDGRSWHGIRUSUHSDULQJDQGSUHVHQWLQJWKHQDQFLDOVWDWHPHQWVRI
the Company as a whole.
6HJPHQWUHVXOWVUHSUHVHQWSURWORVVEHIRUHQDQFHFRVWVQHWRIQDQFHLQFRPHH[FHSWLRQDOLWHPVDQGWD[
&DSLWDOH[SHQGLWXUHUHSUHVHQWVJURVVDGGLWLRQVWR[HGDVVHWVDQGFDSLWDODGYDQFHJLYHQIRUDFTXLULQJWDQJLEOHDQGLQWDQJLEOHDVVHWVGXULQJWKH\HDU
4. Inter segment assets / liabilities represent the inter segment account balances.
5. Inter segment revenue is accounted for on terms established by the management on arms length basis. These transactions have been eliminated at the
Company level.

Information about Geographical Segment Secondary
The Company has operations serving customers within India as well as located in other countries. The information relating
to the geographical segments in respect of customers being served and assets within India, which is the only reportable
segment, the remaining portion being attributable to others, is presented below :
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Segment Revenue from external customers based on geographical
location of customers
Within India 562,696 518,924
Others 40,306 36,040
603,002 554,964
Carrying amount of Segment Assets by geographical location of assets
Within India 1,211,299 978,816
Others 408,089 285,421
1,619,388 1,264,237
Cost incurred during the year to acquire Segment Assets by
geographical location of assets
Within India 434,656 234,197
Others 1,020 1,650
435,676 235,847
Notes:
1. Segment assets include tangible, intangible, current and other non-current assets.
&RVWLQFXUUHGGXULQJWKH\HDUWRDFTXLUHVHJPHQWDVVHWVUHSUHVHQWVJURVVDGGLWLRQVWR[HGDVVHWVDQGFDSLWDODGYDQFHJLYHQIRUDFTXLULQJWDQJLEOHDQG
intangible assets during the year.
5. Share Capital
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Authorised shares
0DUFKHTXLW\VKDUHVRI 25,000 25,000
` 5 each
Issued, Subscribed and fully paid-up shares
0DUFKHTXLW\VKDUHVRI 19,987 19,987
` 5 each
19,987 19,987
Note:
21,474,527 Equity shares of ` 10 each were alloted as fully paid-up shares upon the conversion of Foreign Currency Convertible Bonds (FCCBs) during
WKHQDQFLDO\HDUVIURPWRHTXLW\VKDUHVSRVWVKDUHVSOLWRIRQHHTXLW\VKDUHRI` 10 each into 2 equity shares of ` 5 each)

126-355
a. Reconciliation of the equity shares outstanding at the beginning and at the end of the year
Particulars March 31, 2016 March 31, 2015
No. ` Mn No. ` Mn
$WWKHEHJLQQLQJRIWKH\HDU 3,997,400,102 19,987 3,997,400,102 19,987
Issued during the year
Outstanding at the end of the year 3,997,400,102 19,987 3,997,400,102 19,987
E 7HUPVULJKWVDWWDFKHGWRHTXLW\VKDUHV
The Company has only one class of equity shares having par value of ` 5 per share. Each holder of equity shares is
entitled to one vote per share. The dividend proposed by the Board of Directors is subject to approval of the shareholders
in the ensuing Annual General Meeting.
c. Details of shareholders (as per the register of shareholders) holding more than 5% shares in the Company
As of As of
No. % holding No. % holding
Equity shares of ` 5 each fully paid up
%KDUWL7HOHFRP/LPLWHG 1,802,318,492 45.09% 1,747,545,460 43.72%
3DVWHO/LPLWHG 591,319,300 14.79% 591,319,300 14.79%
,QGLDQ&RQWLQHQW,QYHVWPHQW/LPLWHG 265,860,986 6.65% 265,860,986 6.65%
/,&RI,QGLD&KLOG)RUWXQH3OXV%DODQFHG)XQG 203,878,856 5.10%
7KUHH3LOODU3WH/LPLWHG 199,870,006 5.00% 199,870,006 5.00%
6. Reserves and Surplus

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Capital Reserve
2SHQLQJEDODQFH 51 51
$FTXLUHGXQGHUWKHVFKHPHRIDPDOJDPDWLRQ 8,700
Closing balance 8,751 51
Securities Premium Reserve
2SHQLQJEDODQFH 107,967 107,936
Additions during the year 274 31
Closing balance 108,241 107,967
Revaluation Reserve 21 21
Employee Stock Options Outstanding
2SHQLQJEDODQFH 756 2,365
$GG$GGLWLRQGXULQJWKH\HDU 520 80
/HVV)RUIHLWXUH([HUFLVH 768 1,689
Closing balance 508 756
Reserve for Business Restructuring
/HVV$GMXVWPHQWGXHWRDPDOJDPDWLRQ 8,599

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
General Reserve
$GG$GMXVWPHQWRQDFFRXQWRIIRUIHLWXUHRIHPSOR\HHVWRFNRSWLRQ 1,327
$GG$GMXVWPHQWRQDFFRXQWRIH[HUFLVHRIVWRFNRSWLRQVVKDUHV 308 82
WUDQVIHUUHGWRHPSOR\HHVIURPVKDUHVSXUFKDVHGE\7UXVWWKURXJK
open market)
6XUSOXVLQWKH6WDWHPHQWRI3URWDQG/RVV
$GG3URWIRUWKH\HDU 75,465 132,005
/HVV$FTXLUHGXQGHUWKH6FKHPHRIDPDOJDPDWLRQ 9,425
$PRXQWDYDLODEOHIRUDSSURSULDWLRQ 666,623 616,970
$SSURSULDWLRQV
CSR expenses (refer note 33) (411)
Dividend paid/ proposed (refer note 51) (5,436) (15,390)
Tax on dividend paid/ proposed^ 700 (586)
1HWVXUSOXVLQWKHVWDWHPHQWRISURWDQGORVV 661,887 600,583
Total 824,481 762,742
* (refer note 37(i))
^ Tax on dividend paid / proposed is net of credit of ` 1,807 Mn (March 31, 2015 - ` 1,221 Mn) on account of dividend distribution tax on dividend from
subsidiary companies.
7. Long-term Borrowings
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Secured
From Banks 12 18
From Others 8 1
Total secured 20 19
Unsecured
1RQ&RQYHUWLEOH%RQGV 66,255
7HUP/RDQV
From Banks 1,573 19,265
From Others 39,213 46,843
Total 107,041 66,108
'HIHUUHGSD\PHQWOLDELOLWLHVWRZDUGVVSHFWUXP 341,424 143,167
)LQDQFHOHDVHREOLJDWLRQV 1,951 144
Total unsecured 450,416 209,419
/HVV&XUUHQWPDWXULWLHVUHIHUQRWH
From Banks 669 5,822
From Others 6,677 7,346 7,306 13,128
'HIHUUHGSD\PHQWOLDELOLWLHVWRZDUGVVSHFWUXP 25,428 -
)LQDQFHOHDVHREOLJDWLRQV 660 43
417,002 196,267
* USD 1,000 Mn 4.375% senior notes due on 2025 listed on Singapore exchange (refer note 37(iii)).

126-355
a. Secured borrowings represent vehicle loans which are secured by hypothecation of vehicles of the Company.
E 'HWDLOVUHODWLQJWRPDWXULW\SUROHLQWHUHVWUDWHDQGFXUUHQF\RIORQJWHUPERUURZLQJV
(` Millions)
Currency of Rate of Interest As of 0DWXULW\3UROH
borrowings (Weighted March 31, 2016 Within one Between Between 2YHUYH
average) year one and two and years
two years YH\HDUV
INR 10.00% 342,833 25,883 25,284 85,781 205,885
USD 3.34% 107,603 7,551 6,391 14,039 79,622
Total 450,436 33,434 31,675 99,820 285,507
(` Millions)
borrowings (Weighted March 31, 2015 Within one Between Between 2YHUYH
average) year one and two and years
two years YH\HDUV
INR 10.08% 163,483 5,240 18,245 27,751 112,247
USD 1.25% 45,955 7,931 6,874 14,618 16,532
Total 209,438 13,171 25,119 42,369 128,779
c. The borrowings of ` 40,806 Mn outstanding as of March 31, 2016, comprising various loans, are repayable in total
730 half yearly installments, borrowings of ` 66,255 Mn is payable in 1 bullet installment, ` 341,424 Mn repayable in
WRWDO\HDUO\LQVWDOOPHQWVDQGQDQFHOHDVHREOLJDWLRQIRU` 1,951 repayable in total 84 yearly, quarterly and monthly
installments (borrowings of ` 209,438 Mn outstanding as of March 31, 2015, comprising various loans, are repayable in
total 15 quaterly installments, 840 half yearly installments and 15 yearly installments).
8. Taxes
i) Deferred tax liabilities (Net)
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Deferred Tax Liabilities arising on account of:
Depreciation and amortisation 53,668 29,839
53,668 29,839
Less:
Deferred Tax Assets arising on account of:
3URYLVLRQIRUGRXEWIXOGHEWVDGYDQFHV 7,977 7,178
/HDVHUHQWHTXDOLVDWLRQ 6,187 5,676
)RUHLJQH[FKDQJHXFWXDWLRQDQGPDUNWRPDUNHW 5,009 4,384
Other 1,711 1,880
20,884 19,118
Deferred Tax Liabilities (Net) 32,784 10,721

ii) Tax expense 10. Long Term Provisions
(a) MAT credit includes income of ` 752 Mn (March (` Millions)
LQFRPH RI ` 364 Mn), current tax
includes income of ` 543 Mn (March 31, 2015 - As of As of
` Nil) and deferred tax includes income of ` 333 Particulars March 31, March 31,
0Q0DUFKLQFRPHRI` 82 Mn) relating 2016 2015
to earlier years. Provision for
HPSOR\HHEHQHWV
(b) During the year ended March 31, 2015, the (refer note 39)
Company had recognised additional tax charge of Provision for gratuity 1,213 1,137
` 188 Mn on account of change in tax rate from
33.99% to 34.61% as proposed in the Finance Bill, Provision for long 89 86
2015. term service award
1,302 1,223
9. Other Long Term Liabilities Other provisions
Provision for 960 746
(` Millions)
asset retirement
As of As of REOLJDWLRQ
Particulars March 31, March 31, 2,262 1,969
2016 2015
Security deposit 2,602 2,722 The Company takes various premises on lease to install
received# its telecom equipments. A provision is recognised
Equipment supply 452 for the costs to be incurred for restoration of these
SD\DEOH premises at the end of the lease period. It is expected
that this provision will be utilised at the end of the lease
Deferred revenue 16,628 15,535 period of the respective sites as per the respective lease
/HDVHUHQWHTXDOLVDWLRQ 19,793 18,378 agreements. The movement of provision is given below:
2WKHUV 4,931 4,949
(` Millions)
43,954 42,036
For the year For the year
# Security deposit received represents refundable security deposits ended ended
received from subscribers on activation of connections granted thereto Particulars
and are repayable on disconnection, net of outstanding, if any and March 31, March 31,
security deposits received from channel partners. Trade receivables 2016 2016
are secured to the extent of the amount outstanding against individual
subscribers by way of security deposit received from them.(refer note 22) 2SHQLQJEDODQFH 746 721
*Others as of March 31, 2016 includes ` 4,104 Mn (March 31, 2015
Addition (net) 214 25
` 0Q SD\DEOH WR 4XDOFRPP $VLD 3DFLF 3WH /LPLWHG WRZDUGV &ORVLQJEDODQFH 960 746
purchase of balance equity shares upon satisfaction of certain
conditions as per the share purchase agreement for acquisition of
erstwhile Airtel Broadband Services Private Limited (formerly know as
Wireless Business Services Private Limited). (refer note 37(i))
11. Short-term Borrowings

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
(Unsecured unless stated otherwise)
Loans
)URPEDQNV 3,975 6,259
Loans repayable on demand
Cash Credit 3,024 -
6,999 6,259

126-355
a. Details relating to interest rate and currency of short term borrowings
(` Millions)
As of March 31, 2016 As of March 31, 2015
Rate of Rate of
Currency of Borrowings Interest Amount Interest Amount
(Weighted outstanding (Weighted outstanding
average) average)
INR 9.00% 3,024
USD 0.20% 3,975 0.43% 6,259
Total - 6,999 0.43% 6,259
b. The borrowings of ` 3,024 Mn as of March 31, 2016, comprising cash credit facilities from banks which are repayable
on demand (March 31, 2015 ` Nil). Borrowing of ` 3,975 Mn outstanding as of March 31, 2016 are repayable in 2 half
yearly installments (March 31, 2015 ` 6,259 Mn are repayable in 2 half yearly installments)
12. Trade Payables

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
'XHVWR0LFUR(QWHUSULVHVDQG6PDOO(QWHUSULVHV 26 10
7UDGHSD\DEOHVRWKHUWKDQGXHVWR0LFUR(QWHUSULVHVDQG6PDOO 70,562 71,222
(QWHUSULVHV
70,588 71,232
* refer note 46 for details of dues to Micro Enterprises and Small Enterprises
** amount payable to related parties ` 14,648 Mn (March 31, 2015 ` 13,912 Mn) (refer note 47)
13. Other Current Liabilities

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Deferred revenue 29,972 29,246
(TXLSPHQWVXSSO\SD\DEOHV 65,807 53,664
3D\DEOHWRRWKHUV 52,909 37,149
Advance received from customers 1,294 1,445
&XUUHQWPDWXULWLHVRIORQJWHUPGHEWUHIHUQRWH 7,346 13,128
&XUUHQWPDWXULWLHVRIGHIHUUHGSD\PHQWOLDELOLWLHVWRZDUGVVSHFWUXP 25,428
(refer note 7)
&XUUHQWPDWXULWLHVRIQDQFHOHDVHREOLJDWLRQVUHIHUQRWH 660 43
,QWHUHVWDFFUXHGEXWQRWGXHRQERUURZLQJV 1,218 267
2WKHUWD[HVSD\DEOH 7,844 4,686
Unpaid dividends 55 35
2WKHUOLDELOLWLHV 1,071 1,012
193,604 140,675
* Payable to others and Other taxes payable include provision of ` 40,610 Mn as of March 31, 2016 and ` 27,843 Mn as of March 31, 2015 towards sub
judice matters. (refer note 52)

14. Short Term Provisions
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
3URYLVLRQIRUHPSOR\HHEHQHWVUHIHUQRWH
Provision for gratuity 454 450
Provision for leave encashment 730 720
Total 1,184 1,170
Others
Provision for income tax (net of advance tax of ` Nil (March 31, 498
2015 `139,277 Mn) and includes `1LO7'6UHFHLYDEOHSURYLGHG
for (March 31, 2015 ` 583 Mn) #
Proposed dividend (refer note 51) 5,436 8,874
Tax on dividend 1,107 1,807
Total 6,543 11,179
7,727 12,349
# Reversal of MAT credit utilisation of ` Nil (March 31, 2015 utilisation of ` 222 Mn) adjusted with Provision for tax.
15. Tangible Assets

(` Millions)
Particulars Leasehold Freehold Building Plant and Furniture Vehicles 2FH Computer * Leasehold Total
Land Land Equipment and Equipment improvements
Fixtures
Cost
As of April 1, 2014 411 1,312 6,056 536,679 1,413 253 3,022 27,994 4,252 581,392
Additions 38 416 73,923 189 53 666 1,062 208 76,555
Disposals / adjustment (5,501) (2) (25) (27) (36) (44) (5,635)
5HFODVVLFDWLRQ (5) 17 1 (1) 12
As of March 31, 2015 411 1,350 6,467 605,118 1,600 281 3,662 29,019 4,416 652,324
Additions 46 123,848 127 21 661 1,879 119 126,701
Disposals / adjustment (51) (8,762) (14) (9) (72) (8,102) (4) (17,014)
5HFODVVLFDWLRQ (42) (171) 69 4 (3) 143
As of March 31, 2016 411 1,308 6,291 720,273 1,717 293 4,251 22,793 4,674 762,011
Accumulated
Depreciation
As of April 1, 2014 35 1,894 307,472 1,217 217 2,092 25,042 2,741 340,710
Charge for the year # 5 326 56,793 116 17 409 1,756 473 59,895
Disposals / adjustment (4,708) (2) (19) (24) (35) (44) (4,832)
5HFODVVLFDWLRQ 3 (7) 2 1 (1) 3 (2) (1)
As of March 31, 2015 40 - 2,223 359,550 1,333 216 2,476 26,766 3,168 395,772
Charge for the year # 4 330 66,093 115 18 485 1,838 397 69,280
Disposals / adjustment (51) (6,433) (14) (3) (64) (8,072) 33 (14,604)
5HFODVVLFDWLRQ (52) 1 3 8 40
As of March 31, 2016 44 - 2,450 419,211 1,434 231 2,900 20,540 3,638 450,448
Net Carrying Amount
As of April 1, 2014 376 1,312 4,162 229,207 196 36 930 2,952 1,511 240,682
As of March 31, 2015 371 1,350 4,244 245,568 267 65 1,186 2,253 1,248 256,552
As of March 31, 2016 367 1,308 3,841 301,062 283 62 1,351 2,253 1,036 311,563
* With respect to assets where the Company has economic ownership, refer note 3.20.
# Includes exceptional items of ` 2,925 Mn (March 31, 2015 ` Nil) with respect to Plant and Equipment (refer note 36)

a. Building includes building on leashold land:
(` Millions)
Gross Block Depreciation Net Block
Particulars As of Additions 'LVSRVDOV 5HFODVVLFDWLRQ As of As of Charge 'LVSRVDOV 5HFODVVLFDWLRQ As of As of
April 1, adjustment March 31, April 1, for adjustment March 31, March 31, 2016
2015 2016 2015 the year 2016

Building on 2,676 29 2,705 813 149 962 1,743
leasehold land
(` Millions)
Gross Block Depreciation Net Block
Particulars As of Additions 'LVSRVDOV 5HFODVVLFDWLRQ As of As of Charge 'LVSRVDOV 5HFODVVLFDWLRQ As of As of
April 1, adjustment March 31, April 1, for adjustment March 31, March 31, 2015
2014 2015 2014 the year 2015

Building on 2,676 2,676 667 146 813 1,863
leasehold land
E 5HFODVVLFDWLRQLQFOXGHVUHFODVVRIDVVHWVEHWZHHQFDWHJRU\RIDVVHWV` Nil and `1LOJURVVEORFNDQGDFFXPXODWHGGHSUHFLDWLRQUHVSHFWLYHO\KDVEHHQUHFODVVLHG

from intangible assets to tangible assets during the year ended March 31, 2016 (March 31, 2015 ` 12 Mn and ` (1) Mn).
c. Capital work in progress includes goods in transit ` 3,047 Mn ( March 31, 2015 ` 6,017 Mn).
d. Refer note 10, 41 and 48 for ARO, jointly owned assets and assets given on operating lease.
40-125 | Statutory Reports
126-355
Standalone Financial Statements (IGAAP)

151
16. i) Intangible Assets
(` Millions)
Software* Bandwith Licenses Other Total
Particulars (including acquired
Spectrum) intangible
Cost
As of April 1, 2014 13,725 20,713 179,913 - 214,351
Additions 1,239 3,485 128,618 2,165 135,507
'LVSRVDOVDGMXVWPHQW (1,300) (1,300)
5HFODVVLFDWLRQ (12) (12)
As of March 31, 2015 14,964 24,186 307,231 2,165 348,546
Additions 3,086 1,665 353,015 357,766
'LVSRVDOVDGMXVWPHQW (4,249) (9,403) (13,652)
5HFODVVLFDWLRQ
As of March 31, 2016 13,801 25,851 650,843 2,165 692,660
Accumulated Amortisation
As of April 1, 2014 9,671 7,520 39,060 56,251
Charge for the year 2,301 1,506 11,462 433 15,702
'LVSRVDOVDGMXVWPHQW (1,300) (1,300)
5HFODVVLFDWLRQ 1 1
As of March 31, 2015 11,972 9,027 49,222 433 70,654
Charge for the year 2,408 1,640 24,594 434 29,076
'LVSRVDOVDGMXVWPHQW (4,249) (9,403) (13,652)
5HFODVVLFDWLRQ
As of March 31, 2016 10,131 10,667 64,413 867 86,078
Net Carrying Amount
As of April 1, 2014 4,054 13,193 140,853 - 158,100
As of March 31, 2015 2,992 15,159 258,009 1,732 277,892
As of March 31, 2016 3,670 15,184 586,430 1,298 606,582
* With respect to assets where the Company has economic ownership, refer note 3.20.
*URVVEORFNDQGDPRUWLVDWLRQRIOLFHQVHVLQFOXGLQJVSHFWUXPDQGVRIWZDUHKDYHEHHQRVHWXSRQEHLQJIXOO\DPRUWLVHG
a. Weighted average remaining amortisation period of F 5HFODVVLFDWLRQ LQFOXGHV UHFODVV RI DVVHWV EHWZHHQ
license as of March 31, 2016 and March 31, 2015 is category of assets. ` Nil and ` Nil gross block and
17.53 years and 17.37 years, respectively. accumulated depreciation respectively, has been
UHFODVVLHG IURP LQWDQJLEOH DVVHWV WR WDQJLEOH DVVHWV
b. Borrowing cost capitalised during the year ended
during the year ended March 31, 2016 (March 31,
March 31, 2016 was ` 1,937 Mn (March 31, 2015
2015 ` 12 Mn and ` (1) Mn).
` 1,083 Mn). The Company capitalises borrowing cost
in the Intangible assets under development.
ii) Intangible Assets Under Development

Intangible assets under development includes the amount of spectrum allotted to the Company and related costs
LQFOXGLQJERUURZLQJFRVWVFDSLWDOLVHGXQGHU$6%RUURZLQJ&RVWVLIDQ\IRUZKLFKVHUYLFHVDUH\HWWREHUROOHGRXW

126-355
17. Non-current Investments
Trade Investments (at cost)
Investment in Equity Instruments (unquoted unless otherwise stated)
(` Millions)
Number of Number of Shares Particulars As of As of
Shares March 31, 2015 March 31, March 31,
March 31, 2016 2016 2015
,QYHVWPHQWLQ6XEVLGLDULHV
175,000,000 175,000,000 %KDUWL+H[DFRP/LPLWHG(TXLW\6KDUHVRI 5,718 5,718
` 10 each
100,000 100,000 %KDUWL$LUWHO6HUYLFHV/LPLWHG(TXLW\6KDUHV 1 1
of ` 10 each
300 300 %KDUWL$LUWHO86$/LPLWHG(TXLW\6KDUHVRI 509 509
USD .0001 each
123,663 123,663 %KDUWL$LUWHO8./LPLWHG(TXLW\6KDUHVRI 101 101
GBP 1 each
4,959,480 4,959,480 %KDUWL$LUWHO+RQJNRQJ/LPLWHG(TXLW\ 26 26
Shares of HKD 1 each
75,100 %KDUWL$LUWHO&DQDGD/LPLWHG(TXLW\ 3
Shares of CAD 1 each (dissolved during
the year)
52,227,896 52,227,896 1HWZRUNLL/LPLWHG(TXLW\6KDUHVRI86' 7,925 7,925
1 each
1,360,000,000 1,360,000,000 %KDUWL,QIUDWHO/LPLWHG(TXLW\6KDUHVRI` 10 74,511 74,511
each (Quoted)
9,690,000 9,690,000 %KDUWL7HOHPHGLD/LPLWHG(TXLW\6KDUHVRI 115 115
` 10 each
27,146,471,771 26,126,080,053 %KDUWL$LUWHO/DQND3ULYDWH/LPLWHG(TXLW\ 13,567 13,096
6KDUHVRI6/5HDFKUHIHUQRWHYLL
1 1 Bharti Airtel Holdings (Singapore) Pte 15,475 15,475
/LPLWHG(TXLW\6KDUHVRI6*'HDFK
338,642,771 338,642,771 Bharti Airtel Holdings (Singapore) Pte
/LPLWHG(TXLW\6KDUHVRI86'HDFK
3,384,970,000 1,699,970,000 Bharti Airtel International (Mauritius) 207,725 97,570
(refer note 37 (iv))
396,000,000 290,000,000 $LUWHO0&RPPHUFH6HUYLFHV/LPLWHG(TXLW\ 3,960 2,900
Shares of ` 10 each (refer note 37 (v))
593,739,000 593,739,000 Bharti International (Singapore) Pte. 33,035 33,035
908,443,919 908,443,919 Bharti Airtel International (Netherlands) 67,354 67,354
%9(TXLW\6KDUHVRI(852HDFK
89,230,796 89,230,796 7HOHVRQLF1HWZRUNV/LPLWHG(TXLW\6KDUHV 91 91
of ` 10 each
5,050,000 5,050,000 1[WUD'DWD/LPLWHG(TXLW\6KDUHVRI` 10 51 51
each
$LUWHO%URDGEDQG6HUYLFHV3ULYDWH/LPLWHG 65,270
Equity Shares of ` 10 each (merged during
the year with the Company) (refer note 37
(i))
21,850,000 ,QGR7HOHSRUWV/LPLWHGIRUPHUO\NQRZQDV 285
%KDUWL7HOHSRUWV/LPLWHG(TXLW\6KDUHVRI
` 10 each (refer note 37(vii))

(` Millions)
Number of Number of Shares Particulars As of As of
Shares March 31, 2015 March 31, March 31,
March 31, 2016 2016 2015
50,000 50,000 :\QN/LPLWHG(TXLW\6KDUHVRI` 10 each 1 1
Investment in Joint Ventures
800,000 800,000 %ULGJH0RELOH37(/LPLWHG(TXLW\6KDUHVRI 34 34
USD 1 each
1,000,000 1,000,000 )LUH)O\1HWZRUNV/LPLWHG(TXLW\6KDUHVRI 10 10
` 10 each
Investment in Associates
11,270,000 ,QGR7HOHSRUWV/LPLWHGIRUPHUO\NQRZQDV 113
%KDUWL7HOHSRUWV/LPLWHG(TXLW\6KDUHVRI
` 10 each (refer note 37(vii))
Investment in other equity instrument
100,000 100,000 ,))&2.LVVDQ6DQFKDU/LPLWHG(TXLW\ 50 50
Shares of ` 10 each
430,544 383,959
Other investments (at cost)
,QYHVWPHQWLQ*RYHUQPHQW6HFXULWLHV 2 2
1DWLRQDO6DYLQJV&HUWLFDWH
/HVV3URYLVLRQIRUGLPLQXWLRQLQYDOXHRI 285 3
LQYHVWPHQWV
430,261 383,958
Aggregate value of Unquoted Investments 356,035 309,450
Aggregate value of Quoted Investments 74,511 74,511
Aggregate Market value of Quoted 519,452 523,600
Investments
Aggregate provision for diminution in value 285 3
of investments
* During the year ended March 31, 2016, the Company has made a provision of `285 Mn due to decline other than temporary in the value of investment in Indo
Teleports Limited (formerly Known as Bharti Teleports Limited).

126-355
18. Long-term Loans and Advances
(` Millions)
Particulars As of March 31, 2016 As of March 31, 2015
Unsecured, considered good unless stated otherwise
Capital Advances
&RQVLGHUHGJRRG 3,989 77
&RQVLGHUHGGRXEWIXO 144 184
/HVV3URYLVLRQIRUGRXEWIXODGYDQFHV (144) 3,989 (184) 77
Security Deposit
&RQVLGHUHGJRRG 10,691 10,015
&RQVLGHUHGGRXEWIXO 810 525
/HVV3URYLVLRQIRUGRXEWIXOGHSRVLW (810) 10,691 (525) 10,015
/RDQVDQGDGYDQFHVWRUHODWHGSDUWLHVUHIHUQRWH 22,511 39,640
MAT Credit Entitlement #
56,279 38,649
93,470 88,381
* Includes advance payment of `0Q0DUFK` Nil) towards spectrum.
** Includes security deposit/advance with/to related parties `0Q0DUFK` 6,950 Mn) (refer note 48).
# MAT credit utilisation of `Nil (March 31, 2015 reversal of MAT credit utilisation of ` 222 Mn) adjusted with Provision for tax.
19. Other Non-current Assets

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Bank deposits and margin money (refer note 23) 588 529
$GYDQFHV 22,669 16,959
Unamortised upfront fees and deferred premium 1,972 1,627
7UDGHUHFHLYDEOHQRQFXUUHQW 260 106
25,489 19,221
* Advances represent payments made to various Government authorities under protest and are disclosed net of provision of ` 34,586 Mn (March 31, 2015
` 27,362 Mn) [refer note 52]
20. Current Investments

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Current investments (at lower of cost and fair market value)
Investment in Mutual Funds 47,194
Investment in Deposits and Bonds 8 17
8 47,211
Aggregate value of Unquoted Investments 8 17
Aggregate value of Quoted Investments 47,194
Aggregate Market Value of Quoted Investments 47,550
Aggregate provision for diminution in value of investments

Details of investments are provided below:
(` Millions, except as stated otherwise)
(No. of (No. of
Amount Amount
Units) Units)
Investment in Mutual Funds (Quoted)
$[LV/LTXLG)XQG*URZWK 650,426 1,000
/ 7/LTXLG)XQG*URZWK 1,104,487 2,105
+')&/LTXLG)XQG3UHPLXP3ODQ*URZWK 31,886,747 872
HDFC Cash management Fund saving Plan Growth 82,662,081 2,400
,&,&,3UXGHQWLDO,QVWLWXWLRQDO/LTXLG3ODQ6XSHU
14,605,888 3,000
Institutional Growth
,')&&DVK)XQG*URZWK5HJXODU3ODQ 2,647,900 4,453
-0+LJK/LTXLGLW\)XQG*URZWK2SWLRQ 117,989,703 4,466
-30RUJDQ,QGLD/LTXLG)XQG6XSHU,QVWLWXWLRQDO
69,186,380 1,250
Growth
.RWDN)ORDWHU6KRUW7HUP*URZWK 1,812,276 4,120
.RWDN/LTXLG6FKHPH3ODQ$*URZWK 343,026 966
3UDPHULFD/LTXLG)XQG*URZWK 412,450 609
5HOLDQFH/LTXLGLW\)XQG*URZWK2SWLRQ 242,935 508
5HOLDQFH/LTXLG&DVK3ODQ*URZWK2SWLRQ)XQG 293,865 1,000
5HOLJDUH/LTXLG)XQG6XSHU,QVWLWXWLRQDO*URZWK 943,091 1,800
7DWD/LTXLG)XQG3ODQ$*URZWK 1,016,663 2,600
7DWD0RQH\0DUNHW)XQG3ODQ$*URZWK 1,742,473 3,801
6%,3UHPLHU/LTXLG)XQG'LUHFW3ODQ*URZWK 454,995 1,000
SBI Magnum Insta Cash Fund 573,778 1,770
3ULQFLSDO&DVK0DQDJHPHQW5HJXODU3ODQ*URZWK 1,717,915 2,311
Sundram Money Fund 56,132,271 1,650
Taurus Mutual Fund 1,903,627 2,835
Franklin India Treasury Management Account 400,595 828
/,&12085$0)/LTXLG)XQG*URZWK3ODQ 733,879 1,850
Total - - 389,457,451 47,194
Investment in Deposits and Bonds (Unquoted)
India Innovation Fund 76 8 70 7
7.30% REC Secured Bonds 2015 10 10
Total 76 8 80 17
21. Inventories (valued at lower of cost and net realisable value)

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Stock-In-Trade* 53 94
Total 53 94
* Net of provision for diminution in value ` 659 Mn (March 31, 2015 ` 483 Mn)

126-355
22. Trade Receivables
(` Millions)
Unsecured, unless stated otherwise
Receivables outstanding for a period
exceeding six months from the date they
are due for payment
Considered good 518 2,522
&RQVLGHUHGGRXEWIXO 14,271 6,244
/HVV3URYLVLRQIRUGRXEWIXOUHFHLYDEOHV (14,271) 518 (6,244) 2,522
Other
Considered good 37,277 30,549
/HVV3URYLVLRQIRUGRXEWIXOUHFHLYDEOHV (3,910) 37,277 (9,985) 30,549
/HDVHUHFHLYDEOHQDQFHOHDVH 135 39
37,930 33,110
Refer note 9 on security deposit.
Includes amount receivable from related party ` 1,110 Mn (March 31, 2015 ` 2,224 Mn) (refer note 47)
23. Cash and Bank Balances

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Cash and cash equivalents
%DODQFHVZLWKEDQNV
2QFXUUHQWDFFRXQWV 240 878
%DQNGHSRVLWVZLWKRULJLQDOPDWXULW\RIPRQWKVRUOHVV 2,700
2QXQSDLGGLYLGHQGDFFRXQW 55 35
Cheques on hand 166 222
Cash on hand 60 52
521 3,887
Other bank balances
Bank deposits with remaining maturity of less than 12 months
Bank deposits with remaining maturity of more than 12 months 7 6
Margin money deposit 581 523
588 529
/HVV$PRXQWGLVFORVHGXQGHUQRQFXUUHQWDVVHWVUHIHUQRWH 588 529
Total 521 3,887

24. Short-term Loans and Advances
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Unsecured, considered good unless
stated otherwise
/RDQVDQGDGYDQFHVWRUHODWHGSDUWLHV 43,376 40,552
(refer note 48)
$GYDQFHVUHFRYHUDEOHLQFDVKRUNLQG
/HVV3URYLVLRQIRUGRXEWIXODGYDQFHV (1,347) 15,045 (2,233) 6,863
Balances with customs, excise and other 9,179 6,527
authorities
Advance Tax [net of provision for tax of 829
` 160,596 Mn (March 31, 2015 ` Nil ) and
net of `0Q7'6UHFHLYDEOHSURYLGHG
for (March 31,2015 ` Nil)]
68,429 53,942
25. Other Current Assets

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
8QELOOHGUHYHQXH 5,079 7,490
Interest accured on loan given to related parties (refer note 48) 1,407 1,154
Unamortised upfront fees and deferred premium 604 650
Others 26 26
7,116 9,320
26. Guarantees and Contingent Liabilities

(i) Total Guarantees outstanding as of March 31, compliance with the applicable accounting
2016 amounting to ` 99,911 Mn (March 31, 2015 standards.
` 101,379 Mn) have been issued by banks and
Corporate Guarantees outstanding as of March
QDQFLDO LQVWLWXWLRQV RQ EHKDOI RI WKH &RPSDQ\ 31, 2016 amounting to ` 798,800 Mn (March 31,
7KHVH JXDUDQWHHV LQFOXGH FHUWDLQ QDQFLDO EDQN 2015 - ` 857,497 Mn) have been given to banks,
guarantees which have been given for subjudice QDQFLDOLQVWLWXWLRQVDQGWKLUGSDUWLHVRQEHKDOIRI
matters and in compliance with licensing Group Companies at no cost to the latter.
conditions, the amount with respect to these
(ii) Claims against the Company not acknowledged
have been disclosed under capital commitments,
as debt (excluding cases where the possibility of
contingencies and liabilities, as applicable, in DQ\RXWRZLQVHWWOHPHQWLVUHPRWH

126-355
a) Claims against the Company not acknowledged as debt:
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
(i) Taxes, Duties and Other demands (under adjudication / appeal / dispute)
6DOHV7D[DQG6HUYLFH7D[ 11,259 11,120
,QFRPH7D[ 16,282 16,335
&XVWRPV'XW\ 4,254 4,254
(QWU\7D[ 5,061 4,221
6WDPS'XW\ 404 411
0XQLFLSDO7D[HV 122 122
'R7GHPDQGV 4,809 4,766
2WKHUPLVFHOODQHRXVGHPDQGV 818 59
LL &ODLPVXQGHUOHJDOFDVHVLQFOXGLQJDUELWUDWLRQPDWWHUV
$FFHVV&KDUJHV3RUW&KDUJHV 8,196 6,952
2WKHUV 610 562
Total 51,815 48,802
* in addition, refer note (g) (v), (g) (vi), (g) (vii) and (g) (viii) below for DoT matters.
Unless otherwise stated below, the management based on legal advice, believes that, the outcome of these contingencies will be favorable and that a loss
is not probable.
E 6DOHVWD[VAT and Service tax c) Income Tax

6DOHVWD[9$7 Income tax demands under appeal mainly include
Claims for sales tax / VAT as of March 31, 2016 comprise WKH DSSHDOV OHG E\ WKH &RPSDQ\ EHIRUH YDULRXV
cases relating to: appellate authorities against the disallowance by
the income tax authorities of certain expenses being
i. the appropriateness of the declarations made by the
claimed, non-deduction of tax at source with respect
Company under the relevant sales tax / VAT legislations
to dealers/distributors margin and non-deduction of
which was primarily procedural in nature;
tax on payments to international operators for access
ii. the applicable sales tax / VAT on disposals of certain charges, etc.
property and equipment items;
d) Custom Duty
iii. lease circuit / broadband connectivity services; The Custom authorities, in some States, demanded
iv. the applicability of sales tax / VAT on sale of SIM cards, custom duty for the imports of special software on the
SIM replacements, VAS, Handsets and Modem rentals; ground that this would form part of the hardware on
which it was pre-loaded at the time of import. The view
v. In the State of Jammu & Kashmir, the Company has of the Company is that such imports should not be
disputed the levy of General Sales Tax / VAT on its subject to any custom duty as it would be an operating
telecom services and towards which the Company has
software exempt from any custom duty. In response
received a stay from the Honble Jammu & Kashmir
WR WKH DSSOLFDWLRQ OHG E\ WKH &RPSDQ\ WKH +RQEOH
High Court. The demands received to date have been
CESTAT has passed an order in favour of the custom
disclosed under contingent liabilities.
DXWKRULWLHV 7KH &RPSDQ\ KDV OHG DQ DSSHDO ZLWK
Service Tax Honble Supreme Court against the CESTAT order.
Service tax demands as of March 31, 2016 relate to:
e) Entry Tax
i. cenvat claimed on tower and related material; In certain States an entry tax is levied on receipt of
ii. levy of service tax on SIM cards; material from outside the State. This position has
been challenged by the Company in the respective
iii. cenvat credit disallowed for procedural lapses and 6WDWHV RQ WKH JURXQGV WKDW WKH VSHFLF HQWU\ WD[ LV
inadmissibility of credit; XOWUD YLUHV WKH &RQVWLWXWLRQ &ODVVLFDWLRQ LVVXHV KDYH
iv. disallowance of cenvat credit used in excess of 20% also been raised whereby, in view of the Company, the
limit; and material proposed to be taxed is not covered under the
VSHFLFFDWHJRU\
v. employee talk time.

I $FFHVVFKDUJHV,QWHUFRQQHFW8VDJH&KDUJHV (AGR) between Company and DoT and interest thereon,
Port charges which the Company has obtained stay from appropriate
(i) Interconnect charges are based on the Interconnect Honble High Courts and TDSAT. TDSAT has pronounced
Usage Charges (IUC) agreements between the its judgement on April 23, 2015 thereby setting aside the
operators although the IUC rates are governed by the impugned demands raised by DoT and directed to rework
IUC guidelines issued by Telecom Regulatory Authority the license fees payable in light of the judgement and
of India (TRAI). BSNL has raised a demand requiring to issue fresh demands. Pursuant thereto Union of India
the Company to pay the interconnect charges at the (UOI) and the Company (on limited heads of revenue)
rates contrary to the regulations issued by TRAI. The DORQJ ZLWKYDULRXV RWKHU RSHUDWRUV KDYH OHG DSSHDOV
&RPSDQ\OHGDSHWLWLRQDJDLQVWWKDWGHPDQGZLWKWKH cross appeals before the Honble Supreme Court of India.
Telecom Disputes Settlement and Appellate Tribunal The Honble Supreme Court of India issued notice in the
(TDSAT) which passed a status quo order, stating that appeals and has declined to grant any interim relief to
only the admitted amounts based on the regulations UOI. The appeals tagged together came up for hearing
ZRXOGQHHGWREHSDLGE\WKH&RPSDQ\7KHQDORUGHU on February 29, 2016 and the Supreme Court allowed
was also passed in our favour. BSNL has challenged the
DoT to raise demands as per its understanding with the
same in Honble Supreme Court. However, no stay has
condition that the demands raised will not be enforced
been granted.
WLOOWKHQDOGHFLVLRQRIWKH6XSUHPH&RXUW7KHPDWWHULV
(ii) In another proceeding with respect to Distance Based likely to be listed for hearing after 8 weeks. DoT further
Carriage Charges, the Honble TDSAT in its order dated had issued LF demand cum show cause notice for
May 21, 2010, allowed BSNL appeal praying to recover QDQFLDO\HDUGDWHG-XQHZKLFKKDV
GLVWDQFHEDVHGFDUULDJHFKDUJHV2QOLQJRIDSSHDOE\ been challenged before TDSAT. TDSAT vide an interim
the telecom operators, Honble Supreme Court asked order dated August 17, 2015 had directed DoT not to
the telecom operators to furnish details of distance- invoke any bank guarantees for realisation of impugned
based carriage charges owed by them to BSNL. Further, demand amounting to ` 12,316 Mn and vide its order
in a subsequent hearing held on August 30, 2010 dated November 6, 2015, TDSAT has disposed of the
Honble Supreme Court sought the quantum of amount matter after recording the statement made by UOI that
in dispute from all the operators as well as BSNL and
the demand notice should be construed as an advance
directed both BSNL and private telecom operators to
notice, which the DoT does not intend to enforce until
furnish Call Data Records (CDRs) to TRAI. The CDRs
the appeals against Tribunals AGR judgement pending
have been furnished to TRAI.
EHIRUHWKH+RQEOH6XSUHPH&RXUWLVQDOO\GLVSRVHGRI
(iii) In another issue with respect to Port Charges, in 2001,
TRAI had prescribed slab based rate of port charges iii) DoT demands also include the contentious matters in
payable by private operators which were subsequently UHVSHFWRIVXEVFULEHUYHULFDWLRQQRUPVDQGUHJXODWLRQV
reduced in the year 2007 by TRAI. On BSNLs appeal, including validity of certain documents allowed as Proof
TDSAT passed its judgement in favour of BSNL, of Address / Identity in certain mobility circles.
and held that the pre-2007 rates shall be applicable iv) DoT demands also include penalty for alleged failure to
prospectively from May 29, 2010. The rates were meet the procedural requirement for submission of EMF
further revised downwards by TRAI in 2012. On BSNLs UDGLDWLRQVHOIFHUWLFDWLRQ
appeal, TDSAT declined to stay the revised regulation.
The above stated matters are being contested by the
Further, the Honble Supreme Court vide its judgement
Company and the Company, based on legal advice, believes
dated December 6, 2013, passed in another matter,
that it has complied with all license related regulations as and
held that TRAI is empowered to issue regulations on
when prescribed and does not expect any loss relating to
any matter under Section 11(1)(b) of TRAI Act and the
same cannot be challenged before TDSAT. Accordingly, these matters.
all matters raised before TDSAT, wherein TDSAT In addition to the amount disclosed in the table above, the
had interfered in Appeal and passed judgements, contingent liability on DoT matters includes the following:
GR QRW KDYH DQ\ VLJQLFDQFH +RZHYHU SDUWLHV FDQ
OH :ULW 3HWLWLRQV EHIRUH +LJK &RXUW FKDOOHQJLQJ v) Post the Honble Supreme Court Judgement on October
such regulations. 11, 2011 on components of Adjusted Gross Revenue
for computation of license fee, based on the legal
The Company believes that the above said judgement advice, the Company believes that the realised and
has further strengthened the position of the Company
unrealised foreign exchange gain should not be included
on many issues with respect to regulations which had
in Adjusted Gross Revenue (AGR) for computation
been in its favour and impugned before TDSAT.
of license fee thereon. Accordingly, the license fee on
g) Department of Telecommunications (DoT) such foreign exchange gain has not been provided
demands LQ WKH QDQFLDO VWDWHPHQWV $OVR GXH WR DPELJXLW\ RI
i) DoT demands include demands raised for contentious LQWHUSUHWDWLRQ RI IRUHLJQ H[FKDQJH GLHUHQFHV WKH
matters relating to computation of license fees and OLFHQVHIHHLPSDFWRQVXFKH[FKDQJHGLHUHQFHVLVQRW
spectrum charges. TXDQWLDEOH DQG KDV QRW EHHQ LQFOXGHG LQ WKH WDEOH
above. Further, as per the Order dated June 18, 2012
ii) DoT demands include alleged short payment of license
IHH IRU QDQFLDO \HDU DQG GXH WR Honble High Court of Kerala, stay has been obtained,
GLHUHQFHRILQWHUSUHWDWLRQRI$GMXVWHG*URVV5HYHQXH wherein the licensee can continue making the payment

126-355
as was being done throughout the period of license on i) Bharti Mobinet Limited (BMNL) Litigation
telecom activities. Further as stated in point (iii) above, The Company is in litigation in various proceedings
TDSAT has pronounced its judgement on April 23, 2015, at various stages and in various forums with DSS
wherein it has stated that any gain or loss due to foreign Enterprises Private Limited (DSS) (which had 0.34 per
H[FKDQJHXFWXDWLRQGRHVQRWKDYHDQ\EHDULQJRQWKH cent equity interest in erstwhile Bharti Cellular Limited
license fees and directing DoT to rework and issue fresh %&/ RQ FODLPV RI VSHFLF SHUIRUPDQFH LQ UHVSHFW
demands to the operators. The next date of hearing is of alleged agreements to sell the equity interest of
[HGIRU-XQHDW.HUDOD+LJK&RXUW DSS in erstwhile BMNL to the Company. In respect of
vi) On January 8, 2013, DoT issued a demand on the one of the transactions with respect to purchase of
Company for ` 51,353 Mn towards levy of one time 10.5% share of DSS in Skycell by the Company, Crystal
spectrum charge. The demand includes a retrospective Technologies Private Limited (Crystal), an intermediary,
charges of ` 8,940 Mn for holding GSM Spectrum initiated arbitration proceedings against the Company
beyond 6.2 Mhz for the period from July 1, 2008 to demanding ` 195 Mn regarding termination of its
December 31, 2012 and also a prospective charge of appointment as a consultant to negotiate with DSS for
` 42,413 Mn for GSM spectrum held beyond 4.4 Mhz the sale of DSS stake in erstwhile BMNL to the Company.
for the period from January 1, 2013, till the expiry of the The Ld. Arbitrator partly allowed the award for a sum of
initial terms of the respective licenses. ` 31 Mn, 9% interest from period October 3, 2001 till
date of award (i.e May 28, 2009) and a further 18%
In the opinion of the Company, inter-alia, the above
interest from date of award to date of payment. The
GHPDQGDPRXQWVWRDOWHUDWLRQRIQDQFLDOWHUPVRIWKH
Company appealed in Honble High Court against the
OLFHQVHVLVVXHGLQWKHSDVW%DVHGRQDSHWLWLRQOHGE\
award. The Single Judge while dismissing the appeal
the Company, the Honble High Court of Bombay, vide
reduced the rate of interest from 18% to 12%. The
its order dated January 28, 2013, has directed the DoT
matter was appealed thereafter to Division Bench and
to respond and not to take any coercive action until the
QDOO\ WR +RQEOH 6XSUHPH &RXUW ZKHUHLQ WKH PDWWHU
QH[WGDWHRIKHDULQJ7KH'R7KDVOHGLWVUHSO\DQGWKH
has been admitted on the condition that the amount
next date of hearing is awaited.
as per Single Judge Order shall be secured in Honble
vii) DoT had issued notices to the Company as well Supreme Court, which has been done. The matter will
as various other Telecom Service Providers to stop now come up in due course.
provision of services under 3G Intra Circle Roaming (ICR)
arrangements in the service areas where such service '66KDVDOVROHGDVXLWDJDLQVWDSUHYLRXVVKDUHKROGHU
providers had not been allocated 3G Spectrum. DoT of BMNL and the Company challenging the transfer of
DOVROHYLHGDQDQFLDOSHQDOW\RI` 3,500 Mn. Company shares by that shareholder to the Company. The matter
contested the notices and upon various rounds of is to be reheard.
litigations, ultimately, the TDSAT, vide its judgement DSS has also initiated arbitration proceedings seeking
dated April 29, 2014, held 3G ICR arrangements to be direction for restoration of the cellular license and the
competent and compliant with the licensing conditions entire business associated with it including all assets
and quashed the notice imposing penalty. The DoT has of BCL/BMNL to DSS or alternatively, an award for
FKDOOHQJHGWKHRUGHURI7'6$7LQDQDSSHDOOHGEHIRUH damages. An interim stay was granted by the Honble
the Honble Supreme Court, which has been admitted. Delhi High Court with respect to the commencement of
However, Honble Supreme Court has refused to grant arbitration proceedings. The stay was made absolute.
any interim order during the pendency of the appeal.
The case is yet to be listed for hearing in the Honble DSS Enterprises has preferred an SLP challenging
Supreme Court. the order dated May 12, 2005 passed by the Honble
Delhi High Court in Company Appeal No.30 of 2004.
viii) The Company has not been able to meet its roll out The Company Appeal was dismissed by Honble Delhi
obligations fully due to certain non-controllable factors
High Court on the grounds of non-disclosure of material
like Telecommunication Engineering Center testing,
facts before the Honble High Court. This appeal has
Standing Advisory Committee of Radio Frequency
been admitted by the Honble Supreme Court and our
Allocations clearance, non availability of spectrum, etc.
&RXQWHU $GDYLW KDV EHHQ OHG PDWWHU LV WR EH QRZ
The Company has received show cause notices from
listed for hearing in due course.
'R7IRURILWVFLUFOHVIRUQRQIXOOOPHQWRILWVUROORXW
obligations and these have been replied to. DoT has The liability, if any, of the Company arising out of
reviewed and revised the criteria and there has been above litigation cannot be currently estimated. Since
no further development on this matter since then. the amalgamation of BCL and erstwhile Bharti Infotel
Limited (BIL) with the Company, DSS, a minority
h) Others
shareholder in BCL, had been issued 2,722,125 equity
Others mainly include disputed demands for
shares of ` 10 each (5,444,250 equity shares of
consumption tax, disputes before consumer forum and
` 5 each post split) bringing the share of DSS in the
with respect to labour cases and a potential claim for
Company down to 0.136% as of March 31, 2016.
liquidated damages.

27. Capital and Other Commitments Limited, Bharti Telemedia Limited, Airtel M Commerce
Estimated amount of contracts to be executed on Services Limited, Bharti Teleports Limited, Nxtra
capital account and not provided for (net of advances) Data Limited, Bharti Airtel (USA) Limited, Bharti Airtel
` 45,115 Mn as of March 31, 2016 (March 31, 2015 - (Hongkong) Limited, Bharti Airtel (Japan) Limited, Bharti
` 274,832 Mn) (including ` 10,970 Mn (March 31, 2015 Airtel Lanka (Private) Limited, Bharti Airtel Holdings
` 244,040 Mn) towards spectrum (refer note 37(ii)). (Singapore) Pte Limited including its subsidiaries and
28. 7KH &RPSDQ\ KDV XQGHUWDNHQ WR SURYLGH QDQFLDO Bharti Airtel International (Netherlands) B.V. including
support, to its subsidiaries, namely, Bharti Airtel Services its subsidiaries.
29. Revenue from Operations

(` Millions)
Particulars
March 31, 2016 March 31, 2015
Service Revenue
9RLFH GDWDUHYHQXH 439,691 428,264
2WKHUV 162,926 126,604
Sale of products 385 96
603,002 554,964
2WKHUVLQFOXGHUHYHQXHIURP9$6VHUYLFHV[HGPRQWKO\VXEVFULSWLRQ%DQGZLGWKVHUYLFHVDQG96$7HWF
30. Other Income

(` Millions)
Particulars
March 31, 2016 March 31, 2015
,QWHUHVWLQFRPHRQEDQNGHSRVLWV 2,083 867
Interest income on loan given to related parties 732 529
'LYLGHQGLQFRPHIURPVXEVLGLDULHV 9,470 13,700
1HWJDLQRQVDOHRILQYHVWPHQWV 173 34,698
Net foreign exchange gain 587 278
2WKHUQRQRSHUDWLQJLQFRPH
/HDVHUHQWDOV 236 236
/LDELOLWLHVSURYLVLRQZULWWHQEDFN 145 338
Miscellaneous income 1,430 1,284
14,856 51,930
* includes ` Nil (March 31, 2015 ` 32,741 Mn) towards sales of shares of Bharti Infratel Limited
31. Cost of Goods Sold

(` Millions)
Particulars
March 31, 2016 March 31, 2015
(Increase)/ Decrease in inventories (143) (638)
3XUFKDVHRI6WRFNLQ7UDGH 516 714
373 76
(PSOR\HH%HQHW([SHQVHV
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Salaries and wages 16,334 14,578
&RQWULEXWLRQWRSURYLGHQWDQGRWKHUIXQGVUHIHUQRWH 652 657
Expenses on employee stock option plan (refer note 50) 564 549
6WDZHOIDUHH[SHQVHV 682 631
Others 461 500
18,693 16,915

126-355
33. Power and Fuel, Rent, Charity and Donation and Other expenses
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Power and fuel
Network 39,930 40,668
Others 457 483
40,387 41,151
Rent
Network 63,196 58,331
Others 2,217 1,459
65,413 59,790
Charity and donation
3ROLWLFDOFRQWULEXWLRQ$ 250
&RUSRUDWHVRFLDOUHVSRQVLELOLW\# 535
Others 40 42
575 292
Other expenses
Interconnect and port charges 126 124
Insurance
Network 332 283
Others 4 3
Installation 70 53
Repairs and maintenance
Plant and machinery 26,165 24,499
Building 166 175
2WKHUVQHWZRUN 678 716
2WKHUVDGPLQLVWUDWLYH 896 959
/HDVHGOLQHDQGJDWHZD\FKDUJHV 621 1,060
,QWHUQHWDFFHVVDQGEDQGZLGWKFKDUJHV 4,832 4,300
Advertisement and marketing 7,485 7,022
6DOHVFRPPLVVLRQ GLVFRXQWFXVWRPHUYHULFDWLRQDQGFRQWHQWFRVW 19,900 17,604
,QGLUHFWVHOOLQJDQGGLVWULEXWLRQ 3,836 2,844
Sim card utilisation 1,426 783
/HJDODQGSURIHVVLRQDO 2,258 2,451
Rates and taxes 568 2,359
IT and call center outsourcing 9,554 9,649
Travelling and conveyance 1,261 1,168
%DGGHEWVZULWWHQR 4,391 2,915
3URYLVLRQIRUGRXEWIXOGHEWVDQGDGYDQFHVUHIHUQRWH 1,500 3,103
Provision for diminution in stock/ capital work in progress 1,303 451
Collection and recovery expenses 3,625 3,133
/RVVRQVDOHRI[HGDVVHWVQHW 434 550
Printing and stationery 572 613
Miscellaneous expenses
Network 1,632 1,488
6DOHVDQGPDUNHWLQJ 6,817 4,906
Administrative 2,857 2,555
103,309 95,766
# As per the requirements of section 135 of the Companies Act, 2013, the Company was required to spend an amount of ` 1,890 Mn (March 31, 2015
` 1,400 Mn) on Corporate Social Responsibility expenditure for the year ended March 31, 2016. During the year ended March 31, 2016, the Company has
spent in cash an amount of ` 535 Mn (March 31, 2015 ` 411 Mn) towards education and sanitation. In the previous year, the Company had accounted
H[SHQGLWXUHLQFXUUHGRQ&RUSRUDWH6RFLDO5HVSRQVLELOLW\&65DVDSSURSULDWLRQWRVWDWHPHQWRISURWDQGORVVUHIHUQRWH
* Includes goodwill waivers which are other than trade discount of ` 603 Mn (March 31, 2015 ` 984 Mn).
$ Paid to Satya Electoral Trust for political purpose.

34. Finance Costs
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Interest expense 29,048 10,700
2WKHUERUURZLQJFRVW 1,023 1,033
/RVVIURPVZDSDUUDQJHPHQWVQHW 751 625
1HWORVVRQIRUHLJQFXUUHQF\ERUURZLQJV 4,768 1,733
35,590 14,091
35. Depreciation and Amortisation Expense

(` Millions)
Particulars
March 31, 2016 March 31, 2015
Depreciation (refer note 15) 66,355 59,895
Amortisation (refer note 16) 29,076 15,702
95,431 75,597
36. Exceptional Items liabilities and reserves in the books of ABSPL acquired
Exceptional items comprise of the following : pursuant to the scheme is as follows:
a. Charge for regulatory fee provisions of ` 2,659 Mn (` Millions)

(March 31, 2015 ` Nil) arising out of re-assessment of Particulars As of April 09, 2015
certain positions for the year ended March 31, 2016.
Assets
b. Charge of ` 4,140 Mn (March 31, 2015 ` Nil) towards 1RQFXUUHQWDVVHWV 64,246
operating costs on network refarming and up-gradation Current assets 591
program for the year ended March 31, 2016. Total 64,837
7D[H[SHQVHLQFOXGHVWD[EHQHWRI` 2,243 Mn for the Equity And Liabilities
year ended March 31, 2016 (March 31, 2015 ` Nil) on Equity
above exceptional items. Share Capital 56,671
Reserve and surplus (724)
$
FTXLVLWLRQV$GGLWLRQDO,QYHVWPHQWV1HZ 55,947
Developments Liabilities
(i) The Scheme of Arrangements (Scheme) under 1RQFXUUHQWOLDELOLWLHV 5,396
sections 391 to 394 of the Companies Act, 1956 with &XUUHQWOLDELOLWLHV 3,494
respect to amalgamation of Airtel Broadband Services 8,890
Private Limited (ABSPL), a wholly owned subsidiary Total 64,837
of the Company, with the Company, as approved by
the Honble High Court of Bombay on April 11, 2014, However, DoT vide its letter dated February 2, 2015,
KDV EHHQ OHG E\ WKH &RPSDQ\ ZLWK WKH 5HJLVWUDU RI has given its approval for taking on record the merger of
&RPSDQLHV52&RQ$SULOEHLQJWKHHHFWLYH ABSPL with the Company, subject to certain conditions
and appointed date of the scheme whereby ABSPL as stipulated in the letter. One of the conditions of
shall cease to exist. The Company has accounted merger requires payment of ` 4,361 Mn, equal to the
amalgamation in the nature of merger under the pooling GLHUHQFH EHWZHHQ WKH HQWU\ IHH IRU 8QLHG $FFHVV
of interest method. Accordingly, the assets, liabilities and Service License and entry fees paid for Internet
reserves in the books of ABSPL have been recognised Service Provider license. The Honble Telecom Disputes
by the Company as at the date of the amalgamation at Settlement and Appellate Tribunal (TDSAT) vide its
WKHVDPHFDUU\LQJYDOXHV7KHGLHUHQFHRI` 8,599 Mn interim order dated February 9, 2015 has allowed the
between the share capital of ABSPL and the carrying Company to operationalise the spectrum subject to
value of investment in the equity shares of ABSPL in OLQJ DQ XQGHUWDNLQJ WKDW LQ FDVH WKH SHWLWLRQ IDLOV LW
the books of the Company has been adjusted with the shall pay the sum of ` 4,361 Mn along with interest as
reserves of the Company. The carrying values of assets, may be determined by the Tribunal within eight weeks

126-355
IURPWKHGDWHRIMXGJHPHQW7KH&RPSDQ\KDVOHGDQ The balance amount of ` 10,970 Mn (March 31, 2015
undertaking before TDSAT for the same. ` 244,040 Mn) attributable towards the spectrum not
yet allotted to the Company, has been disclosed as part
On February 24, 2012, the TDSAT ordered the Company
to pay certain dues (including interest and penalties) of capital commitments as of March 31, 2016.
allegedly owed by one of then existing Companys (iii) During the year ended March 31, 2016, the Company
Indian non-controlling shareholders, Tulip Telecom has issued 4.375% Senior Unsecured USD 1,000 Mn
Limited (Tulip), to the DoT without prejudice to the right (` 63,973 Mn approximately) Notes at the price of
of Tulip to contest the claim and provided that any sum 99.304% that are due for repayment in March 2025.
ultimately found not to be due (or paid by Tulip) would The said notes are listed on the Singapore Exchange.
be refunded by the Department of Telecommunication
(DoT), without interest, within four weeks of the date (iv) During the year ended March 31, 2016, the Company
of completion of the assessment of Tulip in respect of has made an additional equity investment of ` 110,155
assessment years in question. Accordingly, as per the Mn (USD 1,685 Mn) in Bharti Airtel International
terms and conditions of the TDSAT order dated February (Mauritius) Limited.
24, 2012, the Company had deposited ` 4,104 Mn.
(v) During the year ended March 31, 2016, the Company
Further as per the agreement dated February 13, 2012 has made an additional equity investment of ` 1,060
HQWHUHGEHWZHHQWKH&RPSDQLHV4XDOFRPP$VLD3DFLF Mn in Airtel M Commerce Services Limited.
3WH/LPLWHGDQG7XOLSXSRQWKHQDOGHWHUPLQDWLRQGDWH
being reached, that Tulip is liable to pay the Company (vi) During the year ended March 31, 2016, the Company
an amount equal to the relevant amount determined to has made an additional equity investment of ` 471
be owed by Tulip that is not paid by Tulip and retained Mn in Bharti Airtel Lanka (Private) Limited by way of
by the DoT from the Companys deposit as described conversion of accrued interest on loan into equity.
in above paragraph (the Indemnity Amount) in the
(vii) During the year ended March 31, 2016, the Company
EDQN DFFRXQW VSHFLHG E\ WKH &RPSDQ\ ZLWKLQ
has increased its equity investment in Indo Teleports
GD\V IURP WKH QDO GHWHUPLQDWLRQ GDWH RU WKH GDWH RI
Limited (Teleports) formerly known as Bharti Teleports
WKHSD\PHQWQRWLFHZKHQQDOGHWHUPLQDWLRQGDWHKDV
Limited from 49% to 95% for a consideration of ` 172
already occurred prior to the payment notice, without
any demur or protest and notwithstanding any dispute Mn, thereby acquiring control over Teleport.
regarding the same or any portion thereof. The balance (viii) During the year ended March 31, 2016, the Company
amount will be recovered by the Company from DoT as has purchased 100% stake in Augere Wireless
per the above TDSAT order. Broadband Private Limited. The consummation of
Accordingly, based on the TDSAT order and agreements the said transaction is subject to the approval from
referred herein, the amount deposited with DoT has statutory authorities.
been considered good and recoverable in these special
(ix) During the year ended March 31, 2016, the Company
SXUSRVHQDQFLDOVWDWHPHQWV
KDVHQWHUHGLQWRDGHQLWLYHDJUHHPHQWZLWK9LGHRFRQ
(ii) During the year ended March 31, 2015, the Company Telecommunications Limited (VTL) to acquire rights to
had won the auction for 95.20 MHz spectrum in use spectrum in the 1800 Mhz band for six circles (viz.
15 service areas for an amount of ` 244,040 Mn in Bihar, Haryana, Madhya Pradesh, UP (East), UP (West)
the auction conducted by the Government of India and Gujarat). The closing of the said transaction is
(GOI). The Company has opted for deferred payment subject to certain customary regulatory approvals and
option and accordingly, during the year ended March other closing conditions.
31, 2016, paid an advance of ` 66,496 Mn with the
balance amount of ` 177,544 Mn payable in 10 equal (x) Subsequent to the balance sheet date, the Company has
installments after a moratorium period of two years. HQWHUHGLQWRDGHQLWLYHDJUHHPHQWZLWK$LUFHO/LPLWHG
and its subsidiaries Dishnet Wireless Limited and Aircel
During the year ended March 31, 2016, Government cellular Limited, to acquire rights to use spectrum in
of India issued Letters of Intent for earmarking the
the 2300 Mhz band for eight circles (viz. Tamil Nadu,
spectrum in all the 15 service areas. During the year
Bihar, Jammu & Kashmir, West Bengal, Assam, North
ended March 31, 2016, the GOI has allotted 91.80 MHz
East, Andhra Pradesh and Odisha). The closing of the
of spectrum to the Company. Accordingly, the Company
transaction is subject to certain customary regulatory
has recognised deferred payment liability of ` 166,574
Mn with respect to these spectrum. approvals and other closing conditions.

38. As of March 31, 2016, Bharti Airtel Employees Welfare Trust (the Trust) holds 1,881,958 equity shares (of face value of
` 5 each) (March 31, 2015 1,410,642 equity shares) of the Company.
As of As of As of As of
Particulars
March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015
Number of shares (` Millions)
Opening Balance 1,410,642 2,374,698 114 342
Purchased during the year 1,500,000 514
Issued during the year (1,028,684) (964,056) (103) (228)
Closing Balance 1,881,958 1,410,642 525 114
39. Earnings per Share

Particulars
March 31, 2016 March 31, 2015
Basic and Diluted Earnings per Share :
Nominal value of equity shares (`) 5 5
3URWDWWULEXWDEOHWRHTXLW\VKDUHKROGHUV$ 75,465 132,005
:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJ
3,997 3,997
the year (Nos. in Mn) (B)
Basic / Diluted earnings per Share (`) (A/B) 18.88 33.02
(PSOR\HH%HQHWV
D 'XULQJWKH\HDUWKH&RPSDQ\KDVUHFRJQLVHGWKHIROORZLQJDPRXQWVLQWKH6WDWHPHQWRI3URWDQG/RVV
L 'HQHG&RQWULEXWLRQ3ODQV
(` Millions)
Particulars
March 31, 2016 March 31, 2015
(PSOR\HUV&RQWULEXWLRQWR3URYLGHQW)XQG@ 646 650
(PSOR\HUV&RQWULEXWLRQWR(6,DQGRWKHU)XQGV 6 7
#,QFOXGHVFRQWULEXWLRQWR'HQHG&RQWULEXWLRQ3ODQIRU.H\0DQDJHULDO3HUVRQQHO
LL 'HQHG%HQHW3ODQVDQG/HDYH(QFDVKPHQW
For the year ended March 31, 2016:
(` Millions)
Particulars Gratuity # Leave Encashment #
Current service cost 247 145
Interest cost 135 61
Net actuarial (gain) / loss 46 (57)
Total * 428 149
Actual return on plan assets

126-355
(` Millions)
Particulars Gratuity # Leave Encashment #
Expected return on plan assets (6)
Net actuarial (gain) / loss (84) (133)
Total * 277 73
Actual return on plan assets (76)
# Included in salaries and wages (Refer Note 32)
* Includes charges towards gratuity and leave encashment for Key Managerial Personnel as these are provided on an actuarial basis for the Company
as a whole.
b) The assumptions used to determine the obligations are as follows :

(` Millions)
Particulars Gratuity Leave Encashment
Discount rate 8.00% 8.00%
Expected rate of increase in compensation levels 10.00% 10.00%
Expected rate of return on plan assets N.A. N.A.
Expected average remaining working lives of employees (years) 24.63 24.63

(` Millions)
Discount rate 8.50% 8.50%
Expected rate of increase in compensation levels 10.00% 10.00%
Expected rate of return on plan assets 8.00% N.A.
Expected average remaining working lives of employees (years) 24.38 24.38
c) Reconciliation of opening and closing balances of obligations and plan assets is as follows:
For the year ended March 31, 2016
(` Millions)
Change in Obligation
3UHVHQWYDOXHRIREOLJDWLRQDWEHJLQQLQJRI\HDU 1,587 720
%HQHWVSDLG (340) (145)
Acquisitions / transfer in / transfer out (7) 6
Actuarial (gain) / loss 46 (57)
Present value of obligation at year end 1,668 730
Change in plan assets :
)DLUYDOXHRISODQDVVHWVDWEHJLQQLQJRI\HDU
Expected return on plan assets
Actuarial gain / (loss)
Amount received on redemption of plan assets
Fair value of plan assets at year end
Net funded status of the plan 1,668 730
Current Liabilities 454 730
Non-Current Liabilities 1,213 -

(` Millions)
3UHVHQWYDOXHRIREOLJDWLRQDWEHJLQQLQJRI\HDU 1,586 794
Acquisitions/ transfer in/ transfer out (47) (14)
Actuarial (gain) / loss (14) (133)
Present value of obligation at year end 1,587 720
)DLUYDOXHRISODQDVVHWVDWEHJLQQLQJRI\HDU 76
Expected return on plan assets 6
Actuarial gain / (loss) 70
Amount received on redemption of plan assets (152)
Fair value of plan assets at year end
Net funded status of the plan 1,587 720
Current Liabilities 450 720
Non-Current Liabilities 1,137 -
d) The expected rate of return on plan assets was based on the average long-term rate of return expected to prevail over
the next 15 to 20 years on the investments made by LIC. This was based on the historical returns suitably adjusted for
movements in long-term government bond interest rates. The discount rate is based on the average yield on government
bonds of 20 years.
H 7KHHVWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHDFFRXQWRILQDWLRQVHQLRULW\SURPRWLRQ
and other relevant factors, such as supply and demand in the employment market.
f) History of experience adjustment is as follows:

(` Millions)
Gratuity
Particulars As of As of As of As of As of
March 31, March 31, March 31, March 31, March 31,
2016 2015 2014 2013 2012
3UHVHQWYDOXHRIREOLJDWLRQ 1,668 1,587 1,586 1,382 1,119
Plan assets 76 76 76
6XUSOXVGHFLW (1,668) (1,587) (1,510) (1,306) (1,043)
Experience adjustments on plan
(6) (69) (28) (31) (57)
OLDELOLWLHVJDLQORVV
Experience adjustments on plan
70 (6) (6) (6)
DVVHWVJDLQORVV
(` Millions)
Leave Encashment
2016 2015 2014 2013 2012
3UHVHQWYDOXHRIREOLJDWLRQ 730 720 794 744 652
Plan assets
6XUSOXVGHFLW (730) (720) (794) (744) (652)
Experience adjustments on
74 134 98 79 51
REOLJDWLRQJDLQORVV

126-355
J 0RYHPHQWLQRWKHUORQJWHUPHPSOR\HHEHQHWV
The provision for long term service award provided by the Company as of March 31, 2016 is ` 89 Mn (March 31,
2015 ` 86 Mn).
,QYHVWPHQWLQ-RLQW9HQWXUHV-RLQWO\2ZQHG$VVHWV
a) Jointly owned assets
The Company has participated in various consortiums towards supply, construction, maintenance and providing long
term technical support with regards to following Cable Systems. The details of the same are as follows:
(` Millions except % share)
Cable Project Total Capital Work Net block % Share
Contribution In Progress
60: 3,317 1,315 8.20%
(,*3URMHFW 2,657 20 1,817 7.22%
,0(:(3URMHFW 3,063 2,007 12.84%

(` Millions except % share)
Cable Project Total Capital Work Net block % Share
Contribution In Progress
60: 3,317 1,637 8.27%
(,*3URMHFW 2,677 205 1,805 7.22%
,0(:(3URMHFW 3,063 2,206 12.84%
b) Jointly Ventures Entity to ` 34 Mn, 800,000 Mn ordinary shares, ownership

i) The Company has a Joint Venture with 9 other interest 10.00%)
overseas mobile operators to form a regional
LL )LUH\1HWZRUNV/LPLWHGLVDMRLQWYHQWXUHRIWKH
alliance called the Bridge Mobile Alliance,
incorporated in Singapore as Bridge Mobile Pte Company and Vodafone West Limited. The principle
Limited. The principal activity of the venture is activity of the venture is site acquisition, installation,
creating and developing regional mobile services operation and maintenance of the infrastructure at the
and managing the Bridge Mobile Alliance hotspot to enable telecommunication and internet, to
Programme. As of March 31, 2016, the Companys RHU FXVWRPHU :L DFFHVV DFURVV WKH WHUULWRU\ $V RI
investment in Bridge Mobile Pte Limited is USD 0DUFK WKH &RPSDQ\V LQYHVWPHQW LQ )LUH\
800,000, amounting to ` 34 Mn in 800,000 Networks Limited is ` 10 Mn in 1,000,000 ordinary
ordinary shares of USD 1 each which is equivalent shares of ` 10 each which is equivalent to an ownership
to an ownership interest of 10.00% (March 31, interest of 50% (March 31, 2015: Investment of ` 10
2015: Investment of USD 800,000 Mn, amounting Mn, 100,000 ordinary shares, ownership interest 50%).
The following represents the Companys share of assets and liabilities, and income and results of the joint ventures:
(` Millions)
As of March 31, As of March 31,
Particulars 2016 2015
(Unaudited) (Unaudited)
Balance Sheet
Current assets 69 47
1RQFXUUHQWDVVHWV 5 4
&XUUHQWOLDELOLWLHV 31 21
1RQFXUUHQWOLDELOLWLHV 5
Equity 38 30

(` Millions)
(Unaudited) (Unaudited)
Revenue 69 38
(PSOR\HHEHQHWH[SHQVHV 26 22
Other expenses 30 7
Depreciation 2 1
3URWORVVEHIRUHWD[ 10 8
Tax Expense 0
Loss for the year 11 8
42. Loans and advances in the nature of loans along with 2015 ` 8,887 Mn (USD 140 Mn) at LIBOR + 1.25%
maximum amount outstanding during the year as interest rate).
per Para A of Schedule V of Securities and Exchange
(g) Loan and advance in the nature of loan given to Nxtra
Board of India (Listing obligations and disclosure
Data Limited at nil interest rate is ` 2,480 Mn (March
requirements) Regulations, 2015 are as follows:
31, 2015 ` 2,000 Mn at nil interest rate).
(a) Loan and advance in the nature of loan given to Bharti
(h) Loan and advance in the nature of loan given to Bharti
Telemedia Limited at nil interest rate is ` 32,289 Mn
Airtel Services Limited at nil interest rate is ` 320 Mn
(March 31, 2015 ` 33,395 Mn at nil interest rate).
(March 31, 2015 ` 635 Mn at nil interest rate).
(b) Loan and advance in the nature of loan given to Bharti
(i) Loan and advance in the nature of loan given to Airtel
Airtel Lanka (Private) Limited at nil interest rate is ` Nil
Broadband Services Private Limited at nil interest rate
(March 31, 2015 ` 11,047 Mn (LKR 25,916 Mn) at nil
is ` Nil (March 31, 2015 ` 5,390 Mn at nil interest rate).
interest rate)
( j) Loan and advance in the nature of loan given to Wynk
(c) Loan and advance in the nature of loan given to Bharti
Limited at nil interest rate is ` 40 Mn (March 31, 2015
Airtel International (Netherlands) B.V at LIBOR + 1.25%
` Nil at nil interest rate).
interest rate is ` 34,820 Mn (USD 506 Mn) (March 31,
2015 ` 32,047 Mn (USD 506 Mn) at LIBOR + 1.25% (k) Loan and advance in the nature of loan given to Augere
interest rate). Wireless Broadband India Private Limited at 12%
interest rate is ` 49 Mn (March 31, 2015 ` Nil at nil
(d) Loan and advance in the nature of loan given to
interest rate).
Telesonic Networks Limited at SBI base rate is ` 220
Mn (March 31, 2015 ` 90 Mn at SBI base rate). O /RDQDQGDGYDQFHLQWKHQDWXUHRIORDQJLYHQWR)LUH\
Networks Limited at 9.8% interest rate is ` 5 Mn (March
(e) Loan and advance in the nature of loan given to Bharti
31, 2015 ` Nil at nil interest rate).
Teleports Limited at SBI base rate +1% interest rate is
` 488 Mn (March 31, 2015 ` 466 Mn at SBI base rate (m) Loans and advance in the nature of loan given to Bharti
+1% interest rate). Airtel Employees Welfare Trust at nil interest rate is ` 516
Mn (March 31, 2015 ` 326 Mn at nil interest rate).
(f) Loan and advance in the nature of loan given to Bharti
International (Singapore) Pte Limited at LIBOR + 1.25% Refer note 47 for outstanding balance at the end of the year
interest rate is ` 9,656 Mn (USD 140 Mn) (March 31, for the above entities.

126-355
([SHQGLWXUH(DUQLQJVLQ)RUHLJQ&XUUHQF\RQDFFUXDOEDVLV
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Expenditure
2QDFFRXQWRI
Interest 3,153 496
Bank charges 137 447
Professional & consultation fees 38 90
7UDYHOOLQJQHWRIUHLPEXUVHPHQW 75 39
Roaming charges (including commission) 1,238 1,330
0HPEHUVKLS VXEVFULSWLRQ 82 56
6WDWUDLQLQJ RWKHUV 3 28
Network services 1,041 464
Annual maintenance 1,840 1,905
Bandwidth charges 1,996 2,644
Repairs & maintenance 15 13
Marketing 124 150
Content charges 799 1,016
Directors commission and sitting fees 54 59
Income tax 147
Total 35,903 30,172
Earnings
Service revenue 40,306 36,040
Interest income 675 469
Management charges 887 765
Total 41,868 37,274
44. CIF Value of Imports

(` Millions)
Particulars
March 31, 2016 March 31, 2015
Capital goods 73,702 37,221
Total 73,702 37,221
45. Auditors Remuneration

(` Millions)
Particulars
March 31, 2016 March 31, 2015
$XGLWIHH 78 68
5HLPEXUVHPHQWRIH[SHQVHV 6 5
$VDGYLVRUIRUWD[DWLRQPDWWHUV
2WKHUVHUYLFHV 18 8
Total 102 81
* Excluding Service Tax

'HWDLOVRIGXHVWRPLFURHQWHUSULVHVDQGVPDOOHQWHUSULVHVDVGHQHGXQGHUWKH060('$FW
%DVHGRQWKHLQIRUPDWLRQDYDLODEOHZLWKWKH&RPSDQ\DQGWKHFRQUPDWLRQREWDLQHGIURPWKHFUHGLWRUVDPRXQWVGXHWR
micro enterprises and small enterprises under Micro, Small and Medium Enterprises Development (MSMED) Act, 2006
is given below:
(` Millions)
Sr No Particulars March 31, 2016 March 31, 2015
1 The principal amount and the interest due thereon [` Nil 32 10
(March 31, 2015 `b1LO@UHPDLQLQJXQSDLGWRDQ\VXSSOLHU
as at the end of each accounting year
2 7KHDPRXQWRILQWHUHVWSDLGE\WKHEX\HULQWHUPVRIVHFWLRQ
16 of the MSMED Act, 2006, along with the amounts of the
SD\PHQWPDGHWRWKHVXSSOLHUEH\RQGWKHDSSRLQWHGGD\
during each accounting year
3 7KH DPRXQW RI LQWHUHVW GXH DQG SD\DEOH IRU WKH SHULRG RI
GHOD\LQPDNLQJSD\PHQWZKLFKKDYHEHHQSDLGEXWEH\RQG
WKHDSSRLQWHGGD\GXULQJWKH\HDUEXWZLWKRXWDGGLQJWKH
LQWHUHVWVSHFLHGXQGHU060('$FW
4 The amount of interest accrued and remaining unpaid at
the end of each accounting year;
5 7KHDPRXQWRIIXUWKHULQWHUHVWUHPDLQLQJGXHDQGSD\DEOH
even in the succeeding years, until such date when the
LQWHUHVW GXHV DV DERYH DUH DFWXDOO\ SDLG WR WKH VPDOO
HQWHUSULVHIRUWKHSXUSRVHRIGLVDOORZDQFHDVDGHGXFWLEOH
expenditure under section 23 of the MSMED Act, 2006.
47. Related Party Disclosures Bharti Airtel Holdings (Singapore) Pte Ltd
In accordance with the requirements of Accounting Bharti Infratel Lanka (Private) Limited (subsidiary of
Standard (AS) -18 on Related Party Disclosures, the Bharti Airtel Lanka (Private) Limited) (under process of
names of the related parties where control exists and/ VWULNLQJR
or with whom transactions have taken place during the Airtel M Commerce Services Limited
year and description of relationships are:
Airtel Broadband Services Private Limited (merged
Name of the related party and related party with Bharti Airtel Limited w.e.f. April 9, 2015).
relationship : Nxtra Data Limited
(i) Key Management Personnel
Bharti Airtel (Japan) Kabushiki Kaisha (subsidiary of
Sunil Bharti Mittal Bharti Airtel Holdings (Singapore) Pte Ltd)
Gopal Vittal
Bharti Airtel (France) SAS (subsidiary of Bharti Airtel
(ii) Other Related Parties Holdings (Singapore) Pte Ltd)
D (QWLWLHVZKHUHFRQWUROH[LVW6XEVLGLDU\6XEVLGLDULHV Bharti Airtel International (Mauritius) Limited
RIVXEVLGLDU\
Bharti International (Singapore) Pte Ltd
Bharti Hexacom Limited
Airtel Bangladesh Limited (subsidiary of Bharti Airtel
Bharti Airtel Services Limited Holdings (Singapore) Pte Ltd) (Under Amalgamation)
Bharti Telemedia Limited Bharti Airtel International (Netherlands) B.V.
Bharti Airtel (USA) Limited Bangladesh Infratel Networks Limited (subsidiary of
Bharti Airtel Lanka (Private) Limited Airtel Bangladesh Limited) (Under liquidation)
Bharti Airtel (UK) Limited (subsidiary of Bharti Airtel Telesonic Networks Limited
Holdings (Singapore) Pte Ltd) Wynk Limited
Bharti Airtel (Canada) Limited (dissolved on December Indo Teleports Limited (formely know as Bharti
31, 2015) Teleports Limited) (w.e.f. August 27, 2015)
Bharti Airtel (Hongkong) Limited Smartx Service Limited (subsidiary of Bharti Infratel
Bharti Infratel Limited (BIL) Limited)
Bharti Infratel Services Limited (subsidiary of Bharti Other subsidiaries of Bharti Airtel International
,QIUDWHO/LPLWHGXQGHUSURFHVVRIVWULNLQJR (Netherlands) B.V. :
Network i2i Limited Africa Towers N.V.

126-355
Africa Towers Services Limited Bharti Airtel Kenya Holdings B.V.
Airtel (Ghana) Limited Bharti Airtel Madagascar Holdings B.V.
Airtel (Seychelles) Limited Bharti Airtel Malawi Holdings B.V.
Airtel (SL) Limited Bharti Airtel Mali Holdings B.V.
Airtel Burkina Faso S.A. Bharti Airtel Niger Holdings B.V.
Airtel Congo S.A Bharti Airtel Nigeria B.V.
Airtel DTH Services (SL) Limited (under liquidation) Bharti Airtel Nigeria Holdings B.V. (under liquidation)
Airtel DTH Services Congo (DRC) SARL. (Dissolved Bharti Airtel Nigeria Holdings II B.V.
w.e.f March 2, 2016) Bharti Airtel RDC Holdings B.V.
Airtel DTH Services Nigeria Limited (under liquidation) Bharti Airtel Services B.V.
Airtel Gabon S.A. Bharti Airtel Sierra Leone Holdings B.V.
Airtel Madagascar S.A. Bharti Airtel Tanzania B.V.
Airtel Malawi Limited # Bharti Airtel Uganda Holdings B.V.
Airtel Mobile Commerce (SL) Limited Bharti Airtel Zambia Holdings B.V.
Airtel Mobile Commerce B.V Burkina Faso Towers S.A. (dissolved w.e.f February 24,
Airtel Mobile Commerce Burkina Faso S.A. 2016)
Airtel Mobile Commerce (Ghana) Limited Celtel (Mauritius) Holdings Limited
Airtel Mobile Commerce Holdings B.V Airtel Congo (RDC) S.A (formerly know as Celtel
Airtel Mobile Commerce Kenya Limited Congo (RDC) S.a.r.l.)
Airtel Mobile Commerce Limited (Malawi) Celtel Niger S.A.
Airtel Mobile Commerce Madagascar S.A. Channel Sea Management Company Mauritius
Limited
Airtel Mobile Commerce Rwanda Limited
Congo RDC Towers S.A.
Airtel Mobile Commerce (Seychelles) Limited
Congo Towers S.A. (under dissolution)
Airtel Mobile Commerce (Tanzania) Limited
Gabon Towers S.A. (under dissolution)
Airtel Mobile Commerce Tchad SARL
Indian Ocean Telecom Limited
Airtel Mobile Commerce Uganda Limited
Kenya Towers Limited (sold on September 23, 2015)
Airtel Mobile Commerce Zambia Limited
Madagascar Towers S.A.
Airtel Money (RDC) S.A.
Malawi Towers Limited
Airtel Money Niger S.A.
Mobile Commerce Congo S.A.
Airtel Money S.A. (Gabon)
Montana International
Airtel Networks Kenya Limited
MSI-Celtel Nigeria Limited (under liquidation)
Airtel Networks Limited
Niger Towers S.A.(dissolved w.e.f. March 17, 2016)
Airtel Networks Zambia Plc
Partnership Investments S.A.R.L.
Airtel Rwanda Limited
Socit Malgache de Telephonie Cellulaire SA
Airtel Tanzania Limited
Tanzania Towers Limited
Airtel Tchad S.A.
Tchad Towers S.A.
Airtel Towers (Ghana) Limited
Towers Support Nigeria Limited (under liquidation)
Airtel Towers (S.L.) Company Limited
Uganda Towers Limited (sold on June 1, 2015)
Airtel Uganda Limited
Warid Congo S.A.(Merged with Airtel Congo SA on
Bharti Airtel Africa B.V.
October 16, 2015, dissolved on November 5, 2015)
Bharti Airtel Burkina Faso Holdings B.V.
Warid Telecom Uganda Limited (under amalgamation)
Bharti Airtel Chad Holdings B.V.
Zambian Towers Limited (sold on August 31, 2015)
Bharti Airtel Congo Holdings B.V.
Zap Trust Company Nigeria Limited (under liquidation)
Bharti Airtel Developers Forum Limited
Bharti Airtel Rwanda Holdings Ltd (formerly known as
Bharti Airtel DTH Holdings B.V. Zebrano (Mauritius) Limited)
Bharti Airtel Gabon Holdings B.V. Airtel Money Transfer Limited (Incorporated on July
Bharti Airtel Ghana Holdings B.V. 20, July 2015)
Bharti Airtel Kenya B.V.

E $VVRFLDWHV$VVRFLDWHRIVXEVLGLDU\ I *URXS&RPSDQLHV
Tanzania Telecommunications Company Limited Beetel Teletech Limited
(Associate of Bharti Airtel Tanzania B.V.) Bharti Axa General Insurance Company Limited
Seychelles Cable Systems Company Limited Bharti Axa Life Insurance Company Limited
(Associate of Airtel (Seychelles) Limited)
Bharti Realty Holdings Limited
Indo Teleports Limited (formerly known as Bharti Bharti Realty Limited
Teleports Limited) (uptill August 27, 2015
Bharti Retail Limited
F -RLQW9HQWXUHV-RLQW9HQWXUHRI6XEVLGLDU\ Ignite World Private Limited (formerly known as BSB
Forum I Aviation Limited (Joint Venture of Bharti Airtel Portal Limited)
Services Limited) (Ceased to be related party w.e.f Hike Messenger Limited (formerly known as BSB
January 7, 2016) Innovation India Limited)
Indus Towers Limited (Joint Venture of Bharti Infratel Centum Learning Limited
Limited)
Fieldfresh Foods Private Limited
Bridge Mobile Pte Limited
Indian Continent Investment Limited
FireFly Networks Limited
Jersey Airtel Limited
(d) Entities where Key Management Personnel and their Mehrauli Realty and Consultants Limited
UHODWLYHVH[HUFLVHVLJQLFDQWLQXHQFH
Nile Tech Limited
Bharti Foundation
Y2CF Digital Media Limited
Bharti Airtel Employees Welfare Trust
Bharti Enterprises Limited
Hike Limited
Atrium Restaurants India Private Limited
Mobinteco Limited (Merged with Hike Limited w.e.f
December 22, 2015) Bharti Land Limited
Cedar Support Services Limited Centrum Work skills India Limited
Augere Wireless Broadband India Private Limited (w.e.f.
H (QWLWLHVKDYLQJVLJQLFDQWLQXHQFHRYHUWKH
December 31, 2015)
Company
Singapore Telecommunications Limited
Pastel Limited
Bharti Telecom Limited
*URXS&RPSDQLHVWKRXJKQRW5HODWHG3DUWLHVDVSHUWKHGHQLWLRQXQGHU$6KDYHEHHQLQFOXGHGE\ZD\RIDYROXQWDU\GLVFORVXUHIROORZLQJWKHEHVW
corporate governance practices.
^ Refer note 37 above for details of new operations during the year.

126-355
The details of amounts due to or due from the related parties as of March 31, 2016 and March 31, 2015 are as follows:
(` Millions)
As of As of
Sr No Particulars
March 31, 2016 March 31, 2015
1 Subsidiaries
7UDGH5HFHLYDEOHV 1,301 1,954
/RDQV $GYDQFHVLQFOXGLQJDFFUXHGLQWHUHVWZKHUHYHU 66,730 80,783
DSSOLFDEOH
Security Deposit/Advances 2,580 2,537
7UDGH3D\DEOHV (6,010) (5,720)
Total 64,601 79,554
2 Associate:
7UDGH5HFHLYDEOHV 114
/RDQV $GYDQFHVLQFOXGLQJDFFUXHGLQWHUHVWZKHUHYHU 466
DSSOLFDEOH
7UDGH3D\DEOHV
Total 580
3 Group Companies:
7UDGH5HFHLYDEOHV 178 96
DSSOLFDEOH
Security Deposit/Advances 894 901
7UDGH3D\DEOHV (403) (420)
Total 720 577
4 -RLQW9HQWXUH-RLQW9HQWXUHRI6XEVLGLDU\
DSSOLFDEOH
Security Deposit/Advances 3,631 3,513
7UDGH3D\DEOHV (8,115) (7,740)
Total (4,479) (4,227)
5 (QWLW\KDYLQJVLJQLFDQWLQXHQFHRYHUWKH&RPSDQ\
Security Deposit/Advances
7UDGH3D\DEOHV (120) (32)
Total (120) (32)
6 Entities where key management personnel & their relatives
H[HUFLVHVLJQLFDQWLQXHQFH
7UDGH5HFHLYDEOHV 34 61
/RDQV $GYDQFHVLQFOXGLQJDFFUXHGLQWHUHVWZKHUHYHU 508 98
DSSOLFDEOH
Total 542 159

The details of related party transactions entered into by the Company, for the years ended March 31, 2016 and March 31,
2015 are as follows:
(` Millions)
As of As of
Sr No Particulars
March 31, 2016 March 31, 2015
1 Subsidiaries
3XUFKDVHRI[HGDVVHWVEDQGZLGWK 3,729 5,163
6DOHRI[HGDVVHWV,58JLYHQ 1,026 1,256
3XUFKDVHRI,QYHVWPHQWV6XEVFULSWLRQWRVKDUHFDSLWDO 111,858 51,328
Sale of Investments 3
5HQGHULQJRI6HUYLFHV 20,957 17,448
5HFHLYLQJRIVHUYLFHV 46,759 40,722
)XQGWUDQVIHUUHG([SHQVHVLQFXUUHGRQEHKDOIRIRWKHUV 2,351 2,677
)XQGUHFHLYHG([SHQVHVLQFXUUHGRQEHKDOIRIWKH&RPSDQ\ 88 257
(PSOR\HHUHODWHGH[SHQVHVLQFXUUHGRQEHKDOIRIRWKHUV 203 269
(PSOR\HHUHODWHGH[SHQVHVLQFXUUHGRQEHKDOIRIWKH&RPSDQ\ 81 102
Security deposit given/Advances paid 50 34
Advance received/Refund of Security deposit given 7 3
/RDQVJLYHQ 14,755 34,699
5HSD\PHQWRI/RDQVJLYHQ 26,503 8,493
,QWHUHVWFKDUJHGE\RWKHUV 6 2
,QWHUHVWFKDUJHGE\WKH&RPSDQ\ 707 482
Dividend Income 9,470 13,700
5HLPEXUVHPHQWRIHQHUJ\H[SHQVHV 12,456 13,972
*XDUDQWHHVDQGFROODWHUDOVJLYHQRQEHKDOIRIRWKHUV,QFOXGLQJ 799,179 858,157
Performance guarantees)
Total 1,050,188 1,048,765
2 Associate:
5HQGHULQJRI6HUYLFHV 4 14
)XQGWUDQVIHUUHG([SHQVHVLQFXUUHGRQEHKDOIRIRWKHUV 5 23
Security deposit given/Advances paid 0
/RDQVJLYHQ 14 154
5HSD\PHQWRI/RDQVJLYHQ 14
,QWHUHVWFKDUJHGE\WKH&RPSDQ\ 21 47
*XDUDQWHHVDQGFROODWHUDOVJLYHQRQEHKDOIRIRWKHUV,QFOXGLQJ 1
Performance guarantees)
Total 58 239
3 Group Companies:
3XUFKDVHRI[HGDVVHWVEDQGZLGWK 2,390 1,215
)XQGWUDQVIHUUHG([SHQVHVLQFXUUHGRQEHKDOIRIRWKHUV 2
(PSOR\HHUHODWHGH[SHQVHVLQFXUUHGRQEHKDOIRIRWKHUV 42
(PSOR\HHUHODWHGH[SHQVHVLQFXUUHGRQEHKDOIRIWKH&RPSDQ\ 97 130
Advance received/Refund of Security deposit given 28 5
/RDQVJLYHQ 40
,QWHUHVWFKDUJHGE\WKH&RPSDQ\ 2
Dividend Paid 590 912
Total 6,119 5,504

126-355
(` Millions)
As of As of
Sr No Particulars
March 31, 2016 March 31, 2015
3XUFKDVHRI,QYHVWPHQWV6XEVFULSWLRQWRVKDUHFDSLWDO 10
Sale of Investments 87
)XQGWUDQVIHUUHG([SHQVHVLQFXUUHGRQEHKDOIRIRWKHUV 1
(PSOR\HHUHODWHGH[SHQVHVLQFXUUHGRQEHKDOIRIRWKHUV 14
Advance received/Refund of Security deposit given 368
/RDQVJLYHQ 5
,QWHUHVWFKDUJHGE\WKH&RPSDQ\
5HLPEXUVHPHQWRIHQHUJ\H[SHQVHV 21,988 21,958
Total 59,000 55,953
5HQGHULQJRI6HUYLFHV 1,266 1,374
5HFHLYLQJRIVHUYLFHV 210 314
Security deposit given/Advances paid 1
Advance received/Refund of Security deposit given 1
Dividend Paid 5,199 8,022
Total 6,675 9,712
6 Subsidiaries:
,QWHULP'LYLGHQGIRU)< 6,750
)LQDO'LYLGHQGIRU)< 9,470
)LQDO'LYLGHQGIRU)< 6,950
Total 9,470 13,700
7 Key Management Personnel:
Dividend Paid 0 0
Remuneration^
Salaries and allowances 234 221
3HUIRUPDQFHOLQNHGLQFHQWLYH3/, #
94 99
Perquisites 12 5
Total 340 325
8 Entities where key management personnel & their relatives
/RDQVJLYHQ 514
5HSD\PHQWRI/RDQVJLYHQ 104 228
Dividend Paid 1 7
Donation 524 411
Total 1,337 763
* Inclusive of all applicable taxes

Disclosure in respect of transactions which are more than 10% of the total transactions of the same type with related parties during
the year
(` Millions)
As of As of
S. No Particulars
March 31, 2016 March 31, 2015
1 Subsidiaries
Trade Receivables
%KDUWL+H[DFRP/WG 184 406
$LUWHO%URDGEDQG6HUYLFHV3YW/WG 684
Bharti Airtel International (Netherlands) B.V. 362 132
Loans & Advances (including accrued interest, wherever
applicable)
%KDUWL7HOHPHGLD/WG 19,206 31,694
%KDUWL,QWHUQDWLRQDO6LQJDSRUH3WH/WG 9,621 8,949
Bharti Airtel International (Netherlands) B.V. 34,607 32,189
6HFXULW\'HSRVLW$GYDQFHV
%KDUWL$LUWHO6HUYLFHV/LPLWHG 729 729
%KDUWL,QIUDWHO/WG 1,851 1,808
Trade Payables
%KDUWL,QIUDWHO/WG (2,873) (2,803)
6HFXULW\'HSRVLW$GYDQFHV
,QGXV7RZHUV/LPLWHG 3,630 3,513
Trade Payables
,QGXV7RZHUV/LPLWHG (8,087) (7,733)
The details of related party transactions entered into by the Company, for the year ended March 31, 2016 and March 31,
2015 are as follows:
(` Millions)
S. No Particulars
March 31, 2016 March 31, 2015
1 Subsidiaries
3XUFKDVHRI[HGDVVHWVEDQGZLGWK
7HOHVRQLF1HWZRUNV/LPLWHG 3,536 3,483
6DOHRI[HGDVVHWV,58JLYHQ
%KDUWL+H[DFRP/WG 650 1,119
1HWZRUNLL/LPLWHG 180 24
:\QN/LPLWHG 162
3XUFKDVHRI,QYHVWPHQWV6XEVFULSWLRQWRVKDUHFDSLWDO
%KDUWL$LUWHO/DQND3YW/WG 471 11,047
%KDUWL$LUWHO,QWHUQDWLRQDO0DXULWLXV/WG 110,155 39,931
Sale of Investments
%KDUWL$LUWHO&DQDGD/LPLWHG 3
Rendering of Services
%KDUWL+H[DFRP/WG 8,244 9,092
%KDUWL$LUWHO8./WG 8,787 3,374
Receiving of services

126-355
(` Millions)
S. No Particulars
March 31, 2016 March 31, 2015
)XQGWUDQVIHUUHG([SHQVHVLQFXUUHGRQEHKDOIRIRWKHUV
%KDUWL+H[DFRP/WG 1,347 1,129
$LUWHO%URDGEDQG6HUYLFHV3YW/WG 524
%KDUWL7HOHPHGLD/WG 569 583
)XQGUHFHLYHG([SHQVHVLQFXUUHGRQEHKDOIRIWKH&RPSDQ\
$LUWHO0&RPPHUFH6HUYLFHV/LPLWHG 68 132
Employee related expenses incurred on behalf of others
Employee related expenses incurred on behalf of the
Company
6HFXULW\GHSRVLWJLYHQ$GYDQFHVSDLG
%KDUWL,QIUDWHO/WG 50 34
$GYDQFHUHFHLYHG5HIXQGRI6HFXULW\GHSRVLWJLYHQ
%KDUWL,QIUDWHO/WG 6 3
Loans given
%KDUWL,QWHUQDWLRQDO6LQJDSRUH3WH/WG 5,902
Bharti Airtel International (Netherlands) B.V. 21,174
Repayment of Loans given
Interest charged by others
Interest charged by the Company
%KDUWL,QWHUQDWLRQDO6LQJDSRUH3WH/WG 146 119
Bharti Airtel International (Netherlands) B.V. 528 351
Dividend Income
Reimbursement of energy expenses
Guarantees and collaterals given on behalf of others
(Including Performance guarantees)
Bharti Airtel International (Netherlands) B.V 780,802 814,413
2 Group Companies:
3XUFKDVHRI[HGDVVHWVEDQGZLGWK
%HHWHO7HOHWHFK/LPLWHG 2,390 1,162

(` Millions)
S. No Particulars
March 31, 2016 March 31, 2015
%KDUWL(QWHUSULVHV/LPLWHG 17 710
Employee related expenses incurred on behalf of others
%KDUWL(QWHUSULVHV/LPLWHG 40
Employee related expenses incurred on behalf of the
Company
%KDUWL(QWHUSULVHV/LPLWHG 97 127
1LOH7HFK/WG 22 0
%KDUWL5HDOW\/LPLWHG 28 0
Dividend Paid
,QGLDQ&RQWLQHQW,QYHVWPHQW/WG 590 912
Sale of Investments
%ULGJH0RELOH3WH/LPLWHG 87
)RUXP$YLDWLRQ/WG 25 48
,QGXV7RZHUV/LPLWHG 117 68
,QGXV7RZHUV/LPLWHG 368
Reimbursement of energy expenses
4 Entity where key management personnel & their relatives
Donation
Bharti Foundation 524 411
Dividend Paid
3DVWHO/WG 1,313 2,028
%KDUWL7HOHFRP/WG 3,886 5,994
6 Key Management Personnel:
Remuneration # 340 325
^ Excludes an amount of 57 Mn (March 31, 2015, `0QWRZDUGVH[SHQVHVUHFRJQLVHGLQVWDWHPHQWRISURWDQGORVVGXULQJWKH\HDUHQGHG0DUFK
with respect to stock options granted.
# Value of PLI considered above represents incentive at 100% performance level. However, same will be paid on the basis of actual performance parameters in
next year.
* Inclusive of all applicable taxes

126-355
48. Lease
a) Operating lease - As a lessee
The lease rentals charged during the year for cancellable/non-cancellable leases relating to rent of building premises and
cell sites as per the agreements and maximum obligation on long-term non-cancellable operating leases are as follows:
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
/HDVHUHQWDOV>H[FOXGLQJOHDVHHTXDOLVDWLRQUHVHUYH` 1,473 Mn
63,941 57,451
(March 31, 2015 ` 2,339 Mn)]
Obligations on non cancellable leases :
Not later than one year 68,645 60,478
/DWHUWKDQRQH\HDUEXWQRWODWHUWKDQYH\HDUV 215,297 218,622
/DWHUWKDQYH\HDUV 102,969 111,760
Total 386,911 390,860
The escalation clause includes escalation ranging from 0% to 25%, includes option of renewal from 1 to 15 years and
there are no restrictions imposed by lease arrangements.
Operating Lease As a Lessor
L 7KH&RPSDQ\KDVHQWHUHGLQWRQRQFDQFHOODEOHOHDVHDUUDQJHPHQWVWRSURYLGHGDUNEHURQLQGHIHDVLEOHULJKWRI
use (IRU) basis and certain premises on lease. Due to the nature of the transaction, it is not possible to compute
gross carrying amount, depreciation for the year and accumulated depreciation of the asset given on operating
lease as of March 31, 2016 and accordingly, disclosures required by AS 19 are not provided.
ii) The future minimum lease payments receivable are:
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Not later than one year 337 328
/DWHUWKDQYH\HDUV 430 904
Total 2,111 2,439
b) Finance Lease As a Lessee

i) Finance Lease obligation of the Company as lessee as of March 31, 2016 is as follow:-
(` Millions)
Particulars Future minimum Interest Present value
lease payments
Not later than one year 713 92 621
/DWHUWKDQRQH\HDUEXWQRWODWHUWKDQYH
1,519 228 1,291
years
/DWHUWKDQYH\HDUV
Total 2,232 320 1,912

Finance Lease obligation of the Company as lessee as of March 31, 2015 is as follow:-
(` Millions)
lease payments
/DWHUWKDQRQH\HDUEXWQRWODWHUWKDQYH 117 16 101
years
/DWHUWKDQYH\HDUV
Total 159 28 131
LL )LQDQFH/HDVH$VD/HVVRU
The future minimum lease payments receivable of the Company as of March 31, 2016 is as follows:
(` Millions)
lease payments
years
/DWHUWKDQYH\HDUV
Total 423 70 354
The future minimum lease payments receivable of the Company as of March 31, 2015 is as follows:
(` Millions)
lease payments
years
/DWHUWKDQYH\HDUV
Total 168 30 138
49. Employee Stock Compensation share held as at September 30, 2001, as a result of
(i) Pursuant to the shareholders resolutions dated which the total number of shares allotted to the trust
February 27, 2001 and September 25, 2001, the increased to 15,840,000 (face value ` 10 each) equity
Company introduced the Bharti Tele-Ventures shares (31,680,000 equity shares post share split of
Employees Stock Option Plan (hereinafter called the one equity share of ` 10 each into 2 equity shares of
Old Scheme) under which the Company decided to ` 5 each).
grant, from time to time, options to the employees of
the Company and its subsidiaries. The grant of options (iii) Pursuant to the shareholders resolution dated
to the employees under the Old Scheme is on the basis September 6, 2005, the Company announced a new
of their performance and other eligibility criteria. Employee Stock Option Scheme (hereinafter called
the New Scheme) under which the maximum
(ii) On August 31, 2001 and September 28, 2001, the
quantum of options was determined at 9,367,276
Company issued a total of 1,440,000 (face value
(face value ` 10 each) options to be granted to the
` 10 each) equity shares at a price of ` 565 per equity
share ( 2,880,000 equity shares post split of one employees from time to time on the basis of their
equity share of ` 10 each into 2 equity shares of ` 5 performance and other eligibility criteria. (18,734,552
each) to the Trust. The Company issued bonus shares equity shares post share split of one equity share of
in the ratio of 10 equity shares for every one equity ` 10 each into 2 equity shares of ` 5 each)

126-355
(iv) The following table provides an overview of all existing share option plans of the Company:

Share Weighted Share Weighted
Year of Vesting Contractual options average options average
Scheme Plan
issuance period term granted exercise granted exercise
of plan (years) (years) (thousands) price (thousands) price
Equity settled
Plans
Scheme I 3ODQ 2002 7 30,893 21.25 30,893 21.25
Scheme I 3ODQ 2004 7 4,380 35.00 4,380 35.00
Scheme I 6XSHUSRW 2004 7 143 143
Scheme I 2006 Plan 2006 7 5,489 5.48 5,489 5.48
Scheme 2005 3ODQ 2005 7 11,260 237.06 11,260 237.06
2008 Plan &
Scheme 2005 Annual 2008 7 8,817 352.13 8,817 352.13
Grant Plan (AGP)
Performance
Scheme 2005 Share Plan (PSP) 2009 7 1,691 5.00 1,691 5.00
2009 Plan
Special ESOP &
Scheme 2005 Restricted Share 2010 7 3,615 5.00 3,615 5.00
Units (RSU) Plan
/RQJ7HUP
Scheme 2005 ,QFHQWLYH/7, 2011 7 433 5.00 433 5.00
Plan
Scheme 2005 /7,3ODQ 2012 7 1,649 5.00 1,649 5.00
Scheme 2005 /7,3ODQ 2015 7 1,576 5.00
Cash settled
Plans
Performance
Performance Unit
Unit Plan (PUP) 2013 3 2,283 2,283
Plan (PUP) 2013
2013
Performance
Performance Unit
Unit Plan (PUP) 2014 4,017 4,006
Plan (PUP) 2014
2014
Performance
Performance Unit
Unit Plan (PUP) 2015 3 7
Plan (PUP) 2015
2015
* Contractual term has expired
(v) The following table exhibits the net compensation expenses arising from share based payment transaction:
(` Millions)
Year ended March Year ended March
Particulars
31, 2016 31, 2015
([SHQVHVDULVLQJIURPHTXLW\VHWWOHGVKDUHEDVHGSD\PHQW
204 (6)
transactions
([SHQVHVDULVLQJIURP&DVKVHWWOHGVKDUHEDVHGSD\PHQW
360 555
transactions
564 549
(vi) The total carrying value of cash settled share based compensation liability is `697 Mn and ` 658 as of March 31, 2016
and March 31, 2015, respectively.

(vii) The information concerning stock options granted, exercised, forfeited and outstanding at the year-end is as follows:

Particulars Number of Weighted average Number of Weighted average
share options exercise price share options exercise price
(thousands) (`) (thousands) (`)
Equity Settled Plans
Scheme I - 2006 Plan
2XWVWDQGLQJDWEHJLQQLQJRI\HDU 390 5.00 539 6.74
Granted 225 5.00
Exercised (75) 5.00 (98) 14.38
Forfeited / Expired (10) 5.00 (276) 5.00
Outstanding at end of year 305 5.00 390 5.00
([HUFLVDEOHDWHQGRI\HDU 30 5.00 65 5.00
Scheme 2005 - 2005 Plan
2XWVWDQGLQJDWEHJLQQLQJRI\HDU 1,008 436.06
Granted
Exercised
Forfeited / Expired (1,008) 436.06
Outstanding at end of year
([HUFLVDEOHDWHQGRI\HDU
Scheme 2005 - 2008 Plan & AGP
2XWVWDQGLQJDWEHJLQQLQJRI\HDU 2,534 355.45 3,439 354.54
Granted
Exercised (686) 334.89 (173) 327.20
Forfeited / Expired (1,209) 342.24 (732) 357.85
Outstanding at end of year 639 402.50 2,534 355.45
([HUFLVDEOHDWHQGRI\HDU 639 402.50 2,534 355.45
Scheme 2005 - PSP 2009 Plan
Granted
Exercised (22) 5.00 (159) 5.00
Forfeited / Expired (8) 5.00 5.00
Scheme 2005 - Special ESOP & RSU Plan
Granted
Exercised (44) 5.00 (178) 5.00
Scheme 2005 - LTI Plan
(2011, 2012 & 2015)
2XWVWDQGLQJDWEHJLQQLQJRI\HDU 523 5.00 1,072 5.00
Granted 1,576 5.00 67 5.00
Exercised (201) 5.00 (356) 5.00
Outstanding at end of year 1,709 5.00 523 5.00

126-355
(thousands) (`) (thousands) (`)
Cash Settled Plan
PUP 2013
2XWVWDQGLQJDWEHJLQQLQJRI\HDU 962 1,978
Granted 116
Exercised (381) (589)
Forfeited / Expired (208) (542)
Outstanding at end of year 373 962
PUP 2014
1XPEHURIVKDUHVXQGHURSWLRQ
2XWVWDQGLQJDWEHJLQQLQJRI\HDU 3,839
Granted 11 4,006
Exercised (441)
Outstanding at end of year 2,738 3,839
PUP 2015
2XWVWDQGLQJDWEHJLQQLQJRI\HDU
Granted 7
Exercised
Forfeited / Expired
Outstanding at end of year 7
(viii) The following table summarises information about options exercised and granted during the year and about options
outstanding and their remaining contractual life:
March 2016
Options Outstanding Options Granted during the Options Excercised during

as of March 31, 2016 year ended the year ended
March 31, 2016 March 31, 2016
Plan Options Exercise Weighted Options Wtd Avg Options Weighted
(thousands) price average (thousands) Fair Value (thousands) average
remaining share price
contractual
life
(years)
Equity settled
Plans
2006 Plan 305 5.00 5.00 75 350.45
2008 Plan & AGP 639 402.50 0.25 686 397.45
PSP 2009 Plan 53 5.00 0.69 22 367.51
Special ESOP & 126 5.00 1.20 44 319.66
RSU Plan
/7,3ODQ 1,709 5.00 5.98 1,576 398.32 201 348.28
2012 & 2015)
Cash settled Plans
PUP 2013 373 0.37 381 417.90
PUP 2014 2,738 2.05 11 373.40 441 423.32
PUP 2015 7 2.35 7 342.44

March 2015
Options Outstanding Options Granted during the Options Excercised during

as of March 31, 2015 year ended the year ended
March 31, 2015 March 31, 2015
Plan Options Exercise Weighted Options Wtd Avg Options Weighted
(thousands) price average (thousands) Fair Value (thousands) average
remaining share price
contractual
life
(years)
Equity settled
Plans
2006 Plan 390 5.00 to 5.86 225 361.19 98 371.70
110.50
2008 Plan & AGP 2,534 295.00 0.63 173 383.30
to 402.50
PSP 2009 Plan 83 5.00 1.87 159 352.26
Special ESOP & 189 5.00 2.26 178 350.09
RSU Plan
/7,3ODQ 523 5.00 4.27 67 291.63 356 368.36
2012)
Cash settled Plans
PUP 2013 962 1.37 116 378.92 589 354.24
PUP 2014 3,839 2.89 4,006 389.59
(ix) The fair value of the options granted was estimated on the date of grant using the Black- Scholes / Monte Carlo Lattice
valuation model with the following assumptions:
(` Millions)
Particulars
31, 2016 31, 2015
Risk free interest rates 6.86% to 7.83% 7.64% to 8.65%
Expected life 4 to 60 months 11 to 72 months
Volatility 26.63% to 27.45% 27.36% to 30.73%
Dividend yield 0.54% to 0.63% 0.46% to 0.48%
Wtd average share price on measurement date 350.9 to 411.7 373.7 to 393.9
Wtd average exercise price on measurement date 0 to 5 0 to 5
The volatility of the options is based on the historical volatility of the share price since the Companys equity shares
became publicly traded.
(x) Bharti Infratel Limited (BIL) has given stock options to certain employees of the Company and the corresponding
compensation cost is borne by BIL.

126-355
50. Forward Contracts & Derivative Instruments and Unhedged Foreign Currency Exposure
7KH &RPSDQ\V DFWLYLWLHV H[SRVH LW WR DYDULHW\ RI QDQFLDO ULVNV LQFOXGLQJ WKH HHFWV RI FKDQJHV LQ IRUHLJQ FXUUHQF\
H[FKDQJH UDWHV DQG LQWHUHVW UDWHV 7KH &RPSDQ\ XVHV GHULYDWLYH QDQFLDO LQVWUXPHQWV VXFK DV IRUHLJQ H[FKDQJH
FRQWUDFWV RSWLRQ FRQWUDFWV DQG LQWHUHVW UDWH VZDSV WR PDQDJH LWV H[SRVXUHV WR IRUHLJQ H[FKDQJH XFWXDWLRQV DQG
changes in interest rate.
The following table details the status of the Companys exposure:
(` Millions)
Sr. Notional Value Notional Value
Particulars
No (March 31, 2016) (March 31, 2015)
A For Loan related exposures *
a) Forwards 1,655 7,023
E2SWLRQV 20,802 19,115
Total 22,457 26,138
B For Trade related exposures *
a) Forwards 15,537 9,326
E2SWLRQV 13,317 3,818
c) Interest Rate Swaps
Total 28,854 13,144
C Unhedged foreign currency borrowing 88,560 26,075
D Unhedged foreign currency payables 17,055 33,468
E Unhedged foreign currency receivables 45,742 43,104
* All derivatives are taken for hedging purposes only and trade related exposure includes hedges taken for forecasted receivables.
The Company has accounted for derivatives, which are covered under the Announcement issued by the ICAI, on mark-
to-market basis and has recorded reversal of loss ` 133 Mn (including reversal of loss of ` 125 Mn towards embedded
derivatives) for the year ended March 31, 2016 [recorded reversal of loss of ` 258 Mn (including reversal of loss of ` 196
Mn towards embedded derivatives) for the year ended March 31, 2015].
51. D 7KH%RDUGRI'LUHFWRUVLQLWVPHHWLQJKHOGRQ$SULOSURSRVHGDQDOGLYLGHQGRI` 2.22 per equity share of

`HDFKRIIDFHYDOXHIRUQDQFLDO\HDUZKLFKZDVGXO\DSSURYHGE\WKHVKDUHKROGHUVRIWKH
Company in the Annual General Meeting held on August 21, 2015.
b) During the year ended March 31, 2015, on August 13, 2014, the Board of Directors declared an interim dividend
for ` 1.63 per equity share of ` 5.00 each (32.6% of face value)
c) Net dividend remitted in foreign exchange:

(` Millions)
During the year ended During the year ended
Particulars
March 31, 2016 March 31, 2015
1XPEHURIQRQUHVLGHQWVKDUHKROGHUV 3 4
1XPEHURIHTXLW\VKDUHVKHOGRQZKLFKGLYLGHQGZDV
861 862
due (Nos. in Million)
Amount remitted (` in Millions) 1,912 2,958
Amount remitted (USD in Millions) 29 49
d) Dividend of ` 1.36 per share (Face value per share `SURSRVHGIRUWKHQDQFLDO\HDU

52. Movement in Provision
D 'RXEWIXO'HEWV$GYDQFHV
(` Millions)
Particulars
March 31, 2016 March 31, 2015
%DODQFHDWWKHEHJLQQLQJRIWKH\HDU# 19,569 16,466
$GGLWLRQ3URYLVLRQIRUWKH\HDU 5,891 6,018
$SSOLFDWLRQ:ULWHRRIEDGGHEWVQHWRIUHFRYHU\ (4,391) (2,915)
Balance at the end of the year# 21,069 19,569
# includes provision for doubtful TDS receivable of ` 732 Mn (March 31, 2015 ` 582 Mn) grouped under Advance tax
b) Subjudice Matters
The Company is involved in various litigations, the outcomes of which are considered probable, and in respect
of which the Company has made aggregate provisions of ` 75,196 Mn as at March 31, 2016 (March 31, 2015
` 55,205 Mn).
The movement of provision towards subjudice matters disclosed under other non-current assets (refer note 19) and
other current liabilities (refer note 13)
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Opening Balance 55,205 42,296
Additions (net) 19,991 12,909
Closing Balance 75,196 55,205
53. Details of debt covenant w.r.t. the Companys 3G/BWA In September 2001, in response to the demand raised
borrowings: by DoT, the Company had paid ` 4,856 Mn to DoT under
protest subject to resolution of the dispute through
The loan agreements with respect to 3G/BWA
arbitration. Consequently, the license was restored
borrowings contains a negative pledge covenant
and an arbitrator was appointed for settlement of the
that prevents the Company to create or allow to exit
dispute. Arbitrator awarded an unfavourable order,
any security interest on any of its assets without prior
which was challenged by the Company before Honble
written consent of the lenders except in certain agreed
Delhi High Court.
circumstances. (refer note 4)
On September 14, 2012, Honble Delhi High court
54. The Company (M/s J T Mobiles Limited subsequently passed an order setting aside the award passed by
merged with the Company) was awarded license by
the arbitrator. DoT in the meanwhile has preferred
DoT to operate cellular services in the state of Punjab
DQ $SSHDO LQFOXGLQJ FRQGRQDWLRQ RI GHOD\ LQ OLQJ RI
in December 1995. On April 18, 1996, the Company
appeal, which is presently pending before the Division
obtained the permission from DoT to operate the
Bench of the Delhi High Court. The Appeal of DoT on
Punjab license through its wholly owned subsidiary,
the issue of condonation of delay was allowed on July
Evergrowth Telecom Limited (ETL). In December 1996,
16, 2013. However, the Company on October 30, 2013
DoT raised argument that the permission dated April
KDV OHG WKH ZULW 3HWLWLRQ IRU UHFRYHU\ RI /LFHQVH IHH
KDV QRW EHFRPH HHFWLYH DQG FDQFHOOHG
in Delhi High Court, notice issued by HC and listed for
the permission to operate, which was subsequently
hearing on May 12, 2015.
reinstated on March 10, 1998 (the period from April 18,
1996 to March 10, 1998 has been hereinafter referred
55. 3UHYLRXV \HDU JXUHV KDYH EHHQ UHJURXSHG
to as blackout period). On July 15, 1999, license was
UHFODVVLHG ZKHUH QHFHVVDU\ WR FRQIRUP WR FXUUHQW
terminated due to alleged non-payment of license fees,
\HDUVFODVVLFDWLRQ
liquidated damages and related penal interest relating
to blackout period.

Consolidated Financial Statements (IGAAP)
Page Page
Nos. Nos.
Independent Auditors Report 190 23. 7UDGH5HFHLYDEOHV 226
Consolidated Balance Sheet 194 24. Cash and Bank Balances 227
&RQVROLGDWHG6WDWHPHQWRI3URWDQG/RVV 195 25. 6KRUWWHUP/RDQVDQG$GYDQFHV 227
Consolidated Cash Flow Statement 196
26. Other Current Assets 227
Notes to Consolidated Financial Statements
27. &RPPLWPHQWVDQG&RQWLQJHQW/LDELOLWLHV 228
1. Corporate Information 197
28. Revenue from Operations 233
2. Basis of Preparation 197
29. Other Income 233
3. Principles of Consolidation 197
4. 6XPPDU\RI6LJQLFDQW$FFRXQWLQJ3ROLFLHV 202 30. Cost of Goods Sold 233
5. ,QIRUPDWLRQDERXW%XVLQHVV6HJPHQWV 209 31. (PSOR\HH%HQHW([SHQVHV 233

Primary 32. Power and Fuel, Rent, Charity and Donation 234
6. Share Capital 212 and Other Expenses
7. Reserves and Surplus 213 33. Finance Costs 235
8. /RQJ7HUP%RUURZLQJV 214 34. Depreciation and Amortisation Expense 235

9. Taxes 215 35. Exceptional Items 235
10. 2WKHU/RQJ7HUP/LDELOLWLHV 216 36. New Developments / Major Transactions 235
11. /RQJ7HUP3URYLVLRQV 216 37. Earnings Per Share 237
12. Short Term Borrowings 216 38. (PSOR\HH%HQHWV 237

13. 7UDGH3D\DEOHV 217 40. Details of dues to micro and small enterprises 240
14. 2WKHU&XUUHQW/LDELOLWLHV 217 DVGHQHGXQGHUWKH060('$FW
41. Related Party Disclosures 240
15. Short Term Provisions 218
16. 7DQJLEOH$VVHWV 218 42. /HDVH 247
17. ,QWDQJLEOH$VVHWV 220 43. Employee Stock Compensation 249
18. 1RQFXUUHQW,QYHVWPHQWV 221 44. Derivatives 254
19. /RQJWHUP/RDQVDQG$GYDQFHV 223 45. Movement in Provision 255
20. 2WKHU1RQFXUUHQW$VVHWV 223 46. Security Details 256
21. Current Investments 223 47. Interest in Joint Venture 258

22. Inventories 226 50. (HFWRI$FTXLVLWLRQ'LVSRVDORI6XEVLGLDULHV 263
For Other Notes 39, 48, 49 and 51 Refer Pages 240, 258, 259 and 263 respectively.

To the Members of Bharti Airtel Limited $Q DXGLW LQYROYHV SHUIRUPLQJ SURFHGXUHV WR REWDLQ DXGLW
Report on the Consolidated IGAAP Financial HYLGHQFH DERXW WKH DPRXQWV DQG GLVFORVXUHV LQ WKH
Statements FRQVROLGDWHG ,*$$3 QDQFLDO VWDWHPHQWV 7KH SURFHGXUHV
VHOHFWHG GHSHQG RQ WKH DXGLWRUV MXGJHPHQW LQFOXGLQJ
We have audited the accompanying consolidated IGAAP WKH DVVHVVPHQW RI WKH ULVNV RI PDWHULDO PLVVWDWHPHQW RI
QDQFLDO VWDWHPHQWV RI %KDUWL $LUWHO /LPLWHG KHUHLQDIWHU WKH FRQVROLGDWHG ,*$$3 QDQFLDO VWDWHPHQWV ZKHWKHU
UHIHUUHG WR DV WKH +ROGLQJ &RPSDQ\ LWV VXEVLGLDULHV GXH WR IUDXG RU HUURU ,Q PDNLQJ WKRVH ULVN DVVHVVPHQWV
WRJHWKHUUHIHUUHGWRDVWKH*URXSLWVDVVRFLDWHVDQGMRLQW WKH DXGLWRU FRQVLGHUV LQWHUQDO QDQFLDO FRQWURO UHOHYDQW WR
FRQWUROOHG HQWLWLHV FRPSULVLQJ RI WKH FRQVROLGDWHG %DODQFH WKH +ROGLQJ &RPSDQ\V SUHSDUDWLRQ RI WKH FRQVROLGDWHG
6KHHW DV DW 0DUFK WKH FRQVROLGDWHG 6WDWHPHQW ,*$$3 QDQFLDO VWDWHPHQWV WKDW JLYH D WUXH DQG IDLU YLHZ
RI 3URW DQG /RVV DQG FRQVROLGDWHG &DVK )ORZ 6WDWHPHQW LQ RUGHU WR GHVLJQ DXGLW SURFHGXUHV WKDW DUH DSSURSULDWH
IRU WKH \HDU WKHQ HQGHG DQG D VXPPDU\ RI VLJQLFDQW LQ WKH FLUFXPVWDQFHV $Q DXGLW DOVR LQFOXGHV HYDOXDWLQJ
DFFRXQWLQJ SROLFLHV DQG RWKHU H[SODQDWRU\ QRWHV WKH WKH DSSURSULDWHQHVV RI DFFRXQWLQJ SROLFLHV XVHG DQG WKH
FRQVROLGDWHG,*$$3QDQFLDOVWDWHPHQWV UHDVRQDEOHQHVV RI WKH DFFRXQWLQJ HVWLPDWHV PDGH E\ WKH
+ROGLQJ&RPSDQ\V%RDUGRI'LUHFWRUVDVZHOODVHYDOXDWLQJ
Managements Responsibility for the WKHRYHUDOOSUHVHQWDWLRQRIWKHFRQVROLGDWHG,*$$3QDQFLDO
Consolidated IGAAP Financial Statements VWDWHPHQWV:HEHOLHYHWKDWWKHDXGLWHYLGHQFHREWDLQHGE\
7KH +ROGLQJ &RPSDQ\V %RDUG RI 'LUHFWRUV LV UHVSRQVLEOH XV DQG WKH DXGLW HYLGHQFH REWDLQHG E\ WKH RWKHU DXGLWRUV
IRU WKH SUHSDUDWLRQ RI WKHVH FRQVROLGDWHG ,*$$3 QDQFLDO LQ WHUPV RI WKHLU UHSRUW UHIHUUHG WR LQ SDUDJUDSK D RI WKH
VWDWHPHQWVLQWHUPVZLWKWKHUHTXLUHPHQWRIWKH&RPSDQLHV 2WKHU0DWWHUVEHORZLVVXFLHQWDQGDSSURSULDWHWRSURYLGH
$FW WKH $FW WKDW JLYH D WUXH DQG IDLU YLHZ RI WKH D EDVLV IRU RXU DXGLW RSLQLRQ RQ WKH FRQVROLGDWHG ,*$$3
FRQVROLGDWHG QDQFLDO SRVLWLRQ FRQVROLGDWHG QDQFLDO QDQFLDOVWDWHPHQWV
SHUIRUPDQFH DQG FRQVROLGDWHG FDVK RZV RI WKH *URXS LQ
DFFRUGDQFH ZLWK DFFRXQWLQJ SULQFLSOHV JHQHUDOO\ DFFHSWHG Opinion
LQ,QGLDLQFOXGLQJWKH$FFRXQWLQJ6WDQGDUGVVSHFLHGXQGHU ,Q RXU RSLQLRQ DQG WR WKH EHVW RI RXU LQIRUPDWLRQ DQG
6HFWLRQRIWKH$FWUHDGZLWK5XOHRIWKH&RPSDQLHV DFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXVWKHFRQVROLGDWHG
$FFRXQWV5XOHV7KHUHVSHFWLYH%RDUGRI'LUHFWRUV ,*$$3QDQFLDOVWDWHPHQWVJLYHWKHLQIRUPDWLRQUHTXLUHGE\
RIWKHFRPSDQLHVLQFOXGHGLQWKH*URXSDQGRILWVDVVRFLDWHV WKH $FW LQ WKH PDQQHU VR UHTXLUHG DQG JLYH D WUXH DQG IDLU
DQGMRLQWO\FRQWUROOHGHQWLWLHVDUHUHVSRQVLEOHIRUPDLQWHQDQFH YLHZLQFRQIRUPLW\ZLWKWKHDFFRXQWLQJSULQFLSOHVJHQHUDOO\
RI DGHTXDWH DFFRXQWLQJ UHFRUGV LQ DFFRUGDQFH ZLWK WKH DFFHSWHG LQ ,QGLD RI WKH FRQVROLGDWHG VWDWH RI DDLUV RI
SURYLVLRQV RI WKH $FW IRU VDIHJXDUGLQJ RI WKH DVVHWV RI WKH WKH *URXS LWV DVVRFLDWHV DQG MRLQWO\ FRQWUROOHG HQWLWLHV
*URXS DQG IRU SUHYHQWLQJ DQG GHWHFWLQJ IUDXGV DQG RWKHU DV DW 0DUFK WKHLU FRQVROLGDWHG SURW DQG WKHLU
LUUHJXODULWLHV WKH VHOHFWLRQ DQG DSSOLFDWLRQ RI DSSURSULDWH FRQVROLGDWHGFDVKRZVIRUWKH\HDUHQGHGRQWKDWGDWH
DFFRXQWLQJSROLFLHVPDNLQJMXGJHPHQWVDQGHVWLPDWHVWKDW
DUHUHDVRQDEOHDQGSUXGHQWDQGWKHGHVLJQLPSOHPHQWDWLRQ Emphasis of Matter
DQGPDLQWHQDQFHRIDGHTXDWHLQWHUQDOQDQFLDOFRQWUROWKDW :H GUDZ DWWHQWLRQ WR 1RWH LLIYL WR WKH FRQVROLGDWHG
ZHUH RSHUDWLQJ HHFWLYHO\ IRU HQVXULQJ WKH DFFXUDF\ DQG ,*$$3 QDQFLDO VWDWHPHQWV ZKLFK GHVFULEHV WKH
FRPSOHWHQHVV RI WKH DFFRXQWLQJ UHFRUGV UHOHYDQW WR WKH XQFHUWDLQWLHV UHODWHG WR WKH OHJDO RXWFRPH RI 'HSDUWPHQW
SUHSDUDWLRQ DQG SUHVHQWDWLRQ RI WKH FRQVROLGDWHG ,*$$3 RI7HOHFRPPXQLFDWLRQVGHPDQGZLWKUHVSHFWWR2QH7LPH
QDQFLDO VWDWHPHQWV WKDW JLYH D WUXH DQG IDLUYLHZ DQG DUH 6SHFWUXP&KDUJH2XURSLQLRQLVQRWTXDOLHGLQUHVSHFWRI
IUHH IURP PDWHULDO PLVVWDWHPHQW ZKHWKHU GXH WR IUDXG RU WKLVPDWWHU
HUURUZKLFKKDYHEHHQXVHGIRUWKHSXUSRVHRISUHSDUDWLRQ
RI WKH FRQVROLGDWHG ,*$$3 QDQFLDO VWDWHPHQWV E\ WKH Report on Other Legal and Regulatory
'LUHFWRUVRIWKH+ROGLQJ&RPSDQ\DVDIRUHVDLG Requirements
$VUHTXLUHGE\VHFWLRQRIWKH$FWZHUHSRUWWRWKH
Auditors Responsibility H[WHQWDSSOLFDEOHWKDW
2XU UHVSRQVLELOLW\ LV WR H[SUHVV DQ RSLQLRQ RQ WKHVH
FRQVROLGDWHG,*$$3QDQFLDOVWDWHPHQWVEDVHGRQRXUDXGLW D :H WKH RWKHU DXGLWRUV ZKRVH UHSRUW ZH KDYH UHOLHG
:KLOHFRQGXFWLQJWKHDXGLWZHKDYHWDNHQLQWRDFFRXQWWKH XSRQKDYHVRXJKWDQGREWDLQHGDOOWKHLQIRUPDWLRQDQG
SURYLVLRQVRIWKH$FWWKHDFFRXQWLQJDQGDXGLWLQJVWDQGDUGV H[SODQDWLRQV ZKLFK WR WKH EHVW RI RXU NQRZOHGJH DQG
DQG PDWWHUV ZKLFK DUH UHTXLUHG WR EH LQFOXGHG LQ WKH EHOLHIZHUHQHFHVVDU\IRUWKHSXUSRVHRIRXUDXGLWRIWKH
DXGLW UHSRUW XQGHU WKH SURYLVLRQV RI WKH $FW DQG WKH 5XOHV DIRUHVDLGFRQVROLGDWHG,*$$3QDQFLDOVWDWHPHQWV
PDGH WKHUHXQGHU :H FRQGXFWHG RXU DXGLW LQ DFFRUGDQFH E ,Q RXU RSLQLRQ SURSHU ERRNV RI DFFRXQW DV UHTXLUHG
ZLWK WKH 6WDQGDUGV RQ $XGLWLQJ LVVXHG E\ WKH ,QVWLWXWH E\ ODZ UHODWLQJ WR SUHSDUDWLRQ RI WKH DIRUHVDLG
RI &KDUWHUHG $FFRXQWDQWV RI ,QGLD DV VSHFLHG XQGHU FRQVROLGDWLRQ RI WKH QDQFLDO VWDWHPHQWV KDYH EHHQ
6HFWLRQ RI WKH $FW 7KRVH 6WDQGDUGV UHTXLUH WKDW NHSWVRIDUDVLWDSSHDUVIURPRXUH[DPLQDWLRQRIWKRVH
ZHFRPSO\ZLWKHWKLFDOUHTXLUHPHQWVDQGSODQDQGSHUIRUP ERRNVDQGUHSRUWVRIWKHRWKHUDXGLWRUV
WKH DXGLW WR REWDLQ UHDVRQDEOH DVVXUDQFH DERXW ZKHWKHU
WKH FRQVROLGDWHG ,*$$3 QDQFLDO VWDWHPHQWV DUH IUHH IURP F 7KH FRQVROLGDWHG %DODQFH 6KHHW FRQVROLGDWHG
PDWHULDOPLVVWDWHPHQW 6WDWHPHQW RI 3URW DQG /RVV DQG FRQVROLGDWHG

126-355

&DVK )ORZ 6WDWHPHQW GHDOW ZLWK E\ WKLV 5HSRUW DUH LQ HQWLWLHV DQG E WKH *URXSV VKDUH RI QHW SURW LQ
DJUHHPHQWZLWKWKHERRNVRIDFFRXQW UHVSHFWRILWVDVVRFLDWHV
G ,Q RXU RSLQLRQ WKH DIRUHVDLG FRQVROLGDWHG ,*$$3 LLL 7KHUH ZHUH QR DPRXQWV ZKLFK ZHUH UHTXLUHG
QDQFLDO VWDWHPHQWV FRPSO\ ZLWK WKH $FFRXQWLQJ WR EH WUDQVIHUUHG WR WKH ,QYHVWRU (GXFDWLRQ DQG
6WDQGDUGVVSHFLHGXQGHUVHFWLRQRIWKH$FWUHDG 3URWHFWLRQ )XQG E\ WKH +ROGLQJ &RPSDQ\ LWV
ZLWK5XOHRIWKH&RPSDQLHV$FFRXQWV5XOHV VXEVLGLDULHV DVVRFLDWHV DQG MRLQWO\ FRQWUROOHG
H 2Q WKH EDVLV RI WKH ZULWWHQ UHSUHVHQWDWLRQV UHFHLYHG FRPSDQLHVLQFRUSRUDWHGLQ,QGLD
IURPWKHGLUHFWRUVRIWKH+ROGLQJ&RPSDQ\DVRQ0DUFK
WDNHQRQUHFRUGE\WKH%RDUGRI'LUHFWRUVRI Other Matter
WKH +ROGLQJ &RPSDQ\ DQG WKH UHSRUWV RI WKH DXGLWRUV D 7KH DFFRPSDQ\LQJ FRQVROLGDWHG ,*$$3 QDQFLDO
ZKRDUHDSSRLQWHGXQGHU6HFWLRQRIWKH$FWRILWV VWDWHPHQWV LQFOXGH WRWDO DVVHWV RI ` 0Q DV
VXEVLGLDU\FRPSDQLHVDVVRFLDWHFRPSDQLHVDQGMRLQWO\ DW 0DUFK DQG WRWDO UHYHQXHV DQG QHW FDVK
FRQWUROOHG FRPSDQLHV LQFRUSRUDWHG LQ ,QGLD QRQH RI RXWRZVRI`DQG`0QIRUWKH\HDUHQGHG
WKH GLUHFWRUV RI WKH *URXSV FRPSDQLHV LWV DVVRFLDWHV
RQ WKDW GDWH EHIRUH HOLPLQDWLRQ RI LQWHUFRPSDQ\
DQG MRLQWO\ FRQWUROOHG FRPSDQLHV LQFRUSRUDWHG LQ
WUDQVDFWLRQV EHWZHHQ WKH *URXS DQG WKH MRLQWO\
,QGLDLVGLVTXDOLHGDVRQ0DUFKIURPEHLQJ
FRQWUROOHG HQWLW\ RQ FRQVROLGDWLRQ ZKLFK KDV EHHQ
DSSRLQWHGDVDGLUHFWRULQWHUPVRI6HFWLRQRI
WKH$FW DXGLWHGE\RWKHUDXGLWRUVZKRVHQDQFLDOVWDWHPHQWV
RWKHU QDQFLDO LQIRUPDWLRQ DQG DXGLWRUV UHSRUW KDV
I :LWK UHVSHFW WR WKH DGHTXDF\ DQG WKH RSHUDWLQJ EHHQIXUQLVKHGWRXVE\WKHPDQDJHPHQW2XURSLQLRQ
HHFWLYHQHVV RI WKH LQWHUQDO QDQFLDO FRQWUROV RYHU RQWKHFRQVROLGDWHG,*$$3QDQFLDOVWDWHPHQWVLQVR
QDQFLDO UHSRUWLQJ RI WKH +ROGLQJ &RPSDQ\ DQG LWV IDUDVLWUHODWHVWRWKHDPRXQWVDQGGLVFORVXUHVLQFOXGHG
VXEVLGLDU\FRPSDQLHVDVVRFLDWHFRPSDQLHVDQGMRLQWO\
LQUHVSHFWRIWKHMRLQWO\FRQWUROOHGHQWLW\DQGRXUUHSRUW
FRQWUROOHGFRPSDQLHVLQFRUSRUDWHGLQ,QGLDUHIHUWRRXU
LQ WHUPV RI VXEVHFWLRQV DQG RI 6HFWLRQ
VHSDUDWHUHSRUWLQ$QQH[XUHWRWKLVUHSRUW
RIWKH$FWLQVRIDUDVLWUHODWHVWRWKHDIRUHVDLGMRLQWO\
J :LWK UHVSHFW WR WKH RWKHU PDWWHUV WR EH LQFOXGHG LQ FRQWUROOHG HQWLW\ LV EDVHG VROHO\ RQ WKH UHSRUW RI VXFK
WKH $XGLWRUV 5HSRUW LQ DFFRUGDQFH ZLWK 5XOH RI RWKHUDXGLWRU
WKH &RPSDQLHV $XGLW DQG $XGLWRUV 5XOHV LQ
RXU RSLQLRQ DQG WR WKH EHVW RI RXU LQIRUPDWLRQ DQG 2XURSLQLRQRQWKHFRQVROLGDWHG,*$$3QDQFLDOVWDWHPHQWV
DFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXV DQGRXUUHSRUWRQ2WKHU/HJDODQG5HJXODWRU\5HTXLUHPHQWV
DERYH LV QRW PRGLHG LQ UHVSHFW RI WKH DERYH PDWWHU ZLWK
L 7KH FRQVROLGDWHG ,*$$3 QDQFLDO VWDWHPHQWV
UHVSHFWWRRXUUHOLDQFHRQWKHZRUNGRQHDQGWKHUHSRUWVRI
GLVFORVH WKH LPSDFW RI SHQGLQJ OLWLJDWLRQV RQ
WKHRWKHUDXGLWRU
FRQVROLGDWHG QDQFLDO SRVLWLRQ RI WKH *URXS LWV
DVVRFLDWHV DQG MRLQWO\ FRQWUROOHG HQWLWLHV 5HIHU
1RWH E WR WKH FRQVROLGDWHG ,*$$3 QDQFLDO
VWDWHPHQWV For S.R. Batliboi & Associates LLP
LL 3URYLVLRQ KDV EHHQ PDGH LQ WKH FRQVROLGDWHG ICAI Firm Registration Number: 101049W
,*$$3 QDQFLDO VWDWHPHQWV DV UHTXLUHG XQGHU
WKH DSSOLFDEOH ODZ RU DFFRXQWLQJ VWDQGDUGV IRU
PDWHULDO IRUHVHHDEOH ORVVHV LI DQ\ RQ ORQJWHUP
3DUWQHU
FRQWUDFWV LQFOXGLQJ GHULYDWLYH FRQWUDFWV 5HIHU
0HPEHUVKLS1XPEHU
D 1RWH WR WKH FRQVROLGDWHG ,*$$3 QDQFLDO
VWDWHPHQWV LQ UHVSHFW RI VXFK LWHPV DV LW UHODWHV 3ODFH*XUJDRQ
WRWKH*URXSLWVDVVRFLDWHVDQGMRLQWO\FRQWUROOHG 'DWH$SULO


Annexure 1 To The Independent Auditors Report of VHFWLRQ RI WKH $FW WR WKH H[WHQW DSSOLFDEOH WR DQ
Even Date on The Consolidated Financial Statements of DXGLW RI LQWHUQDO QDQFLDO FRQWUROV 7KRVH 6WDQGDUGV DQG
Bharti Airtel Limited WKH *XLGDQFH 1RWH UHTXLUH WKDW ZH FRPSO\ ZLWK HWKLFDO
UHTXLUHPHQWV DQG SODQ DQG SHUIRUP WKH DXGLW WR REWDLQ
Report on the Internal Financial Controls under Clause
UHDVRQDEOH DVVXUDQFH DERXW ZKHWKHU DGHTXDWH LQWHUQDO
(i) of Sub-section 3 of Section 143 of the Companies Act,
QDQFLDO FRQWUROV RYHU QDQFLDO UHSRUWLQJ ZDV HVWDEOLVKHG
2013 (the Act)
DQG PDLQWDLQHG DQG LI VXFK FRQWUROV RSHUDWHG HHFWLYHO\ LQ
DOOPDWHULDOUHVSHFWV
To the Members of Bharti Airtel Limited
2XU DXGLW LQYROYHV SHUIRUPLQJ SURFHGXUHV WR REWDLQ DXGLW
,Q FRQMXQFWLRQ ZLWK RXU DXGLW RI WKH FRQVROLGDWHG ,*$$3
HYLGHQFH DERXW WKH DGHTXDF\ RI WKH LQWHUQDO QDQFLDO
QDQFLDO VWDWHPHQWV RI %KDUWL $LUWHO /LPLWHG KHUHLQDIWHU
FRQWUROVV\VWHPRYHUQDQFLDOUHSRUWLQJDQGWKHLURSHUDWLQJ
UHIHUUHGWRDVWKH+ROGLQJ&RPSDQ\DVRIDQGIRUWKH\HDU
HHFWLYHQHVV 2XU DXGLW RI LQWHUQDO QDQFLDO FRQWUROV RYHU
HQGHG0DUFKZHKDYHDXGLWHGWKHLQWHUQDOQDQFLDO
QDQFLDO UHSRUWLQJ LQFOXGHG REWDLQLQJ DQ XQGHUVWDQGLQJ RI
FRQWUROV RYHU QDQFLDO UHSRUWLQJ RI WKH &RPSDQ\ DQG LWV
LQWHUQDOQDQFLDOFRQWUROVRYHUQDQFLDOUHSRUWLQJDVVHVVLQJ
VXEVLGLDU\ FRPSDQLHV LWV DVVRFLDWH FRPSDQLHV DQG MRLQWO\
WKH ULVN WKDW D PDWHULDO ZHDNQHVV H[LVWV DQG WHVWLQJ DQG
FRQWUROOHGFRPSDQLHVZKLFKDUHFRPSDQLHVLQFRUSRUDWHGLQ
HYDOXDWLQJ WKH GHVLJQ DQG RSHUDWLQJ HHFWLYHQHVV RI
,QGLDDVRIWKDWGDWH
LQWHUQDOFRQWUROEDVHGRQWKHDVVHVVHGULVN7KHSURFHGXUHV
VHOHFWHG GHSHQG RQ WKH DXGLWRUV MXGJHPHQW LQFOXGLQJ WKH
Managements Responsibility for Internal DVVHVVPHQW RI WKH ULVNV RI PDWHULDO PLVVWDWHPHQW RI WKH
Financial Controls QDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURU
7KHUHVSHFWLYH%RDUGRI'LUHFWRUVRIWKH+ROGLQJ&RPSDQ\ :H EHOLHYH WKDW WKH DXGLW HYLGHQFH ZH KDYH REWDLQHG DQG
LWV VXEVLGLDU\ FRPSDQLHV LWV DVVRFLDWH FRPSDQLHV DQG WKH DXGLW HYLGHQFH REWDLQHG E\ WKH RWKHU DXGLWRUV LQ WHUPV
MRLQWO\ FRQWUROOHG FRPSDQLHV ZKLFK DUH FRPSDQLHV RI WKHLU UHSRUWV UHIHUUHG WR LQ WKH 2WKHU 0DWWHUV SDUDJUDSK
LQFRUSRUDWHG LQ ,QGLD DUH UHVSRQVLEOH IRU HVWDEOLVKLQJ DQG EHORZLVVXFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLVIRURXU
PDLQWDLQLQJLQWHUQDOQDQFLDOFRQWUROVEDVHGRQWKHLQWHUQDO DXGLW RSLQLRQ RQ WKH LQWHUQDO QDQFLDO FRQWUROV V\VWHP RYHU
FRQWURO RYHU QDQFLDO UHSRUWLQJ FULWHULD HVWDEOLVKHG E\ WKH QDQFLDOUHSRUWLQJ
+ROGLQJ &RPSDQ\ FRQVLGHULQJ WKH HVVHQWLDO FRPSRQHQWV
RILQWHUQDOFRQWUROVWDWHGLQWKH*XLGDQFH1RWHRQ$XGLWRI Meaning of Internal Financial Controls Over
,QWHUQDO )LQDQFLDO &RQWUROV 2YHU )LQDQFLDO 5HSRUWLQJ LVVXHG Financial Reporting
E\ WKH ,QVWLWXWH RI &KDUWHUHG $FFRXQWDQWV RI ,QGLD 7KHVH
$FRPSDQ\VLQWHUQDOQDQFLDOFRQWURORYHUQDQFLDOUHSRUWLQJ
UHVSRQVLELOLWLHV LQFOXGH WKH GHVLJQ LPSOHPHQWDWLRQ DQG
LV D SURFHVV GHVLJQHG WR SURYLGH UHDVRQDEOH DVVXUDQFH
PDLQWHQDQFH RI DGHTXDWH LQWHUQDO QDQFLDO FRQWUROV WKDW
UHJDUGLQJ WKH UHOLDELOLW\ RI QDQFLDO UHSRUWLQJ DQG WKH
ZHUH RSHUDWLQJ HHFWLYHO\ IRU HQVXULQJ WKH RUGHUO\ DQG
SUHSDUDWLRQRIQDQFLDOVWDWHPHQWVIRUH[WHUQDOSXUSRVHVLQ
HFLHQW FRQGXFW RI LWV EXVLQHVV LQFOXGLQJ DGKHUHQFH WR
DFFRUGDQFHZLWKJHQHUDOO\DFFHSWHGDFFRXQWLQJSULQFLSOHV$
WKH UHVSHFWLYH FRPSDQ\V SROLFLHV WKH VDIHJXDUGLQJ RI LWV
FRPSDQ\VLQWHUQDOQDQFLDOFRQWURORYHUQDQFLDOUHSRUWLQJ
DVVHWV WKH SUHYHQWLRQ DQG GHWHFWLRQ RI IUDXGV DQG HUURUV
LQFOXGHVWKRVHSROLFLHVDQGSURFHGXUHVWKDWSHUWDLQWRWKH
WKHDFFXUDF\DQGFRPSOHWHQHVVRIWKHDFFRXQWLQJUHFRUGV
PDLQWHQDQFHRIUHFRUGVWKDWLQUHDVRQDEOHGHWDLODFFXUDWHO\
DQG WKH WLPHO\ SUHSDUDWLRQ RI UHOLDEOH QDQFLDO LQIRUPDWLRQ
DQG IDLUO\ UHHFW WKH WUDQVDFWLRQV DQG GLVSRVLWLRQV RI WKH
DVUHTXLUHGXQGHUWKH$FW
DVVHWV RI WKH FRPSDQ\ SURYLGH UHDVRQDEOH DVVXUDQFH
WKDW WUDQVDFWLRQV DUH UHFRUGHG DV QHFHVVDU\ WR SHUPLW
Auditors Responsibility SUHSDUDWLRQ RI QDQFLDO VWDWHPHQWV LQ DFFRUGDQFH ZLWK
2XUUHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQWKHFRPSDQ\V JHQHUDOO\DFFHSWHGDFFRXQWLQJSULQFLSOHVDQGWKDWUHFHLSWV
LQWHUQDO QDQFLDO FRQWUROV RYHU QDQFLDO UHSRUWLQJ EDVHG DQG H[SHQGLWXUHV RI WKH FRPSDQ\ DUH EHLQJ PDGH RQO\ LQ
RQ RXU DXGLW :H FRQGXFWHG RXU DXGLW LQ DFFRUGDQFH ZLWK DFFRUGDQFHZLWKDXWKRULVDWLRQVRIPDQDJHPHQWDQGGLUHFWRUV
WKH *XLGDQFH 1RWH RQ $XGLW RI ,QWHUQDO )LQDQFLDO &RQWUROV RI WKH FRPSDQ\ DQG SURYLGH UHDVRQDEOH DVVXUDQFH
2YHU )LQDQFLDO 5HSRUWLQJ WKH *XLGDQFH 1RWH DQG WKH UHJDUGLQJ SUHYHQWLRQ RU WLPHO\ GHWHFWLRQ RI XQDXWKRULVHG
6WDQGDUGVRQ$XGLWLQJERWKLVVXHGE\,QVWLWXWHRI&KDUWHUHG DFTXLVLWLRQXVHRUGLVSRVLWLRQRIWKHFRPSDQ\VDVVHWVWKDW
$FFRXQWDQWV RI ,QGLD DQG GHHPHG WR EH SUHVFULEHG XQGHU FRXOGKDYHDPDWHULDOHHFWRQWKHQDQFLDOVWDWHPHQWV

126-355

Inherent Limitations of Internal Financial Controls RILQWHUQDOFRQWUROVWDWHGLQWKH*XLGDQFH1RWHRQ$XGLWRI
Over Financial Reporting ,QWHUQDO )LQDQFLDO &RQWUROV 2YHU )LQDQFLDO 5HSRUWLQJ LVVXHG
%HFDXVH RI WKH LQKHUHQW OLPLWDWLRQV RI LQWHUQDO QDQFLDO E\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD
FRQWUROV RYHU QDQFLDO UHSRUWLQJ LQFOXGLQJ WKH SRVVLELOLW\
RI FROOXVLRQ RU LPSURSHU PDQDJHPHQW RYHUULGH RI FRQWUROV Other Matters
PDWHULDOPLVVWDWHPHQWVGXHWRHUURURUIUDXGPD\RFFXUDQG 2XUUHSRUWXQGHU6HFWLRQLRIWKH$FWRQWKHDGHTXDF\
QRW EH GHWHFWHG $OVR SURMHFWLRQV RI DQ\ HYDOXDWLRQ RI WKH DQGRSHUDWLQJHHFWLYHQHVVRIWKHLQWHUQDOQDQFLDOFRQWUROV
LQWHUQDO QDQFLDO FRQWUROV RYHU QDQFLDO UHSRUWLQJ WR IXWXUH RYHUQDQFLDOUHSRUWLQJRIWKH&RPSDQ\LQVRIDUDVLWUHODWHV
SHULRGV DUH VXEMHFW WR WKH ULVN WKDW WKH LQWHUQDO QDQFLDO WR WKH MRLQWO\ FRQWUROOHG FRPSDQ\ ZKLFK LV D FRPSDQ\
FRQWURO RYHU QDQFLDO UHSRUWLQJ PD\ EHFRPH LQDGHTXDWH LQFRUSRUDWHGLQ,QGLDLVEDVHGRQWKHFRUUHVSRQGLQJUHSRUWRI
EHFDXVH RI FKDQJHV LQ FRQGLWLRQV RU WKDW WKH GHJUHH RI WKHDXGLWRUVRIVXFKMRLQWO\FRQWUROOHGFRPSDQ\LQFRUSRUDWHG
FRPSOLDQFHZLWKWKHSROLFLHVRUSURFHGXUHVPD\GHWHULRUDWH LQ,QGLD
Opinion
,Q RXU RSLQLRQ WKH +ROGLQJ &RPSDQ\ LWV VXEVLGLDU\
FRPSDQLHV LWV DVVRFLDWH FRPSDQLHV DQG MRLQWO\ FRQWUROOHG
FRPSDQLHVZKLFKDUHFRPSDQLHVLQFRUSRUDWHGLQ,QGLDKDYH
PDLQWDLQHG LQ DOO PDWHULDO UHVSHFWV DQ DGHTXDWH LQWHUQDO
QDQFLDO FRQWUROV V\VWHP RYHU QDQFLDO UHSRUWLQJ DQG VXFK
3DUWQHU
LQWHUQDO QDQFLDO FRQWUROV RYHU QDQFLDO UHSRUWLQJ ZHUH
0HPEHUVKLS1XPEHU
RSHUDWLQJ HHFWLYHO\ DV DW 0DUFK EDVHG RQ WKH
LQWHUQDOFRQWURORYHUQDQFLDOUHSRUWLQJFULWHULDHVWDEOLVKHGE\ 3ODFH*XUJDRQ
WKH+ROGLQJ&RPSDQ\FRQVLGHULQJWKHHVVHQWLDOFRPSRQHQWV 'DWH$SULO

&RQVROLGDWHG%DODQFH6KHHW
(` Millions)
As of As of
Particulars Notes
March 31, 2016 March 31, 2015
Equity and Liabilities
Shareholders' Funds
Share capital 6 19,987 19,987
Reserves and surplus 7 402,989 377,783
Minority Interest 74,465 68,906
Non-current Liabilities
Long-term borrowings 8 897,745 611,161
Deferred tax liabilities (Net) 9 46,028 25,598
Other long-term liabilities 10 45,340 43,919
Long-term provisions 11 18,598 17,970
Current Liabilities
Short-term borrowings 12 57,238 88,138
Trade payables 13
- total outstanding due of micro enterprises and small 34 72
enterprises
- total outstanding due of creditors other than micro 174,683 160,702
enterprises and small enterprises
Other current liabilities 14 349,766 389,752
Short-term provisions 15 12,565 20,360
Total 2,099,438 1,824,348
Assets
Non-current Assets
Fixed Assets
Tangible assets 16 732,172 690,512
Intangible assets 17 887,780 552,274
Capital work-in-progress 48,522 49,553
Intangible assets under development 17 9,725 124,595
Non-current investments 18 24,325 27,434
Deferred tax assets (Net) 9 7,643 4,958
Long-term loans and advances 19 109,745 99,262
Other non-current assets 20 71,461 56,616
Current Assets
Current investments 21 14,851 80,086
Inventories 22 1,691 1,339
Trade receivables 23 58,681 52,072
Cash and bank balances 24 51,388 20,831
Short-term loans and advances 25 65,485 44,535
Other current assets 26 15,969 20,281
Total 2,099,438 1,824,348
7KHDFFRPSDQ\LQJQRWHVIRUPDQLQWHJUDOSDUWRIWKHVHFRQVROLGDWHGQDQFLDOVWDWHPHQWV

Membership No: 58814 & CEO (India & South Asia)
Place: Gurgaon Rajendra Chopra Nilanjan Roy

Date: April 27, 2016 Company Secretary *OREDO&KLHI)LQDQFLDO2FHU

126-355
&RQVROLGDWHG6WDWHPHQWRI3URWDQG/RVV
Particulars Notes
March 31, 2016 March 31, 2015
Income
Revenue from operations 28 1,009,373 961,007
Other income 29 11,098 20,958
Total Income 1,020,471 981,965
Expenses
License fee and spectrum charges (revenue share) 95,952 89,060
Cost of goods sold 30 6,291 2,796
(PSOR\HHEHQHWH[SHQVHV 31 51,003 48,570
Power and fuel 32 82,474 84,398
Rent 32 65,899 55,409
Charity and donation 32 1,390 1,422
Other expenses 32 229,906 230,573
Total Expenses 642,338 624,987
3URWEHIRUHQDQFHFRVWVGHSUHFLDWLRQDPRUWLVDWLRQ 378,133 356,978
exceptional items and taxation
Finance costs 33 87,018 44,465
Depreciation and amortisation 34 213,674 198,583
3URWEHIRUHH[FHSWLRQDOLWHPVDQGWD[ 77,441 113,930
Exceptional items 35 (29,236) 8,532
3URWEHIRUHWD[ 106,677 105,398
Tax Expense (including tax on exceptional items)
Current tax 50,908 59,488
MAT credit (17,641) (7,790)
Deferred tax 19,105 3,169
3URWDIWHUWD[ 54,305 50,531
Share of loss of associates - (53)
3URWDWWULEXWDEOHWRPLQRULW\LQWHUHVW 9,739 4,270
3URWDWWULEXWDEOHWRHTXLW\VKDUHKROGHUV 44,566 46,208
Earnings per share (equity shares of par value ` 5 each) 37
Basic and Diluted (In ` )



Consolidated Financial Statements (IGAAP) 195

&RQVROLGDWHG&DVK)ORZ6WDWHPHQW
(` Millions)
Particulars
March 31, 2016 March 31, 2015
A. &DVKRZVIURPRSHUDWLQJDFWLYLWLHV
3URWEHIRUHWD[ 106,677 105,398
Adjustments for:
Exceptional items (38,815) 1,941
Finance income (8,756) (12,240)
Finance costs and foreign exchange loss / (gain) 87,020 39,008
Expenses on employee stock option plan 248 (4)
3URWORVVRQVDOHRIDVVHWVQHW (671) (964)
2SHUDWLQJFDVKRZVEHIRUHFKDQJHVLQDVVHWVDQGOLDELOLWLHV 359,378 331,722
Adjustments for changes in assets and liabilities :
- Increase in trade receivables (3,681) (9,338)
- Increase in other receivables (3,816) (8,701)
- Increase in inventories (872) (2)
- Increase in trade and other payables 3,830 14,935
- (Decrease) / increase in provisions (106) 1,071
Income taxes paid (52,549) (49,097)
1HWFDVKRZVIURPRSHUDWLQJDFWLYLWLHV 302,184 280,590
B. &DVKRZVIURPLQYHVWLQJDFWLYLWLHV
Purchase of tangible assets (204,228) (156,539)
Purchase of intangible assets (81,452) (65,970)
Proceeds from sale of tangible assets 4,543 3,592
Sale / (purchase) of investments (net) 67,743 (565)
Purchase of non-current investments (3,218) (3,078)
Sale of non-current investments 7,642 5,618
Acquisition of subsidiary, net of cash acquired (135) (358)
Sale of tower assets 56,821 1,021
Proceeds from sale of interest in joint venture 55 -
Loan given to associate - (154)
Net purchase of bank deposits (5,625) (8,468)
Interest received 3,772 1,367
Dividend received 118 480
1HWFDVKRZVXVHGLQLQYHVWLQJDFWLYLWLHV (153,964) (223,054)
C. &DVKRZVIURPQDQFLQJDFWLYLWLHV
Proceeds from borrowings 197,669 349,834
Repayments of borrowings (328,815) (433,175)
Net proceeds from short-term borrowings 10,803 6,262
3URFHHGVIURPVDOHDQGQDQFHOHDVHEDFNRIWRZHUV 48,120 -
5HSD\PHQWRIQDQFHOHDVHOLDELOLWLHV (2,593) -
Proceeds from exercise of share options 569 552
Dividend paid (including tax) (16,146) (23,472)
,QWHUHVWDQGRWKHUQDQFHFKDUJHVSDLG (35,290) (36,513)
Sale of stake in a subsidiary to minority interest 984 40,412
Acquisition of minority interest - (624)
1HWFDVKRZVXVHGLQQDQFLQJDFWLYLWLHV (124,699) (96,724)
Net increase / (decrease) in cash and cash equivalents during the year 23,521 (39,188)
(HFWRIH[FKDQJHUDWHFKDQJHVRQFDVKDQGFDVKHTXLYDOHQWV 1,342 43
Add : Cash and cash equivalents at the beginning of the year 11,975 51,120
Cash and cash equivalents at the end of the year 36,838 11,975
Cash and cash equivalents comprise:
Cash and cheques on hand 992 1,356
Balances with bank 15,054 7,769
Deposits with original maturity of three months or less 20,792 2,850
Total cash and cash equivalents 36,838 11,975
Notes :
)LJXUHVLQEUDFNHWVLQGLFDWHFDVKRXWRZ
7
KHDERYHFDVKRZVWDWHPHQWKDVEHHQSUHSDUHGXQGHUWKHLQGLUHFWPHWKRGVHWRXWLQ$6&DVK)ORZ6WDWHPHQWVQRWLHGXQGHU6HFWLRQRIWKH&RPSDQLHV
$FWUHDGZLWKUXOHRIWKH&RPSDQLHV$FFRXQWV5XOHVLVVXHGE\0LQLVWU\RI&RUSRUDWH$DLUV
3UHYLRXV\HDUJXUHVKDYHEHHQUHJURXSHGDQGUHFDVWZKHUHYHUQHFHVVDU\WRFRQIRUPWRWKHFXUUHQW\HDUFODVVLFDWLRQ


126-355
1RWHVWRFRQVROLGDWHGQDQFLDOVWDWHPHQWV
1. Corporate Information 3. Principles of Consolidation
%KDUWL $LUWHO /LPLWHG %KDUWL $LUWHO RU WKH &RPSDQ\ , 7KHFRQVROLGDWHGQDQFLDOVWDWHPHQWVKDYHEHHQ
RUWKH3DUHQWLVGRPLFLOHGDQGLQFRUSRUDWHGLQ,QGLD SUHSDUHGRQWKHIROORZLQJEDVLV
DQGLWVVKDUHVDUHSXEOLFO\WUDGHGRQWKH1DWLRQDO6WRFN D 7KH QDQFLDO VWDWHPHQWV RI WKH &RPSDQ\ DQG LWV
([FKDQJH 16( DQG WKH %RPED\ 6WRFN ([FKDQJH VXEVLGLDULHVKDYHEHHQFRPELQHGRQDOLQHE\OLQHEDVLV
%6(,QGLD7KH5HJLVWHUHGRFHRIWKH&RPSDQ\LV E\ DGGLQJ WRJHWKHU WKH ERRN YDOXHV RI OLNH LWHPV RI
VLWXDWHG DW %KDUWL &UHVFHQW 1HOVRQ 0DQGHOD 5RDG DVVHWV OLDELOLWLHV LQFRPH DQG H[SHQVHV DIWHU IXOO\
9DVDQW.XQM3KDVH,,1HZ'HOKL HOLPLQDWLQJ LQWUDJURXS EDODQFHV DQG LQWUDJURXS
%KDUWL$LUWHOWRJHWKHUZLWKLWVVXEVLGLDULHVLVKHUHLQDIWHU WUDQVDFWLRQVDQGUHVXOWLQJXQUHDOLVHGSURWV8QUHDOLVHG
UHIHUUHG WR DV WKH *URXS 7KH *URXS LV D OHDGLQJ ORVVHV UHVXOWLQJ IURP LQWUDJURXS WUDQVDFWLRQV DUH
WHOHFRPPXQLFDWLRQ VHUYLFH SURYLGHU LQ ,QGLD DQG DOVR HOLPLQDWHGXQOHVVFRVWFDQQRWEHUHFRYHUHG
KDV VWURQJ SUHVHQFH LQ $IULFD DQG 6RXWK $VLD 7KH E 7KHQHWDVVHWVDQGQHWLQFRPHDWWULEXWDEOHWRPLQRULW\
VHUYLFHVSURYLGHGE\WKH*URXSDUHIXUWKHUGHWDLOHGLQ LQWHUHVW DUH VKRZQ VHSDUDWHO\ LQ WKH %DODQFH 6KHHW
1RWHXQGHUVHJPHQWUHSRUWLQJ DQG 6WDWHPHQW RI SURW DQG ORVV UHVSHFWLYHO\ 7KH
7KH SULQFLSDO DFWLYLWLHV RI WKH *URXS LWV MRLQW ORVVHV DSSOLFDEOH WR WKH PLQRULW\ LQ H[FHVV RI WKH
YHQWXUHV DQG DVVRFLDWHV FRQVLVW RI SURYLVLRQ RI PLQRULW\ LQWHUHVW LQ WKH QHW DVVHWV RI D VXEVLGLDU\
WHOHFRPPXQLFDWLRQ V\VWHPV DQG VHUYLFHV WRZHU DUH DGMXVWHG DJDLQVW WKH PDMRULW\ LQWHUHVW ,I VXFK
LQIUDVWUXFWXUH VHUYLFHV DQG GLUHFW WR KRPH GLJLWDO 79 VXEVLGLDU\ VXEVHTXHQWO\ UHSRUWV SURW DOO VXFK SURWV
VHUYLFHV7KHSULQFLSDODFWLYLWLHVRIWKHVXEVLGLDULHVMRLQW DUHDOORFDWHGWRWKHPDMRULW\LQWHUHVWXQWLOWKHPLQRULW\
YHQWXUHVDQGDVVRFLDWHVDUHGLVFORVHGLQ1RWH VKDUHRIORVVHVSUHYLRXVO\DEVRUEHGE\WKHPDMRULW\KDV
EHHQUHFRYHUHG
2. Basis of Preparation F *DLQ/RVVDULVLQJRQDFTXLVLWLRQRUGLOXWLRQRIHTXLW\LQ
7KHFRQVROLGDWHGQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\ DVXEVLGLDU\FRPSDQ\LVDFFRXQWHGLQ*HQHUDO5HVHUYH
KDYH EHHQ SUHSDUHG LQ DFFRUGDQFH ZLWK WKH JHQHUDOO\ DFRPSRQHQWRI5HVHUYHVDQG6XUSOXV
DFFHSWHG DFFRXQWLQJ SULQFLSOHV LQ ,QGLD ,QGLDQ G 7KH QDQFLDO VWDWHPHQWV RI -RLQW 9HQWXUHV KDYH EHHQ
*$$3 7KH FRQVROLGDWHG QDQFLDO VWDWHPHQWV KDYH FRPELQHG E\ DSSO\LQJ SURSRUWLRQDWH FRQVROLGDWLRQ
EHHQ SUHSDUHG WR FRPSO\ LQ DOO PDWHULDO UHVSHFWV ZLWK PHWKRG RQ D OLQHE\OLQH EDVLV RQ LWHPV RI DVVHWV
WKH DFFRXQWLQJ VWDQGDUGV QRWLHG XQGHU 6HFWLRQ OLDELOLWLHV LQFRPH DQG H[SHQVHV DIWHU HOLPLQDWLQJ
RI WKH &RPSDQLHV $FW UHDG ZLWK UXOH RI WKH SURSRUWLRQDWHVKDUHRIXQUHDOLVHGSURWRUORVVHV
&RPSDQLHV $FFRXQWV 5XOHV LVVXHG E\ WKH
0LQLVWU\ RI &RUSRUDWH $DLUV 7KH VDLG FRQVROLGDWHG H 7KH *URXSV LQWHUHVWV LQ $VVRFLDWHV DUH DFFRXQWHG IRU
QDQFLDO VWDWHPHQWV KDYH EHHQ SUHSDUHG XQGHU WKH XVLQJHTXLW\PHWKRGZKHUHE\WKHVKDUHRISURWORVV
KLVWRULFDO FRVW FRQYHQWLRQ DQG RQ DQ DFFUXDO EDVLV RIWKHDVVRFLDWHFRPSDQ\WKHORVVEHLQJUHVWULFWHGWR
RI DFFRXQWLQJ 7KH DFFRXQWLQJ SROLFLHV KDYH EHHQ WKHFRVWRILQYHVWPHQWKDVEHHQDGGHGWRGHGXFWHG
FRQVLVWHQWO\ DSSOLHG E\ WKH *URXS DQG DUH FRQVLVWHQW IURPWKHFRVWRILQYHVWPHQW
ZLWKWKRVHXVHGLQWKHSUHYLRXV\HDU
7KHVH QDQFLDO VWDWHPHQWV DUH SUHVHQWHG LQ ,QGLDQ
5XSHHV5XSHHVRU`DQGDOODPRXQWDUHURXQGHGWR
WKHQHDUHVWPLOOLRQ0QH[FHSWDVVWDWHGRWKHUZLVH

NotesWRFRQVROLGDWHGQDQFLDOVWDWHPHQWV
,, 7KHVXEVLGLDULHVMRLQWYHQWXUHVDQGDVVRFLDWHVFRQVLGHUHGLQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWRIWKHJURXSDUHDV
XQGHU
A. Details of Subsidiaries:
3HUFHQWDJHRIRZQHUVKLSLQWHUHVW
DQGYRWLQJSRZHUGLUHFW
S. Country of
Name of entity indirect) -
No. Incorporation
HHFWLYHVKDUHKROGLQJKHOGE\WKH
Group
As of As of
March 31, 2016 March 31, 2015
% %
Airtel Bangladesh Limited
1 Bangladesh 100 100
(refer note 36(d))
2 Airtel M Commerce Services Limited India 100
3 Bangladesh Infratel Networks Limited# Bangladesh 100 100
4 Bharti Airtel (Canada) Limited## Canada - 100
5 Bharti Airtel (France) SAS France 100 100
6 Bharti Airtel (Hongkong) Limited Hongkong 100 100
7 Bharti Airtel (Japan) Kabushiki Kaisha Japan 100 100
8 Bharti Airtel Services Limited India 100 100
9 Bharti Airtel (UK) Limited United Kingdom 100 100
United States of
10 Bharti Airtel (USA) Limited 100 100
America
11 Bharti Airtel Holdings (Singapore) Pte Ltd Singapore 100 100
Bharti Airtel International (Mauritius)
12 Mauritius 100 100
Limited
Bharti Airtel International (Netherlands)
13 Netherlands 100 100
%9
14 Bharti Airtel Lanka (Private) Limited Sri Lanka 100 100
15 Bharti Hexacom Limited India 70 70
Indo Teleports Limited (formerly known as
16 India 95 -
Bharti Teleports Limited)@
17 Bharti Infratel Lanka (Private) Limited# Sri Lanka 100 100
18 Bharti Infratel Limited India
19 Bharti Infratel Services Limited*# India
Smartx Services Limited
20 India -
VXEVLGLDU\ZHI6HSWHPEHU
21 %KDUWL,QWHUQDWLRQDO6LQJDSRUH3WH/WG Singapore 100 100
22 Bharti Telemedia Limited India 95 95
23 Network i2i Limited Mauritius 100 100
24 Telesonic Networks Limited India 100 100
Airtel Broadband Services Private Limited
25 PHUJHGZLWK%KDUWL$LUWHO/LPLWHGZHI India - 100
April 9, 2015)
26 Nxtra Data Limited India 100 100
27 Wynk Limited India 100 100
28 $IULFD7RZHUV19 Netherlands 100 100
29 Africa Towers Services Limited Kenya 100 100
30 Airtel Ghana Limited^ Ghana 75 75
31 Airtel (Seychelles) Limited Seychelles 100 100
32 Airtel (SL) Limited Sierra Leone 100 100
33 $LUWHO%XUNLQD)DVR6$ Burkina Faso 100 100
34 $LUWHO&RQJR6$ Congo Brazzavile 90 90

126-355
S. Country of
No. Incorporation
Group
As of As of
March 31, 2016 March 31, 2015
% %
35 Airtel DTH Services (SL) Limited^^ Sierra Leone 100 100
Democratic Republic
36 $LUWHO'7+6HUYLFHV&RQJR5'&6SUO ##
- 100
of Congo
37 Airtel DTH Services Nigeria Limited# Nigeria 100 100
38 $LUWHO*DERQ6$ Gabon 90 90
39 $LUWHO0DGDJDVFDU6$ Madagascar 100 100
40 Airtel Malawi Limited Malawi 100 100
41 Airtel Mobile Commerce (SL) Limited Sierra Leone 100 100
42 $LUWHO0RELOH&RPPHUFH%9 Netherlands 100 100
43 $LUWHO0RELOH&RPPHUFH%XUNLQD)DVR6$ Burkina Faso 100 100
44 Airtel Mobile Commerce (Ghana) Limited Ghana 75 100
45 $LUWHO0RELOH&RPPHUFH+ROGLQJV%9 Netherlands 100 100
46 Airtel Mobile Commerce (Kenya) Limited Kenya 100 100
47 Airtel Mobile Commerce Limited Malawi 100 100
48 $LUWHO0RELOH&RPPHUFH0DGDJDVFDU6$ Madagascar 100 100
49 Airtel Mobile Commerce Rwanda Limited Rwanda 100 100
Airtel Mobile Commerce (Seychelles)
50 Seychelles 100 100
Limited
Airtel Mobile Commerce (Tanzania)
51 Tanzania 100 100
Limited
52 $LUWHO0RELOH&RPPHUFH7FKDG6DUO Chad 100 100
53 Airtel Mobile Commerce Uganda Limited Uganda 100 100
54 Airtel Mobile Commerce Zambia Limited Zambia 100 100
Democratic Republic
55 $LUWHO0RQH\5'&6$ 100 100
of Congo
56 $LUWHO0RQH\1LJHU6$ Niger 90 100
57 $LUWHO0RQH\6$*DERQ Gabon 100 100
58 Airtel Networks Kenya Limited^ Kenya 100 100
59 Airtel Networks Limited Nigeria
60 Airtel Networks Zambia Plc Zambia
61 Airtel Rwanda Limited Rwanda 100 100
62 Airtel Tanzania Limited Tanzania 60 60
63 $LUWHO7FKDG6$ Chad 100 100
64 Airtel Towers (Ghana) Limited Ghana 75 75
65 Airtel Towers (SL) Company Limited Sierra Leone 100 100
66 Airtel Uganda Limited^ Uganda 100 100
67 %KDUWL$LUWHO$IULFD%9 Netherlands 100 100
68 %KDUWL$LUWHO%XUNLQD)DVR+ROGLQJV%9 Netherlands 100 100
69 %KDUWL$LUWHO&KDG+ROGLQJV%9 Netherlands 100 100
70 %KDUWL$LUWHO&RQJR+ROGLQJV%9 Netherlands 100 100
71 Bharti Airtel Developers Forum Limited Zambia 100
72 %KDUWL$LUWHO'7++ROGLQJV%9 Netherlands 100 100
73 %KDUWL$LUWHO*DERQ+ROGLQJV%9 Netherlands 100 100
74 %KDUWL$LUWHO*KDQD+ROGLQJV%9 Netherlands 100 100
75 %KDUWL$LUWHO.HQ\D%9 Netherlands 100 100

S. Country of
No. Incorporation
Group
As of As of
March 31, 2016 March 31, 2015
% %
76 %KDUWL$LUWHO.HQ\D+ROGLQJV%9 Netherlands 100 100
77 %KDUWL$LUWHO0DGDJDVFDU+ROGLQJV%9 Netherlands 100 100
78 %KDUWL$LUWHO0DODZL+ROGLQJV%9 Netherlands 100 100
79 %KDUWL$LUWHO0DOL+ROGLQJV%9 Netherlands 100 100
80 %KDUWL$LUWHO1LJHU+ROGLQJV%9 Netherlands 100 100
81 %KDUWL$LUWHO1LJHULD%9 Netherlands 100 100
82 %KDUWL$LUWHO1LJHULD+ROGLQJV%9# Netherlands 100 100
83 %KDUWL$LUWHO1LJHULD+ROGLQJV,,%9 Netherlands 100 100
84 %KDUWL$LUWHO5'&+ROGLQJV%9 Netherlands 100 100
85 %KDUWL$LUWHO6HUYLFHV%9 Netherlands 100 100
86 %KDUWL$LUWHO6LHUUD/HRQH+ROGLQJV%9 Netherlands 100 100
87 %KDUWL$LUWHO7DQ]DQLD%9 Netherlands 100 100
88 %KDUWL$LUWHO8JDQGD+ROGLQJV%9 Netherlands 100 100
89 %KDUWL$LUWHO=DPELD+ROGLQJV%9 Netherlands 100 100
90 %XUNLQD)DVR7RZHUV6$## Burkina Faso - 100
91 Celtel (Mauritius) Holdings Limited Mauritius 100 100
$LUWHO&RQJR5'&6$IRUPHUO\NQRZQ Democratic Republic
92
DV&HOWHO&RQJR5'&6DUO of Congo
93 &HOWHO1LJHU6$ Niger 90 90
Channel Sea Management Company
(Mauritius) Limited
Democratic Republic
95 &RQJR5'&7RZHUV6$ 100 100
of Congo
96 &RQJR7RZHUV6$AA Congo Brazzavile 90 90
97 *DERQ7RZHUV6$# Gabon 90 90
98 Indian Ocean Telecom Limited Jersey 100 100
99 Kenya Towers Limited (refer note 16) Kenya - 100
100 0DGDJDVFDU7RZHUV6$ Madagascar 100 100
101 Malawi Towers Limited Malawi 100 100
102 0RELOH&RPPHUFH&RQJR6$ Congo Brazzavile 100 100
103 Montana International Mauritius 100 100
104 MSI-Celtel Nigeria Limited# Nigeria 100 100
105 1LJHU7RZHUV6$## Niger - 90
Democratic Republic
106 3DUWQHUVKLS,QYHVWPHQWV6DUO 100 100
of Congo
Socit Malgache de Tlphone Cellulaire
6$
108 Tanzania Towers Limited Tanzania 60 60
109 7FKDG7RZHUV6$ Chad 100 100
110 Towers Support Nigeria Limited# Nigeria
111 Uganda Towers Limited (refer note 16) Uganda - 100

126-355
S. Country of
No. Incorporation
Group
As of As of
March 31, 2016 March 31, 2015
% %
Warid Telecom Uganda Limited (in
112 process of Amalgamation with Airtel Uganda 100 100
Uganda Limited)
:DULG&RQJR6$0HUJHGZLWK$LUWHO
113 Congo Brazzavile - 90
&RQJR6$ZHI1RYHPEHU
114 Zambian Towers Limited (refer note 16) Zambia -
115 Zap Trust Company Nigeria Limited# Nigeria 100 100
Airtel Money Transfer Limited (subsidiary
116 Kenya 100 -
ZHI-XO\
Bharti Airtel Rwanda Holdings Limited
117 (formerly known as Zebrano (Mauritius) Mauritius 100 100
Limited)
#7KH*URXSKDVDFTXLUHGDGGLWLRQDOVWDNHLQWKHFRPSDQ\DQGWKHUHIRUHEHFDPHVXEVLGLDU\ZHIIURP$XJXVW
A7KH*URXSDOVRKROGVSUHIHUHQFHVKDUHKROGLQJLQWKHVHFRPSDQLHV7KHSUHIHUHQFHVKDUHVGRHVQRWFDUU\DQ\YRWLQJULJKWV
AA'LVVROYHGVXEVHTXHQWWRWKHEDODQFHVKHHWGDWHRQ$SULO
8QGHU/LTXLGDWLRQ
'LVVROYHGGXULQJWKH\HDUHQGHG0DUFK
1RWH$XJHUH:LUHOHVV%URDGEDQG3ULYDWH/LPLWHGKDVQRWEHHQFRQVLGHUHGDVDVXEVLGLDU\UHIHUQRWHH
B. Details of Joint ventures:

Country of DQGYRWLQJSRZHUGLUHFW
S.no Name of entity
Incorporation LQGLUHFWHHFWLYHVKDUHKROGLQJ
held by the Group
As of As of
March 31, 2016 March 31, 2015
% %
1 Indus Towers Limited * India
2 Bridge Mobile Pte Limited Singapore 10 10
3 Forum I Aviation Ltd India -
4 FireFly Networks Limited India 50 50
%KDUWL,QIUDWHO/LPLWHG%,/LQZKLFKWKH*URXSKDVHTXLW\LQWHUHVWDVRI0DUFKRZQVRI%KDUWL,QIUDWHO6HUYLFHV/LPLWHG
100% of Smartx Services Limited and 42% of Indus Towers Limited (100% of Bharti Infratel Services Limited and 42% of Indus Towers Limited as of March

C. Details of Associates:
Country of DQGYRWLQJSRZHUGLUHFW
S.no Name of entity
Incorporation LQGLUHFWHHFWLYHVKDUHKROGLQJ
held by the Group
As of As of
March 31, 2016 March 31, 2015
% %
Indo Teleports Limited (formerly known as
1 India - 49
Bharti Teleports Limited)@
Tanzania Telecommunications Company
2 Tanzania 35 35
Limited
3 Seychelles Cable Systems Company Limited Seychelles 26 26

6XPPDU\RI6LJQLFDQW$FFRXQWLQJ3ROLFLHV GHSUHFLDWLRQ SHULRG DQG WKH GHSUHFLDWLRQ PHWKRG
4.1. Use of estimates IRU D WDQJLEOH DVVHW DUH UHYLHZHG DW OHDVW DW HDFK
7KH SUHSDUDWLRQ RI WKH FRQVROLGDWHG QDQFLDO QDQFLDO\HDUHQG&KDQJHVLQWKHH[SHFWHGXVHIXOOLIH
VWDWHPHQWV LQ FRQIRUPLW\ ZLWK ,QGLDQ *$$3 UHTXLUHV LV DFFRXQWHG IRU DV FKDQJHV LQ DFFRXQWLQJ HVWLPDWHV
PDQDJHPHQW WR PDNH MXGJHPHQW HVWLPDWHV DQG DQGDFFRXQWHGSURVSHFWLYHO\RYHUWKHUHPDLQLQJXVHIXO
DVVXPSWLRQVWKDWDHFWWKHUHSRUWHGDPRXQWVRIDVVHWV OLIH &KDQJHV LQ WKH H[SHFWHG SDWWHUQ RI FRQVXPSWLRQ
DQGOLDELOLWLHVDQGGLVFORVXUHRIFRQWLQJHQWOLDELOLWLHVDW RI IXWXUH HFRQRPLF EHQHWV HPERGLHG LQ WKH DVVHW LV
WKH GDWH RI WKH QDQFLDO VWDWHPHQWV DQG WKH UHVXOWV DFFRXQWHG IRU DV FKDQJH LQ WKH GHSUHFLDWLRQ PHWKRG
RI RSHUDWLRQV GXULQJ WKH UHSRUWLQJ \HDU $OWKRXJK DQG DFFRXQWHG UHWURVSHFWLYHO\ WKXV GHSUHFLDWLRQ LV
WKHVH HVWLPDWHV DUH EDVHG XSRQ PDQDJHPHQWV EHVW UHFDOFXODWHGLQDFFRUGDQFHZLWKWKHQHZPHWKRGIURP
NQRZOHGJH RI FXUUHQW HYHQWV DQG DFWLRQV XQFHUWDLQW\ WKHGDWHRIWKHDVVHWFRPLQJLQWRXVHDQGDQ\H[FHVV
DERXW WKHVH DVVXPSWLRQV DQG HVWLPDWHV FRXOG UHVXOW RU GHFLW RQ VXFK UHFRPSXWDWLRQ LV DFFRXQWHG LQ WKH
LQ WKH RXWFRPHV UHTXLULQJ D PDWHULDO DGMXVWPHQW WR VWDWHPHQW RI SURW DQG ORVV ZKHQ VXFK FKDQJH LV
WKHFDUU\LQJDPRXQWVRIDVVHWVDQGOLDELOLWLHVLQIXWXUH HHFWHG)UHHKROG/DQGLVQRWGHSUHFLDWHG
SHULRGV (VWLPDWHGXVHIXOOLYHVRIWKHDVVHWVDUHDVIROORZV
4.2. Tangible Assets
Descriptions Years
7DQJLEOHDVVHWVDUHVWDWHGDWFRVWQHWRIDFFXPXODWHG
Leasehold Land Period of lease
GHSUHFLDWLRQ DQG DFFXPXODWHG LPSDLUPHQW ORVVHV LI Building 20
DQ\6XFKFRVWLQFOXGHVWKHFRVWRIUHSODFLQJSDUWRIWKH Building on Leased Land 20
SODQWDQGHTXLSPHQWDQGERUURZLQJFRVWVIRUORQJWHUP Period of lease or 10-
FRQVWUXFWLRQSURMHFWVLIWKHUHFRJQLWLRQFULWHULDDUHPHW Leasehold Improvements 20 years, as applicable
:KHQVLJQLFDQWSDUWVRIWDQJLEOHDVVHWVDUHUHTXLUHG ZKLFKHYHULVOHVV
WREHUHSODFHGLQLQWHUYDOVWKH*URXSUHFRJQLVHVVXFK Plant & Equipment 3 20
SDUWV DV VHSDUDWH FRPSRQHQW RI DVVHWV ZLWK VSHFLF Computer 3
XVHIXOOLYHVDQGSURYLGHVGHSUHFLDWLRQRYHUWKHLUXVHIXO 2FH(TXLSPHQW 2-5
OLIH 6XEVHTXHQW FRVWV DUH LQFOXGHG LQ WKH DVVHWV Furniture and Fixtures 5
9HKLFOHV 5
FDUU\LQJ DPRXQW RU UHFRJQLVHG DV D VHSDUDWH DVVHW $VVHWVWDNHQRQQDQFH Period of lease or 10
DV DSSURSULDWH RQO\ ZKHQ LW LV SUREDEOH WKDW IXWXUH lease years, as applicable
HFRQRPLFEHQHWVDVVRFLDWHGZLWKWKHLWHPZLOORZWR ZKLFKHYHULVOHVV
WKH *URXS DQG WKH FRVW RI WKH LWHP FDQ EH PHDVXUHG
UHOLDEO\ 7KH FDUU\LQJ DPRXQW RI WKH UHSODFHG SDUW LV 7KHPDQDJHPHQWEDVLVLWVSDVWH[SHULHQFHDQGWHFKQLFDO
GHUHFRJQLVHG $OO RWKHU UHSDLU DQG PDLQWHQDQFH FRVWV DVVHVVPHQW KDV HVWLPDWHG WKH XVHIXO OLIH ZKLFK LV DW
DUH UHFRJQLVHG LQ WKH VWDWHPHQW RI SURW DQG ORVV DV YDULDQFHZLWKWKHOLIHSUHVFULEHGLQ3DUW&RI6FKHGXOH
LQFXUUHG&DSLWDOZRUNLQSURJUHVVLVYDOXHGDWFRVW ,, RI WKH &RPSDQLHV $FW DQG KDV DFFRUGLQJO\
:KHUHDVVHWVDUHLQVWDOOHGRQWKHSUHPLVHVRIFXVWRPHUV GHSUHFLDWHGWKHDVVHWVRYHUVXFKXVHIXOOLIH
FRPPRQO\ FDOOHG &XVWRPHU SUHPLVH HTXLSPHQW 4.3. Intangible Assets
&3(VXFKDVVHWVFRQWLQXHWREHWUHDWHGDVWDQJLEOH ,GHQWLDEOH LQWDQJLEOH DVVHWV DUH UHFRJQLVHG ZKHQ
DVVHWVDVWKHDVVRFLDWHGULVNVDQGUHZDUGVUHPDLQZLWK WKH*URXSFRQWUROVWKHDVVHWLWLVSUREDEOHWKDWIXWXUH
WKH*URXSDQGPDQDJHPHQWLVFRQGHQWRIH[HUFLVLQJ HFRQRPLF EHQHWV DWWULEXWHG WR WKH DVVHW ZLOO RZ WR
FRQWURORYHUWKHP WKH *URXS DQG WKH FRVW RI WKH DVVHW FDQ EH UHOLDEO\
7KHJURXSDOVRHQWHUVLQWRPXOWLSOHHOHPHQWFRQWUDFWV PHDVXUHG ,QWDQJLEOH DVVHWV XQGHU GHYHORSPHQW LV
ZKHUHE\WKHYHQGRUVVXSSO\SODQWDQGHTXLSPHQWVDQG YDOXHGDWFRVW
,7UHODWHGVHUYLFHV7KHVHDUHUHFRUGHGRQWKHEDVLVRI $WLQLWLDOUHFRJQLWLRQWKHVHSDUDWHO\DFTXLUHGLQWDQJLEOH
UHODWLYHIDLUYDOXHV DVVHWV DUH UHFRJQLVHG DW FRVW )ROORZLQJ LQLWLDO
&HUWDLQDVVHWVDUHFRQVLGHUHGWREHKHOGIRUVDOHZKHQ UHFRJQLWLRQ WKH LQWDQJLEOH DVVHWV DUH FDUULHG DW FRVW
WKHLU FDUU\LQJ DPRXQW LV WR EH UHFRYHUHG SULQFLSDOO\ OHVV DQ\ DFFXPXODWHG DPRUWLVDWLRQ DQG DFFXPXODWHG
WKURXJK D VDOH WUDQVDFWLRQ DQG D VDOH LV FRQVLGHUHG LPSDLUPHQWORVVHVLIDQ\
KLJKO\SUREDEOH6XFKDVVHWVDUHVWDWHGDWWKHORZHURI $PRUWLVDWLRQLVUHFRJQLVHGLQWKHVWDWHPHQWRISURWDQG
ERRNYDOXHDQGQHWUHDOLVDEOHYDOXH ORVV RQ D VWUDLJKWOLQH EDVLV RYHU WKH HVWLPDWHG XVHIXO
*DLQVDQGORVVHVDULVLQJIURPUHWLUHPHQWRUGLVSRVDORI OLYHVRILQWDQJLEOHDVVHWVIURPWKHGDWHWKH\DUHDYDLODEOH
WKH WDQJLEOH DVVHWV DUH GHWHUPLQHG DV WKH GLHUHQFH IRUXVH7KHDPRUWLVDWLRQSHULRGDQGWKHDPRUWLVDWLRQ
EHWZHHQ WKH QHW GLVSRVDO SURFHHGV DQG WKH FDUU\LQJ PHWKRG IRU DQ LQWDQJLEOH DVVHW DUH UHYLHZHG DW OHDVW
DPRXQWRIWKHDVVHWDQGDUHUHFRJQLVHGLQVWDWHPHQWRI DW HDFK QDQFLDO \HDU HQG &KDQJHV LQ WKH H[SHFWHG
SURWDQGORVVRQWKHGDWHRIUHWLUHPHQWRUGLVSRVDO SDWWHUQ RI FRQVXPSWLRQ RI IXWXUH HFRQRPLF EHQHWV
HPERGLHGLQWKHDVVHWLVDFFRXQWHGIRUDVFKDQJHLQWKH
$VVHWV DUH GHSUHFLDWHG WR WKH UHVLGXDO YDOXHV RQ D DPRUWLVDWLRQ PHWKRG DQG DFFRXQWHG UHWURVSHFWLYHO\
VWUDLJKWOLQH EDVLV RYHU WKH XVHIXO OLYHV RI UHVSHFWLYH WKXV DPRUWLVDWLRQ LV UHFDOFXODWHG LQ DFFRUGDQFH ZLWK
DVVHWV DV HVWLPDWHG E\ WKH PDQDJHPHQW 7KH WKHQHZPHWKRGIURPWKHGDWHRIWKHDVVHWFRPLQJLQWR

126-355
XVHDQGDQ\H[FHVVRUGHFLWRQVXFKUHFRPSXWDWLRQ %UDQGV DPRWLVHG RYHU WKH SHULRG RI WKHLU H[SHFWHG
LVDFFRXQWHGLQWKHVWDWHPHQWRISURWDQGORVVZKHQ EHQHWV QRW H[FHHGLQJ WKH OLIH RI WKH OLFHQVHV DQG
VXFKFKDQJHLVHHFWHG DUHZULWWHQRLQWKHLUHQWLUHW\ZKHQQRORQJHULQXVH
*DLQVDQGORVVHVDULVLQJIURPUHWLUHPHQWRUGLVSRVDORI 4.4. Leases
WKHLQWDQJLEOHDVVHWVDUHGHWHUPLQHGDVWKHGLHUHQFH (i) Group as a lessee
EHWZHHQ WKH QHW GLVSRVDO SURFHHGV DQG WKH FDUU\LQJ /HDVHV ZKHUH WKH OHVVRU HHFWLYHO\ UHWDLQV
DPRXQWRIWKHDVVHWDQGDUHUHFRJQLVHGLQVWDWHPHQWRI VXEVWDQWLDOO\ DOO WKH ULVNV DQG UHZDUGV LQFLGHQWDO
SURWDQGORVVRQWKHGDWHRIUHWLUHPHQWRUGLVSRVDO WR RZQHUVKLS RI WKH OHDVHG LWHP DUH FODVVLHG DV
L *RRGZLOO RSHUDWLQJ OHDVHV /HDVH UHQWDOV ZLWK UHVSHFW WR
*RRGZLOO UHSUHVHQWV WKH H[FHVV RI SXUFKDVH DVVHWVWDNHQRQ2SHUDWLQJ/HDVHDUHFKDUJHGWRWKH
FRQVLGHUDWLRQ RYHU QHW DVVHW YDOXH RI DFTXLUHG VWDWHPHQWRISURWDQGORVVRQDVWUDLJKWOLQHEDVLV
VXEVLGLDULHV DQG MRLQW YHQWXUHV RQ WKH GDWH RI RYHUWKHOHDVHWHUP
VXFK DFTXLVLWLRQ*RRGZLOO LV FDUULHG DW FRVW OHVV /HDVHV ZKLFK HHFWLYHO\ WUDQVIHU WR WKH *URXS
DFFXPXODWHG DPRUWLVDWLRQ DQG LPSDLUPHQW LI DQ\ VXEVWDQWLDOO\ DOO WKH ULVNV DQG UHZDUGV LQFLGHQWDO WR
DQG LV DPRUWLVHG RQ D VWUDLJKWOLQH EDVLV RYHU WKH RZQHUVKLSRIWKHOHDVHGLWHPDUHFODVVLHGDVQDQFH
SHULRGRI\HDUVIURPWKHGDWHRIDFTXLVLWLRQ OHDVH7KHVHDUHFDSLWDOLVHGDWWKHFRPPHQFHPHQW
LL 6RIWZDUH RI WKH OHDVH DW WKH IDLU YDOXH RI WKH OHDVHG DVVHW
RU LI ORZHU DW WKH SUHVHQW YDOXH RI WKH PLQLPXP
6RIWZDUHLVFDSLWDOLVHGDWWKHDPRXQWVSDLGWRDFTXLUH
OHDVH SD\PHQWV /HDVH SD\PHQWV DUH DSSRUWLRQHG
WKHUHVSHFWLYHOLFHQVHIRUXVHDQGLVDPRUWLVHGRYHU
EHWZHHQQDQFHFKDUJHVDQGUHGXFWLRQRIWKHOHDVH
WKHSHULRGRIOLFHQVHJHQHUDOO\QRWH[FHHGLQJWKUHH
OLDELOLW\ VR DV WR DFKLHYH D FRQVWDQW UDWH RI LQWHUHVW
\HDUV6RIWZDUHXSWR5XSHHVYHKXQGUHGWKRXVDQG
RQ WKH UHPDLQLQJ EDODQFH RI WKH OLDELOLW\ )LQDQFH
ZKLFKKDVDQLQGHSHQGHQWXVHLVDPRUWLVHGRYHUD
FKDUJHV DUH UHFRJQLVHG LQ WKH VWDWHPHQW RI SURW
SHULRGRIRQH\HDUIURPWKHGDWHRISODFHLQVHUYLFH
RUORVV/HDVHPDQDJHPHQWIHHVOHJDOFKDUJHVDQG
(iii) Licenses and spectrum RWKHULQLWLDOGLUHFWFRVWVRIOHDVHDUHFDSLWDOLVHG
$FTXLUHG OLFHQVHV DQG VSHFWUXP DUH LQLWLDOO\ /HDVHGDVVHWVDUHGHSUHFLDWHGRQVWUDLJKWOLQHEDVLV
UHFRJQLVHGDWFRVW6XEVHTXHQWO\WKH\DUHPHDVXUHG RYHU WKH XVHIXO OLIH RI WKH DVVHW +RZHYHU LI WKHUH LV
DW FRVW OHVV DFFXPXODWHG DPRUWLVDWLRQ DQG QR UHDVRQDEOH FHUWDLQW\ WKDW WKH *URXS ZLOO REWDLQ
DFFXPXODWHGLPSDLUPHQWORVVLIDQ\$PRUWLVDWLRQLV RZQHUVKLSE\WKHHQGRIWKHOHDVHWHUPWKHDVVHWLV
UHFRJQLVHG LQ WKH VWDWHPHQW RI SURW DQG ORVV RQ GHSUHFLDWHGRQVWUDLJKWOLQHEDVLVRYHUWKHVKRUWHURI
D VWUDLJKWOLQH EDVLV RYHU WKH XQH[SLUHG SHULRG RI WKHHVWLPDWHGXVHIXOOLIHRIWKHDVVHWRUWKHOHDVHWHUP
WKH OLFHQVH VSHFWUXP FRPPHQFLQJ IURP WKH GDWH 2SHUDWLQJ OHDVH SD\PHQWV DUH UHFRJQLVHG DV DQ
ZKHQ WKH UHODWHG QHWZRUN LV DYDLODEOH IRU LQWHQGHG H[SHQVHRQDVWUDLJKWOLQHEDVLVRYHUWKHOHDVHWHUP
XVH LQ WKH UHVSHFWLYH MXULVGLFWLRQ 7KH DPRUWLVDWLRQ
SHULRGUHODWHGWROLFHQVHVVSHFWUXPDFTXLUHGLQDQ &RQWLQJHQW UHQWV DUH UHFRJQLVHG DV H[SHQVH LQ WKH
DPDOJDPDWLRQLVGHWHUPLQHGSULPDULO\E\UHIHUHQFH SHULRGLQZKLFKWKH\DUHLQFXUUHG
WRWKHLUXQH[SLUHGSHULRG7KHXVHIXOOLYHVRIOLFHQVHV (ii) Group as a lessor
VSHFWUXPUDQJHVIURPWZR\HDUVWRWZHQW\YH\HDUV
/HDVHV LQ ZKLFK WKH *URXS GRHV QRW WUDQVIHU
7KH UHYHQXHVKDUH IHH RQ OLFHQVHV DQG VSHFWUXP VXEVWDQWLDOO\ DOO WKH ULVNV DQG UHZDUGV LQFLGHQWDO WR
LVFRPSXWHGDVSHUWKHOLFHQVLQJDJUHHPHQWDQGLV RZQHUVKLS RI WKH DVVHW DUH FODVVLHG DV RSHUDWLQJ
H[SHQVHGDVLQFXUUHG OHDVHV/HDVHLQFRPHLQUHVSHFWRI2SHUDWLQJ/HDVH
LV UHFRJQLVHG LQ WKH VWDWHPHQW RI SURW DQG ORVV
LY%DQGZLGWK RQ D VWUDLJKWOLQH EDVLV RYHU WKH OHDVH WHUP $VVHWV
3D\PHQW IRU EDQGZLGWK FDSDFLWLHV DUH FODVVLHG DV VXEMHFW WR RSHUDWLQJ OHDVHV DUH LQFOXGHG LQ [HG
SUHSD\PHQWV LQ VHUYLFH DUUDQJHPHQWV RU XQGHU DVVHWV,QLWLDOGLUHFWFRVWVLQFXUUHGLQQHJRWLDWLQJDQ
FHUWDLQFRQGLWLRQVDVDQDFTXLVLWLRQRIDULJKW,QWKH RSHUDWLQJOHDVHDUHDGGHGWRWKHFDUU\LQJDPRXQWRI
ODWWHU FDVH LW LV DFFRXQWHG IRU DV LQWDQJLEOH DVVHWV WKHOHDVHGDVVHWDQGUHFRJQLVHGRYHUWKHOHDVHWHUP
DQG WKH FRVW LV DPRUWLVHG RYHU D SHULRG RI IWHHQ RQWKHVDPHEDVLVDVUHQWDOLQFRPH
\HDUVWRHLJKWHHQ\HDUVGHSHQGLQJRQWKHSHULRGRI
WKHVSHFLFDJUHHPHQW /HDVHVLQZKLFKWKH*URXSWUDQVIHUVXEVWDQWLDOO\DOO
WKHULVNVDQGUHZDUGVLQFLGHQWDOWRRZQHUVKLSRIWKH
(v) Other acquired intangible assets DVVHWDUHFODVVLHGDVQDQFHOHDVHV
5LJKWV DFTXLUHG IRU XQOLPLWHG OLFHQVH DFFHVV WR
YDULRXV DSSOLFDWLRQV DQG %UDQG DUH UHFRJQLVHG DV
UHFRJQLVHGDVUHFHLYDEOHVDWDQDPRXQWHTXDOWRWKH
RWKHUDFTXLUHGLQWDQJLEOHV
QHWLQYHVWPHQWLQWKHOHDVHGDVVHWV)LQDQFH,QFRPH
5LJKWV DFTXLUHG IRU XQOLPLWHG OLFHQVH DFFHVV DUH LVUHFRJQLVHGEDVHGRQDSDWWHUQUHHFWLQJDFRQVWDQW
FDSLWDOLVHGDWWKHDPRXQWVSDLGDQGDPRUWLVHGRQD SHULRGLFUDWHRIUHWXUQRQWKHQHWLQYHVWPHQWRIWKH
VWUDLJKWOLQHEDVLVRYHUWKHSHULRGRIWKHDJUHHPHQWV OHVVRURXWVWDQGLQJLQUHVSHFWRIWKHQDQFHOHDVH

,QLWLDOGLUHFWFRVWVDUHDFFRXQWHGRYHUWKHOHDVHWHUP XVH7RFDOFXODWHYDOXHLQXVHWKHHVWLPDWHGIXWXUHFDVK
RZV DUH GLVFRXQWHG WR WKHLU SUHVHQW YDOXH XVLQJ D
/HDVHUHQWDOVXQGHURSHUDWLQJOHDVHVDUHUHFRJQLVHG
SUHWD[GLVFRXQWUDWHWKDWUHHFWVFXUUHQWPDUNHWUDWHV
DV LQFRPH RQ D VWUDLJKWOLQH EDVLV RYHU WKH OHDVH
DQG WKH ULVNV VSHFLF WR WKH DVVHW )RU DQ DVVHW WKDW
WHUP
GRHV QRW JHQHUDWH ODUJHO\ LQGHSHQGHQW FDVK LQRZV
&RQWLQJHQW UHQWV DUH UHFRJQLVHG DV LQFRPH LQ WKH WKH UHFRYHUDEOH DPRXQW LV GHWHUPLQHG IRU WKH FDVK
SHULRGLQZKLFKWKH\DUHHDUQHG JHQHUDWLQJXQLWWRZKLFKWKHDVVHWEHORQJV)DLUYDOXH
OHVV FRVWV WR VHOO LV WKH EHVW HVWLPDWH RI WKH DPRXQW
(iii) Indefeasible right to use (IRU)
REWDLQDEOHIURPWKHVDOHRIDQDVVHWLQDQDUPVOHQJWK
$V D SDUW RI RSHUDWLRQV WKH *URXS HQWHUV LQWR WUDQVDFWLRQ EHWZHHQ NQRZOHGJHDEOH ZLOOLQJ SDUWLHV
DJUHHPHQW IRU OHDVLQJ DVVHWV XQGHU ,QGHIHDVLEOH OHVV WKH FRVWV RI GLVSRVDO ,PSDLUPHQW ORVVHV LI DQ\
ULJKWWRXVHZLWKWKLUGSDUWLHV8QGHUWKHDUUDQJHPHQW DUHUHFRJQLVHGLQWKHVWDWHPHQWRISURWDQGORVVDVD
WKH DVVHWV DUH JLYHQ RQ OHDVH RYHU WKH VXEVWDQWLDO FRPSRQHQWRIGHSUHFLDWLRQDQGDPRUWLVDWLRQH[SHQVH
SDUWRIWKHDVVHWOLIH+RZHYHUWKHWLWOHWRWKHDVVHWV
DQG VLJQLFDQW ULVN DVVRFLDWHG ZLWK WKH RSHUDWLRQ $IWHU LPSDLUPHQW GHSUHFLDWLRQ LV SURYLGHG RQ WKH
DQG PDLQWHQDQFH RI WKHVH DVVHWV UHPDLQ ZLWK WKH UHYLVHGFDUU\LQJDPRXQWRIWKHDVVHWRYHULWVUHPDLQLQJ
OHVVRU+HQFHVXFKDUUDQJHPHQWVDUHUHFRJQLVHGDV XVHIXO OLIH $Q LPSDLUPHQW ORVV LV RQO\ UHYHUVHG WR WKH
RSHUDWLQJOHDVH H[WHQW WKDW WKH DVVHWV FDUU\LQJ DPRXQW GRHV QRW
H[FHHG WKH FDUU\LQJ DPRXQW WKDW ZRXOG KDYH EHHQ
7KH FRQWUDFWHG SULFH LV UHFHLYHG LQ DGYDQFH DQG GHWHUPLQHGLIQRLPSDLUPHQWORVVKDGSUHYLRXVO\EHHQ
LV UHFRJQLVHG DV UHYHQXH GXULQJ WKH WHQXUH RI UHFRJQLVHG
WKH DJUHHPHQW 8QHDUQHG ,58 UHYHQXH QHW RI WKH
DPRXQWUHFRJQLVDEOHZLWKLQRQH\HDULVGLVFORVHGDV 4.7. Asset Retirement Obligations (ARO)
GHIHUUHGUHYHQXHLQRWKHUORQJWHUPOLDELOLWLHVDQGWKH $VVHW UHWLUHPHQW REOLJDWLRQV $52 DUH SURYLGHG IRU
DPRXQWUHFRJQLVDEOHZLWKLQRQH\HDULVGLVFORVHGDV WKRVHRSHUDWLQJOHDVHDUUDQJHPHQWVZKHUHWKH*URXS
GHIHUUHGUHYHQXHLQRWKHUFXUUHQWOLDELOLWLHV KDVDELQGLQJREOLJDWLRQDWWKHHQGRIWKHOHDVHSHULRG
WR UHVWRUH WKH OHDVHG SUHPLVHV LQ D FRQGLWLRQ VLPLODU
(iv) Sale and leaseback transactions WR LQFHSWLRQ RI OHDVH 7KH HVWLPDWHG IXWXUH FRVWV RI
6DOHDQGOHDVHEDFNWUDQVDFWLRQLQYROYHVWKHVDOHRI GHFRPPLVVLRQLQJ DUH UHYLHZHG DQQXDOO\ DQG DGMXVWHG
DQDVVHWDQGWKHOHDVLQJEDFNRIWKHVDPHDVVHW DVDSSURSULDWH&KDQJHVLQWKHHVWLPDWHGIXWXUHFRVWV
,I D VDOH DQG OHDVHEDFN WUDQVDFWLRQ UHVXOWV LQ D DUHDGGHGWRRUGHGXFWHGIURPWKHFRVWRIWKHDVVHWDQG
QDQFHOHDVHDQ\H[FHVVRIVDOHVSURFHHGVRYHUWKH GHSUHFLDWHGSURVSHFWLYHO\RYHUWKHUHPDLQLQJXVHIXOOLIH
FDUU\LQJ DPRXQW LV QRW LPPHGLDWHO\ UHFRJQLVHG DV 4.8. Investments
LQFRPHLQVWHDGWKHDVVHWOHDVHGEDFNLVUHWDLQHGDW ,QYHVWPHQWVZKLFKDUHUHDGLO\UHDOLVDEOHDQGLQWHQGHG
LWVFDUU\LQJYDOXHDQGWKHDPRXQWUHFHLYHGWRZDUGV WR EH KHOG IRU QRW PRUH WKDQ RQH \HDU IURP WKH GDWH
WKH OHDVHG EDFN SRUWLRQ LV UHFRUGHG DV D QDQFH RQZKLFKVXFKLQYHVWPHQWVDUHPDGHDUHFODVVLHGDV
OHDVHREOLJDWLRQ FXUUHQWLQYHVWPHQWV$OORWKHULQYHVWPHQWVDUHFODVVLHG
,I D VDOH DQG OHDVHEDFN WUDQVDFWLRQ UHVXOWV LQ DQ DVQRQFXUUHQWLQYHVWPHQWV
RSHUDWLQJ OHDVH DQG WUDQVDFWLRQ LV HVWDEOLVKHG 2QLQLWLDOUHFRJQLWLRQDOOLQYHVWPHQWVDUHPHDVXUHGDW
DW IDLU YDOXH DQ\ SURW RU ORVV VKDOO EH UHFRJQLVHG FRVW 7KH FRVW FRPSULVHV SXUFKDVH SULFH DQG GLUHFWO\
LPPHGLDWHO\ DWWULEXWDEOH DFTXLVLWLRQ FKDUJHV VXFK DV EURNHUDJH
%RUURZLQJ&RVW IHHVDQGGXWLHV
%RUURZLQJ FRVWV FRQVLVW RI LQWHUHVW DQG RWKHU FRVWV &XUUHQW ,QYHVWPHQWV DUH FDUULHG LQ WKH QDQFLDO
WKDWWKH*URXSLQFXUVLQFRQQHFWLRQZLWKWKHERUURZLQJ VWDWHPHQWVDWORZHURIFRVWDQGIDLUYDOXHGHWHUPLQHG
RI IXQGV %RUURZLQJ FRVWV GLUHFWO\ DWWULEXWDEOH WR WKH RQ DQ LQGLYLGXDO LQYHVWPHQW EDVLV 1RQFXUUHQW
DFTXLVLWLRQFRQVWUXFWLRQRUSURGXFWLRQRIDQDVVHWWKDW LQYHVWPHQWV DUH YDOXHG DW FRVW 3URYLVLRQ LV PDGH IRU
QHFHVVDULO\ WDNHV D VXEVWDQWLDO SHULRG RI WLPH WR JHW GLPLQXWLRQLQYDOXHWRUHFRJQLVHDGHFOLQHLIDQ\RWKHU
UHDG\IRULWVLQWHQGHGXVHRUVDOHDUHFDSLWDOLVHGDVSDUW WKDQWKDWRIWHPSRUDU\QDWXUH
RIWKHFRVWRIWKHUHVSHFWLYHDVVHWV$OORWKHUERUURZLQJ
FRVWVDUHH[SHQVHGLQWKHSHULRGLQZKLFKWKH\RFFXU 2Q GLVSRVDO RI LQYHVWPHQW WKH GLHUHQFH EHWZHHQ LWV
FDUU\LQJDPRXQWDQGQHWGLVSRVDOSURFHHGVLVFKDUJHG
4.6. Impairment of Assets RUFUHGLWHGWRWKHVWDWHPHQWRISURWDQGORVV
7KH FDUU\LQJ DPRXQWV RI DVVHWV DUH UHYLHZHG
IRU LPSDLUPHQW ZKHQHYHU HYHQWV RU FKDQJHV LQ 4.9. Cash and Cash Equivalents
FLUFXPVWDQFHV LQGLFDWH WKDW WKH FDUU\LQJ DPRXQW &DVK DQG FDVK HTXLYDOHQWV IRU WKH SXUSRVH RI FDVK
PD\ QRW EH UHFRYHUDEOH RU ZKHQ DQQXDO LPSDLUPHQW RZ VWDWHPHQW FRPSULVH FDVK DW EDQN FDVK RQ KDQG
WHVWLQJ IRU DQ DVVHW LV UHTXLUHG $Q LPSDLUPHQW ORVV LV FKHTXHV RQ KDQG FDOO GHSRVLWV DQG RWKHU VKRUW WHUP
UHFRJQLVHGZKHQHYHUWKHFDUU\LQJDPRXQWRIDQDVVHW KLJKO\ OLTXLG LQYHVWPHQWV ZLWK DQ RULJLQDO PDWXULW\
RU LWV FDVKJHQHUDWLQJ XQLW H[FHHGV LWV UHFRYHUDEOH RI WKUHH PRQWKV RU OHVV WKDW DUH UHDGLO\ FRQYHUWLEOH
DPRXQW 7KH UHFRYHUDEOH DPRXQW RI DQ DVVHW LV WKH WR D NQRZQ DPRXQW RI FDVK DQG DUH VXEMHFW WR DQ
JUHDWHU RI LWV IDLU YDOXH OHVV FRVWV WR VHOO DQG YDOXH LQ LQVLJQLFDQWULVNRIFKDQJHVLQYDOXH

126-355
4.10. Inventory 5HYHQXHV IURP QDWLRQDO DQG LQWHUQDWLRQDO ORQJ
,QYHQWRULHV DUH YDOXHG DW WKH ORZHU RI FRVW DQG QHW GLVWDQFH RSHUDWLRQV FRPSULVH UHYHQXH IURP
UHDOLVDEOHYDOXH &RVW LV GHWHUPLQHG RQ D )LUVW LQ )LUVW SURYLVLRQRIYRLFHVHUYLFHVZKLFKDUHUHFRJQLVHGRQ
RXW ),)2 EDVLV ,QYHQWRU\ FRVWV LQFOXGH SXUFKDVH SURYLVLRQ RI VHUYLFHV ZKLOH UHYHQXH IURP SURYLVLRQ
SULFH IUHLJKW LQZDUGV DQG WUDQVLW LQVXUDQFH FKDUJHV RI EDQGZLGWK VHUYLFHV LQFOXGLQJ LQVWDOODWLRQ LV
1HWUHDOLVDEOHYDOXHLVWKHHVWLPDWHGVHOOLQJSULFHLQWKH UHFRJQLVHGRYHUWKHSHULRGRIDUUDQJHPHQW
RUGLQDU\ FRXUVH RI EXVLQHVV OHVV HVWLPDWHG FRVWV RI
8QELOOHG UHYHQXH UHSUHVHQW UHYHQXHV UHFRJQLVHG
FRPSOHWLRQDQGWKHHVWLPDWHGFRVWVQHFHVVDU\WRPDNH
IURPODVWELOOF\FOHGDWHWRWKHHQGRIUHSRUWLQJSHULRG
WKHVDOH
7KHVHDUHELOOHGLQVXEVHTXHQWSHULRGVEDVHGRQWKH
7KH *URXS SURYLGHV IRU REVROHWH DQG VORZPRYLQJ WHUPVRIWKHELOOLQJSODQVFRQWUDFWXDODUUDQJHPHQWV
LQYHQWRU\ EDVHG RQ PDQDJHPHQW HVWLPDWHV RI WKH
XVDELOLW\RILQYHQWRU\ (ii) Equipment sales
(TXLSPHQWVDOHVFRQVLVWSULPDULO\RIUHYHQXHVIURP
4.11. Revenue Recognition and Receivables VDOH RI WHOHFRPPXQLFDWLRQ HTXLSPHQW DQG UHODWHG
5HYHQXHLVUHFRJQLVHGWRWKHH[WHQWWKDWLWLVSUREDEOH DFFHVVRULHV 5HYHQXH IURP HTXLSPHQW VDOHV ZKLFK
WKDWWKHHFRQRPLFEHQHWVZLOORZWRWKH*URXSDQG GRHVQRWKDYHYDOXHWRWKHFXVWRPHURQVWDQGDORQH
WKH UHYHQXH FDQ EH UHOLDEO\ PHDVXUHG 5HYHQXH LV EDVLV IRUPLQJ SDUW RI PXOWLSOHHOHPHQW UHYHQXH
PHDVXUHG DW WKH FRQVLGHUDWLRQ UHFHLYHGUHFHLYDEOH DUUDQJHPHQWVDUHGHIHUUHGDQGUHFRJQLVHGRYHUWKH
QHW R GLVFRXQWV SURFHVV ZDLYHUV DQG YDOXH DGGHG FXVWRPHU UHODWLRQVKLS SHULRG 5HYHQXH IURP RWKHU
WD[ 9$7 VHUYLFH WD[ RU GXW\ 7KH *URXS DVVHVVHV HTXLSPHQWVDOHVWUDQVDFWLRQVDUHUHFRJQLVHGZKHQ
LWV UHYHQXH DUUDQJHPHQWV DJDLQVW VSHFLF FULWHULD WKH VLJQLFDQW ULVNV DQG UHZDUGV RI RZQHUVKLS DUH
LH ZKHWKHU LW KDV H[SRVXUH WR WKH VLJQLFDQW ULVNV WUDQVIHUUHG WR WKH EX\HU DQG ZKHQ QR VLJQLFDQW
DQG UHZDUGV DVVRFLDWHG ZLWK WKH VDOH RI JRRGV RU WKH XQFHUWDLQLW\ H[LVWV UHJDUGLQJ UHDOLVDWLRQ RI
UHQGHULQJRIVHUYLFHVLQRUGHUWRGHWHUPLQHLILWLVDFWLQJ FRQVLGHUDWLRQ ,QVWDOODWLRQ FKDUJHV DUH UHFRJQLVHG
DVDSULQFLSDORUDVDQDJHQW DVUHYHQXHRQVDWLVIDFWRU\FRPSOHWLRQRILQVWDOODWLRQ
(i) Service revenues LLL&DSDFLW\VZDSV
6HUYLFH UHYHQXHV LQFOXGH DPRXQWV LQYRLFHG IRU 7KH H[FKDQJH RI QHWZRUN FDSDFLW\ LV PHDVXUHG DW
XVDJH FKDUJHV [HG PRQWKO\ VXEVFULSWLRQ FKDUJHV IDLU YDOXH XQOHVV WKH WUDQVDFWLRQ ODFNV FRPPHUFLDO
DQGYHU\VPDOODSHUWXUHWHUPLQDO96$7LQWHUQHW VXEVWDQFH RU WKH IDLU YDOXH RI QHLWKHU WKH FDSDFLW\
XVDJH FKDUJHV EDQGZLGWK VHUYLFHV URDPLQJ UHFHLYHGQRUWKHFDSDFLW\JLYHQLVUHOLDEO\PHDVXUDEOH
FKDUJHV DFWLYDWLRQ IHHV SURFHVVLQJ IHHV DQG IHHV
IRU YDOXH DGGHG VHUYLFHV 9$6 6HUYLFH UHYHQXHV (iv) Multiple element arrangement
DOVR LQFOXGH UHYHQXHV DVVRFLDWHG ZLWK DFFHVV DQG 7KH*URXSKDVHQWHUHGLQWRFHUWDLQPXOWLSOHHOHPHQW
LQWHUFRQQHFWLRQIRUXVDJHRIWKHWHOHSKRQHQHWZRUN UHYHQXHDUUDQJHPHQWV7KHVHDUUDQJHPHQWVLQYROYH
RIRWKHURSHUDWRUVIRUORFDOGRPHVWLFORQJGLVWDQFH WKH GHOLYHU\ RU SHUIRUPDQFH RI PXOWLSOH SURGXFWV
DQGLQWHUQDWLRQDOFDOOVDQGGDWDPHVVDJLQJVHUYLFHV VHUYLFHVRUULJKWVWRXVHDVVHWVLQFOXGLQJ96$7DQG
6HUYLFH UHYHQXHV DUH UHFRJQLVHG DV WKH VHUYLFHV LQWHUQHWHTXLSPHQWLQWHUQHWDQG96$7VHUYLFHVVHW
DUH UHQGHUHG DQG DUH VWDWHG QHW RI GLVFRXQWV WRSER[HVDQGVXEVFULSWLRQIHHVRQ'7+LQGHIHDVLEOH
SURFHVVZDLYHUVDQGWD[HV5HYHQXHVIURPSUHSDLG ULJKW WR XVH DQG KDUGZDUH DQG HTXLSPHQW
FXVWRPHUV DUH UHFRJQLVHG EDVHG RQ DFWXDO XVDJH PDLQWHQDQFH 7KH *URXS HYDOXDWHV DOO GHOLYHUDEOHV
3URFHVVLQJIHHVRQUHFKDUJHFRXSRQVLVUHFRJQLVHG LQ DQ DUUDQJHPHQW WR GHWHUPLQH ZKHWKHU WKH\
RYHU WKH HVWLPDWHG FXVWRPHU UHODWLRQVKLS SHULRG RU UHSUHVHQWVHSDUDWHO\LGHQWLDEOHFRPSRQHQWVDWWKH
FRXSRQYDOLGLW\SHULRGZKLFKHYHULVORZHU$FWLYDWLRQ LQFHSWLRQRIWKHDUUDQJHPHQW7KHHYDOXDWLRQLVGRQH
UHYHQXHDQGUHODWHGDFWLYDWLRQFRVWVQRWH[FHHGLQJ EDVHGRQWKHFULWHULDDVWRZKHWKHUWKHGHOLYHUDEOHV
WKHDFWLYDWLRQUHYHQXHDUHGHIHUUHGDQGDPRUWLVHG LQWKHDUUDQJHPHQWKDYHYDOXHWRWKHFXVWRPHURQD
RYHUWKHHVWLPDWHGFXVWRPHUUHODWLRQVKLSSHULRG7KH VWDQGDORQHEDVLV
H[FHVV RI DFWLYDWLRQ FRVWV RYHU DFWLYDWLRQ UHYHQXH 7RWDO FRQVLGHUDWLRQ UHODWHG WR WKH PXOWLSOH HOHPHQW
LI DQ\ DUH H[SHQVHG DV LQFXUUHG %LOOLQJV LQ H[FHVV DUUDQJHPHQWV LV DOORFDWHG DPRQJ WKH GLHUHQW
RI UHYHQXH UHFRJQLVHG LV WUHDWHG DV XQHDUQHG DQG
FRPSRQHQWV EDVHG RQ WKHLU UHODWLYH IDLU YDOXHV
UHSRUWHGDVGHIHUUHGUHYHQXHLQWKHEDODQFHVKHHW
LH UDWLR RI WKH IDLU YDOXH RI HDFK HOHPHQW WR WKH
6HUYLFH UHYHQXHV IURP WKH LQWHUQHW DQG 96$7 DJJUHJDWHGIDLUYDOXHRIWKHEXQGOHGGHOLYHUDEOHV,Q
EXVLQHVV FRPSULVH UHYHQXHV IURP UHJLVWUDWLRQ FDVH WKH UHODWLYH IDLUYDOXH RI GLHUHQW FRPSRQHQWV
LQVWDOODWLRQ DQG SURYLVLRQ RI LQWHUQHW DQG 96$7 FDQQRW EH GHWHUPLQHG RQ D UHDVRQDEOH EDVLV WKH
VHUYLFHV 5HJLVWUDWLRQ IHH DQG LQVWDOODWLRQ FKDUJHV WRWDO FRQVLGHUDWLRQ LV DOORFDWHG WR WKH GLHUHQW
DUH GHIHUUHG DQG DPRUWLVHG RYHU WKH SHULRG RI FRPSRQHQWVRQDUHVLGXDOYDOXHPHWKRG
DJUHHPHQW ZLWK FXVWRPHU 6HUYLFH UHYHQXH LV
(v) Investing and other activities
UHFRJQLVHGIURPWKHGDWHRIVDWLVIDFWRU\LQVWDOODWLRQ
RIHTXLSPHQWDQGVRIWZDUHDWWKHFXVWRPHUVLWHDQG ,QFRPH RQ DFFRXQW RI LQWHUHVW DQG RWKHU DFWLYLWLHV
SURYLVLRQLQJRILQWHUQHWDQG96$7VHUYLFHV DUHUHFRJQLVHGRQDQDFFUXDOEDVLV

(vi) Dividend Income )RUZDUG([FKDQJH&RQWUDFWVFRYHUHGXQGHU$6
'LYLGHQG LQFRPH LV UHFRJQLVHG ZKHQ WKH *URXSV 11,7KH(HFWVRI&KDQJHVLQ)RUHLJQ([FKDQJH
ULJKWWRUHFHLYHWKHSD\PHQWLVHVWDEOLVKHG Rates
([FKDQJH GLHUHQFHV RQ IRUZDUG H[FKDQJH FRQWUDFWV
(vii) Provision for doubtful debts
DQG SODLQYDQLOOD FXUUHQF\ RSWLRQV IRU HVWDEOLVKLQJ WKH
7KH *URXS SURYLGHV IRU DPRXQWV RXWVWDQGLQJ IRU DPRXQW RI UHSRUWLQJ FXUUHQF\ DQG QRW LQWHQGHG IRU
PRUHWKDQGD\VIURPWKHGDWHRIELOOLQJLQFDVHRI WUDGLQJ VSHFXODWLRQSXUSRVHVDUHUHFRJQLVHGLQWKH
DFWLYHVXEVFULEHUVURDPLQJUHFHLYDEOHVUHFHLYDEOHV VWDWHPHQW RI SURW DQG ORVV LQ WKH \HDU LQ ZKLFK WKH
IRU GDWD VHUYLFHV DQG IRU HQWLUH RXWVWDQGLQJ IURP H[FKDQJH UDWH FKDQJHV 7KH SUHPLXP RU GLVFRXQW
GHDFWLYDWHG FXVWRPHUV QHW R VHFXULW\ GHSRVLWV RU DULVLQJDWWKHLQFHSWLRQRIIRUZDUGH[FKDQJHFRQWUDFWV
LQ VSHFLF FDVHV ZKHUH WKH PDQDJHPHQW LV RI WKH LV DPRUWLVHG DV H[SHQVH RU LQFRPH RYHU WKH OLIH RI
YLHZ WKDW WKH DPRXQWV IURP FHUWDLQ FXVWRPHUV DUH WKH FRQWUDFW $Q\ SURW RU ORVV DULVLQJ RQ FDQFHOODWLRQ
QRWUHFRYHUDEOH RU UHQHZDO RI VXFK IRUZDUG H[FKDQJH FRQWUDFW LV
)RU UHFHLYDEOHV GXH IURP WKH RWKHU RSHUDWRUV RQ UHFRJQLVHGDVLQFRPHRUH[SHQVHIRUWKH\HDU
DFFRXQWRIWKHLU1DWLRQDO/RQJ'LVWDQFH1/'DQG ([FKDQJH GLHUHQFH RQ IRUZDUG FRQWUDFWV ZKLFK DUH
,QWHUQDWLRQDO /RQJ 'LVWDQFH ,/' WUDF IRU YRLFH WDNHQWRHVWDEOLVKWKHDPRXQWRWKHUWKDQWKHUHSRUWLQJ
DQG ,QWHUFRQQHFW 8VDJH FKDUJHV ,8& WKH *URXS FXUUHQF\DULVLQJGXHWRWKHGLHUHQFHEHWZHHQIRUZDUG
SURYLGHV IRU DPRXQWV RXWVWDQGLQJ IRU PRUH WKDQ UDWH DYDLODEOH DW WKH UHSRUWLQJ GDWH IRU WKH UHPDLQLQJ
GD\VIURPWKHGDWHRIELOOLQJQHWRIDQ\DPRXQWV PDWXULW\ SHULRG DQG WKH FRQWUDFWHG IRUZDUG UDWH RU
SD\DEOHWRWKHRSHUDWRUVRULQVSHFLFFDVHVZKHUH WKHIRUZDUGUDWHODVWXVHGWRPHDVXUHDJDLQRUORVVRQ
WKH PDQDJHPHQW LV RI WKH YLHZ WKDW WKH DPRXQWV WKHFRQWUDFWIRUDQHDUOLHUSHULRGDUHUHFRJQLVHGLQWKH
IURPWKHVHRSHUDWRUVDUHQRWUHFRYHUDEOH VWDWHPHQWRISURWDQGORVVIRUWKH\HDU
(viii) Unbilled Revenue Other Derivative Instruments, not in the nature of
8QELOOHG UHYHQXH UHSUHVHQW UHYHQXH UHFRJQLVHG AS 11,7KH(HFWVRI&KDQJHVLQ)RUHLJQ([FKDQJH
IURP ODVW ELOO F\FOH GDWH WR WKH HQG RI WKH UHSRUWLQJ Rates
SHULRG 7KHVH DUH ELOOHG LQ VXEVHTXHQW SHULRGV 7KH*URXSHQWHUVLQWRYDULRXVIRUHLJQFXUUHQF\RSWLRQ
EDVHGRQWKHWHUPVRQWKHELOOLQJSODQVFRQWUDFWXDO FRQWUDFWVDQGLQWHUHVWUDWHVZDSFRQWUDFWVWKDWDUHQRW
DUUDQJHPHQWV LQ WKH QDWXUH RI IRUZDUG FRQWUDFWV GHVLJQDWHG XQGHU
$6 DV VXFK DQG FRQWUDFWV WKDW DUH QRW HQWHUHG WR
4.12. License Fees Revenue Share
HVWDEOLVKWKHDPRXQWRIWKHUHSRUWLQJFXUUHQF\UHTXLUHG
7KH UHYHQXHVKDUH IHH RQ OLFHQVH DQG VSHFWUXP LV
RU DYDLODEOH DW WKH VHWWOHPHQW GDWH RI D WUDQVDFWLRQ
FRPSXWHG DV SHU WKH OLFHQVLQJ DJUHHPHQW DW WKH
WR KHGJH LWV ULVNV ZLWK UHVSHFW WR IRUHLJQ FXUUHQF\
SUHVFULEHGUDWHDQGLVH[SHQVHGDVLQFXUUHG XFWXDWLRQV DQG LQWHUHVW UDWH H[SRVXUH DULVLQJ RXW
4.13. Foreign currency translation, accounting for RI IRUHLJQ FXUUHQF\ ORDQ ,Q DFFRUGDQFH ZLWK WKH ,&$,
IRUZDUGFRQWUDFWVDQGGHULYDWLYHV DQQRXQFHPHQW DW HYHU\ \HDU HQG DOO RXWVWDQGLQJ
Initial Recognition GHULYDWLYHFRQWUDFWVDUHIDLUYDOXHGRQDPDUNWRPDUNHW
EDVLV DQG DQ\ ORVV RQ YDOXDWLRQ LV UHFRJQLVHG LQ WKH
)RUHLJQ FXUUHQF\ WUDQVDFWLRQV DUH UHFRUGHG LQ WKH
VWDWHPHQW RI SURW DQG ORVV RQ HDFK FRQWUDFW EDVLV
UHSRUWLQJFXUUHQF\E\DSSO\LQJWRWKHIRUHLJQFXUUHQF\
$Q\ JDLQ RQ PDUNWRPDUNHW YDOXDWLRQ RQ UHVSHFWLYH
DPRXQW WKH H[FKDQJH UDWH EHWZHHQ WKH UHSRUWLQJ
FRQWUDFWV LV QRW UHFRJQLVHG E\ WKH *URXS NHHSLQJ LQ
FXUUHQF\ DQG WKH IRUHLJQ FXUUHQF\ DW WKH GDWH RI WKH
YLHZWKHSULQFLSOHRISUXGHQFHDVHQXQFLDWHGLQ$6
WUDQVDFWLRQ
'LVFORVXUH RI $FFRXQWLQJ 3ROLFLHV $Q\ UHGXFWLRQ LQ
Conversion IDLU YDOXHV DQG DQ\ UHYHUVDOV RI VXFK UHGXFWLRQV DUH
)RUHLJQFXUUHQF\PRQHWDU\LWHPVDUHWUDQVODWHGXVLQJ LQFOXGHGLQVWDWHPHQWRISURWDQGORVVIRUWKH\HDU
H[FKDQJH UDWHV SUHYDLOLQJ DW WKH UHSRUWLQJ GDWH 1RQ Embedded Derivative Instruments
PRQHWDU\LWHPVZKLFKDUHFDUULHGLQWHUPVRIKLVWRULFDO
7KH *URXS RFFDVLRQDOO\ HQWHUV LQWR FRQWUDFWV WKDW GR
FRVWGHQRPLQDWHGLQDIRUHLJQFXUUHQF\DUHWUDQVODWHG
QRWLQWKHLUHQWLUHW\PHHWWKHGHQLWLRQRIDGHULYDWLYH
XVLQJWKHH[FKDQJHUDWHDWWKHGDWHRIWKHWUDQVDFWLRQ LQVWUXPHQW WKDW PD\ FRQWDLQ HPEHGGHG GHULYDWLYH
DQGQRQPRQHWDU\LWHPVZKLFKDUHFDUULHGDWIDLUYDOXH LQVWUXPHQWVLPSOLFLWRUH[SOLFLWWHUPVWKDWDHFWVRPH
RU RWKHU VLPLODU YDOXDWLRQ GHQRPLQDWHG LQ D IRUHLJQ RUDOORIWKHFDVKRZRUWKHYDOXHRIRWKHUH[FKDQJHV
FXUUHQF\DUHWUDQVODWHGXVLQJWKHH[FKDQJHUDWHVDWWKH UHTXLUHG E\ WKH FRQWUDFW LQ D PDQQHU VLPLODU WR D
GDWHZKHQWKHYDOXHVZHUHGHWHUPLQHG GHULYDWLYHLQVWUXPHQW7KH*URXSDVVHVVHVZKHWKHUWKH
([FKDQJH'LHUHQFHV HFRQRPLF FKDUDFWHULVWLFV DQG ULVNV RI WKH HPEHGGHG
([FKDQJH GLHUHQFHV DULVLQJ RQ WKH VHWWOHPHQW RI GHULYDWLYHDUHFOHDUO\DQGFORVHO\UHODWHGWRWKHHFRQRPLF
PRQHWDU\ LWHPV RU RQ UHVWDWHPHQW RI WKH *URXSV FKDUDFWHULVWLFV DQG ULVNV RI WKH UHPDLQLQJ FRPSRQHQW
PRQHWDU\LWHPVDWUDWHVGLHUHQWIURPWKRVHDWZKLFK RI WKH KRVW FRQWUDFW DQG ZKHWKHU D VHSDUDWH QRQ
WKH\ZHUHLQLWLDOO\UHFRUGHGGXULQJWKH\HDURUUHSRUWHG HPEHGGHG LQVWUXPHQW ZLWK WKH VDPH WHUPV DV WKH
HPEHGGHG LQVWUXPHQW ZRXOG PHHW WKH GHQLWLRQ RI
LQ SUHYLRXV QDQFLDO VWDWHPHQWV DUH UHFRJQLVHG DV
D GHULYDWLYH LQVWUXPHQW :KHQ LW LV GHWHUPLQHG WKDW
LQFRPHRUDVH[SHQVHVLQWKH\HDULQZKLFKWKH\DULVH

126-355
WKH HPEHGGHG GHULYDWLYH SRVVHVVHV HFRQRPLF 7KH GLVWLQFWLRQ EHWZHHQ VKRUWWHUP DQG ORQJWHUP
FKDUDFWHULVWLFV DQG ULVNV WKDW DUH QRW FOHDUO\ DQG HPSOR\HH EHQHWV LV EDVHG RQ H[SHFWHG WLPLQJ RI
FORVHO\ UHODWHG WR WKH HFRQRPLF FKDUDFWHULVWLFV DQG VHWWOHPHQW UDWKHU WKDQ WKH HPSOR\HHV HQWLWOHPHQW
ULVNV RI WKH KRVW FRQWUDFW DQG D VHSDUDWH VWDQG EHQHWV
DORQH LQVWUXPHQW ZLWK WKH VDPH WHUPV ZRXOG TXDOLI\
7KHHPSOR\HHVRIWKH*URXSDUHHQWLWOHGWRFRPSHQVDWHG
DVDGHULYDWLYHLQVWUXPHQWWKHHPEHGGHGGHULYDWLYHLV
DEVHQFHVEDVHGRQWKHXQDYDLOHGOHDYHEDODQFHDVZHOO
VHSDUDWHGIURPWKHKRVWFRQWUDFWFDUULHGDWIDLUYDOXH
DVRWKHUORQJWHUPEHQHWV7KH*URXSUHFRUGVOLDELOLW\
DVDWUDGLQJRUQRQKHGJLQJGHULYDWLYHLQVWUXPHQW$W EDVHGRQDFWXDULDOYDOXDWLRQFRPSXWHGXQGHUSURMHFWHG
HYHU\ \HDU HQG DOO RXWVWDQGLQJ HPEHGGHG GHULYDWLYH XQLWFUHGLWPHWKRG7KH*URXSSUHVHQWVWKHOLDELOLW\IRU
LQVWUXPHQWVDUHIDLUYDOXHGRQPDUNWRPDUNHWEDVLVDQG FRPSHQVDWHG DEVHQFHV DV D FXUUHQW OLDELOLW\ LQ WKH
DQ\ORVVRQYDOXDWLRQLVUHFRJQLVHGLQWKHVWDWHPHQWRI EDODQFH VKHHW DV LW GRHV QRW KDYH DQ XQFRQGLWLRQDO
SURW DQG ORVV IRU WKH \HDU $Q\ UHGXFWLRQ LQ PDUNWR ULJKW WR GHIHU LWV VHWWOHPHQW IRU PRQWKV DIWHU WKH
PDUNHWYDOXDWLRQVDQGUHYHUVDOVRIVXFKUHGXFWLRQVDUH UHSRUWLQJGDWH
LQFOXGHGLQVWDWHPHQWRISURWDQGORVVIRUWKH\HDU
4.15. Share Based Compensation
Translation of Integral and Non-Integral Foreign
7KH *URXS LVVXHV HTXLW\VHWWOHG DQG FDVKVHWWOHG
Operation VKDUHEDVHG RSWLRQV WR FHUWDLQ HPSOR\HHV 7KHVH DUH
7KHQDQFLDOVWDWHPHQWVRIDQLQWHJUDOIRUHLJQRSHUDWLRQ PHDVXUHGDWIDLUYDOXHRQWKHGDWHRIJUDQW
DUH WUDQVODWHG DV LI WKH WUDQVDFWLRQV RI WKH IRUHLJQ
RSHUDWLRQKDYHEHHQWKRVHRIWKH*URXSLWVHOI 7KH IDLU YDOXH GHWHUPLQHG RQ WKH JUDQW GDWH RI WKH
HTXLW\ VHWWOHG VKDUH EDVHG RSWLRQV LV H[SHQVHG RYHU
,Q WUDQVODWLQJ WKH QDQFLDO VWDWHPHQWV RI D QRQ WKH YHVWLQJ SHULRG EDVHG RQ WKH *URXSV HVWLPDWH RI
LQWHJUDOIRUHLJQRSHUDWLRQIRULQFRUSRUDWLRQLQQDQFLDO WKHRSWLRQVWKDWZLOOHYHQWXDOO\YHVW
VWDWHPHQWV WKH DVVHWV DQG OLDELOLWLHV ERWK PRQHWDU\
DQG QRQPRQHWDU\ DUH WUDQVODWHG DW WKH FORVLQJ UDWH 7KH IDLU YDOXH GHWHUPLQHG RQ WKH JUDQW GDWH RI WKH
LQFRPH DQG H[SHQVH LWHPV DUH WUDQVODWHG DW DYHUDJH FDVKVHWWOHGVKDUHEDVHGRSWLRQVLVH[SHQVHGRYHUWKH
H[FKDQJH UDWHV SUHYDLOLQJ GXULQJ WKH \HDU DQG DOO YHVWLQJSHULRGEDVHGRQWKH*URXSVHVWLPDWHVRIWKH
UHVXOWLQJ H[FKDQJH GLHUHQFHV DUH DFFXPXODWHG LQ D RSWLRQVWKDWZLOOHYHQWXDOO\YHVW$WWKHHQGRIWKHHDFK
IRUHLJQ FXUUHQF\ WUDQVODWLRQ UHVHUYH XQWLO WKH GLVSRVDO UHSRUWLQJ GDWH XQWLO WKH OLDELOLW\ LV VHWWOHG DQG DW WKH
GDWHRIVHWWOHPHQWOLDELOLW\LVUHPHDVXUHGDWIDLUYDOXH
RIWKHQHWLQYHVWPHQW
ZLWKDQ\FKDQJHVLQIDLUYDOXHSHUWDLQLQJWRWKHYHVWLQJ
4.14. (PSOR\HH%HQHWV SHULRGWLOOWKHUHSRUWLQJGDWHLVUHFRJQLVHGLPPHGLDWHO\
7KH*URXSVSRVWHPSOR\PHQWEHQHWVLQFOXGHGHQHG LQSURWDQGORVV
EHQHWSODQDQGGHQHGFRQWULEXWLRQSODQV7KH*URXS
)DLU YDOXH LV PHDVXUHG XVLQJ /DWWLFHEDVHG RSWLRQ
DOVRSURYLGHVRWKHUEHQHWVLQWKHIRUPRIRWKHUORQJ YDOXDWLRQ PRGHO %ODFN6FKROHV DQG 0RQWH &DUOR
WHUPHPSOR\HHEHQHWV 6LPXODWLRQIUDPHZRUNDQGLVUHFRJQLVHGDVDQH[SHQVH
8QGHU WKH GHQHG EHQHW UHWLUHPHQW SODQ WKH *URXS WRJHWKHU ZLWK D FRUUHVSRQGLQJ LQFUHDVH LQ HTXLW\
SURYLGHV UHWLUHPHQW REOLJDWLRQ LQ WKH IRUP RI *UDWXLW\ OLDELOLW\ DV DSSURSULDWH RYHU WKH SHULRG LQ ZKLFK WKH
8QGHUWKHSODQDOXPSVXPSD\PHQWLVPDGHWRHOLJLEOH RSWLRQV YHVW XVLQJ WKH JUDGHG YHVWLQJ PHWKRG 7KH
HPSOR\HHVDWUHWLUHPHQWRUWHUPLQDWLRQRIHPSOR\PHQW H[SHFWHG OLIH XVHG LQ WKH PRGHO LV DGMXVWHG EDVHG RQ
EDVHG RQ UHVSHFWLYH HPSOR\HH VDODU\ DQG \HDUV RI PDQDJHPHQWV EHVW HVWLPDWH IRU WKH HHFWV RI QRQ
H[SHULHQFHZLWKWKH*URXS WUDQVIHUDELOLW\ H[HUFLVH UHVWULFWLRQV DQG EHKDYLRUDO
FRQVLGHUDWLRQV 7KH H[SHFWHG YRODWLOLW\ DQG IRUIHLWXUH
)RU GHQHG EHQHW UHWLUHPHQW SODQV WKH GLHUHQFH DVVXPSWLRQVDUHEDVHGRQKLVWRULFDOLQIRUPDWLRQ
EHWZHHQ WKH IDLU YDOXH RI WKH SODQ DVVHWV DQG WKH
SUHVHQWYDOXHRIWKHSODQOLDELOLWLHVLVUHFRJQLVHGDVDQ :KHUH WKH WHUPV RI D VKDUHEDVHG FRPSHQVDWLRQ DUH
DVVHWRUOLDELOLW\LQWKHEDODQFHVKHHW6FKHPHOLDELOLWLHV PRGLHG WKH PLQLPXP H[SHQVH UHFRJQLVHG LV WKH
DUH FDOFXODWHG XVLQJ WKH SURMHFWHG XQLW FUHGLW PHWKRG H[SHQVH DV LI WKH WHUPV KDG QRW EHHQ PRGLHG LI WKH
DQG DSSO\LQJ WKH SULQFLSDO DFWXDULDO DVVXPSWLRQV DV RULJLQDO WHUPV RI WKH DZDUG DUH PHW $Q DGGLWLRQDO
DW WKH GDWH RI EDODQFH VKHHW 3ODQ DVVHWV DUH DVVHWV H[SHQVH LV UHFRJQLVHG IRU DQ\ PRGLFDWLRQ WKDW
WKDWDUHKHOGE\DORQJWHUPHPSOR\HHEHQHWIXQGRU LQFUHDVHV WKH WRWDO IDLU YDOXH RI WKH VKDUHEDVHG
TXDOLI\LQJLQVXUDQFHSROLFLHV SD\PHQW WUDQVDFWLRQ RU LV RWKHUZLVH EHQHFLDO WR WKH
HPSOR\HHDVPHDVXUHGDWWKHGDWHRIPRGLFDWLRQ
$OO H[SHQVHV LQ UHVSHFW RI GHQHG EHQHW SODQV
LQFOXGLQJDFWXDULDOJDLQVDQGORVVHVDUHUHFRJQLVHGLQ :KHUHDQHTXLW\VHWWOHGDZDUGLVFDQFHOOHGLWLVWUHDWHG
DV LI LW LV YHVWHG RQ WKH GDWH RI FDQFHOODWLRQ DQG DQ\
WKHVWDWHPHQWRISURWDQGORVVDVLQFXUUHG
H[SHQVHQRW\HWUHFRJQLVHGIRUWKHDZDUGLVUHFRJQLVHG
7KH*URXSVFRQWULEXWLRQVWRGHQHGFRQWULEXWLRQSODQV LPPHGLDWHO\ 7KLV LQFOXGHV DQ\ DZDUG ZKHUH QRQ
DUH UHFRJQLVHG LQ VWDWHPHQW RI SURW DQG ORVV ZKHQ YHVWLQJFRQGLWLRQVZLWKLQWKHFRQWURORIHLWKHUWKHHQWLW\
WKHHPSOR\HHUHQGHUVWKHUHODWHGVHUYLFHV7KH*URXS RUWKHHPSOR\HHDUHQRWPHW+RZHYHULIDQHZDZDUGLV
KDVQRIXUWKHUREOLJDWLRQVXQGHUWKHVHSODQVEH\RQGLWV VXEVWLWXWHGIRUWKHFDQFHOOHGDZDUGDQGGHVLJQDWHGDV
SHULRGLFFRQWULEXWLRQV DUHSODFHPHQWDZDUGRQWKHGDWHWKDWLWLVJUDQWHGWKH

FDQFHOOHGDQGQHZDZDUGVDUHWUHDWHGDVLIWKH\ZHUHD UHDVRQDEO\ RUYLUWXDOO\ FHUWDLQ DV WKH FDVH PD\ EH
PRGLFDWLRQRIWKHRULJLQDODZDUGDVGHVFULEHGLQWKH WKDWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVW
SUHYLRXV SDUDJUDSK $OO FDQFHOODWLRQV RI HTXLW\VHWWOHG ZKLFKVXFKGHIHUUHGWD[DVVHWVFDQEHUHDOLVHG
WUDQVDFWLRQDZDUGVDUHWUHDWHGHTXDOO\
'HIHUUHG WD[ DVVHWV DQG GHIHUUHG WD[ OLDELOLWLHV DUH
4.16. Taxes RVHW LI D OHJDOO\ HQIRUFHDEOH ULJKW H[LVWV WR VHW R
(i) Current Income tax FXUUHQW LQFRPH WD[ DVVHWV DJDLQVW FXUUHQW LQFRPH
&XUUHQW LQFRPH WD[ DVVHWV DQG OLDELOLWLHV IRU WKH WD[ OLDELOLWLHV DQG WKH GHIHUUHG WD[HV UHODWH WR WKH
FXUUHQW DQG SULRU SHULRGV DUH PHDVXUHG DW WKH VDPHWD[DEOHHQWLW\DQGWKHVDPHWD[DWLRQDXWKRULW\
DPRXQW H[SHFWHG WR EH UHFRYHUHG IURP RU SDLG WR
(iii) MAT credit
WKHWD[DWLRQDXWKRULWLHV7KHWD[UDWHVDQGWD[ODZV
XVHG WR FRPSXWH WKH DPRXQW DUH WKRVH WKDW DUH 0LQLPXP $OWHUQDWH 7D[ 0$7 SDLG LQ DFFRUGDQFH
HQDFWHG RU VXEVWDQWLYHO\ HQDFWHG E\ WKH UHSRUWLQJ ZLWK WKH WD[ ODZV ZKLFK JLYHV IXWXUH HFRQRPLF
GDWHLQWKHFRXQWULHVZKHUHWKH*URXSRSHUDWHVDQG EHQHWVLQWKHIRUPRIDGMXVWPHQWWRIXWXUHLQFRPH
JHQHUDWHVWD[DEOHLQFRPH WD[ OLDELOLW\ LV FRQVLGHUHG DV DQ DVVHW LI WKHUH LV
convincing evidence that individual entities in the
&XUUHQW LQFRPH WD[ UHODWLQJ WR LWHPV UHFRJQLVHG *URXSZLOOSD\QRUPDOLQFRPHWD[$FFRUGLQJO\0$7
GLUHFWO\LQHTXLW\LVUHFRJQLVHGLQHTXLW\7KH*URXS LVUHFRJQLVHGDVDQDVVHWLQWKH%DODQFH6KHHWZKHQ
SHULRGLFDOO\ HYDOXDWHV SRVLWLRQV WDNHQ LQ WKH WD[ LWLVSUREDEOHWKDWIXWXUHHFRQRPLFEHQHWDVVRFLDWHG
UHWXUQVZLWKUHVSHFWWRVLWXDWLRQVLQZKLFKDSSOLFDEOH ZLWKLWZLOORZWRWKHHQWLWLHVLQWKH*URXS
WD[ UHJXODWLRQV DUH VXEMHFW WR LQWHUSUHWDWLRQ DQG
HVWDEOLVKHVSURYLVLRQVZKHUHDSSURSULDWH 4.17. Segment Reporting
(i) Primary Segment
(ii) Deferred tax
3ULPDU\EXVLQHVVVHJPHQWVLQZKLFKJURXSRSHUDWHV
'HIHUUHGLQFRPHWD[HVUHHFWVWKHLPSDFWRIFXUUHQW DUH 0RELOH 6HUYLFHV ,QGLD 6RXWK $VLD DQG $IULFD
\HDUWLPLQJGLHUHQFHVEHWZHHQWD[DEOHLQFRPHDQG 7HOHPHGLD 6HUYLFHV 'LJLWDO 79 6HUYLFHV $LUWHO
DFFRXQWLQJLQFRPHIRUWKH\HDUDQGUHYHUVDORIWLPLQJ %XVLQHVVDQG7RZHU,QIUDVWUXFWXUH6HUYLFHV
GLHUHQFHVRIHDUOLHU\HDUV'HIHUUHGWD[LVPHDVXUHG
EDVHGRQWKHWD[UDWHVDQGWKHWD[ODZVHQDFWHGRU (ii) Secondary Segment
VXEVWDQWLYHO\HQDFWHGDWWKHUHSRUWLQJGDWH'HIHUUHG 7KH *URXS KDV RSHUDWLRQV VHUYLQJ FXVWRPHUV LQ
WD[ DVVHWV DUH UHFRJQLVHG RQO\ WR WKH H[WHQW WKDW ,QGLD $IULFD DQG LQ RWKHU FRXQWULHV ORFDWHG RXWVLGH
WKHUH LV UHDVRQDEOH FHUWDLQW\ WKDW VXFLHQW IXWXUH ,QGLD 7KH RSHUDWLRQV LQ ,QGLD DQG $IULFD FRQVWLWXWH
WD[DEOHLQFRPHZLOOEHDYDLODEOHDJDLQVWZKLFKVXFK WKH PDMRU SDUW 7KHUHIRUH FODVVLHG DV UHSRUWDEOH
GHIHUUHG WD[ DVVHWV FDQ EH UHDOLVHG ,Q VLWXDWLRQV VHJPHQWWKHUHPDLQLQJSRUWLRQEHLQJDWWULEXWDEOHWR
ZKHUH WKH *URXS KDV XQDEVRUEHG GHSUHFLDWLRQ RU RWKHUV
FDUU\ IRUZDUG WD[ ORVVHV GHIHUUHG WD[ DVVHWV DUH
UHFRJQLVHGRQO\LIWKHUHLVYLUWXDOFHUWDLQW\VXSSRUWHG 4.18. Earnings per Share
E\ FRQYLQFLQJ HYLGHQFH WKDW WKH\ FDQ EH UHDOLVHG 7KH HDUQLQJV FRQVLGHUHG LQ DVFHUWDLQLQJ WKH *URXSV
DJDLQVWIXWXUHWD[DEOHSURWV (DUQLQJVSHU6KDUH(36FRPSULVHWKHQHWSURWDIWHU
WD[DWWULEXWDEOHWRHTXLW\VKDUHKROGHUV7KHQXPEHURI
,Q WKH VLWXDWLRQV ZKHUH WKH *URXS LV HQWLWOHG WR D VKDUHV XVHG LQ FRPSXWLQJ EDVLF (36 LV WKH ZHLJKWHG
WD[ KROLGD\ XQGHU WKH WD[ ODZV SUHYDLOLQJ LQ WKH DYHUDJH QXPEHU RI VKDUHV RXWVWDQGLQJ GXULQJ WKH
UHVSHFWLYH WD[ MXULVGLFWLRQV ZKHUH LW RSHUDWHV QR \HDU 7KH ZHLJKWHG DYHUDJH QXPEHU RI HTXLW\ VKDUHV
GHIHUUHG WD[ DVVHW RU OLDELOLW\ LV UHFRJQLVHG LQ RXWVWDQGLQJGXULQJWKH\HDUDUHDGMXVWHGIRUHYHQWVRI
UHVSHFW RI WLPLQJ GLHUHQFHV ZKLFK UHYHUVH GXULQJ ERQXVLVVXHERQXVHOHPHQWLQDULJKWVLVVXHWRH[LVWLQJ
WKH WD[ KROLGD\ SHULRG 'HIHUUHG WD[ LQ UHVSHFW RI VKDUHKROGHUV VKDUH VSOLW DQG UHYHUVH VKDUH VSOLW
WLPLQJGLHUHQFHVZKLFKUHYHUVHDIWHUWKHWD[KROLGD\ FRQVROLGDWLRQRIVKDUHV7KHGLOXWHG(36LVFDOFXODWHG
SHULRGLVUHFRJQLVHGLQWKH\HDULQZKLFKWKHWLPLQJ RQWKHVDPHEDVLVDVEDVLF(36DIWHUDGMXVWLQJIRUWKH
GLHUHQFHV RULJLQDWH )RU UHFRJQLWLRQ RI GHIHUUHG HHFWVRISRWHQWLDOGLOXWLYHHTXLW\VKDUHV
WD[HVWKHWLPLQJGLHUHQFHVZKLFKRULJLQDWHUVWDUH
FRQVLGHUHGWRUHYHUVHUVW 4.19. Provisions and Contingencies
3URYLVLRQVDUHUHFRJQLVHGZKHQWKH*URXSKDVDSUHVHQW
7KH FDUU\LQJ DPRXQW RI GHIHUUHG WD[ DVVHWV LV
REOLJDWLRQDVDUHVXOWRISDVWHYHQWLWLVSUREDEOHWKDW
UHYLHZHG DW HDFK UHSRUWLQJ GDWH DQG UHGXFHG WR
DQRXWRZRIUHVRXUFHVHPERG\LQJHFRQRPLFEHQHWV
WKHH[WHQWWKDWLWLVQRORQJHUUHDVRQDEO\FHUWDLQRU
ZLOO EH UHTXLUHG WR VHWWOH WKH REOLJDWLRQ DQG D UHOLDEOH
YLUWXDO FHUWDLQ DV WKH FDVH PD\ EH WKDW VXFLHQW
HVWLPDWHFDQEHPDGHRIWKHDPRXQWRIWKHREOLJDWLRQ
WD[DEOHSURWZLOOEHDYDLODEOHWRDOORZDOORUSDUWRI
3URYLVLRQV DUH QRW GLVFRXQWHG WR LWV SUHVHQW YDOXH
WKHGHIHUUHGWD[DVVHWWREHUHDOLVHG
DQG DUH GHWHUPLQHG EDVHG RQ EHVW HVWLPDWH UHTXLUHG
$W HDFK UHSRUWLQJ GDWH XQUHFRJQLVHG GHIHUUHG WR VHWWOH WKH REOLJDWLRQ DW WKH UHSRUWLQJ GDWH 7KHVH
WD[ DVVHWV RI HDUOLHU \HDUV DUH UHDVVHVVHG DQG HVWLPDWHV DUH UHYLHZHG DW HDFK UHSRUWLQJ GDWH DQG
UHFRJQLVHG WR WKH H[WHQW WKDW LW KDV EHFRPH DGMXVWHGWRUHHFWWKHFXUUHQWEHVWHVWLPDWHV

126-355
$FRQWLQJHQWOLDELOLW\LVDSRVVLEOHREOLJDWLRQWKDWDULVHV DUH SURYLGHG ZLWK HDFK VHJPHQW UHSUHVHQWLQJ D
IURP SDVW HYHQWV ZKRVH H[LVWHQFH ZLOO EH FRQUPHG VWUDWHJLF EXVLQHVV XQLW WKDW RHUV GLHUHQW SURGXFWV
E\ WKH RFFXUUHQFH RU QRQRFFXUUHQFH RI RQH RU PRUH DQGVHUYHVGLHUHQWPDUNHWV7KHUHSRUWLQJVHJPHQWV
XQFHUWDLQIXWXUHHYHQWVQRWZKROO\ZLWKLQWKHFRQWURORI RIWKH*URXSDUHDVEHORZ
WKH*URXSRUDSUHVHQWREOLJDWLRQWKDWLVQRWUHFRJQLVHG
Mobile Services India: 7KHVH VHUYLFHV FRYHU YRLFH
EHFDXVHLWLVQRWSUREDEOHWKDWDQRXWRZRIUHVRXUFHV
DQG GDWD WHOHFRP VHUYLFHV SURYLGHG WKURXJK ZLUHOHVV
HPERG\LQJHFRQRPLFEHQHWVZLOOEHUHTXLUHGWRVHWWOH
WHFKQRORJ\ *** LQ ,QGLD 7KLV LQFOXGHV WKH
WKH REOLJDWLRQ RU WKH DPRXQW RI WKH REOLJDWLRQ FDQQRW
FDSWLYHQDWLRQDOORQJGLVWDQFHQHWZRUNVZKLFKSULPDULO\
EH PHDVXUHG ZLWK VXFLHQW UHOLDELOLW\ ,QIRUPDWLRQ RQ
SURYLGHFRQQHFWLYLW\WRWKHPRELOHVHUYLFHVEXVLQHVVLQ
FRQWLQJHQW OLDELOLWLHV LV GLVFORVHG LQ WKH QRWHV WR WKH
,QGLD 7KLV DOVR LQFOXGHV LQWUD FLW\ EUH QHWZRUNV DQG
QDQFLDOVWDWHPHQWVXQOHVVWKHSRVVLELOLW\RIDQRXWRZ
0RELOHFRPPHUFHVHUYLFHV
RIUHVRXUFHVHPERG\LQJHFRQRPLFEHQHWVLVUHPRWH
Mobile Services-South Asia: 7KHVH VHUYLFHV FRYHU
0XOWLSOH(OHPHQW&RQWUDFWVZLWK9HQGRUV
YRLFH DQG GDWD WHOHFRP VHUYLFHV SURYLGHG WKURXJK
7KH*URXSHQWHUVLQWRPXOWLSOHHOHPHQWFRQWUDFWVZLWK ZLUHOHVV WHFKQRORJ\ ** LQ 6UL /DQND DQG
YHQGRUVIRUVXSSO\RIJRRGVDQGUHQGHULQJRIVHUYLFHV %DQJODGHVK
7KH FRQVLGHUDWLRQ SDLG LV PD\ EH GHWHUPLQHG
LQGHSHQGHQW RI WKH YDOXH RI VXSSOLHV UHFHLYHG DQG Mobile Services Africa: 7KHVHVHUYLFHVFRYHUSURYLVLRQ
VHUYLFHVDYDLOHG$FFRUGLQJO\WKHVXSSOLHVDQGVHUYLFHV RI YRLFH DQG GDWD WHOHFRP VHUYLFHV SURYLGHG WKURXJK
DUHDFFRXQWHGIRUEDVHGRQWKHLUUHODWLYHIDLUYDOXHVWR ZLUHOHVVWHFKQRORJ\***RHUHGWRFXVWRPHUV
WKH RYHUDOO FRQVLGHUDWLRQ 7KH VXSSOLHV ZLWK QLWH OLIH LQ $IULFD FRQWLQHQW 7KLV DOVR LQFOXGHV FRUSRUDWH
XQGHUVXFKFRQWUDFWVDUHDFFRXQWHGDV7DQJLEOHDVVHWV KHDGTXDUWHUFRVWVRIWKH*URXSV$IULFDRSHUDWLRQV
RUDV,QWDQJLEOHDVVHWVLQYLHZRIWKHVXEVWDQFHRIWKHVH
Telemedia Services: 7KHVH VHUYLFHV FRYHUYRLFH DQG
FRQWUDFWV DQG H[LVWHQFH RI HFRQRPLF RZQHUVKLS LQ
GDWD FRPPXQLFDWLRQV EDVHG RQ [HG QHWZRUN DQG
WKHVHDVVHWV
EURDGEDQGWHFKQRORJ\
4.21. Expenditure Incurred on Corporate Social
Digital TV Services:7KLVLQFOXGHVGLJLWDOEURDGFDVWLQJ
Responsibility (CSR)
VHUYLFHVSURYLGHGXQGHUWKH'LUHFWWRKRPHSODWIRUP
,Q DFFRUGDQFH ZLWK WKH JXLGDQFH QRWH LVVXHG E\ ,&$,
RQ 0D\ $FFRXQWLQJ IRU ([SHQGLWXUH RQ Airtel Business: 7KHVH VHUYLFHV FRYHU HQGWRHQG
&RUSRUDWH6RFLDO5HVSRQVLELOLW\$FWLYLWLHVWKHDPRXQWRI WHOHFRP VROXWLRQV EHLQJ SURYLGHG WR ODUJH ,QGLDQ DQG
H[SHQGLWXUHLQFXUUHGRQ&RUSRUDWH6RFLDO5HVSRQVLELOLW\ JOREDO FRUSRUDWLRQV E\ VHUYLQJ DV D VLQJOH SRLQW RI
LVUHFRJQLVHGDVDQH[SHQVHLQWKHVWDWHPHQWRISURW FRQWDFW IRU DOO WHOHFRPPXQLFDWLRQ QHHGV DFURVV GDWD
DQGORVV DQG YRLFH GRPHVWLF DV ZHOO DV LQWHUQDWLRQDO ORQJ
GLVWDQFHQHWZRUNLQWHJUDWLRQDQGPDQDJHGVHUYLFHV
4.22. Exceptional Items
([FHSWLRQDOLWHPVUHIHUWRLWHPVRILQFRPHRUH[SHQVH 7RZHU ,QIUDVWUXFWXUH 6HUYLFHV 7KHVH VHUYLFHV
ZLWKLQ WKH VWDWHPHQW RI SURW DQG ORVV IURP RUGLQDU\ LQFOXGHVHWWLQJXSRSHUDWLQJDQGPDLQWDLQLQJZLUHOHVV
DFWLYLWLHVZKLFKDUHQRQUHFXUULQJDQGDUHRIVXFKVL]H FRPPXQLFDWLRQWRZHUVLQ,QGLD
QDWXUH RU LQFLGHQFH WKDW WKHLU VHSDUDWH GLVFORVXUH LV Others: 7KHVH LQFOXGH DGPLQLVWUDWLYH DQG VXSSRUW
FRQVLGHUHG QHFHVVDU\ WR H[SODLQ WKH SHUIRUPDQFH RI VHUYLFHVSURYLGHGWRRWKHUVHJPHQWV
WKH*URXS
Unallocated:8QDOORFDWHGLQFOXGHVRWKHULQFRPHSURWV
5. Information about Business Segments - ORVVHVDVVHWVDQGOLDELOLWLHVLQFOXGLQJLQWHUVHJPHQW
Primary DVVHWVDQGOLDELOLWLHVRIFRUSRUDWHKHDGTXDUWHUVRIWKH
*URXSDQGRWKHUDFWLYLWLHVQRWDOORFDWHGWRWKHSULPDU\
6HJPHQW'HQLWLRQV
EXVLQHVVVHJPHQWV7KHVHDOVRLQFOXGHFXUUHQWWD[QHW
7KH *URXSV EXVLQHVVHV DUH RUJDQLVHG DQG PDQDJHG
RI SURYLVLRQV RI WD[ GHIHUUHG WD[ DVVHWV OLDELOLWLHV
VHSDUDWHO\ DFFRUGLQJ WR WKH QDWXUH RI SURGXFWV DQG
0$7FUHGLWDQGERUURZLQJVQRWDOORFDWHGWRWKHSULPDU\
VHUYLFHV SURYLGHG DQG JHRJUDSKLHV LQ ZKLFK VHUYLFHV
EXVLQHVVVHJPHQWV

210
(` Millions)
Particulars Mobile Mobile Mobile Telemedia Airtel Digital TV 7RZHU Others Unallocated Eliminations Consolidated
Services Services Services Services Business Services Infrastructure
India South Asia Africa Services
Revenue from external 542,274 15,866 245,774 44,420 62,625 29,119 69,295 - - - 1,009,373
customers
Inter segment 18,605 588 5,558 3,217 15,530 59 53,789 3,038 - (100,384) -
revenue

Total revenues 560,879 16,454 251,332 47,637 78,155 29,178 123,084 3,038 - (100,384) 1,009,373
Segment result 127,241 (6,677) (21,133) 12,464 11,912 1,840 32,981 (27) (2,588) (310) 155,703
Finance costs 78,262
(Income)*
Exceptional items# (29,236)
Provision for Tax
- Current Tax 33,267
(including MAT Credit)
- Deferred Tax 19,105

(Credit)/ Charge
1HW3URW/RVV 54,305
after tax
Other segment items
Period capital (372,418) (3,465) (57,729) (11,862) (10,550) (11,067) (22,102) - (932) 11,144 (478,981)
expenditure
Depreciation and (91,543) (5,876) (73,900) (9,313) (7,478) (8,137) (22,693) - 0 5,266 (213,674)
amortisation
Segment assets 1,576,483 38,787 559,602 208,873 249,317 22,748 264,147 1,037 301,403 (1,122,959) 2,099,438
Segment liabilities** 714,837 31,220 230,427 144,179 159,191 46,975 56,077 1,220 1,347,579 (1,129,708) 1,601,997
6HJPHQWUHVXOWH[FOXGHVQDQFHLQFRPHRI` 0QZKLFKLVQHWWHGRIURPQDQFHFRVWVIRUWKHSXUSRVHRIVHJPHQWUHSRUWLQJ
#
([FHSWLRQDOLWHPVVKRZQVHSDUDWHO\UHODWHVWRJDLQRQDFFRXQWRIGLYHVWPHQWRIWHOHFRPWRZHUVLQ$IULFDUHJXODWRU\IHHSURYLVLRQVDPHQGPHQWRIWHQXUHDQGLQYDULRXVWHUPVRIWKHUHODWHGORQJWHUPFRQWUDFWH[SHQVHV
RQUHVWUXFWXULQJDFWLYLWLHVLQDIHZFRXQWULHVRSHUDWLQJFRVWVRQQHWZRUNUHIDUPLQJDQGXSJUDGDWLRQSURJUDPDQGRQDFFRXQWRIGLVSXWHGUHFHLYDEOHVH[SLUHGFODLPV
(` Millions)
Particulars Mobile Mobile Mobile Telemedia Airtel Digital TV 7RZHU Eliminations Consolidated
Services Services Services Services Business Services Infrastructure Others Unallocated
India South Africa Services
Asia
Revenue from 500,770 15,379 264,128 40,550 52,722 24,699 62,759 - - - 961,007
external customers
Inter segment 19,023 380 4,942 3,775 14,701 60 53,924 2,910 - (99,715) -
revenue
Total revenues 519,793 15,759 269,070 44,325 67,423 24,759 116,683 2,910 - (99,715) 961,007
Segment result 124,243 (6,652) (12,265) 8,827 7,632 (1,576) 30,977 30 (6,498) 1,438 146,156
Finance costs 32,226
(Income)*
Exceptional items# 8,532
Provision for Tax
- Current Tax 51,698
(including MAT
Credit)
- Deferred Tax 3,169

(Credit)/ Charge
1HW3URW/RVV 50,531
after tax
Other segment
items
Period capital (285,644) (3,353) (81,486) (7,786) (6,409) (7,912) (20,830) - (950) 7,110 (407,260)
expenditure
Depreciation and (70,752) (6,207) (80,239) (9,222) (6,645) (8,338) (21,847) (6) 0 4,673 (198,583)
amortisation
As of March 31,
2015
Segment assets 1,336,227 40,087 553,868 138,498 198,047 19,102 266,507 797 335,256 (1,064,041) 1,824,348
Segment liabilities** 524,010 28,815 207,330 83,747 119,037 54,646 62,692 1,136 1,352,711 (1,076,452) 1,357,672
6HJPHQWUHVXOWH[FOXGHVQDQFHLQFRPHRI` 0QZKLFKLVQHWWHGRIURPQDQFHFRVWVIRUWKHSXUSRVHRIVHJPHQWUHSRUWLQJ
([FHSWLRQDOLWHPVVKRZQVHSDUDWHO\FRPSULVHVRIRQHWLPHWUDQVODWLRQLPSDFWRIFHUWDLQIRUHLJQFXUUHQF\OLDELOLWLHVLQ1LJHULDFRVWVUHODWLQJWRSRVWDFTXLVLWLRQLQWHJUDWLRQDFWLYLWLHVRWKHUFRVWVDWWULEXWDEOHWRUHVWUXFWXULQJ
DFWLYLWLHVLQFRPHGXHWRSUHPDWXUHWHUPLQDWLRQRIDQDJUHHPHQWE\DWHOHFRPRSHUDWRULQFRPHRQDFFRXQWRIGLYHVWPHQWRIWHOHFRPWRZHUVLQRQHRIWKHFRXQWULHVLQ$IULFDDQGFKDUJHVRQDFFRXQWRIVHWWOHPHQWRI
YDULRXVGLVSXWHV
8QDOORFDWHGOLDELOLWLHVLQFOXGHV%RUURZLQJVLQFOXGHDPRXQWERUURZHGIRUWKHDFTXLVLWLRQRI*DQG%:$/LFHQVHVLQFOXGLQJVSHFWUXP`0QDQG`0QDQGIRUIXQGLQJWKHDFTXLVLWLRQRI$IULFDRSHUDWLRQV
126-355
DQGRWKHUERUURZLQJVRI$IULFDRSHUDWLRQV`0QDQG`0QDVRI0DUFKDQG0DUFKUHVSHFWLYHO\
1RWHV
7KH*URXSSUHSDUHVLWVVHJPHQWLQIRUPDWLRQLQFRQIRUPLW\ZLWKWKHDFFRXQWLQJSROLFLHVDGRSWHGIRUSUHSDULQJDQGSUHVHQWLQJWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVRIWKH*URXSDVDZKROH
6HJPHQWUHVXOWVUHSUHVHQWSURWORVVEHIRUHQDQFHFRVWVQHWRIQDQFHLQFRPHH[FHSWLRQDOLWHPVDQGWD[

&DSLWDOH[SHQGLWXUHUHSUHVHQWVJURVVDGGLWLRQVFDSLWDOZRUNLQSURJUHVVDQGFDSLWDODGYDQFHJLYHQIRUDFTXLULQJWDQJLEOHDQGLQWDQJLEOHDVVHWVGXULQJWKH\HDU
,QWHUVHJPHQWUHYHQXHLVDFFRXQWHGIRURQWHUPVHVWDEOLVKHGE\WKHPDQDJHPHQWRQDUPVOHQJWKEDVLV7KHVHWUDQVDFWLRQVKDYHEHHQHOLPLQDWHGDWWKH*URXSOHYHO
211
Geographical Segment Secondary
,QIRUPDWLRQFRQFHUQLQJJHRJUDSKLFDODUHDVE\ORFDWLRQRIWKHHQWLW\LVDVIROORZV
(` Millions)
Year ended Year ended
Particulars
March 31, 2016 March 31, 2015
Revenue from External customers
India 729,746 666,893
Africa 245,774 264,128
Rest of the World 33,853 29,986
Total 1,009,373 961,007
Total Assets
India 1,361,789 1,107,305
Africa 558,905 553,385
Total 2,099,438 1,824,348
Capex
India 417,358 322,226
Africa 57,738 81,226
Total 478,981 407,260
6. Share Capital
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Authorised shares
5,000,000,000 (March 31, 2015 - 5,000,000,000) equity shares of 25,000 25,000
` 5 each
3,997,400,102 (March 31, 2015- 3,997,400,102) equity shares of 19,987 19,987
` 5 each
19,987 19,987
1RWH(TXLW\VKDUHVRI`HDFKZHUHDOORWHGDVIXOO\SDLGXSVKDUHVXSRQWKHFRQYHUVLRQRI)RUHLJQ&XUUHQF\&RQYHUWLEOH%RQGV)&&%V
GXULQJWKHQDQFLDO\HDUVIURPWRHTXLW\VKDUHVSRVWVKDUHVSOLWRIRQHHTXLW\VKDUHRI`HDFKLQWRHTXLW\VKDUHVRI
`HDFK
a. Terms / rights attached to Equity Shares

7KH &RPSDQ\ KDV RQO\ RQH FODVV RI HTXLW\ VKDUHV KDYLQJ SDUYDOXH RI ` SHU VKDUH (DFK KROGHU RI HTXLW\ VKDUHV LV
HQWLWOHGWRRQHYRWHSHUVKDUH7KHGLYLGHQGSURSRVHGE\WKH%RDUGRI'LUHFWRUVLVVXEMHFWWRDSSURYDORIWKHVKDUHKROGHUV
LQWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
b. Details of shareholders (as per the register of shareholders) holding more than 5% shares in the Company
As of As of
No. % holding No. % holding
%KDUWL7HOHFRP/LPLWHG 1,802,318,492 1,747,545,460
3DVWHO/LPLWHG 591,319,300 591,319,300
,QGLDQ&RQWLQHQW,QYHVWPHQW/LPLWHG 265,860,986 265,860,986
/,&RI,QGLD&KLOG)RUWXQH3OXV%DODQFHG 203,878,856 - -
)XQG
7KUHH3LOODU3WH/LPLWHG 199,870,006 199,870,006

126-355
7. Reserves and Surplus
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Capital Reserve 1,513 1,513
Securities Premium Reserve
Opening balance 107,967 107,936
Additions during the year 274 31
Revaluation Reserve 21 21
Employee Stock Options Outstanding
Add : Addition during the year 551 80
Less : Forfeiture/Excercise 1,130 2,238
Closing balance 764 1,343
General Reserve
Scheme of Indus & Arrangement (1,053) (1,406)
Dilution of equity in subsidiaries 825 26,059
Forfeiture of employee stock option - 1,327
Excercise of stock options 298 82
Reserve For Business Restructuring
Less : Utilisation 415 475
Foreign Currency Translation Reserve
Opening balance (86,554) (38,368)
Additions during the year (12,167) (48,186)
Closing balance (98,721) (86,554)
6XUSOXVLQWKH6WDWHPHQWRI3URWDQG/RVV
$GG3URWIRUWKH\HDU 44,566 46,208
Amount available for appropriation 296,155 272,215
Appropriations:
Dividend proposed (5,436) (15,390)
Tax on dividend proposed (1,107) (5,236)
1HWVXUSOXVLQWKHVWDWHPHQWRISURWDQGORVV 289,612 251,589
Total 402,989 377,783

/RQJ7HUP%RUURZLQJV
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Secured
)URP%DQNV 43,299 79,944
)URP2WKHUV 8 13,625
Total 43,307 93,569
Unsecured
7HUP/RDQV
)URP%DQNV# 80,681 155,448
)URP2WKHUV 47,974 56,774
Total 128,655 212,222
'HIHUUHGSD\PHQWOLDELOLWLHVWRZDUGVVSHFWUXP 341,424 143,167
1RQFRQYHUWLEOHQRWHV 387,859 296,297
Total 915,809 652,444
/HVV&XUUHQWPDWXULWLHVUHIHUQRWH
)URP%DQNV 24,520 124,549
)URP2WKHUV 6,677 9,646
'HIHUUHGSD\PHQWOLDELOLWLHVWRZDUGVVSHFWUXP 25,428 -
Total 897,745 611,161
'XULQJWKH\HDUHQGHG0DUFKWKHQDQFLDOLQVWLWXWLRQIURPZKLFKORDQDPRXQWLQJWR`0QZDVRXWVWDQGLQJKDVEHHQFRQYHUWHGWR%DQN
,QFOXGHVUHERUURZDEOHWHUPORDQVRI`0QDQG`1LODVRI0DUFKDQG0DUFKUHVSHFWLYHO\ZKLFKKDYHGDLO\SUHSD\PHQWH[LELOLW\
D5HIHU1RWHDIRU'HIHUUHGSD\PHQWOLDELOLWLHVWRZDUGVVSHFWUXP
E5HIHUQRWHIRUVHFXULW\GHWDLOVRQWKHERUURZLQJV
F'HWDLOVUHODWLQJWRFXUUHQF\LQWHUHVWUDWHDQGPDWXULW\SUROHRIORQJWHUPERUURZLQJV
March 2016:
(` Millions)
ERUURZLQJV (Weighted March 31, 2016 Within one %HWZHHQ %HWZHHQ More than
average) year one and WZRDQG YH\HDUV
WZR\HDUV YH\HDUV
INR 378,814 33,622 31,139 104,652 209,401
USD 402,853 22,431 25,900 77,331 277,191
EURO 136,357 943 943 78,247 56,224
Others 41,092 4,375 2,950 33,767 -
Total 959,116 61,371 60,932 293,997 542,816
March 2015:
(` Millions)
ERUURZLQJV (Weighted March 31, 2015 Within one EHWZHHQ %HWZHHQ More than
average) year one and WZRDQG YH\HDUV
WZR\HDUV YH\HDUV
INR 193,837 15,131 23,410 40,610 114,686
USD 349,110 76,996 19,113 72,310 180,691
EURO 135,796 16,982 - 68,791 50,023
Others 67,270 25,743 5,580 35,947 -
Total 746,013 134,852 48,103 217,658 345,400

126-355
G 7KHERUURZLQJVRI` 0QRXWVWDQGLQJDVRI0DUFKFRPSULVLQJYDULRXVORDQVDUHUHSD\DEOHLQ
WRWDOPRQWKO\LQVWDOOPHQWVTXDUWHUO\LQVWDOOPHQWVKDOI\HDUO\LQVWDOOPHQWV\HDUO\LQVWDOOPHQWVDQG
EXOOOHWSD\PHQWVERUURZLQJVRI` 0QRXWVWDQGLQJDVRI0DUFKFRPSULVLQJYDULRXVORDQVDUH
UHSD\DEOHLQWRWDOPRQWKO\LQVWDOOPHQWVTXDWHUO\LQVWDOOPHQWVKDOI\HDUO\LQVWDOOPHQWVDQG\HDUO\
LQVWDOOPHQWVDQGEXOOOHWVSD\PHQWV
H 7KH &RPSDQ\ LVVXHG VHQLRU XQVHFXUHG QRWHV 1RQFRQYHUWLEOH ERQGV RU 1RWHV GXULQJ WKH \HDU HQGHG 0DUFK
DQG%KDUWL$LUWHO,QWHUQDWLRQDO1HWKHUODQGV%9DVXEVLGLDU\RIWKH&RPSDQ\LVVXHGVHQLRUXQVHFXUHG
JXDUDQWHHGQRWHV1RQFRQYHUWLEOHERQGVRU1RWHVGXULQJWKH\HDUHQGHG0DUFK7KH1RWHVLVVXHGE\
%KDUWL$LUWHO,QWHUQDWLRQDO1HWKHUODQGV%9DUHJXDUDQWHHGE\WKH&RPSDQ\
During the year ended March 31, 2016:

Issue price Due in Listed on stock exchange
86'0Q` 63,973 Mn) 2025 Singapore

86'0Q` 58,746 Mn) 2024 Singapore / Frankfurt
(XUR0Q` 60,395 Mn) 2021 Singapore / Frankfurt
I &RQVLGHULQJWKHXWLOLVDWLRQSODQRIWKHH[SHFWHGVDOHFRQVLGHUDWLRQUHFHLYDEOHIURPWKHKLJKO\SUREDEOHIRUHFDVWHG
WUDQVDFWLRQUHODWLQJWRWKHVDOHRIWHOHFRPWRZHUV5HIHU1RWHWKH*URXSKDGUHFODVVLHG`0QIURP
/RQJWHUPERUURZLQJVWR6KRUWWHUPERUURZLQJVDQGFXUUHQWSRUWLRQRIORQJWHUPERUURZLQJVGXULQJWKH\HDU
HQGHG0DUFK
9. Taxes
i) Deferred tax
7KHFRPSRQHQWZLVHEUHDNXSRIGHIHUUHGWD[LVJLYHQEHORZ
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Deferred tax liabilities (net)
a) Deferred tax liability due to
Revenue / rent equalisation 1,207 1,731
b) Deferred tax asset arising out of
Provision for doubtful debts / advances (10,203) (8,409)
)RUHLJQH[FKDQJHGLHUHQFHDQGPDUNWRPDUNHWORVVHV (5,143) (4,693)
Brought forward losses / expenses carried forward (695) (400)
Others (2,172) (2,618)
46,028 25,598
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Deferred tax assets (net)
a) Deferred tax liability due to
Depreciation and amortisation (1,815) (2,380)
Others (137) (146)
b) Deferred tax asset arising out of
Revenue / rent equalisation 537 496
Provision for doubtful debts / advances 1,871 2,241
)RUHLJQH[FKDQJHGLHUHQFHDQGPDUNWRPDUNHWORVVHV 2,513 2,413
Brought forward losses / expenses carried forward 1,157 638
Others 736 576
7,643 4,958

ii) Tax expense 7KH *URXS XVHV YDULRXV SUHPLVHV RQ OHDVH WR LQVWDOO
D 0$7FUHGLWLQFOXGHVFUHGLWRI` 0Q0DUFK LWVHTXLSPHQWV$SURYLVLRQLVUHFRJQLVHGIRUWKHFRVWV
` 0QFXUUHQWWD[LQFOXGHVH[SHQVHRI WREHLQFXUUHGIRUUHVWRUDWLRQRIWKHVHSUHPLVHVDWWKH
` 0Q0DUFKH[SHQVHRI` 0Q HQGRIWKHOHDVHSHULRG,WLVH[SHFWHGWKDWWKLVSURYLVLRQ
DQG GHIHUUHG WD[ LQFOXGHV H[SHQVHV RI ` ZLOO EH XWLOLVHG DW WKH HQG RI WKH OHDVH SHULRG RI WKH
0Q 0DUFK H[SHQVHV RI ` 0Q UHVSHFWLYHVLWHVDVSHUWKHUHVSHFWLYHOHDVHDJUHHPHQWV
UHODWLQJWRHDUOLHU\HDUV 7KHPRYHPHQWRISURYLVLRQLVJLYHQEHORZ
E 'XULQJWKH\HDUHQGHG0DUFKWKH*URXS
(` Millions)
KDGUHFRJQLVHGDGGLWLRQDOWD[FKDUJHRI` 0Q
RQDFFRXQWRIFKDQJHLQWD[UDWHV For the year For the year
ended ended
Particulars
March 31, March 31,
10. Other Long Term Liabilities 2016 2015
(` Millions) Opening balance 15,896 19,438
As of As of Addition (net) 388 (3,542)
Particulars March 31, March 31, Closing balance 16,284 15,896
2016 2015
Security deposit 8,947 8,434
6KRUW7HUP%RUURZLQJV
(` Millions)
Lease rent equalisation 13,039 11,514
As of As of
Equipment supply 264 939 Particulars March 31, March 31,
payable 2016 2015
Others * 5,355 5,106 Secured
45,340 43,919 Loans repayable on
2WKHUV DV RI 0DUFK LQFOXGHV ` 0Q 0DUFK demand
` 0Q SD\DEOH WR 4XDOFRPP $VLD 3DFLF 3WH /LPLWHG WRZDUGV
SXUFKDVHRIEDODQFHHTXLW\VKDUHVXSRQVDWLVIDFWLRQRIFHUWDLQFRQGLWLRQV Cash Credit 513 987
DVSHUWKHVKDUHSXUFKDVHDJUHHPHQWIRUDFTXLVLWLRQRIHUVWZKLOH$LUWHO
%URDGEDQG6HUYLFHV3ULYDWH/LPLWHGIRUPHUO\NQRZDV:LUHOHVV%XVLQHVV Other loans &
6HUYLFHV3ULYDWH/LPLWHG advances
From others 17,165 10,396
11. Long Term Provisions Unsecured
(` Millions) Loans repayable on
As of As of demand
Particulars March 31, March 31, Cash Credit 18,938 13,676
2016 2015 Other loans &
Provision for advances
HPSOR\HHEHQHWV From banks 14,882 45,484
(refer note 38)
From others 5,740 17,595
Provision for gratuity 2,108 1,880
57,238 88,138
Provision for long- 206 194
term service award
2,314 2,074
Other provisions
Provision for 16,284 15,896
asset retirement
obligation
18,598 17,970

126-355
D 'HWDLOVUHODWLQJWRLQWHUHVWUDWHDQGFXUUHQF\RIVKRUWWHUPERUURZLQJV
(` Millions)
Rate of Rate of
&XUUHQF\RI%RUURZLQJV Interest Amount Interest Amount
(Weighted outstanding (Weighted outstanding
average) average)
INR 3,459 10,521
USD 23,114 55,152
Others 30,665 22,465
Total 57,238 88,138
E 7KHERUURZLQJVRI` 0QDVRI0DUFKFRPSULVLQJFDVKFUHGLWIDFLOLWLHVIURPEDQNVZKLFKDUHUHSD\DEOH

RQGHPDQG0DUFK` 0Q%RUURZLQJRI` 0QRXWVWDQGLQJDVRI0DUFKDUHUHSD\DEOH
LQ WRWDO TXDUWHUO\ LQVWDOOPHQWV \HDUO\ LQVWDOOPHQWV DQG EXOOOHWV SD\PHQWV 0DUFK ` 0Q DUH
UHSD\DEOHLQWRWDOTXDUWHUO\LQVWDOOPHQWVKDOI\HDUO\LQVWDOOPHQWV\HDUO\LQVWDOOPHQWVDQGEXOOOHWVSD\PHQWV
F 5HIHU1RWHIRUVHFXULW\GHWDLOVRIWKHERUURZLQJV
13. Trade Payables

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Total outstanding due of micro enterprises and small enterprises * 34 72
Total outstanding due of creditors other than micro enterprises and 174,683 160,702
small enterprises **
174,717 160,774
5HIHUQRWHIRUGHWDLOVRIGXHVWR0LFURDQG6PDOO(QWHUSULVHV
$PRXQWSD\DEOHWRUHODWHGSDUWLHV` 0Q0DUFK` 0QUHIHUQRWH
14. Other Current Liabilities

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Equipment supply payables 106,990 105,208
Payable to others * 94,419 67,408
Current maturities of long-term debt (refer note 8) 31,197 134,195
Current maturities of deferred payment liabilities towards 25,428 -
spectrum(refer note 8)
&XUUHQWPDWXULWLHVRIQDQFHOHDVHREOLJDWLRQVUHIHUQRWH 4,746 657
Interest accrued but not due on borrowings 6,654 6,835
Advance received from customers 2,057 1,946
Other taxes payable * 21,618 15,783
Liability held for sale 1,039 5,445
Unpaid dividends 55 35
Other liabilities# 3,575 1,632
349,766 389,752
3D\DEOHWRRWKHUVDQG2WKHUWD[HVSD\DEOHLQFOXGHSURYLVLRQRI` 0QDVRI0DUFKDQG` 0QDVRI0DUFKWRZDUGVVXE
MXGLFHPDWWHUV
,QFOXGHVOLDELOLW\UHFRJQLVHGUHODWLQJWRGHULYDWLYHQDQFLDOLQVWUXPHQWV

15. Short Term Provisions
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
3URYLVLRQIRUHPSOR\HHEHQHWVUHIHUQRWH
Provision for Gratuity 576 516
Provision for Leave Encashment 1,235 1,159
Total 1,811 1,675
Others
Provision for Income Tax [net of advance tax of ` 6,779 Mn 3,654 6,838
(March 31, 2015 ` 158,414 Mn) and TDS receivable of ` Nil
provided for (March 31, 2015 ` 693 Mn)]
Proposed Dividend 5,436 8,874
Tax on Dividend 1,107 2,591
Others 557 382
10,754 18,685
Total 12,565 20,360
16. Tangible Assets
Particulars Land & Plant & 2SHUDWLQJ2FH Total

Buildings Equipment Other Equipment#
Cost
As of April 1, 2014 21,703 1,203,060 68,831 1,293,594
Additions 1,819 156,357 8,885 167,061
Disposals / adjustments (319) (20,706) (2,596) (23,621)
Currency translation (1,958) (79,117) (10,540) (91,615)
5HFODVVLFDWLRQ@ (12) (2,600) 1,238 (1,374)
As of March 31, 2015 21,233 1,256,994 65,818 1,344,045
Additions 1,027 203,030 14,759 218,816
Acquisitions@@ - 161 1 162
Currency translation 8 3,650 36 3,694
5HFODVVLFDWLRQ@ (551) 745 500 694
As of March 31, 2016 20,924 1,374,687 71,821 1,467,432
Accumulated depreciation
As of April 1, 2014 4,259 524,154 50,069 578,482
Charge ^ 1,034 141,082 12,619 154,735
Currency translation (898) (47,606) (9,361) (57,865)
5HFODVVLFDWLRQ@ (36) (1,108) 862 282
As of March 31, 2015 4,303 597,432 51,798 653,533
Charge ^ 1,488 147,614 10,689 159,791
Currency translation (49) 551 (8) 494
5HFODVVLFDWLRQ@ (14) 17 666 669
As of March 31, 2016 5,488 675,784 53,988 735,260
Net carrying amount
As of April 1, 2014 17,444 678,906 18,762 715,112
As of March 31, 2015 16,930 659,562 14,020 690,512
As of March 31, 2016 15,436 698,903 17,833 732,172
,QFOXGHVIXUQLWXUHDQG[WXUHVYHKLFOHVDQGRWKHUHTXLSPHQW
A,QFOXGHVH[FHSWLRQDOLWHPVRI` 0Q0DUFK` 1LOZLWKUHVSHFWWR3ODQWDQG(TXLSPHQWUHIHUQRWHDQG` 0Q0DUFK
` 0QRQDFFRXQWRIDUUDQJHPHQWVFKHPHVRI%KDUWL,QIUDWHO/LPLWHG
##0DMRUDFTXLVLWLRQVH[SODLQHGLQ1RWH
#5HFODVVLFDWLRQLQFOXGHVUHFODVVEHWZHHQWDQJLEOHDQGLQWDQJLEOHDVVHWV
5HIHUQRWHDQGIRU$52DQGDVVHWVJLYHQRQRSHUDWLQJOHDVHUHVSHFWLYHO\

126-355
)ROORZLQJWDEOHVXPPDULVHVWKHGHWDLORIDVVHWVWDNHQRQQDQFHOHDVH
`0LOOLRQV
Plant and Equipment Other Equipment,
Particulars Period 2SHUDWLQJDQGRFH
equipment
Gross Block As of March 31, 2016 38,188 1,097
As of March 31, 2015 435 831
Accumulated Depreciation As of March 31, 2016 17,521 835
As of March 31, 2015 7 431
Net block As of March 31, 2016 20,667 262
As of March 31, 2015 428 400
Asset held for Sale 'XULQJ WKH \HDU HQGHG 0DUFK DQG 0DUFK
7KH *URXS GHFLGHG WR VHOO DQG OHDVH EDFN D GHGLFDWHG VDOHDQGOHDVHEDFNRIWRZHUVLQ&RQJR*KDQD
SRUWLRQ RI WRZHUV XQGHU ORQJ WHUP OHDVH FRQWUDFWV 8JDQGD1LJHULD=DPELD.HQ\DDQG%XUNLQD)DVRDQG
FRQVLGHUHG DV QDQFH OHDVH LQ 1LJHULD =DPELD 5ZDQGD WRZHUV LQ 5ZDQGD ZDV FRPSOHWHG IRU D FRQVLGHUDWLRQ RI
%XUNLQD )DVR *KDQD .HQ\D 1LJHU 8JDQGD &RQJR ` 0Q DQG ` 0Q UHVSHFWLYHO\ 7KH SRUWLRQ
%UD]]DYLOH DQG 7DQ]DQLD $FFRUGLQJO\ RQ WKH EDVLV RI OHDVHG EDFN FODVVLHG DV QDQFH OHDVH UHSUHVHQWLQJ WKH
DSSURYDOE\WKHUHVSHFWLYH%RDUGRI'LUHFWRUVWKH*URXSKDV WHFKQLFDO FDSDFLWLHV RI WKH GHGLFDWHG SDUW RI WKH WRZHUV
FODVVLHG WKH DVVHWV DQG DVVRFLDWHG OLDELOLWLHV FROOHFWLYHO\ RQ ZKLFK &RPSDQ\V HTXLSPHQW DUH ORFDWHG KDV EHHQ
UHIHUUHGWRDVGLVSRVDOJURXSWKDWDUHSDUWRIWKHVDOHDQG UHWDLQHG DW WKH FDUU\LQJ YDOXH RI ` 0Q DQG `
ZLOOQRWEHOHDVHGEDFNDVKHOGIRUVDOH7KHFRPSOHWLRQRI 0Q UHVSHFWLYHO\ GXULQJ WKH \HDU HQGHG 0DUFK
WKH WUDQVDFWLRQV LV VXEMHFW WR FHUWDLQ FXVWRPDU\ FORVLQJ DQG 0DUFK DQG WKH QDQFH OHDVH REOLJDWLRQ KDV
FRQGLWLRQVDQGLVH[SHFWHGWREHFRPSOHWHGZLWKLQDSHULRG EHHQUHFRUGHGDW`0QDQG`0QUHVSHFWLYHO\
RIRQH\HDUIURPWKHGDWHRIFODVVLFDWLRQDVKHOGIRUVDOH GXULQJWKH\HDUHQGHG0DUFKDQG0DUFK
EHLQJWKHIDLUYDOXHRIWKHOHDVHGEDFNSRUWLRQ$FFRUGLQJO\
3ODQWDQGPDFKLQHU\LQFOXGHVJURVVEORFNRIDVVHWKHOGIRU
WKHJDLQRQWKHSRUWLRQVROGDQGQRWOHDVHGEDFNDPRXQWLQJ
sale ` 0QDQG` 0QDVRI0DUFK
to `0QDQG`0QUHVSHFWLYHO\GXULQJWKH\HDU
DQG 0DUFK UHVSHFWLYHO\ DQG WKH FRUUHVSRQGLQJ
HQGHG 0DUFK DQG 0DUFK KDV EHHQ
DFFXPXODWHGGHSUHFLDWLRQIRUWKHUHVSHFWLYH\HDUV`
UHFRJQLVHGLQWKHVWDWHPHQWRISURWDQGORVVDQGGLVFORVHG
Mn and ` 0Q
DVDQH[FHSWLRQDOLWHP
/DQGDQG%XLOGLQJVLQFOXGHVJURVVEORFNRIDVVHWKHOGIRU
sale ` 1LODQG` 0QDVRI0DUFKDQG0DUFK
UHVSHFWLYHO\

17. i) Intangible Assets
(` Millions)
6RIWZDUH %DQGZLGWK *RRGZLOO Licenses Other Total
Particulars (including acquired
Spectrum) intangibles
Cost
As of April 1, 2014 15,201 11,964 421,643 209,205 70 658,083
Additions 1,703 3,207 - 137,198 3,217 145,325
Disposals / adjustments * (22) - - (4,293) - (4,315)
Currency translation (121) 18 (53,531) (7,386) (389) (61,409)
5HFODVVLFDWLRQ@@ (33) 1,382 - (3) 28 1,374
As of March 31, 2015 16,728 16,571 368,112 334,721 2,926 739,058
Additions 3,439 3,244 - 377,654 70 384,407
Acquisitions@ - - 330 - 128 458
Disposals / adjustments* (4,295) - - (15,130) (143) (19,568)
Currency translation 103 72 12,880 3,532 (82) 16,505
5HFODVVLFDWLRQ@@ (706) 12 - - - (694)
As of March 31, 2016 15,269 19,899 381,322 700,777 2,899 1,120,166
Accumulated Amortisation
As of April 1, 2014 11,575 2,790 109,676 41,557 22 165,620
Charge 2,773 908 26,772 15,452 509 46,414
Disposals / adjustments* - - - (4,140) 7 (4,133)
Currency translation (97) 87 (16,115) (4,878) (396) (21,399)
5HFODVVLFDWLRQ@@ 50 122 - (5) 115 282
As of March 31, 2015 14,301 3,907 120,333 47,986 257 186,784
Charge 2,841 1,207 25,042 29,023 876 58,989
Disposals / adjustments* (4,295) - - (15,130) (119) (19,544)
Currency translation 103 164 4,582 2,064 (87) 6,826
5HFODVVLFDWLRQ@@ (681) 12 - - - (669)
As of March 31, 2016 12,269 5,290 149,957 63,943 927 232,386
Net Carrying Amount
As of April 1, 2014 3,626 9,174 311,967 167,648 48 492,463
As of March 31, 2015 2,427 12,664 247,779 286,735 2,669 552,274
As of March 31, 2016 3,000 14,609 231,365 636,834 1,972 887,780
*URVVEORFNDQGDFFXPXODWHGDPRUWLVDWLRQRIOLFHQVHVLQFOVSHFWUXPDQG6RIWZDUHKDYHEHHQRVHWXSRQEHLQJIXOO\DPRUWLVHG
#0DMRUDFTXLVLWLRQVH[SODLQHGLQ1RWH
##5HFODVVLFDWLRQLQFOXGHVUHFODVVEHWZHHQLQWDQJLEOHDQGWDQJLEOHDVVHWV
%RUURZLQJFRVWFDSLWDOLVHGGXULQJWKH\HDUHQGHG0DUFKZDV` 0Q0DUFK` 0Q
(ii) Intangible Assets Under Development

,QWDQJLEOHDVVHWVXQGHUGHYHORSPHQWLQFOXGHVWKHDPRXQWRIVSHFWUXPDOORWWHGWRWKH*URXSDQGUHODWHGFRVWVLQFOXGLQJ
ERUURZLQJFRVWVFDSLWDOLVHGLIDQ\IRUZKLFKVHUYLFHVDUH\HWWREHUROOHGRXW

126-355
18. Non-current Investments
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Trade investments (Un-quoted)
Investment in equity instruments
IFFCO Kissan Sanchar Limited : 100,000 Equity Shares of ` 10 50 50
each fully paid up
Investment in preference share
Tube INC (Data Mi) : 4,947,871 (March 31,2015- Nil) non 302 -
cumulative convertible preference shares 4,947,871 @
(XURHDFK
Investment in Associates
Indo Teleports Limited (formerly known as Bharti Teleports
Limited) Nil (March 31, 2015 - 11,270,000 Equity shares of
` 10 each fully paid up)
Original Cost - 113
Accumulated loss - (113)
Tanzania Telecommunications Company Limited -
102,852,615 Equity shares of Tanzanian shilling 1,000 each
fully paid up
Original Cost 1,972 1,972
Accumulated loss (1,972) (1,972)
Seychelles Cable Systems Company Limited 260 Equity
shares of Seychelles Rupee 100 each fully paid up
Original Cost 220 220
Accumulated loss (220) (220)
Other investments
Investment in equity instruments (Un-quoted)
Greenenergy Wind Corporation Pvt Ltd : 41,535 (March 31, 4 -
2015- Nil) ordinary shares ` 10 each fully paid up
Investment in mutual funds (Quoted) 20,753 27,382
Investment in bonds (Quoted) 3,214 -
Investment in Government Securities (Un-quoted)
1DWLRQDO6DYLQJV&HUWLFDWHXQLWV 2 2
24,325 27,434
Aggregate value of Unquoted Investments - Cost 357 52
Aggregate value of Quoted Investments - Cost 23,967 27,382
Aggregate Market value of Quoted Investments 28,094 31,260
Aggregate provision for diminution in value of investments - -

'HWDLOVRI,QYHVWPHQWVLQPXWXDOIXQGVDUHSURYLGHGEHORZ
Particulars
1RRI8QLWV Amount 1RRI8QLWV Amount
Birla Sun Life Income Plus - Growth Regular Plan 81,531,569 4,488 81,531,569 4,488
Birla Sun Life Short Term Opportunities Fund - Growth- - - 86,393,736 1,730
Regular Plan
DSP Black Rock Strategic Bond Fund-Institutional Plan- 1,082,504 1,499 1,745,815 2,500
Growth
HDFC Income Fund Growth 104,051,219 2,897 104,051,219 2,897
Franklin India Income Opportunities Fund 50,660,486 800 - -
ICICI Prudential Income -Regular Plan - Growth 45,694,326 1,753 45,694,326 1,753
BOI AXA Corporate Credit Spectrum Fund - Regular Plan 25,000,000 250 - -
IDFC Super Saver Income Fund-Investment Plan-Growth- 85,232,890 2,497 85,232,890 2,497
(Regular Plan)
JPMorgan India Active Bond Fund Retail Plan Growth - - 47,044,600 623
Option
Kotak Bond Scheme Plan A-Growth - Regular Plan 36,212,982 1,278 36,212,982 1,278
Reliance Income Fund Growth Plan - Growth Option 65,982,324 2,648 65,982,324 2,648
Templeton India Income Builder Account Plan A - Growth - - 48,224,495 1,999
UTI Bond Fund - Growth 41,865,468 1,536 74,936,438 2,749
BOI AXA Corporate Credit Spectrum Fund - Regular Plan - - 25,000,000 250
Reliance Regular Savings Fund - Debt Plan - Growth Plan - - 66,227,040 1,170
- Growth Option
Franklin India Income Builder Account - Plan A 26,698,497 1,107 50,660,486 800
564,012,265 20,753 818,937,920 27,382
Details of investments in bonds are provided below:

Particulars
No. of Units Amount
3RZHU)LQDQFH&RUSRUDWLRQ/WG<HDUERQG# 350 351
5XUDO(OHFWULFDWLRQ&RUSRUDWLRQ/WG<HDUERQG# 150 151
HDFC Bond (Taxable) 70 699
NHAI Tax Free Bond 500 500
173&<HDUERQG# 300 300
+8'&2<HDUERQG# 200,000 213
IRFC Tax Free Bond 1,000 1,000
202,370 3,214

126-355
19. Long-term Loans and Advances
(` Millions)
Unsecured
Capital Advances
Considered good* 40,908 48,833
Considered doubtful 553 491
Less: Provision for doubtful advances (553) 40,908 (491) 48,833
Security Deposit
Considered good** 12,548 11,310
Considered doubtful 1,123 620
Less: Provision for doubtful deposit (1,123) 12,548 (620) 11,310
Loans and advances to related parties (refer note 40) - 466
MAT credit entitlement #
56,289 38,653
109,745 99,262
,QFOXGHVDGYDQFHSD\PHQWVRI` 0DUFK` 0QWRZDUGVVSHFWUXP
,QFOXGHVVHFXULW\GHSRVLWDGYDQFHZLWKWRUHODWHGSDUWLHV`0Q0DUFK`0QUHIHUQRWH
0$7FUHGLWXWLOLVDWLRQRI`1LO0DUFKUHYHUVDORI0$7FUHGLWXWLOLVDWLRQRI`0QDGMXVWHGZLWKSURYLVLRQIRUWD[
20. Other Non-current Assets

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Deposits (refer note 24) 15,643 11,358
Advances * 29,365 27,001
Revenue equalisation 10,252 10,986
Unamortised upfront fees and Deferred Premium 3,865 4,287
Receivable in respect of tower sale 10,658 -
Others 1,678 2,985
71,461 56,616
$GYDQFHVUHSUHVHQWSD\PHQWVPDGHWRYDULRXV*RYHUQPHQWDXWKRULWLHVXQGHUSURWHVWDQGDUHGLVFORVHGQHWRISURYLVLRQRI` 0Q0DUFK
` 0Q
21. Current Investments

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
&XUUHQWLQYHVWPHQWVDWORZHURIFRVWDQGIDLUPDUNHWYDOXH
Investment in Mutual Funds (Quoted) 10,863 80,069
Investment in Mutual Funds (Un-quoted) 1,134 -
Investment in Deposits and Bonds (Un-quoted) 2,854 17
14,851 80,086
Aggregate value of Unquoted Investments 3,988 17
Aggregate value of Quoted Investments 10,863 80,069
$JJUHJDWH0DUNHW9DOXHRI4XRWHG,QYHVWPHQWV 16,149 83,996

'HWDLOVRILQYHVWPHQWVDUHSURYLGHGEHORZ
Particulars 1RRI
Amount 1RRI8QLWV Amount
Units)
Investment in Mutual Funds (Quoted)
Axis Liquid Fund - Growth - - 650,426 1,000
L&T Liquid Fund - Growth - - 1,104,487 2,105
HDFC Liquid Fund - Premium Plan - Growth - - 31,886,747 872
HDFC Cash management Fund saving Plan Growth - - 82,662,081 2,400
ICICI Prudential Institutional Liquid Plan - Super - - 14,605,888 3,000
Institutional Growth
IDFC Cash Fund - Growth-(Regular Plan) - - 2,647,900 4,453
JM High Liquidity Fund - Growth Option - - 117,989,703 4,466
JP Morgan India Liquid Fund Super Institutional - - 69,186,380 1,250
Growth
Kotak Floater Short Term - Growth - - 1,812,276 4,120
Kotak Liquid Scheme Plan A - Growth - - 343,026 966
Pramerica Liquid Fund - Growth - - 412,450 609
Reliance Liquidity Fund-Growth Option - - 242,935 508
Reliance Liquid Cash Plan Growth Option Fund - - 293,865 1,000
Religare Liquid Fund - Super Institutional Growth - - 943,091 1,800
Tata Liquid Fund Plan A - Growth - - 1,016,663 2,600
Tata Money Market Fund Plan A - Growth - - 1,742,473 3,801
SBI Premier Liquid Fund - Direct Plan - Growth - - 454,995 1,000
SBI Megnum Insta Cash Fund - - 573,778 1,770
Principal Cash Management - Regular Plan - Growth - - 1,717,915 2,311
Sundram Money Fund - - 56,132,271 1,650
Taurus Mutual Fund - - 1,903,627 2,835
Franklin India Treasury Management Account - - 400,595 828
LIC NOMURA MF Liquid Fund - Growth Plan - - 733,879 1,850
JM Liquid Fund - - 210,444 8
Kotak Floater ST Plan - - 56,057 128
TATA Money Market Fund Plan A - - 52,954 116
TATA Liquid Fund Plan A - - 27,675 71
Religare Invesco Liquid Fund- Growth Plan - - 27,668 50
JM High Liquidity Fund- Growth option - - 3,030,950 108
ICICI Prudential Savings Fund- Regular Plan -Growth - - 1,031,452 210
ICICI Prudential Liquid - Regular Plan - Growth - - 26,874 5
DWS Ultra Short Term Fund- Growth - - 30,821,770 500
Birla Sun Life Cash Manager - Growth - Regular Plan - - 607,642 200
Birla Sun Life Floating Rate Fund Short Term Plan- - - 216,825 40
Growth - Regular Plan

126-355
Particulars 1RRI
Amount 1RRI8QLWV Amount
Units)
Birla Sun Life Income Plus- Growth Regular Plan 23,775,009 1,260 58,818,759 3,117
HDFC Income Fund Growth 46,967,635 1,265 68,876,846 1,856
HDFC Short Term Plan-Dividend - - 18,306,435 500
Birla Sun Life Treasury Optimizer Plan - Growth - - 2,909,807 500
Regular Plan
HDFC HIF STP - Growth - - 43,115,259 1,070
UTI Short Term Income Fund Institutional Option - - - 30,042,480 500
Growth
ICICI Prudential Short Term - Regular Plan - Growth 96,811,536 3,587 17,618,475 500
Religare Invesco Short Term Fund - Growth - - 631,432 1,070
Religare Invesco Ultra Short Term Fund - Growth - - 263,235 500
SBI Magnum Income Fund - Regular Plan - Growth - - 32,485,568 1,000
Sundaram Ultra Short Term Fund Regular Growth - - 10,541,073 200
ICICI Prudential Money Market Fund - Direct Plan - - - 2,068,170 400
Growth
ICICI Prudential Liquid - Direct Plan - Growth - - 5,315,317 1,100
IDFC Dynamic Bond Fund - Growth Regular Plan - - 29,627,698 500
IDFC Dynamic Bond Fund - Growth Regular Plan - - 52,199,311 865
IDFC Super Saver Income Fund-Investment Plan- 34,149,368 1,002 34,149,368 1,001
Growth - Regular Plan
Kotak Liquid Scheme Plan A - Direct Plan - Growth - - 387,765 1,100
Reliance Liquid Fund - Cash Plan - Growth Option - - - 181,226 400
Growth Plan
Reliance Liquid Fund - Treasury Plan - Direct Plan - - - 308,049 1,050
Growth Plan - Growth Option
Reliance Money Manager Fund - Growth Plan - - 265,208 500
Growth Option
ICICI Prudential Flexible Income - Regular Plan - - - 1,534,000 400
Growth
Birla Sun Life Floating Rate Fund Short Term Plan - - - 5,909,931 1,100
*URZWK'LUHFW3ODQ
AXIS Banking Debt Fund - Growth (BD-GP) - - 197,482 250
Kotak Bond Scheme Plan A-Growth - Regular Plan 82,688,429 2,799 118,736,484 4,019
SBI Dynamic Bond Fund- Regular Growth - - 137,780,607 2,021
Franklin India Income Opportunities Fund - - 50,465,370 666
ICICI Prudential Income Regular Plan-Growth - - 115,575,705 4,282
ICICI Prudential Short Term - Regular Plan - Growth - - 30,176,155 849
JM High Liquidity Fund - Growth Option - - 1,582,314 59
Principal Cash Management Fund - Regular Plan - - 47,708 64
Growth
ICICI Prudential Money Market Fund - Growth 4,546,492 950 - -
Total 288,938,469 10,863 1,295,684,999 80,069

Particulars
No. of Units Amount
Investments in Mutual Funds (Unquoted)
Birla Sun life Cash Plus Growth Direct Plan 863,916 210
ICICI Prudential Liquid - Direct Plan Growth mutual fund 187,423 42
Reliance Liquid Fund-Treasury Plan Direct Plan - Growth Plan-Growth 73,952 273
Option-LFAG
Kotak Liquid Scheme Plan A Direct Plan - Growth 82,064 252
SBI Premier Liquid Fund Direct Plan - Growth 35,326 84
HDFC Cash Management Fund Saving Plan Growth 91,376 273
Total 1,334,057 1,134

Particulars
No. of Units Amount No. of Units Amount
Investment in Deposits and Bonds (Unquoted)
HDFC Bank Limited 18,500 1,847 - -

AXIS Bank Limited 10,000 999 - -
India Innovation Fund 76 8 70 7
5(&6HFXUHG%RQGV - - 10 10
Total 28,576 2,854 80 17
,QYHQWRULHVYDOXHGDWORZHURIFRVWDQGQHWUHDOLVDEOHYDOXH

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Stock-In-Trade* 1,691 1,339
Total 1,691 1,339
1HWRISURYLVLRQIRUGLPLQXWLRQLQYDOXH` 0Q0DUFK`0Q
23. Trade Receivables

(` Millions)
8QVHFXUHGXQOHVVVWDWHGRWKHUZLVH
Receivables outstanding for a period
exceeding six months
Considered doubtful 26,613 17,173
Less: Provision for doubtful receivables (26,613) 5,843 (17,173) 6,127
Others
Less: Provision for doubtful receivables (8,719) 52,838 (13,009) 45,945
58,681 52,072
7UDGHUHFHLYDEOH,QFOXGHDPRXQWUHFHLYDEOHIURPUHODWHGSDUW\` 0Q0DUFK` 0QUHIHUQRWH

126-355
24. Cash and Bank Balances
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Cash and cash equivalents
Balances with banks
- On current accounts 14,999 7,734
- Deposits with original maturity of three months or less 20,792 2,850
- On unpaid dividend account 55 35
Cheques on hand 184 425
Cash on hand 808 931
36,838 11,975
Other bank balances
Bank deposits with remaining maturity of less than twelve months 14,550 8,856
Bank deposits with more than twelve months 7 6
Margin money deposit 15,636 11,352
30,193 20,214
Less: Amount disclosed under non-current assets (refer note 20) 15,643 11,358
51,388 20,831
25. Short-term Loans and Advances

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Unsecured, considered good unless
VWDWHGRWKHUZLVH
Advances recoverable in cash or kind
Less: Provision for doubtful advances (2,785) 39,418 (3,658) 24,416
Balances with customs, excise and other 16,517 13,409
authorities
Loans and advances to related parties - 1,117 722
refer note 41
Advance Tax [net of provision for tax of 8,433 5,988
` 213,139 Mn (March 31, 2015,
` 25,454 Mn) and tds receivable of
` 1,050 Mn Provided for (March 31, 2015,
` 46 Mn)]
65,485 44,535
26. Other Current Assets

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
8QVHFXUHGFRQVLGHUHGJRRGXQOHVVVWDWHGRWKHUZLVH
Unbilled revenue 8,828 12,583
Unamortised upfront fees and deferred premium 4,999 831
Revenue equalisation 1,780 1,099
Others 362 5,768
15,969 20,281

27. Commitments and Contingent Liabilities
(i) Commitments
a. Capital commitments
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Contracts placed for future capital expenditure not provided for in
74,061 343,859
WKHQDQFLDOVWDWHPHQWVUHIHUQRWHD
7KHDERYHLQFOXGHV` 0QDVRI0DUFK`0QDVRI0DUFKSHUWDLQLQJWRFHUWDLQ
RXWVRXUFLQJ DJUHHPHQWV XQGHU ZKLFK WKH YHQGRU VXSSOLHV DVVHWV DV ZHOO DV VHUYLFHV WR WKH *URXS 7KH DPRXQW
UHSUHVHQWVWRWDOPLQLPXPFRPPLWPHQWRYHUWKHXQH[SLUHGSHULRGRIWKHFRQWUDFWVXSWRYH\HDUVIURPWKHUHSRUWLQJ
GDWHVLQFHLWLVQRWSRVVLEOHIRUWKH*URXSWRGHWHUPLQHDOORFDWLRQEHWZHHQDVVHWVDQGVHUYLFHVWREHSURYLGHGRYHU
WKH XQH[SLUHG SHULRG RI WKH FRQWUDFW +RZHYHU WKH DFWXDO FKDUJHV SD\PHQWV PD\ H[FHHG WKH DERYH PHQWLRQHG
PLQLPXPFRPPLWPHQWEDVHGRQWKHWHUPVRIWKHDJUHHPHQWV
,QDGGLWLRQWRWKHDERYHWKH*URXSVVKDUHRIMRLQWYHQWXUHVDQGDVVRFLDWHVFDSLWDOFRPPLWPHQWVLV`0QDQG
` 0QDVRI0DUFKDQG0DUFKUHVSHFWLYHO\
b. Guarantees
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Financial bank guarantees* 106,255 109,395
Guarantees to third parties - 3,130
* The Company has issued corporate guarantees of ` 4,152 Mn and ` 3,365 Mn as of March 31, 2016 and March 31, 2015 respectively, to banks
DQGQDQFLDOLQVWLWXWLRQVIRULVVXLQJEDQNJXDUDQWHHVRQEHKDOIRIWKH*URXSFRPSDQLHVDWQRFRVWWRWKHODWWHU
$OVRLWLQFOXGHVFHUWDLQQDQFLDOEDQNJXDUDQWHHVZKLFKKDYHEHHQJLYHQIRUVXEMXGLFHPDWWHUVDQGLQFRPSOLDQFH
with licensing conditions, the amount with respect to these have been disclosed under capital commitments,
FRQWLQJHQFLHVDQGQDQFLDOOLDELOLWLHVDVDSSOLFDEOHLQFRPSOLDQFHZLWKWKHDSSOLFDEOHDFFRXQWLQJVWDQGDUGV
(ii) Contingencies
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
(i) Taxes, Duties and Other demands
(under adjudication / appeal / dispute)
-Sales tax and Service Tax 40,214 38,225
-Income Tax 19,746 20,130
-Customs Duty 6,601 6,136
-Entry Tax 8,201 6,957
-Stamp Duty 596 603
-Municipal Taxes 1,114 863
-DoT demands * 5,273 5,020
-Other miscellaneous demands 7,105 2,133
(ii) Claims under legal cases including arbitration matters
-Access Charges / Port Charges 8,761 7,443
-Others 4,370 5,703
Total 101,981 93,213
LQDGGLWLRQUHIHU1RWHIYIYLIYLLDQGIYLLLEHORZIRURWKHU'R7PDWWHUV

126-355
,QDGGLWLRQWRWKHDERYHWKH*URXSVVKDUHRIMRLQWYHQWXUHV RUGHUVWDWLQJWKDWRQO\WKHDGPLWWHGDPRXQWVEDVHGRQ
FRQWLQJHQW OLDELOLWLHV LV ` 0Q DQG ` 0Q DV RI WKHUHJXODWLRQVZRXOGQHHGWREHSDLGE\WKH&RPSDQ\
0DUFKDQG0DUFKUHVSHFWLYHO\ 7KH QDO RUGHU ZDV DOVR SDVVHG LQ RXU IDYRXU %61/
KDV FKDOOHQJHG WKH VDPH LQ +RQEOH 6XSUHPH &RXUW
7KH FRQWLQJHQW OLDELOLWLHV PHQWLRQHG LQ WKH WDEOH DERYH
+RZHYHUQRVWD\KDVEHHQJUDQWHG
UHSUHVHQW GLVSXWHV ZLWK YDULRXV JRYHUQPHQW DXWKRULWLHV LQ
WKH UHVSHFWLYH MXULVGLFWLRQ ZKHUH WKH RSHUDWLRQV DUH EDVHG ,QDQRWKHUSURFHHGLQJZLWKUHVSHFWWR'LVWDQFH%DVHG
DQGLWLVQRWSRVVLEOHIRUWKH*URXSWRSUHGLFWWKHWLPLQJRI &DUULDJH&KDUJHVWKH+RQEOH7'6$7LQLWVRUGHUGDWHG
QDORXWFRPHRIWKHVHFRQWLQJHQWOLDELOLWLHV 0D\DOORZHG%61/DSSHDOSUD\LQJWRUHFRYHU
%DVHG RQ WKH &RPSDQ\V HYDOXDWLRQ LW EHOLHYHV WKDW LW LV GLVWDQFHEDVHGFDUULDJHFKDUJHV2QOLQJRIDSSHDOE\
QRW SUREDEOH WKDW WKH FODLP ZLOO PDWHULDOLVH IRU WKH FDVHV WKH7HOHFRP2SHUDWRUV+RQEOH6XSUHPH&RXUWDVNHG
GLVFXVVHG EHORZ DQG WKHUHIRUH QR SURYLVLRQ KDV EHHQ WKH 7HOHFRP 2SHUDWRUV WR IXUQLVK GHWDLOV RI GLVWDQFH
UHFRJQLVHG EDVHGFDUULDJHFKDUJHVRZHGE\WKHPWR%61/)XUWKHU
LQ D VXEVHTXHQW KHDULQJ KHOG RQ $XJXVW
a) Sales tax and Service Tax +RQEOH6XSUHPH&RXUWVRXJKWWKHTXDQWXPRIDPRXQW
7KHFODLPVIRUVDOHVWD[DVRI0DUFKDQGDV LQGLVSXWHIURPDOOWKHRSHUDWRUVDVZHOODV%61/DQG
RI0DUFKFRPSULVHGRIFDVHVUHODWLQJWRWKH GLUHFWHG ERWK %61/ DQG 3ULYDWH WHOHFRP RSHUDWRUV WR
DSSURSULDWHQHVVRIGHFODUDWLRQVPDGHE\WKH&RPSDQ\ IXUQLVK &DOO 'DWD 5HFRUGV &'5V WR 75$, 7KH &'5V
XQGHUUHOHYDQWVDOHVWD[OHJLVODWLRQZKLFKZDVSULPDULO\ KDYHEHHQIXUQLVKHGWR75$,
SURFHGXUDO LQ QDWXUH DQG WKH DSSOLFDEOH VDOHV WD[ RQ
GLVSRVDOV RI FHUWDLQ SURSHUW\ DQG HTXLSPHQW LWHPV ,QDQRWKHULVVXHZLWKUHVSHFWWR3RUW&KDUJHVLQ
3HQGLQJ QDO GHFLVLRQV WKH &RPSDQ\ KDV GHSRVLWHG 75$, KDG SUHVFULEHG VODE EDVHG UDWH RI SRUW FKDUJHV
DPRXQWVZLWKVWDWXWRU\DXWKRULWLHVIRUFHUWDLQFDVHV SD\DEOHE\SULYDWHRSHUDWRUVZKLFKZHUHVXEVHTXHQWO\
UHGXFHG LQ WKH\HDU E\ 75$, 2Q %61/V DSSHDO
)XUWKHULQWKH6WDWHRI- .WKH&RPSDQ\KDVGLVSXWHG
7'6$7 SDVVHG LWV MXGJHPHQW LQ IDYRXU RI %61/ DQG
WKHOHY\RI*HQHUDO6DOHV7D[RQLWVWHOHFRPVHUYLFHVDQG
KHOG WKDW WKH SUH UDWHV VKDOO EH DSSOLFDEOH
WRZDUGVZKLFKWKH&RPSDQ\KDVUHFHLYHGDVWD\IURP
SURVSHFWLYHO\ IURP 0D\ 7KH UDWHV ZHUH
WKH+RQEOH- .+LJK&RXUW7KHGHPDQGVUHFHLYHGWR
IXUWKHUUHYLVHGGRZQZDUGVE\75$,LQ2Q%61/V
GDWHKDYHEHHQGLVFORVHGXQGHUFRQWLQJHQWOLDELOLWLHV
DSSHDO7'6$7GHFOLQHGWRVWD\WKHUHYLVHG5HJXODWLRQ
7KH VHUYLFH WD[ GHPDQGV DV RI 0DUFK DQG
)XUWKHUWKH+RQEOH6XSUHPH&RXUWYLGHLWVMXGJHPHQW
0DUFK UHODWH WR FHQYDW FODLPHG RQ WRZHU
GDWHG 'HFHPEHU SDVVHG LQ DQRWKHU PDWWHU
DQG UHODWHG PDWHULDO OHY\ RI VHUYLFH WD[ RQ 6,0 FDUGV
FHQYDW FUHGLW GLVDOORZHG IRU SURFHGXUDO ODSVHV DQG KHOG WKDW 75$, LV HPSRZHUHG WR LVVXH UHJXODWLRQV RQ
LQDGPLVVLELOLW\ RI FUHGLW GLVDOORZDQFH RI FHQYDW FUHGLW DQ\PDWWHUXQGHU6HFWLRQERI75$,$FWDQGWKH
XVHGLQH[FHVVRIOLPLWDQGVHUYLFHWD[GHPDQGRQ VDPHFDQQRWEHFKDOOHQJHGEHIRUH7'6$7$FFRUGLQJO\
HPSOR\HHWDONWLPH DOO PDWWHUV UDLVHG EHIRUH 7'6$7 ZKHUHLQ 7'6$7 KDG
LQWHUIHUHG LQ $SSHDO DQG SDVVHG MXGJHPHQWV GR
b) Income Tax demand QRW KDYH DQ\ VLJQLFDQFH +RZHYHU SDUWLHV FDQ OH
,QFRPH WD[ GHPDQGV XQGHU DSSHDO PDLQO\ LQFOXGHG :ULW 3HWLWLRQV EHIRUH +LJK &RXUW FKDOOHQJLQJ VXFK
WKHDSSHDOVOHGE\WKH*URXSEHIRUHYDULRXVDSSHOODWH UHJXODWLRQV
DXWKRULWLHV DJDLQVW WKH GLVDOORZDQFH E\ LQFRPH WD[
DXWKRULWLHV RI FHUWDLQ H[SHQVHV EHLQJ FODLPHG QRQ 7KH&RPSDQ\EHOLHYHVWKDWWKHDERYHVDLGMXGJHPHQW
GHGXFWLRQ RI WD[ DW VRXUFH ZLWK UHVSHFW WR GHDOHUV KDVIXUWKHUVWUHQJWKHQHGWKHSRVLWLRQRIWKH&RPSDQ\
GLVWULEXWRUV PDUJLQ DQG QRQGHGXFWLRQ RI WD[ RQ RQPDQ\LVVXHVZLWKUHVSHFWWR5HJXODWLRQVZKLFKKDG
SD\PHQWVWRLQWHUQDWLRQDORSHUDWRUVIRUDFFHVVFKDUJHV EHHQLQLWVIDYRXUDQGLPSXJQHGEHIRUH7'6$7
HWF d) Customs Duty
c) Access charges (Interconnect Usage Charges) / 7KH FXVWRP DXWKRULWLHV LQ VRPH VWDWHV GHPDQGHG
Port charges FXVWRP GXW\ IRU WKH LPSRUWV RI VSHFLDO VRIWZDUH RQ
,QWHUFRQQHFW FKDUJHV DUH EDVHG RQ WKH ,QWHUFRQQHFW WKH JURXQG WKDW WKLV ZRXOG IRUP SDUW RI WKH KDUGZDUH
8VDJH &KDUJHV ,8& DJUHHPHQWV EHWZHHQ WKH DORQJ ZLWK ZKLFK WKH VDPH KDV EHHQ LPSRUWHG 7KH
RSHUDWRUV DOWKRXJK WKH ,8& UDWHV DUH JRYHUQHG E\ YLHZ RI WKH &RPSDQ\ LV WKDW VXFK LPSRUWV VKRXOG QRW
WKH ,8& JXLGHOLQHV LVVXHG E\ 75$, %61/ KDV UDLVHG D EHVXEMHFWWRDQ\FXVWRPGXW\DVLWZRXOGEHRSHUDWLQJ
GHPDQGUHTXLULQJWKH&RPSDQ\WRSD\WKHLQWHUFRQQHFW VRIWZDUH H[HPSW IURP DQ\ FXVWRP GXW\ ,Q UHVSRQVH
FKDUJHVDWWKHUDWHVFRQWUDU\WRWKHUHJXODWLRQVLVVXHG WR WKH DSSOLFDWLRQ OHG E\ WKH &RPSDQ\ WKH +RQEOH
E\ 75$, 7KH &RPSDQ\ OHG D SHWLWLRQ DJDLQVW WKDW &(67$7 KDV SDVVHG DQ RUGHU LQ IDYRXU RI WKH FXVWRP
GHPDQG ZLWK WKH 7HOHFRP 'LVSXWHV 6HWWOHPHQW DQG DXWKRULWLHV 7KH &RPSDQ\ KDV OHG DQ DSSHDO ZLWK
$SSHOODWH7ULEXQDO7'6$7ZKLFKSDVVHGDVWDWXVTXR +RQEOH6XSUHPH&RXUWDJDLQVWWKH&(67$7RUGHU

e) Entry Tax LY 'R7 GHPDQGV DOVR LQFOXGH SHQDOW\ IRU DOOHJHG
,Q FHUWDLQ VWDWHV DQ HQWU\ WD[ LV OHYLHG RQ UHFHLSW RI IDLOXUH WR PHHW WKH SURFHGXUDO UHTXLUHPHQW IRU
PDWHULDOIURPRXWVLGHWKHVWDWH7KLVSRVLWLRQKDVEHHQ VXEPLVVLRQRI(0)UDGLDWLRQVHOIFHUWLFDWLRQ
FKDOOHQJHG E\ WKH &RPSDQ\ LQ WKH UHVSHFWLYH VWDWHV
7KHPDWWHUVVWDWHGDERYHDUHEHLQJFRQWHVWHGE\WKH
RQWKHJURXQGVWKDWWKHVSHFLFHQWU\WD[LVXOWUDYLUHV
&RPSDQ\ DQG EDVHG RQ OHJDO DGYLFH WKH &RPSDQ\
WKH &RQVWLWXWLRQ &ODVVLFDWLRQ LVVXHV KDYH DOVR EHHQ
EHOLHYHV WKDW LW KDV FRPSOLHG ZLWK DOO OLFHQVH UHODWHG
UDLVHG ZKHUHE\ LQYLHZ RI WKH &RPSDQ\ WKH PDWHULDO
UHJXODWLRQV DV DQG ZKHQ SUHVFULEHG DQG GRHV QRW
SURSRVHGWREHWD[HGLVQRWFRYHUHGXQGHUWKHVSHFLF
H[SHFWDQ\ORVVUHODWLQJWRWKHVHPDWWHUV
FDWHJRU\
,QDGGLWLRQWRWKHDPRXQWVGLVFORVHGLQWKHWDEOHDERYH
f) Department of Telecommunications (DoT)
WKH FRQWLQJHQW OLDELOLW\ RQ 'R7 PDWWHUV LQFOXGHV WKH
Demands
IROORZLQJ
L 'R7 GHPDQGV LQFOXGH GHPDQGV UDLVHG IRU
FRQWHQWLRXV PDWWHUV UHODWLQJ WR FRPSXWDWLRQ RI Y 3RVW WKH +RQEOH 6XSUHPH &RXUW -XGJHPHQW RQ
OLFHQVHIHHVDQGVSHFWUXPFKDUJHV 2FWREHU RQ FRPSRQHQWV RI $GMXVWHG
*URVV 5HYHQXH IRU FRPSXWDWLRQ RI OLFHQVH IHH
LL 'R7 GHPDQGV LQFOXGH DOOHJHG VKRUW SD\PHQW EDVHGRQWKHOHJDODGYLFHWKH&RPSDQ\EHOLHYHV
RI OLFHQVH IHH IRU )< DQG )< GXH WR WKDWWKHUHDOLVHGDQGXQUHDOLVHGIRUHLJQH[FKDQJH
GLHUHQFH RI LQWHUSUHWDWLRQ RI $GMXVWHG *URVV JDLQ VKRXOG QRW EH LQFOXGHG LQ $GMXVWHG *URVV
5HYHQXH $*5 EHWZHHQ *URXS DQG 'R7 DQG 5HYHQXH $*5 IRU FRPSXWDWLRQ RI OLFHQVH IHH
LQWHUHVW WKHUHRQ ZKLFK WKH *URXS KDV REWDLQHG WKHUHRQ $FFRUGLQJO\ WKH OLFHQVH IHH RQ VXFK
VWD\ IURP DSSURSULDWH +RQEOH +LJK &RXUWV DQG IRUHLJQ H[FKDQJH JDLQ KDV QRW EHHQ SURYLGHG LQ
7'6$7 7'6$7 KDV SURQRXQFHG LWV MXGJHPHQW WKHVHQDQFLDOVWDWHPHQWV$OVRGXHWRDPELJXLW\
RQ $SULO WKHUHE\ VHWWLQJ DVLGH WKH RILQWHUSUHWDWLRQRIIRUHLJQH[FKDQJHGLHUHQFHV
LPSXJQHG GHPDQGV UDLVHG E\ 'R7 DQG GLUHFWHG WKH OLFHQVH IHH LPSDFW RQ VXFK H[FKDQJH
WR UHZRUN WKH OLFHQVH IHHV SD\DEOH LQ OLJKW RI WKH GLHUHQFHV LV QRW TXDQWLDEOH DQG KDV QRW EHHQ
MXGJHPHQWDQGWRLVVXHIUHVKGHPDQGV3XUVXDQW LQFOXGHG LQ WKH WDEOH DERYH )XUWKHU DV SHU WKH
WKHUHWR 8QLRQ RI ,QGLD 82, DQG WKH *URXS RQ 2UGHUGDWHG-XQHRIWKH+RQEOH.HUDOD
OLPLWHG KHDGV RI UHYHQXH DORQJ ZLWK YDULRXV +LJK &RXUW VWD\ KDV EHHQ REWDLQHG ZKHUHLQ WKH
RWKHURSHUDWRUVKDYHOHGDSSHDOVFURVVDSSHDOV OLFHQVHH FDQ FRQWLQXH PDNLQJ WKH SD\PHQW DV
EHIRUH WKH +RQEOH 6XSUHPH &RXUW RI ,QGLD 7KH ZDVEHLQJGRQHWKURXJKRXWWKHSHULRGRIOLFHQVH
+RQEOH 6XSUHPH &RXUW RI ,QGLD LVVXHG QRWLFH LQ RQ WHOHFRP DFWLYLWLHV )XUWKHU DV VWDWHG LQ SRLQW
WKHDSSHDOVDQGKDVGHFOLQHGWRJUDQWDQ\LQWHULP LLLDERYH7'6$7KDVSURQRXQFHGLWVMXGJHPHQW
UHOLHI WR 82, 7KH DSSHDOV WDJJHG WRJHWKHU FDPH RQ$SULOZKHUHLQLWKDVVWDWHGWKDWDQ\
XS IRU KHDULQJ RQ )HEUXDU\ DQG WKH JDLQ RU ORVV GXH WR IRUHLJQ H[FKDQJH XFWXDWLRQ
6XSUHPH &RXUW DOORZHG 'R7 WR UDLVH GHPDQGV GRHVQRWKDYHDQ\EHDULQJRQWKHOLFHQVHIHHVDQG
DV SHU LWV XQGHUVWDQGLQJ ZLWK WKH FRQGLWLRQ WKDW GLUHFWLQJ'R7WRUHZRUNDQGLVVXHIUHVKGHPDQGV
WKH GHPDQGV UDLVHG ZLOO QRW EH HQIRUFHG WLOO WKH WRWKHRSHUDWRUV7KHQH[WGDWHRIKHDULQJLV[HG
QDOGHFLVLRQRIWKH6XSUHPH&RXUW7KHPDWWHULV IRU-XQHDW.HUDOD+LJK&RXUW
OLNHO\WREHOLVWHGIRUKHDULQJDIWHUZHHNV,QWKH
PHDQZKLOH 'R7 IXUWKHU KDG LVVXHG /) GHPDQG YL 2Q-DQXDU\'R7LVVXHGDGHPDQGRQWKH
FXP VKRZ FDXVH QRWLFH IRU )< GDWHG &RPSDQ\DQGRQHRILWVVXEVLGLDULHVIRU`
-XQHZKLFKKDVEHHQFKDOOHQJHGEHIRUH 0QWRZDUGVOHY\RIRQHWLPHVSHFWUXPFKDUJH7KH
7'6$77'6$7YLGHDQLQWHULPRUGHUGDWHG$XJXVW GHPDQGLQFOXGHVDUHWURVSHFWLYHFKDUJHRI`
KDGGLUHFWHG'R7QRWWRLQYRNHDQ\EDQN 0Q IRU KROGLQJ *60 6SHFWUXP EH\RQG 0K]
JXDUDQWHHV IRU UHDOLVDWLRQ RI LPSXJQHG GHPDQG IRUWKHSHULRGIURP-XO\WR'HFHPEHU
amounting to ` 0QDQGYLGHLWVRUGHUGDWHG DQGDOVRDSURVSHFWLYHFKDUJHRI`
1RYHPEHU 7'6$7 KDV GLVSRVHG RI WKH 0QIRU*60VSHFWUXPKHOGEH\RQG0K]IRUWKH
PDWWHUDIWHUUHFRUGLQJWKHVWDWHPHQWPDGHE\82, SHULRGIURP-DQXDU\WLOOWKHH[SLU\RIWKH
WKDW WKH GHPDQG QRWLFH VKRXOG EH FRQVWUXHG DV LQLWLDOWHUPVRIWKHUHVSHFWLYHOLFHQVHV
DQDGYDQFHQRWLFHZKLFKWKH'R7GRHVQRWLQWHQG ,QWKHRSLQLRQRIWKH&RPSDQ\LQWHUDOLDWKHDERYH
WRHQIRUFHXQWLOWKHDSSHDOVDJDLQVW7ULEXQDOV$*5 GHPDQGDPRXQWVWRDOWHUDWLRQRIQDQFLDOWHUPVRI
MXGJHPHQW SHQGLQJ EHIRUH WKH +RQEOH 6XSUHPH WKHOLFHQVHVLVVXHGLQWKHSDVW%DVHGRQDSHWLWLRQ
&RXUWLVQDOO\GLVSRVHGRI OHG E\ WKH &RPSDQ\ WKH +RQEOH +LJK &RXUW RI
LLL 'R7 GHPDQGV DOVR LQFOXGH WKH FRQWHQWLRXV %RPED\ YLGH LWV RUGHU GDWHG -DQXDU\
PDWWHUV LQ UHVSHFW RI VXEVFULEHU YHULFDWLRQ KDVGLUHFWHGWKH'R7WRUHVSRQGDQGQRWWRWDNH
QRUPVDQGUHJXODWLRQVLQFOXGLQJYDOLGLW\RIFHUWDLQ DQ\FRHUFLYHDFWLRQXQWLOWKHQH[WGDWHRIKHDULQJ
GRFXPHQWVDOORZHGDV3URRIRI$GGUHVV,GHQWLW\ 7KH 'R7 KDV OHG LWV UHSO\ DQG WKH QH[W GDWH RI
LQPRELOLW\FLUFOHV KHDULQJLVDZDLWHG

126-355
YLL 7KH 'HSDUWPHQW RI 7HOHFRPPXQLFDWLRQV 'R7 DQGWKHVKDUHVZHUHDFTXLUHGE\&HOWHO1LJHULD%9QRZ
KDG LVVXHG QRWLFHV WR WKH &RPSDQ\ DV ZHOO DV %KDUWL $LUWHO 1LJHULD %9 LQ (:/ KDV LQWHU DOLD
YDULRXV RWKHU 7HOHFRP 6HUYLFH 3URYLGHUV WR VWRS FRPPHQFHGDUELWUDOSURFHHGLQJVLQ1LJHULDFRQWHVWLQJ
SURYLVLRQRIVHUYLFHVXQGHU*,QWUD&LUFOH5RDPLQJ WKH DFTXLVLWLRQ %$1%9 ZKLFK LV WKH FXUUHQW RZQHU
,&5 DUUDQJHPHQWV LQ WKH VHUYLFH DUHDV ZKHUH RI DSSUR[LPDWHO\ LQFUHDVHG IURP
VXFKVHUYLFHSURYLGHUVKDGQRWEHHQDOORFDWHG* WR LQ 0DUFK RI WKH HTXLW\ LQ $LUWHO
6SHFWUXP 'R7 DOVR OHYLHG D QDQFLDO SHQDOW\ RI 1HWZRUNV/LPLWHGKDVEHHQGHIHQGLQJWKHVHFDVHVDQG
` 0Q7KH&RPSDQ\FRQWHVWHGWKHQRWLFHV WKHDUELWUDWLRQVLQFHLWZDVFRPPHQFHG
DQGXSRQYDULRXVURXQGVRIOLWLJDWLRQVXOWLPDWHO\
2Q'HFHPEHUWKH7ULEXQDOLQWKH$UELWUDWLRQ
WKH 7'6$7 YLGH LWV MXGJHPHQW GDWHG $SULO
KHOG*,&5DUUDQJHPHQWVWREHFRPSHWHQW FRPPHQFHGE\(:/LVVXHGD3DUWLDO)LQDO$ZDUGVWDWLQJ
DQG FRPSOLDQW ZLWK WKH OLFHQVLQJ FRQGLWLRQV DQG DPRQJVWRWKHUVWKDWWKH6KDUHKROGHUV$JUHHPHQWKDG
TXDVKHG WKH QRWLFH LPSRVLQJ SHQDOW\ 7KH 'R7 EHHQ EUHDFKHG E\ WKH HUVWZKLOH VKDUHKROGHUV DQG
KDV FKDOOHQJHG WKH RUGHU RI 7'6$7 LQ DQ DSSHDO DFFRUGLQJO\WKHDFTXLVLWLRQZDVQXOODQGYRLG+RZHYHU
OHGEHIRUHWKH+RQEOH6XSUHPH&RXUWZKLFKKDV WKH 7ULEXQDO KDV UHMHFWHG (:/V FODLP IRU UHYHUVDO RI
EHHQDGPLWWHG+RZHYHU+RQEOH6XSUHPH&RXUW WKH WUDQVDFWLRQ ,QVWHDG WKH 7ULEXQDO RUGHUHG D
KDVUHIXVHGWRJUDQWDQ\LQWHULPRUGHUGXULQJWKH GDPDJHVKHDULQJ
SHQGHQF\ RI WKH DSSHDO 7KH FDVH LV \HW WR EH 2Q)HEUXDU\%$1%9OHGDQDSSOLFDWLRQEHIRUH
OLVWHGIRUKHDULQJLQWKH+RQEOH6XSUHPH&RXUW WKH/DJRV6WDWH+LJK&RXUWWRVHWDVLGHWKH3DUWLDO)LQDO
YLLL 7KH&RPSDQ\KDVQRWEHHQDEOHWRPHHWLWVUROORXW $ZDUG ,Q DGGLWLRQ %$1%9 OHG DQ DSSOLFDWLRQ IRU DQ
REOLJDWLRQV IXOO\ GXH WR FHUWDLQ QRQFRQWUROODEOH LQMXQFWLRQWRUHVWUDLQWKHSDUWLHVWRWKH$UELWUDWLRQIURP
IDFWRUV OLNH 7HOHFRPPXQLFDWLRQ (QJLQHHULQJ IXUWKHU FRQYHQLQJ WKH DUELWUDWLRQ IRU WKH SXUSRVHV RI
&HQWHU WHVWLQJ 6WDQGLQJ $GYLVRU\ &RPPLWWHH FRQVLGHULQJ WKH TXDQWXP RI GDPDJHV WKDW FRXOG EH
RI 5DGLR )UHTXHQF\ $OORFDWLRQV FOHDUDQFH QRQ DZDUGHG WR (:/ XQWLO WKH FRQFOXVLRQ RI WKH PDWWHU WR
DYDLODELOLW\ RI VSHFWUXP HWF 7KH &RPSDQ\ KDV VHWDVLGHWKH3DUWLDO)LQDO$ZDUG7KHDSSOLFDWLRQWRVHW
UHFHLYHGVKRZFDXVHQRWLFHVIURP'R7IRURILWV DVLGH WKH 3DUWLDO )LQDO $ZDUG ZDV KHDUG E\ WKH /DJRV
FLUFOHVIRUQRQIXOOOPHQWRILWVUROORXWREOLJDWLRQV 6WDWH+LJK&RXUWRQ-XQHDQGE\D-XGJHPHQW
DQGWKHVHKDYHEHHQUHSOLHGWR'R7KDVUHYLHZHG GHOLYHUHG RQ 2FWREHU WKH /DJRV 6WDWH +LJK
DQG UHYLVHG WKH FULWHULD DQG WKHUH KDV EHHQ QR &RXUW GLVPLVVHG %$1%9V DSSOLFDWLRQ WR VHW DVLGH
IXUWKHUGHYHORSPHQWRQWKLVPDWWHUVLQFHWKHQ WKH 3DUWLDO )LQDO $ZDUG DJDLQVW ZKLFK %$1%9 ORGJHG
DQ DSSHDO DW WKH &RXUW RI $SSHDO LQ /DJRV 1LJHULD
J $LUWHO1HWZRUNV/LPLWHG2ZQHUVKLS 7KH DSSHDO ZDV GLVPLVVHG E\ WKH &RXUW RI $SSHDO
$LUWHO 1HWZRUNV /LPLWHG $LUWHO 1HWZRUNV IRUPHUO\ RQ )HEUXDU\ %$1%9 QRW VDWLVHG ZLWK WKH
NQRZQDV&HOWHO1LJHULD/LPLWHGZDVLQFRUSRUDWHGRQ MXGJHPHQWRIWKH&RXUWRI$SSHDO/DJRVRQ0DUFK
'HFHPEHUDV(FRQHW:LUHOHVV1LJHULD/LPLWHG KDV OHG LWV DSSHDO ZLWK WKH 6XSUHPH &RXUW RI
DQGLVDVXEVLGLDU\RI%KDUWL$LUWHO1LJHULD%9%$1%9 1LJHULD
IRUPHUO\&HOWHO1LJHULD%9ZKLFKLQWXUQLVDQLQGLUHFW
VXEVLGLDU\ RI %KDUWL $LUWHO ,QWHUQDWLRQDO 1HWKHUODQGV :LWKRXWSUHMXGLFHWRWKHDSSOLFDWLRQE\%$1%9EHIRUH
%9DVXEVLGLDU\RI%KDUWL$LUWHO/LPLWHG WKH 1LJHULDQ FRXUWV WR VHW DVLGH WKH 3DUWLDO )LQDO
$ZDUG WKH 7ULEXQDO KDV WDNHQ VWHSV LQ UHODWLRQ WR WKH
$LUWHO 1HWZRUNV DQG RU %$1%9 DUH GHIHQGDQWV LQ GDPDJHV KHDULQJ LQ WKH $UELWUDWLRQ 7KH GDPDJHV
FDVHV OHG E\ (FRQHW :LUHOHVV /LPLWHG (:/ ZKHUH FODLPZDVKHDUGE\WKH7ULEXQDOGXULQJ2FWREHU
(:/LVFODLPLQJDPRQJVWRWKHUVDEUHDFKRILWVDOOHJHG
DQG WKH SDUWLHV VXEPLWWHG WKHLU FORVLQJ DUJXPHQWV RQ
SUHHPSWLRQ ULJKWV DJDLQVW HUVWZKLOH DQG FXUUHQW
'HFHPEHU
VKDUHKROGHUV
7KH7ULEXQDOLVVXHGLWV)LQDO$ZDUGRQGDPDJHVGDWHG
8QGHUWKHWUDQVDFWLRQWRDFTXLUHFRQWUROOLQJVWDNH
-XQHRQ-XO\7KH7ULEXQDOIRXQGWKDW
LQ$LUWHO1HWZRUNV/LPLWHGLQWKHHUVWZKLOHVHOOLQJ
(:/KDVVXHUHGORVVHVDVDUHVXOWRIEUHDFKHVRIWKH
VKDUHKROGHUVZHUHREOLJHGXQGHUWKHSUHHPSWLRQULJKW
6KDUHKROGHUV $JUHHPHQW DQG FDOFXODWHG WKH ORVVHV
SURYLVLRQ FRQWDLQHG LQ WKH VKDUHKROGHUV DJUHHPHQW
DJDLQVW%$1%9WREHDQDPRXQWRI86'0QDQG
GDWHG$SULOWKH6KDUHKROGHUV$JUHHPHQW
FRVWVRI86'0QWRWDOLQJ86'0Q
WR UVW RHU WKH VKDUHV WR HDFK RWKHU EHIRUH RHULQJ
WKHVKDUHVWRDWKLUGSDUW\7KHVHOOHUVZDLYHGWKHSUH 7KH&RPSDQ\KDVOHGDQDSSOLFDWLRQIRUVHWWLQJDVLGH
HPSWLRQ ULJKWV DPRQJVW WKHPVHOYHV DQG WKH VKDUHV RI WKH )LQDO $ZDUG EHIRUH WKH +LJK &RXUW LQ 1LJHULD
ZHUHRHUHGWR(:/GHVSLWHWKHIDFWWKDW(:/VVWDWXV 2Q WKH RWKHU KDQG (:/ KDV OHG DSSOLFDWLRQV EHIRUH
DVDVKDUHKROGHULWVHOIZDVLQGLVSXWH+RZHYHUWKHRHU WKH +LJK &RXUW LQ 1LJHULD WR VHHN WR HQIRUFH ERWK WKH
WR (:/ ODSVHG VLQFH (:/ GLG QRW PHHW LWV SD\PHQW )LQDO$ZDUGDQGWKH3DUWLDO)LQDO$ZDUG7KH&RPSDQ\
REOLJDWLRQV WR SD\ IRU WKH VKDUHV ZLWKLQ WKH GD\V LV FRQWHVWLQJ WKHVH HQIRUFHPHQW DSSOLFDWLRQV 7KHVH
GHDGOLQH DV VSHFLHG LQ WKH VKDUHKROGHUV DJUHHPHQW PDWWHUVDUHFXUUHQWO\DGMRXUQHGWR0D\

,Q DGGLWLRQ (:/ KDV OHG FRQVHUYDWRU\ DWWDFKPHQW 7KLV FDVH ZDV FRPPHQFHG E\ (:/ LQ SULRU WR
SURFHHGLQJV DQG SURFHHGLQJV IRU HQIRUFHPHQW RI WKH 9HH 1HWZRUNV /LPLWHG DFTXLVLWLRQ LQ 7KH
WKH )LQDO $ZDUG LQWHU DOLD DJDLQVW %$1%9 LQ WKH &RXUW DW UVW LQVWDQFH RQ -DQXDU\ KHOG
1HWKHUODQGV 2Q -DQXDU\ WKH $PVWHUGDP WKDW (:/ VKRXOG EH UHLQVWDWHG DV D VKDUHKROGHU
'LVWULFW&RXUWJUDQWHGDVWD\LQWKHSURFHHGLQJVUHODWHG LQ $LUWHO 1HWZRUNV /LPLWHG 'HVSLWH WKH IDFW WKDW WKH
WRWKHHQIRUFHPHQWRIWKHQDODZDUGDQGGHQLHG(:/V VKDUHV FODLPHG E\ (:/ KDG EHHQ VHW DVLGH LQ
UHTXHVW WKDW %$1%9 SURYLGH VHFXULW\ DV D FRQGLWLRQ HVFURZ VLQFH DQG WKHUHIRUH ZLOO QRW LPSDFW WKH
RIWKHVWD\(:/KDVDSSHDOHGWKHODWWHUGHFLVLRQDQG SUHVHQW RZQHUVKLS RI %$1%9 RQ D IXOO\ GLOXWHG EDVLV
WKH $PVWHUGDP &RXUW RI $SSHDOV GHFLVLRQ LV DZDLWHG LQ$LUWHO1HWZRUNV/LPLWHGWKHFRPSDQ\EHOLHYHGWKDW
0HDQZKLOHWKH$PVWHUGDP'LVWULFW&RXUWKHOGWKDWWKH
WKHUH ZHUH JRRG JURXQGV WR DSSHDO WKH UVW LQVWDQFH
SURFHHGLQJV EHIRUH LW VWDQG VXVSHQGHG SHQGLQJ WKH
MXGJHPHQWDQGDFFRUGLQJO\OHGD1RWLFHRI$SSHDODQG
RXWFRPHRI(:/VDSSHDOEHIRUHWKH$PVWHUGDP&RXUW
PDGHDSSOLFDWLRQVEHIRUHWKH)HGHUDO+LJK&RXUWIRUD
RI$SSHDO
VWD\RIH[HFXWLRQRIMXGJHPHQWSHQGLQJDSSHDODQGD
,Q WKH +DDUOHP 'LVWULFW &RXUW ZKHUH (:/ LV SXUVXLQJ PRWLRQIRULQMXQFWLRQ7KHVHDSSOLFDWLRQVZHUHKHDUGRQ
LWV FODLP IRU FRPSHQVDWLRQ DJDLQVW %$1%9V SDUHQW 0DUFKDQGRQ0D\WKH+LJK&RXUW
%KDUWL $LUWHO 1LJHULD +ROGLQJV ,, %9 DQG *UDQGSDUHQW KHOG WKDW WKH FRPSDQ\ KDG IDLOHG WR PDNH RXW D FDVH
%KDUWL$LUWHO$IULFD%9WRJHWKHUWKH%KDUWL'HIHQGDQWV IRU WKH &RXUW WR H[HUFLVH LWV GLVFUHWLRQ LQ LWV IDYRXU RI
FODLPLQJ WKDW WKHVH HQWLWLHV DFWHG XQODZIXOO\ DQG
JUDQWLQJWKHDSSOLFDWLRQDQGDFFRUGLQJO\UHIXVHGLW
LQGXFHGEUHDFKRIFRQWUDFWE\WKH6HOOLQJ6KDUHKROGHUV
RI WKH 91/ VKDUHV ZLWK WKH LQWHQW RI LPSHQGLQJ (:/ ,PPHGLDWHO\DVLPLODUDSSOLFDWLRQIRULQMXQFWLRQDQGVWD\
LQ WKH H[HUFLVH RI LWV ULJKWV LQ RUGHU WR QDOLVH LWV RZQ RIH[HFXWLRQZHUHOHGDWWKH&RXUWRI$SSHDO.DGXQD
VKDUH VDOH WUDQVDFWLRQ ZLWK WKH 6HOOLQJ 6KDUHKROGHUV RQ 0D\ $IWHU VHYHUDO DGMRXUQPHQWV WKH
WKHSOHDGLQJVDUHFRPSOHWH VXEVWDQWLYHDSSHDOZDVKHDUGRQ2FWREHUDQG
%DVHG RQ &RPSDQ\V DVVHVVPHQW DQG LQGHPQLWLHV RQ 1RYHPEHU WKH &RXUW RI $SSHDO GLVPLVVHG
XQGHUWKH6KDUH6DOH$JUHHPHQWZLWK=DLQ*URXSWKLV WKHDSSHDO
$ZDUGLVQRWOLNHO\WRKDYHDQ\PDWHULDODGYHUVHHHFW 2Q-XQHWKH&RPSDQ\OHGLWVDSSHDOWRWKH
RQWKH&RPSDQ\VFRQVROLGDWHGQDQFLDOSRVLWLRQDVRI 6XSUHPH&RXUWRI1LJHULDWRJHWKHUZLWKDQDSSOLFDWLRQ
0DUFK
IRULQMXQFWLRQDQGVWD\RIH[HFXWLRQRIWKHMXGJHPHQWRI
,Q DGGLWLRQ $LUWHO 1HWZRUNV /LPLWHG LV D GHIHQGDQW LQ WKH&RXUWRI$SSHDO7KH$SSHDODQGWKH$SSOLFDWLRQV
DQ DFWLRQ ZKHUH (:/ LV FODLPLQJ HQWLWOHPHQW WR DUHSHQGLQJEHIRUHWKH6XSUHPH&RXUW7KHGDWHIRUWKH
RI WKH LVVXHG VKDUH FDSLWDO RI $LUWHO 1HWZRUNV /LPLWHG KHDULQJKDVQRW\HWEHHQ[HG

126-355
28. Revenue from Operations
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Service Revenue
9RLFHDQGGDWDUHYHQXH 721,251 723,699
- Revenue from tower infrastructure services 69,052 62,667
- Others * 213,300 170,390
Sale of products 5,770 4,251
1,009,373 961,007
2WKHUVPDLQO\LQFOXGHUHYHQXHIURP9$6VHUYLFHV[HGPRQWKO\VXEVFULSWLRQEDQGZLGWKVHUYLFHVDQG96$7HWF
29. Other Income

(` Millions)
Particulars
March 31, 2016 March 31, 2015
Interest income on bank deposits 5,401 1,428
Interest income on loan given to related parties 24 47
Dividend income - 479
Net gain on sale of investments 3,331 7,329
Net gain on derivatives - 2,956
Net foreign exchange gain - 5,458
3URWRQVDOHRI[HGDVVHWV 671 964
Other non-operating income
- Lease rentals 28 109
- Liabilities/Provision written back 831 1,406
- Miscellaneous income 812 782
11,098 20,958
30. Cost of Goods Sold

(` Millions)
Particulars
March 31, 2016 March 31, 2015
Increase in inventories (4,996) (4,948)
Purchase of Stock-in-Trade 11,287 7,744
6,291 2,796
(PSOR\HH%HQHW([SHQVHV
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Salaries, wages and bonus 43,854 42,522
Contribution to provident and other funds (refer note 38) 2,231 1,805
Expenses on employee stock option plan (refer note 43) 1,028 773
6WDZHOIDUHH[SHQVHV 2,623 2,150
Others 1,267 1,320
51,003 48,570

3RZHUDQG)XHO5HQW&KDULW\DQG'RQDWLRQDQG2WKHU([SHQVHV
(` Millions)
Particulars
March 31, 2016 March 31, 2015
3RZHUDQGIXHO
Network 81,906 83,808
Others 568 590
82,474 84,398
Rent
Network 62,214 52,416
Others 3,685 2,993
65,899 55,409
Charity and donation
Political Contribution$ - 310
Corporate Social Responsibility# 996 766
Others 394 346
1,390 1,422
Other expenses
Interconnect and Port charges 135 133
Insurance
Network 467 424
Others 12 6
Installation 234 486
Repairs and Maintenance
Plant and Machinery 54,455 53,712
Building 590 717
Others - Network 4,708 5,260
Others - Administrative 2,977 2,808
Leased line and gateway charges 1,383 1,491
Internet access and bandwidth charges 5,750 5,797
Advertisement and marketing 20,726 20,888
6DOHVFRPPLVVLRQFXVWRPHUYHULFDWLRQDQGFRQWHQWFRVW 43,234 41,021
Other selling and distribution expenses 16,927 16,172
Sim card utilisation 4,367 4,004
Legal and professional fees 5,666 6,100
Rates and taxes 2,145 5,243
IT and call center outsourcing 19,655 21,775
Travelling and conveyance 3,824 4,051
%DGGHEWVZULWWHQR 6,867 4,247
Provision for doubtful debts and advances (refer note 45) 2,506 5,154
Provision for diminution in stock / capital work in progress 1,849 966
Collection and recovery expenses 3,864 3,482
Printing and stationery 817 902
Miscellaneous expenses
Network 12,359 11,354
Sales and Marketing* 10,031 8,787
Administrative 4,358 5,593
229,906 230,573
3DLGWR6DW\D(OHFWRUDO7UXVWIRUSROLWLFDOSXUSRVH
$VSHUWKHUHTXLUHPHQWVRIVHFWLRQRIWKH&RPSDQLHV$FWWKH*URXSZDVUHTXLUHGWRVSHQGDQDPRXQWRI` 0Q0DUFK`
0QRQ&RUSRUDWH6RFLDO5HVSRQVLELOLW\H[SHQGLWXUHIRUWKH\HDUHQGHG0DUFK'XULQJWKH\HDUHQGHG0DUFKWKH&RPSDQ\KDVVSHQW
LQFDVKDQDPRXQWRI` 0Q0DUFK` 0QWRZDUGVHGXFDWLRQDQGVDQLWDWLRQ
,QFOXGHVJRRGZLOOZDLYHUVZKLFKDUHRWKHUWKDQWUDGHGLVFRXQWRI`0Q0DUFK`0Q

126-355
33. Finance Costs
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Interest expense 57,496 40,280
2WKHUQDQFHFRVW 4,148 4,185
Net loss on derivatives 504 -
Net foreign exchange loss 24,870 -
87,018 44,465
34. Depreciation and Amortisation Expense

(` Millions)
Particulars
March 31, 2016 March 31, 2015
Depreciation (refer note 16) 154,685 152,169
Amortisation (refer note 17) 58,989 46,414
213,674 198,583
35. Exceptional Items H *DLQ RI ` 0Q RQ DFFRXQW RI JDLQ UHFRJQLVHG RQ
([FHSWLRQDOLWHPVFRPSULVHRIWKHIROORZLQJ GLYHVWPHQWRIWHOHFRPWRZHUVLQRQHRIWKHFRXQWULHVLQ
$IULFD
(i) For the year ended March 31, 2016 :
7D[H[SHQVHLQFOXGHV
D 1HWJDLQRI` 0QSHUWDLQLQJWRWKHGLYHVWPHQWRI
WHOHFRP WRZHU DVVHWV LQ %XUNLQD )DVR .HQ\D =DPELD L &KDUJH RI ` 0Q DQG EHQHW RI ` 0Q GXULQJ
8JDQGD*KDQD&RQJR%UD]]DYLOOHDQG1LJHULD WKH\HDUHQGHG0DUFKDQG0DUFK
UHVSHFWLYHO\RQWKHDERYHH[FHSWLRQDOLWHPVDQG
E &KDUJH IRU UHJXODWRU\ IHH SURYLVLRQV RI ` 0Q
DULVLQJRXWRIUHDVVHVVPHQWRIFHUWDLQSRVLWLRQV LL &KDUJH RI 1LO DQG ` 0Q GXULQJ WKH \HDU HQGHG
0DUFKDQG0DUFKUHVSHFWLYHO\RQ
F &KDUJH RI ` 0Q DULVLQJ IURP DPHQGPHQW RI DFFRXQW RI VHWWOHPHQW RIYDULRXV GLVSXWHV XQFHUWDLQ
WHQXUH DQG LQ YDULRXV WHUPV RI WKH UHODWHG ORQJWHUP WD[SRVLWLRQV
FRQWUDFW
3URWORVVDWWULEXWDEOHWRPLQRULW\LQWHUHVWLQFOXGHV
G &KDUJH IRU SURYLVLRQ DJDLQVW FHUWDLQ GLVSXWHG H[SHQVHRI` 0QDQGEHQHWRI` 0QGXULQJ
UHFHLYDEOHVH[SLUHGFODLPVDPRXQWLQJWR` 0Q WKH\HDUHQGHG0DUFKDQG0DUFK
UHVSHFWLYHO\UHODWLQJWRWKHDERYHH[FHSWLRQDOLWHPV
H &KDUJHRI` 0QWRZDUGVUHVWUXFWXULQJDFWLYLWLHVLQ
DIHZFRXQWULHV
1
HZ'HYHORSPHQWV0DMRUWUDQVDFWLRQV
I &KDUJH RI ` 0Q WRZDUGV RSHUDWLQJ FRVWV D 'XULQJWKH\HDUHQGHG0DUFKDQGWKH
LQFOXGLQJ DFFHOHUDWHG GHSUHFLDWLRQ RQ QHWZRUN *URXSKDGZRQWKHDXFWLRQIRUVSHFWUXPDJJUHJDWLQJ
UHIDUPLQJDQGXSJUDGDWLRQSURJUDP WR 0K] 7KH *URXS KDV RSWHG IRU GHIHUUHG
SD\PHQW LQ FHUWDLQ FLUFOHV IRU D VSHFLHG SRUWLRQ RI
(ii) For the year ended March 31, 2015 : WKH DXFWLRQ SULFH ZKHUHE\ LW LV SD\DEOH LQ HTXDO
D &KDUJHRI` 0QRQDFFRXQWRIRQHWLPHWUDQVODWLRQ LQVWDOOPHQWV LQFOXGLQJ WKH UHODWHG LQWHUHVW DIWHU DQ
LQLWLDO PRUDWRULXP SHULRG RI WZR \HDUV $V RI 0DUFK
LPSDFW RI FHUWDLQ IRUHLJQ FXUUHQF\ OLDELOLWLHV LQ 1LJHULD
WKH*RYHUQPHQWRI,QGLDKDVDOORWWHG
IURPWKH&HQWUDOEDQNDGPLQLVWHUHGUDWHVWRWKHRSHQ
0+] VSHFWUXP WR WKH *URXS 0DUFK
PDUNHW H[FKDQJH UDWHV FRQVHTXHQW WR D QRWLFDWLRQ
0+]DFFRUGLQJO\WKH*URXSKDVUHFRJQLVHGGHIHUUHG
GDWHG1RYHPEHU
SD\PHQW OLDELOLW\ LQFOXGLQJ DFFUXHG LQWHUHVW WKHUHWR
E &KDUJH RI ` 0Q RQ DFFRXQW RI VHWWOHPHQW RI WRZDUGVWKHVDPHIRURI` 0Q0DUFK
YDULRXVGLVSXWHV ` )XUWKHUSHQGLQJWKHDOORFDWLRQRIEDODQFH
VSHFWUXP E\ *2, DQ DPRXQW RI ` 0Q 0DUFK
F &KDUJHRI` 0QUHODWHGWRUHVWUXFWXULQJDFWLYLWLHV
0Q KDV EHHQ GLVFORVHG XQGHU
LQDIHZFRXQWULHV
capital commitment in the notes to the consolidated
G *DLQRI` 0QRQDFFRXQWRISUHPDWXUHWHUPLQDWLRQ QDQFLDOVWDWHPHQWV
RIDQDJUHHPHQWE\DWHOHFRPRSHUDWRU

E 7KH 6FKHPH RI $UUDQJHPHQWV 6FKHPH XQGHU /LPLWHG7XOLSWRWKH'R7ZLWKRXWSUHMXGLFHWRWKHULJKW
VHFWLRQVWRRIWKH&RPSDQLHV$FWZLWK RI7XOLSWRFRQWHVWWKHFODLPDQGSURYLGHGWKDWDQ\VXP
UHVSHFWWRDPDOJDPDWLRQRI$LUWHO%URDGEDQG6HUYLFHV XOWLPDWHO\IRXQGQRWWREHGXHRUSDLGE\7XOLSZRXOG
3ULYDWH /LPLWHG $%63/ D ZKROO\ RZQHG VXEVLGLDU\ EHUHIXQGHGE\WKH'HSDUWPHQWRI7HOHFRPPXQLFDWLRQ
RI WKH &RPSDQ\ ZLWK WKH &RPSDQ\ DV DSSURYHG E\ 'R7 ZLWKRXW LQWHUHVW ZLWKLQ IRXU ZHHNV RI WKH GDWH
WKH +RQEOH +LJK &RXUW RI %RPED\ RQ $SULO RI FRPSOHWLRQ RI WKH DVVHVVPHQW RI 7XOLS LQ UHVSHFW
KDV EHHQ OHG E\ WKH &RPSDQ\ ZLWK WKH 5HJLVWUDU RI RI DVVHVVPHQW \HDUV LQ TXHVWLRQ $FFRUGLQJO\ DV SHU
&RPSDQLHV52&RQ$SULOEHLQJWKHHHFWLYH WKH WHUPV DQG FRQGLWLRQV RI WKH 7'6$7 RUGHU GDWHG
DQG DSSRLQWHG GDWH RI WKH VFKHPH ZKHUHE\ $%63/ )HEUXDU\ WKH &RPSDQ\ KDG GHSRVLWHG
VKDOO FHDVH WR H[LVW 7KH &RPSDQ\ KDV DFFRXQWHG `0Q
DPDOJDPDWLRQLQWKHQDWXUHRIPHUJHUXQGHUWKHSRROLQJ
)XUWKHUDVSHUWKHDJUHHPHQWGDWHG)HEUXDU\
RILQWHUHVWPHWKRG$FFRUGLQJO\WKHDVVHWVOLDELOLWLHVDQG
HQWHUHG EHWZHHQ WKH &RPSDQLHV 4XDOFRPP $VLD
UHVHUYHVLQWKHERRNVRI$%63/KDYHEHHQUHFRJQLVHG
3DFLF 3WH /LPLWHG DQG 7XOLS XSRQ WKH QDO
E\WKH&RPSDQ\DVDWWKHGDWHRIWKHDPDOJDPDWLRQDW
GHWHUPLQDWLRQ GDWH EHLQJ UHDFKHG WKDW 7XOLS LV
WKHVDPHFDUU\LQJYDOXHV7KHGLHUHQFHRI`0Q
OLDEOH WR SD\ WKH &RPSDQ\ DQ DPRXQW HTXDO WR WKH
EHWZHHQ WKH VKDUH FDSLWDO RI $%63/ DQG WKH FDUU\LQJ
UHOHYDQWDPRXQWGHWHUPLQHGWREHRZHGE\7XOLSWKDW
YDOXH RI LQYHVWPHQW LQ WKH HTXLW\ VKDUHV RI $%63/ LQ
LV QRW SDLG E\ 7XOLS DQG UHWDLQHG E\ WKH 'R7 IURP WKH
WKHERRNVRIWKH&RPSDQ\KDVEHHQDGMXVWHGZLWKWKH
&RPSDQ\V GHSRVLW DV GHVFULEHG LQ DERYH SDUDJUDSK
UHVHUYHVRIWKH&RPSDQ\7KHFDUU\LQJYDOXHVRIDVVHWV
WKH ,QGHPQLW\ $PRXQW LQ WKH EDQN DFFRXQW
OLDELOLWLHVDQGUHVHUYHVLQWKHERRNVRI$%63/DFTXLUHG
VSHFLHGE\WKH&RPSDQ\ZLWKLQGD\VIURPWKHQDO
SXUVXDQWWRWKHVFKHPHLVDVIROORZV
GHWHUPLQDWLRQGDWHRUWKHGDWHRIWKHSD\PHQWQRWLFH
(` Millions) ZKHQ QDO GHWHUPLQDWLRQ GDWH KDV DOUHDG\ RFFXUUHG
SULRU WR WKH SD\PHQW QRWLFH ZLWKRXW DQ\ GHPXU RU
Particulars As of April 09, 2015
SURWHVW DQG QRWZLWKVWDQGLQJ DQ\ GLVSXWH UHJDUGLQJ
Assets WKHVDPHRUDQ\SRUWLRQWKHUHRI7KHEDODQFHDPRXQW
Non-current assets 64,246 ZLOOEHUHFRYHUHGE\WKH&RPSDQ\IURP'R7DVSHUWKH
Current assets 591 DERYH7'6$7RUGHU
Total 64,837
$FFRUGLQJO\EDVHGRQWKH7'6$7RUGHUDQGDJUHHPHQWV
Equity And Liabilities
UHIHUUHG KHUHLQ WKH DPRXQW GHSRVLWHG ZLWK 'R7 KDV
Equity EHHQFRQVLGHUHGJRRGDQGUHFRYHUDEOHLQWKHVHVSHFLDO
Share Capital 56,671 SXUSRVHQDQFLDOVWDWHPHQWV
Reserve and surplus (724)
55,947 F 'XULQJ WKH \HDU HQGHG 0DUFK %KDUWL $LUWHO
,QWHUQDWLRQDO 1HWKHUODQGV %9 D VXEVLGLDU\ RI WKH
Liabilities
&RPSDQ\KDVHQWHUHGLQWRQRQELQGLQJEXWH[FOXVLYH
Non-current liabilities 5,396
DJUHHPHQW ZLWK 2UDQJH WR H[SORUH WKH SRVVLEOH
Current liabilities 3,494 DFTXLVLWLRQ RI *URXSV VXEVLGLDULHV LQ %XUNLQD )DVR
8,890 &KDG&RQJR%UD]]DYLOOHDQG6LHUUD/HRQH2Q-DQXDU\
Total 64,837 WKH *URXS KDV HQWHUHG LQWR GHQLWLYH
DJUHHPHQW WR VHOO JURXSV RSHUDWLRQV LQ %XUNLQD )DVR
+RZHYHU 'R7 YLGH LWV OHWWHU GDWHG )HEUXDU\
DQG6LHUUD/HRQHDQGWKHH[FOXVLYHDJUHHPHQWIRUWKH
KDVJLYHQLWVDSSURYDOIRUWDNLQJRQUHFRUGWKHPHUJHURI
UHPDLQLQJWZRFRXQWULHVKDYHODSVHG7KHWUDQVDFWLRQ
$%63/ZLWKWKH&RPSDQ\VXEMHFWWRFHUWDLQFRQGLWLRQV
LV VXEMHFW WR FHUWDLQ FXVWRPDU\ UHJXODWRU\ DSSURYDOV
DV VWLSXODWHG LQ WKH OHWWHU 2QH RI WKH FRQGLWLRQV RI
DQGRWKHUFORVLQJFRQGLWLRQV
PHUJHU UHTXLUHV SD\PHQW RI ` 0Q HTXDO WR WKH
GLHUHQFH EHWZHHQ WKH HQWU\ IHH IRU 8QLHG $FFHVV G 'XULQJ WKH \HDU HQGHG 0DUFK WKH *URXS
6HUYLFH /LFHQVH DQG HQWU\ IHHV SDLG IRU ,QWHUQHW KDV HQWHUHG LQWR DQ H[FOXVLYH GLVFXVVLRQ ZLWK $[LDWD
6HUYLFH3URYLGHUOLFHQVH7KH+RQEOH7HOHFRP'LVSXWHV *URXS %HUKDG WR H[SORUH WKH SRVVLELOLW\ RI FRPELQLQJ
6HWWOHPHQW DQG $SSHOODWH 7ULEXQDO 7'6$7 YLGH LWV WKH EXVLQHVV RSHUDWLRQV RI WKHLU WHOHFRPPXQLFDWLRQ
LQWHULPRUGHUGDWHG)HEUXDU\KDVDOORZHGWKH VXEVLGLDULHVLQ%DQJODGHVK2Q-DQXDU\WKH
&RPSDQ\ WR RSHUDWLRQDOLVH WKH VSHFWUXP VXEMHFW WR *URXS KDV HQWHUHG LQWR GHQLWLYH DJUHHPHQW ZKLFK LV
OLQJ DQ XQGHUWDNLQJ WKDW LQ FDVH WKH SHWLWLRQ IDLOV LW VXEMHFWWRFHUWDLQFXVWRPDU\UHJXODWRU\DSSURYDOVDQG
VKDOOSD\WKHVXPRI`0QDORQJZLWKLQWHUHVWDV RWKHUFORVLQJFRQGLWLRQV
PD\EHGHWHUPLQHGE\WKH7ULEXQDOZLWKLQHLJKWZHHNV
H 'XULQJWKH\HDUHQGHG0DUFKWKH*URXSKDV
IURPWKHGDWHRIMXGJHPHQW7KH&RPSDQ\KDVOHGDQ
SXUFKDVHGVWDNHLQ$XJHUH:LUHOHVV%URDGEDQG
XQGHUWDNLQJEHIRUH7'6$7IRUWKHVDPH
3ULYDWH/LPLWHG$:%3/7KHFRQVXPPDWLRQRIWKHVDLG
2Q)HEUXDU\WKH7'6$7RUGHUHGWKH&RPSDQ\ WUDQVDFWLRQ LV VXEMHFW WR WKH DSSURYDO IURP VWDWXWRU\
WR SD\ FHUWDLQ GXHV LQFOXGLQJ LQWHUHVW DQG SHQDOWLHV DXWKRULWLHV
DOOHJHGO\ RZHG E\ RQH RI WKHQ H[LVWLQJ &RPSDQ\V
I 'XULQJ WKH \HDU HQGHG 0DUFK WKH *URXS
,QGLDQ QRQFRQWUROOLQJ VKDUHKROGHUV 7XOLS 7HOHFRP
KDVHQWHUHGLQWRDGHQLWLYHDJUHHPHQWZLWK9LGHRFRQ

126-355
7HOHFRPPXQLFDWLRQV /LPLWHG 97/ WR DFTXLUH ULJKWV IRUPHUO\ NQRHQ DV %KDUWL 7HOHSRUW /LPLWHG LQFUHDVLQJ
WRXVHVSHFWUXPLQWKH0K]EDQGIRUVL[FLUFOHV LWVRZQHUVKLSWRDQGDFFRUGLQJO\JRRGZLOORI`
7KHFORVLQJRIWKHVDLGWUDQVDFWLRQLVVXEMHFWWRFHUWDLQ 0QKDVEHHQUHFRJQLVHGLQWKHWUDQVDFWLRQ
FXVWRPDU\ UHJXODWRU\ DSSURYDOV DQG RWKHU FORVLQJ
M 2Q $XJXVW LQ RUGHU WR FRPSO\ ZLWK WKH
FRQGLWLRQV
UHTXLUHPHQWWRPDLQWDLQPLQLPXPSXEOLFVKDUHKROGLQJ
J 6XEVHTXHQW WR WKH UHSRUWLQJ GDWH WKH *URXS KDV RI LQ WHUPV RI UXOH E $ RI 6HFXULWLHV
HQWHUHGLQWRDGHQLWLYHDJUHHPHQWZLWK$LUFHO/LPLWHG &RQWUDFWV 5HJXODWLRQ 5XOHV DV DPHQGHG
DQGLWVVXEVLGLDULHV'LVKQHW:LUHOHVV/LPLWHGDQG$LUFHO DQG FODXVH $ RI WKH HTXLW\ OLVWLQJ DJUHHPHQW WKH
FHOOXODU /LPLWHG WR DFTXLUH ULJKWV WR XVH VSHFWUXP LQ &RPSDQ\VROG0QVKDUHVLQ%KDUWL,QIUDWHO/LPLWHG
WKH0K]EDQGIRUHLJKWFLUFOHV7KHFORVLQJRIWKH %,/IRU` 0QUHSUHVHQWLQJVKDUHKROGLQJ
WUDQVDFWLRQ LV VXEMHFW WR FHUWDLQ FXVWRPDU\ UHJXODWRU\ LQ%,/6XEVHTXHQWWRWKHWUDQVDFWLRQWKHVKDUHKROGLQJ
DSSURYDOVDQGRWKHUFORVLQJFRQGLWLRQV RIWKH&RPSDQ\LQ%,/KDVUHGXFHGWR
K 2Q )HEUXDU\ $06/ D VXEVLGLDU\ RI WKH )XUWKHU RQ )HEUXDU\ WKH &RPSDQ\ VROG
*URXS .RWDN 0DKLQGUD %DQN /LPLWHG .0%/ DQG WKH 0Q VKDUHV IRU ` 0Q UHSUHVHQWLQJ
&RPSDQ\KDYHHQWHUHGLQWRD6KDUH6XEVFULSWLRQDQG VKDUHKROGLQJ LQ %,/ 6XEVHTXHQW WR WKH WUDQVDFWLRQ
6KDUHKROGHUV DJUHHPHQW WR DOORW RI WKH SRVW WKH VKDUHKROGLQJ RI WKH &RPSDQ\ LQ %,/ KDV UHGXFHG
LVVXHVKDUHFDSLWDORI$06/WR.0%/$FFRUGLQJO\WKH WR
VKDUHKROGLQJRIWKH&RPSDQ\LQ$06/VWDQGVUHGXFHG
7KH FDUU\LQJ DPRXQW RI PLQRULW\ LQWHUHVW KDV EHHQ
WR DQG WKH FRUUHVSRQGLQJ PLQRULW\ LQWHUHVW
DGMXVWHG WR UHHFW WKH FKDQJH RI UHODWLYH LQWHUHVW LQ
KDVEHHQUHFRJQLVHG([FHVVRISURFHHGVRYHUPLQRULW\
%,/ ([FHVV RI SURFHHGV RYHU WKH FKDQJH LQ PLQRULW\
LQWHUHVWUHFRJQLVHGDPRXQWLQJWR` 0QKDVEHHQ
LQWHUHVWQHWRIDVVRFLDWHGWUDQVDFWLRQFRVWVWD[HVDQG
UHFRJQLVHGGLUHFWO\LQ*HQHUDO5HVHUYH
UHJXODWRU\OHYLHVDPRXQWLQJWR` 0QKDVEHHQ
L 2Q $XJXVW WKH *URXS DFTXLUHG DGGLWLRQDO UHFRJQLVHGGLUHFWO\LQJHQHUDOUHVHUYH
RI WKH VKDUH FDSLWDO RI ,QGR 7HOHSRUW /LPLWHG
37. Earnings per Share

Particulars
March 31, 2016 March 31, 2015
3URWDWWULEXWDEOHWRHTXLW\VKDUHKROGHUV$ 44,566 46,208
Weighted average number of equity shares outstanding during the 3,997 3,997
\HDU1RVLQ0Q%
Basic/ Diluted earnings per Share (`) (A/B)
Nominal value of equity shares (`) 5 5
(PSOR\HH%HQHWV
D 'XULQJWKH\HDUWKH*URXSKDVUHFRJQLVHGWKHIROORZLQJDPRXQWVLQWKH6WDWHPHQWRI3URWDQG/RVV
L 'HQHG&RQWULEXWLRQ3ODQV
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Provident Fund@ 2,203 1,775
ESI and other Funds 28 31
5HIHU1RWH
# ,QFOXGHVFRQWULEXWLRQWR'HQHG&RQWULEXWLRQ3ODQIRU.H\0DQDJHULDO3HUVRQQHO

LL 'HQHG%HQHW3ODQVDQG/HDYH(QFDVKPHQW
(` Millions)
Particulars Gratuity# Leave Encashment#
Net interest cost / (income) 206 99
Net actuarial (gain) / loss 141 (39)
Total * 782 321
Actual return on plan assets (1) -
(` Millions)
Particulars Gratuity #
Leave Encashment#
Net interest cost / (income) 179 96
Net actuarial (gain) / loss (68) (162)
Total * 482 178
Actual return on plan assets (88) -
,QFOXGHGLQ6DODULHV:DJHVDQG%RQXV5HIHU1RWH
,QFOXGHVFKDUJHVWRZDUGVJUDWXLW\DQGOHDYHHQFDVKPHQWIRU.H\0DQDJHULDO3HUVRQQHODVWKHVHDUHSURYLGHGRQDQDFWXDULDOEDVLVIRUWKH*URXS
DVDZKROH
E 7KHDVVXPSWLRQVXVHGWRGHWHUPLQHREOLJDWLRQVDUHDVIROORZV

Particulars
March 31, 2016 March 31, 2015
Discount rate
Expected rate of increase in compensation levels
Expected rate of return on plan assets
Expected average remaining working lives of employees (years)
F 5HFRQFLOLDWLRQRIRSHQLQJDQGFORVLQJEDODQFHVRIREOLJDWLRQVDQGSODQDVVHWVLVDVIROORZV
(` Millions)
Change in Obligation :
Present value of obligation at beginning of year 2,500 1,160
Acquisitions / transfer in / out (21) 1
Present value of obligation at year end 2,750 1,235
Fair value of plan assets at beginning of year 104 -
Expected return on plan assets 9 -
Actuarial gain / (loss) (9) -
%HQHWVSDLG (38) -
Fair value of plan assets at year end 66 -
Net funded status of the plan (2,684) (1,235)
Current Liabilities 576 1,235
Non-Current Liabilities 2,108

126-355
(` Millions)
Present value of obligation at beginning of year 2,390 1,195
Acquisitions / transfer in / out (44) (3)
Present value of obligation at year end 2,500 1,159
Fair value of plan assets at beginning of year 179 -
Expected return on plan assets 13 -
Actuarial gain / (loss) 75 -
Amount received on redemption of plan assets (161) -
%HQHWVSDLG (2) -
Fair value of plan assets at year end 104 -
Net funded status of the plan (2,396) (1,159)
Current Liabilities 516 1,159
Non-Current Liabilities 1,880
G 7KHH[SHFWHGUDWHRIUHWXUQRQSODQDVVHWVZDVEDVHGRQWKHDYHUDJHORQJWHUPUDWHRIUHWXUQH[SHFWHGWRSUHYDLORYHU
WKHQH[WWR\HDUVRQWKHLQYHVWPHQWVPDGHE\/,&7KLVZDVEDVHGRQWKHKLVWRULFDOUHWXUQVVXLWDEO\DGMXVWHGIRU
PRYHPHQWVLQORQJWHUPJRYHUQPHQWERQGLQWHUHVWUDWHV7KHGLVFRXQWUDWHLVEDVHGRQWKHDYHUDJH\LHOGRQJRYHUQPHQW
ERQGVRI\HDUV
H 7KHHVWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHDFFRXQWRILQDWLRQVHQLRULW\SURPRWLRQ
DQGRWKHUUHOHYDQWIDFWRUVVXFKDVVXSSO\DQGGHPDQGLQWKHHPSOR\PHQWPDUNHW
I +LVWRU\RIH[SHULHQFHDGMXVWPHQWLVDVIROORZV
(` Millions)
Gratuity
2016 2015 2014 2013 2012
Present value of obligation 2,750 2,500 2,334 1,979 1,500
Plan assets 66 104 179 183 81
6XUSOXVGHFLW (2,684) (2,396) (2,155) (1,796) (1,419)
Experience adjustments on (2) (138) (26) (29) (28)
obligation- gain/(loss)
Experience adjustments on plan (1) 74 (6) - -
assets- gain/(loss)
(` Millions)
Leave Encashment
2016 2015 2014 2013 2012
Present value of obligation 1,235 1,159 1,123 1,128 902
Experience adjustments on
79 104 93 - -
obligation- gain/(loss)

J 0RYHPHQWLQRWKHUORQJWHUPHPSOR\HHEHQHWV
7
KHSURYLVLRQIRUORQJWHUPVHUYLFHDZDUGSURYLGHGE\WKH*URXSDVRI0DUFKLV` 0Q0DUFK
` 0Q
39./RDQVDQGDGYDQFHVLQWKHQDWXUHRIORDQVDORQJZLWKPD[LPXPDPRXQWRXWVWDQGLQJGXULQJWKH\HDUDVSHU6FKHGXOH9
RIWKH/LVWLQJ$JUHHPHQWDUHDVIROORZV
D /RDQDQGDGYDQFHLQWKHQDWXUHRIORDQJLYHQWR%KDUWL$LUWHO(PSOR\HHV:HOIDUH7UXVWLV` 0Q0DUFK
` 0QDWQLOLQWHUHVWUDWH
E /RDQDQGDGYDQFHLQWKHQDWXUHRIORDQJLYHQWR%KDUWL,QIUDWHO(PSOR\HHV:HOIDUH7UXVWLV` 0Q0DUFK
` 0QDWQLOLQWHUHVWUDWH
F /RDQDQGDGYDQFHLQWKHQDWXUHRIORDQJLYHQWR)LUH\1HWZRUN/LPLWHGDWLQWHUHVWUDWHLV` 0Q0DUFK
`1LO
5HIHUQRWHIRURXWVWDQGLQJEDODQFHDWWKHHQGRIWKH\HDUIRUWKHDERYHHQWLWLHV
'HWDLOVRIGXHVWRPLFURDQGVPDOOHQWHUSULVHVDVGHQHGXQGHUWKH060('$FW
7KH GXHV WR 0LFUR 6PDOO DQG 0HGLXP (QWHUSULVHV DV UHTXLUHG XQGHU WKH 0LFUR 6PDOO DQG 0HGLXP (QWHUSULVHV
'HYHORSPHQW$FWWRWKHH[WHQWLQIRUPDWLRQDYDLODEOHZLWKWKH*URXSLVJLYHQEHORZ
(` Millions)
Sl. As of March 31, As of March 31,
Particulars
No. 2016 2015
a The principal amount and the interest due thereon remaining 34 72
unpaid to any supplier at the end of accounting year included
in trade payable
b The amount of interest paid by the buyer in terms of section 289 189
16 of the Act, 2006, along with the amounts of the payment
made to the supplier beyond the appointed day during the
accounting year
c Amount of interest due and payable for the period of delay on - 1
payments made beyond the appointed day during the year
d The amount of interest accrued and remaining unpaid at the 22 20
HQGRIQDQFLDO\HDU
e The amount of interest due and payable for the period of delay - 1
in making payment (which have been paid but beyond the due
GDWHGXULQJWKH\HDUEXWZLWKRXWDGGLQJWKHLQWHUHVWVSHFLHG
under this Act
41. Related Party Disclosures ,QGR7HOHSRUWV/LPLWHGIRUPHUO\NQRZQDV%KDUWL7HOHSRUWV

5HODWHG SDUWLHV ZKHUH FRQWURO H[LVWV DQG RU ZLWK ZKRP /LPLWHGXSWLOO$XJXVWUHIHUQRWHL
WUDQVDFWLRQV KDYH WDNHQ SODFH GXULQJ WKH \HDU DQG E-RLQW9HQWXUHV
GHVFULSWLRQRIUHODWLRQVKLSVDUH
)RUXP , $YLDWLRQ /LPLWHG -RLQW 9HQWXUH RI %KDUWL $LUWHO
Name of the related party and related party 6HUYLFHV/LPLWHG&HDVHGWREHUHODWHGSDUW\ZHI-DQXDU\
relationship :
(i) Key Management Personnel ,QGXV7RZHUV/LPLWHG-RLQW9HQWXUHRI%KDUWL,QIUDWHO/LPLWHG
6XQLO%KDUWL0LWWDO %ULGJH0RELOH3WH/LPLWHG
Gopal Vittal )LUH)O\1HWZRUNV/LPLWHG
&KULVWDQGH)DULD (c) Entities where Key Management Personnel and their
(ii) Other Related Parties UHODWLYHVDUHDEOHWRH[HUFLVHVLJQLFDQWLQXHQFH
(a) Associates %KDUWL)RXQGDWLRQ
7DQ]DQLD7HOHFRPPXQLFDWLRQV&RPSDQ\/LPLWHG$VVRFLDWH %KDUWL$LUWHO(PSOR\HHV:HOIDUH7UXVW
RI%KDUWL$LUWHO7DQ]DQLD%9 +LNH/LPLWHG
6H\FKHOOHV &DEOH 6\VWHPV &RPSDQ\ /LPLWHG $VVRFLDWH RI 0RELQWHFR/LPLWHG0HUJHGZLWK+LNH/LPLWHGZHI
$LUWHO6H\FKHOOHV/LPLWHG 'HFHPEHU
&HGDU6XSSRUW6HUYLFHV/LPLWHG

126-355
G(QWLWLHVKDYLQJVLJQLFDQWLQXHQFHRYHUWKH&RPSDQ\ )LHOGIUHVK)RRGV3ULYDWH/LPLWHG
6LQJDSRUH7HOHFRPPXQLFDWLRQV/LPLWHG ,QGLDQ&RQWLQHQW,QYHVWPHQW/LPLWHG
3DVWHO/LPLWHG -HUVH\$LUWHO/LPLWHG
%KDUWL7HOHFRP/LPLWHG 0HKUDXOL5HDOW\DQG&RQVXOWDQWV/LPLWHG
(e) Group Companies ** 1LOH7HFK/LPLWHG
%HHWHO7HOHWHFK/LPLWHG <&)'LJLWDO0HGLD/LPLWHG
%KDUWL$[D*HQHUDO,QVXUDQFH&RPSDQ\/LPLWHG %KDUWL(QWHUSULVHV/LPLWHG
%KDUWL$[D/LIH,QVXUDQFH&RPSDQ\/LPLWHG $WULXP5HVWDXUDQWV,QGLD3ULYDWH/LPLWHG
%KDUWL5HDOW\+ROGLQJV/LPLWHG %KDUWL/DQG/LPLWHG
%KDUWL5HDOW\/LPLWHG &HQWUXP:RUNVNLOOV,QGLD/LPLWHG
%KDUWL5HWDLO/LPLWHG $XJHUH:LUHOHVV%URDGEDQG,QGLD3ULYDWH/LPLWHG
,JQLWH:RUOG3ULYDWH/LPLWHGIRUPHUO\NQRZQDV%6%3RUWDO ZHI'HFHPEHU
/LPLWHG ** Group CompaniesWKRXJKQRW5HODWHG3DUWLHVDV
+LNH0HVVHQJHU/LPLWHGIRUPHUO\NQRZQDV%6%,QQRYDWLRQ SHUWKH,*$$3GHQLWLRQKDYHEHHQLQFOXGHGE\ZD\
,QGLD/LPLWHG RIDYROXQWDU\GLVFORVXUHIROORZLQJWKHEHVWFRUSRUDWH
&HQWXP/HDUQLQJ/LPLWHG JRYHUQDQFHSUDFWLFHV
The details of amounts due to or due from the related parties as of March 31, 2016 and March 31, 2015 are as follows:
(` Millions)
As of As of
S.
Particulars March 31, March 31,
No
2016 2015
1 Loans & Advances (including any accrued interest)
(QWLWLHVZKHUH.H\0DQDJHPHQW3HUVRQQHODQGWKHLUUHODWLYHVH[HUFLVH
VLJQLFDQW,QXHQFH
Bharti Airtel Employees Welfare Trust 508 98
Bharti Infratel Employees Welfare Trust 555 624
Associate
Indo Teleports Limited (formerly known as Bharti Teleports Limited) - 466
Group Companies
$XJHUH:LUHOHVV%URDGEDQG,QGLD3YW/WG 51 -
Joint Venture
)LUH\1HWZRUNOLPLWHG 3 -
1,117 1,188
2 Security Deposit/Advances given
Group Companies
Bharti Realty Limited 419 419
Bharti Realty Holdings Limited 103 99
Centum learning Limited 60 60
Nile Tech Limited 428 396
Joint Venture
Indus Towers Limited 2,208 2,136
3,218 3,110
3 Trade Receivables
Associate
Joint Venture of Subsidiary
Indus Towers Limited 14 139

(` Millions)
As of As of
S.
No
2016 2015
Group Companies
Bharti Retail Limited 72 69
Bharti AXA Life Insurance Company Limited 7 5
Bharti AXA General Insurance Co Ltd 9 7
Fieldfresh Foods Private Limited 2 1
Jersey Airtel Limited 7 6
Bharti Enterprises Limited 0 -
Beetel Teletech Limited 12 10
Nile Tech Limited 2 -
Ignite World Private Limited (formerly known as BSB Portal Limited) 29 35
Hike Messenger Limited (formerly Known as BSB Innovation India Limited) 1 2
Bharti Land Limited 1 -
(QWLWLHVZKHUH.H\0DQDJHPHQW3HUVRQQHODQGWKHLUUHODWLYHVH[HUFLVH
VLJQLFDQW,QXHQFH
Hike Limited 36 65
(QWLW\KDYLQJVLJQLFDQWLQXHQFHRYHUWKH&RPSDQ\
6LQJDSRUH7HOHFRPPXQLFDWLRQV/WG 233 342
623 855
4 Trade Payables
Associate
Tanzania Telecommunications Company Limited 613 145
Joint Ventures
%ULGJH0RELOH3WH/LPLWHG 4 5
Group Companies
Bharti Realty Limited - 10
Bharti Enterprises Limited 18 45
<&)'LJLWDO0HGLD3YW/WG - 2
Singapore Telecommunications Limited 533 436
6,935 6,522

126-355
7KHGHWDLOVRIWKHUHODWHGSDUW\WUDQVDFWLRQHQWHUHGLQWRE\WKH*URXSIRUWKH\HDUHQGHG0DUFKDQG0DUFK
DUHDVIROORZV
(` Millions)
S.
Particulars ended ended
No
March 31, 2016 March 31, 2015
1 3XUFKDVHRI[HGDVVHWVEDQGZLGWK
Group Companies
Ignite World Private Limited (formerly known as BSB Portal Limited) - 92
Beetel Teletech Limited 2,475 1,204
Associate of Subsidiary
Seychelles Cable Systems Company Limited - 111
2,475 1,407
2 Rendering of Services
Associate /Associate of Subsidiary
Indo Teleports Limited (formerly known as Bharti Teleports Limited) 13 29
Group Companies
Fieldfresh Foods Private Limited 10 3
Bharti Realty Limited 13 -
Gourmet Investments Private Limited - -
Atrium Restaurants India Private Limited 0 -
Bharti Land Limited 1 -
Hike Messenger Limited (Formerly Known as BSB Innovation India 1 2
Limited)
Indus Towers Limited 21 -
(QWLWLHVZKHUHNH\PDQDJHPHQWSHUVRQQHO WKHLUUHODWLYHV
Hike Limited 190 116
Mobinreco Limited (Merged with Hike Limited wef December 22,2015 ) - -
6LQJDSRUH7HOHFRPPXQLFDWLRQV/WG 1,313 1,444
1,848 1,854
3 Receiving of services
Associate of Subsidiary
Joint Ventures
Bridge Mobile Pte Limited 23 23
FireFly Networks Limited 12 -
Group Companies
Beetel Teletech Limited 1,457 730

(` Millions)
S.
No
March 31, 2016 March 31, 2015
Bharti Retail Limited 1 -
<&)'LJLWDO0HGLD3YW/WG 2 4
Bharti AXA General Insurance Company Limited 34 52
%KDUWL5HWDLO/WG - 3
6LQJDSRUH7HOHFRPPXQLFDWLRQV/WG 629 614
27,019 23,893
4 Fund transferred/Expenses incurred on behalf of others
Associate
Group Companies
%KDUWL5HWDLO/WG - 2
- 25
5 Fund received/Expenses incurred on behalf of the Company
Joint Venture
Forum 1 Aviation Ltd 21 40
Group Companies
%KDUWL5HWDLO/WG 0 1
Bharti Realty Holdings Limited 16 -
328 1,005
6 Employee related expenses incurred on behalf of the Company
Group Companies
%KDUWL5HWDLO/WG - 1
97 129
7 Donation
(QWLWLHVZKHUH.H\0DQDJHPHQW3HUVRQQHODQGWKHLUUHODWLYHV
H[HUFLVHVLJQLFDQW,QXHQFH
830 804
8 Security deposit given/Advances paid
Joint Venture
Associate
Group Companies

126-355
(` Millions)
S.
No
March 31, 2016 March 31, 2015
%KDUWL7HOHFRP/WG 0 1
145 43
9 Loans given
Bharti Airtel Employees Welfare Trust 514 -
Bharti Infratel Employees Welfare Trust - 624
Joint Venture
Group Companies
Associate
571 778
10 Repayment of Loans given
Indus Tower Limited - 5,320
Associate
Indo Teleports Limited (formerly known as Bharti Teleports Limited) 14 -
Bharti Infratel Employees Welfare Trust 69 -
187 5,548
11 Dividend Paid
(QWLWLHVKDYLQJVLJQLFDQWLQXHQFHRYHUWKH&RPSDQ\
3DVWHO/WG 1,313 2,028
%KDUWL7HOHFRP/WG 3,886 5,994
Group Companies
,QGLDQ&RQWLQHQW,QYHVWPHQW/WG 590 912
Key Management Personnel
*RSDO9LWWDO 0 0
Entities Where Key Management Personnal and their relative
Bharti Infratel Employees Welfare Trust 11 -
5,801 8,941
12 Reimbursement of energy expenses
Group Companies
13,471 13,517
13 Remuneration
Key Management Personnel
6KRUW7HUP(PSOR\HH%HQHWV 274 250
'HQHG&RQWULEXWLRQ3ODQ 24 22
Performance Linked Incentive ('PLI')# 153 153
451 425

(` Millions)
S.
No
March 31, 2016 March 31, 2015
14 Rent Expense
Group Companies
Bharti Realty Limited 1,116 655
Bharti Axa Life Insurance Company Limited 0 1
1,787 1,222
15 Rent Income
Associate
2 4
16 Interest Income
Associate
Group Companies
Joint Venture
24 47
17 Refund of security deposit
Group Companies
Joint Venture
)RUXP$YLDWLRQ/WG 3 -
%KDUWL7HOHFRP/LPLWHG - 1
35 1
18 Claim received
Group Companies
%KDUWL$[D*HQHUDO,QVXUDQFH&RPSDQ\/LPLWHG 72 46
72 46
19 Purchase of investment
Joint Venture
)LUH\1HWZRUNOLPLWHG - 5
- 5
20 Reduction of share capital
Joint Venture
%ULGJH0RELOH3WH/LPLWHG - 78
- 78
21 Employee related expenses incurred on behalf of the Others
Joint Venture -
Group Companies
%KDUWL(QWHUSULVHV/LPLWHG 40 -
&HQWXPOHDUQLQJ/LPLWHG 2 -
49 -
9DOXHRI3/,FRQVLGHUHGDERYHUHSUHVHQWVLQFHQWLYHDWSHUIRUPDQFHOHYHO+RZHYHUVDPHZLOOEHSDLGRQWKHEDVLV
RIDFWXDOSHUIRUPDQFHSDUDPHWHUVLQQH[W\HDU$GGLWLRQDOSURYLVLRQRI`0QDQG`0QKDVEHHQUHFRUGHGLQWKHERRNV
WRZDUGV3/,IRUWKH\HDUHQGHG0DUFKDQG0DUFKUHVSHFWLYHO\'XULQJWKH\HDUHQGHG0DUFK3/,
RI`0Q0DUFK` 0QSHUWDLQLQJWRSUHYLRXV\HDUKDVEHHQSDLG

126-355
42. Lease
a) Operating lease - As a lessee
7KHOHDVHUHQWDOVFKDUJHGGXULQJWKH\HDUIRUFDQFHOODEOHQRQFDQFHOODEOHOHDVHVUHODWLQJWRUHQWRIEXLOGLQJSUHPLVHV
DQG FHOO VLWHV DV SHU WKH DJUHHPHQWV DQG PD[LPXP REOLJDWLRQ RQ ORQJWHUP QRQFDQFHOODEOH RSHUDWLQJ OHDVHV DUH DV
IROORZV
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Lease rentals [excluding lease equalisation reserve - ` 1,340 Mn 64,559 53,829
( March 31, 2015 ` 1,580 Mn)]
Obligations on non-cancellable leases :
Total 303,135 279,049
7KHHVFDODWLRQFODXVHLQFOXGHVHVFDODWLRQUDQJLQJIURPWRLQFOXGHVRSWLRQRIUHQHZDOIURPWR\HDUVDQG
WKHUHDUHQRRWKHUVLJQLFDQWUHVWULFWLRQVLPSRVHGE\OHDVHDUUDQJHPHQWV
b) Operating Lease As a Lessor
L 7KH&RPSDQ\KDVHQWHUHGLQWRQRQFDQFHOODEOHOHDVHDUUDQJHPHQWVWRSURYLGHGDUNEHURQLQGHIHDVLEOHULJKWRI
XVH,58EDVLVDQGFHUWDLQSUHPLVHVRQOHDVH'XHWRWKHQDWXUHRIWKHWUDQVDFWLRQLWLVQRWSRVVLEOHWRFRPSXWH
JURVVFDUU\LQJDPRXQWGHSUHFLDWLRQIRUWKH\HDUDQGDFFXPXODWHGGHSUHFLDWLRQRIWKHDVVHWJLYHQRQRSHUDWLQJ
OHDVHDVRI0DUFKDQGDFFRUGLQJO\GLVFORVXUHVUHTXLUHGE\$6/HDVHVDUHQRWSURYLGHG
LL 7KHIXWXUHPLQLPXPOHDVHSD\PHQWVUHFHLYDEOHDUH
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Total 269,898 260,807
c) Finance Lease As a Lessee

L )LQDQFH/HDVHREOLJDWLRQRIWKH*URXSDVOHVVHHDVRI0DUFKLVDVIROORZ
(` Millions)
lease payments
Not later than one year 10,160 5,414 4,746
/DWHUWKDQRQH\HDUEXWQRWODWHUWKDQYH
38,263 16,973 21,290
years
/DWHUWKDQYH\HDUV 39,381 7,545 31,835
Total 87,804 29,932 57,871

LL )LQDQFH/HDVHREOLJDWLRQRIWKH*URXSDVOHVVHHDVRI0DUFKLVDVIROORZ
(` Millions)
lease payments
/DWHUWKDQRQH\HDUEXWQRWODWHUWKDQYH 1,083 421 662
years
/DWHUWKDQYH\HDUV 575 166 409
Total 2,379 751 1,628
d) Finance Lease As a Lessor

L 7KHIXWXUHPLQLPXPOHDVHSD\PHQWVUHFHLYDEOHRIWKH*URXSDVRI0DUFKLVDVIROORZV
(` Millions)
lease payments
years
Total 423 70 353
LL 7KHIXWXUHPLQLPXPOHDVHSD\PHQWVUHFHLYDEOHRIWKH*URXSDVRI0DUFKLVDVIROORZV
(` Millions)
lease payments
years
Total 168 30 138

43. Employee Stock Compensation
7KHIROORZLQJWDEOHSURYLGHVDQRYHUYLHZRIDOOH[LVWLQJVKDUHRSWLRQSODQVRIWKH*URXS
Year of Vesting Contractual Share Weighted Share Weighted
Entity Scheme Plan issuance period term options average options average
of plan (years) (years) granted exercise granted exercise

(thousands) price (`) (thousands) price (`)
Equity settled Plans
Bharti Airtel Scheme I 2001 Plan * 2002 1-4 7 30,893 30,893
Bharti Airtel Scheme I 2004 Plan * 2004 1-4 7 4,380 4,380
Bharti Airtel Scheme I Superpot * 2004 1-3 7 143 - 143 -
Bharti Airtel Scheme I 2006 Plan 2006 1-5 7 5,489 5,489
Bharti Airtel Scheme 2005 2005 Plan * 2005 1-4 7 11,260 11,260
Bharti Airtel Scheme 2005 2008 Plan & Annual 2008 1-3 7 8,817 8,817
Grant Plan (AGP)
Bharti Airtel Scheme 2005 Performance Share Plan 2009 3-4 7 1,691 1,691
(PSP) 2009 Plan
Bharti Airtel Scheme 2005 Special ESOP & Restricted 2010 1-5 7 3,615 3,615
Share Units (RSU) Plan
Bharti Airtel Scheme 2005 Long Term Incentive (LTI) 2011 1-3 7 433 433
Plan
Bharti Airtel Scheme 2005 LTI Plan 2012 1-3 7 1,649 1,649
Bharti Airtel Scheme 2005 LTI Plan 2015 1-3 7 1,576 - -
Bharti Infratel plan 2008 Plan 2008 1-5 7 9,913 9,913
Infratel
Bharti Infratel plan LTI Plan (Part of 2008 plan) 2012 1-3 7 34 34
Infratel
Bharti Infratel plan 2015 Plan 2015 1-3 7 90 - -
Infratel
Cash settled Plans
Bharti Airtel Scheme 2005 LTI Plan Africa * 2011 1-3 3 560 560
Bharti Airtel Performance Unit Performance Unit Plan 2013 1-3 3 3,435 - 3,435 -
Plan (PUP) 2013 (PUP) 2013
Bharti Airtel Performance Unit Performance Unit Plan 2014 1-5 3-5 5,920 - 5,909 -
Plan (PUP) 2014 (PUP) 2014
Bharti Airtel Performance Unit Performance Unit Plan 2015 1-3 7 1,045 - - -
126-355
Plan (PUP) 2015 (PUP) 2015

Bharti Infratel plan PUP 2013 & 1-3 7 309 - 309 -
Infratel 2014
Indus Indus Plan SAR Plan - 1 2013 ** 7 1 - 1 -

Indus Indus Plan SAR Plan - 2 2013 1-3 7 0 - 0 -

&RQWUDFWXDOWHUPKDVH[SLUHG
249
7KH YHVWLQJ VFKHGXOH RI 6$5 3ODQ VWLSXODWHV YHVWLQJ DV DSSOLFDEOH XQGHU WKH 6FKHPH RU DV GHWHUPLQHG E\ WKH +XPDQ 5HVRXUFH DQG 5HPXQHUDWLRQ &RPPLWWHH DQG FRPPXQLFDWHG WKURXJK WKH DZDUG
OHWWHUV
7KHIROORZLQJWDEOHH[KLELWVWKHQHWFRPSHQVDWLRQH[SHQVHVDULVLQJIURPVKDUHVEDVHGSD\PHQWWUDQVDFWLRQ
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Equity-settled share-based payment transactions 248 (4)
Cash-settled share-based payment transactions 780 777
1,028 773
7KHLQIRUPDWLRQFRQFHUQLQJVKDUHRSWLRQVLVVXHGLVSUHVHQWHGEHORZ

(In 000) (`) (In 000) (`)
Outstanding at beginning of year 390 539
Granted - - 225
Exercised (75) (98)
Exercisable at end of year 30 65

Outstanding at beginning of year - - 1,008
Granted - - - -
Exercised - - - -
Forfeited / Expired - - (1,008)
Outstanding at end of year - - - -
Exercisable at end of year - - - -

Outstanding at beginning of year 2,534 3,439
Granted - - - -
Forfeited / Expired (1,209) (732)
Outstanding at end of year 639 2,534
Exercisable at end of year 639 2,534

Granted - - - -
Forfeited / Expired (8) -

Granted - - - -

126-355
(In 000) (`) (In 000) (`)
Scheme 2005 - LTI Plan (2011, 2012 &
2015)
Outstanding at beginning of year 523 1,072
Granted 1,576 67
Outstanding at end of year 1,709 523
Bharti Infratel : 2008 Plan
Outstanding at beginning of year 3,834 8,554
Granted - - - -
Exercised (3,078) (4,463)
Outstanding at end of year 732 3,834
Exercisable at end of year 732 3,607
Bharti Infratel : LTI Plan (Part of 2008
Plan)
Number of shares under option:
Granted - - - -
Exercised (2) (5)
Forfeited / Expired - (5)
Bharti Infratel : LTI Plan (2015 Plan)
Outstanding at beginning of year - - - -
Granted 90 - -
Exercised - - - -
Expired - - - -
Forfeited / Expired - - - -
Outstanding at end of year 90 - -
Cash Settled Plan
Scheme 2005 - LTI Plan Africa
Outstanding at beginning of year - - 107
Granted - - - -
Exercised - - - -
Forfeited - - (107)
PUP 2013
Outstanding at beginning of year 1,435 - 3,004 -
Granted - - 140 -
Exercised (381) - (589) -
Forfeited (555) - (1,120) -
Outstanding at end of year 499 - 1,435 -

(In 000) (`) (In 000) (`)
PUP 2014
Outstanding at beginning of year 5,548 - - -
Granted 11 - 5,909 -
Exercised (441) - - -
Forfeited / Expired (1,477) - (361) -
Outstanding at end of year 3,641 - 5,548 -
PUP 2015
Granted 1,045 - - -
Exercised - - - -
Forfeited / Expired (138) - - -
Outstanding at end of year 907 - - -
Bharti Infratel : Performance Unit Plan
Outstanding at beginning of year 238 - 171 -
Granted - - 138 -
Exercised (51) - (46) -
Forfeited / Expired (4) - (25) -
Outstanding at end of year 183 - 238 -
Exercisable at end of year 37 - 2 -
Indus : SAR Plan 1 *
Outstanding at beginning of year - -
Exercised - -
Forfeited / Expired - - -
Outstanding at end of year - -
Exercisable at end of year - -
Indus : SAR Plan 2 *
Granted - -
Exercised - -
Forfeited / Expired - -
Exercisable at end of year - -
5HSUHVHQWVWKH&RPSDQ\VVKDUHRILQWKHMRLQWYHQWXUH

7KHIROORZLQJWDEOHVXPPDULVHVLQIRUPDWLRQDERXWRSWLRQVH[HUFLVHGDQGJUDQWHGGXULQJWKH\HDUDQGDERXWRSWLRQVRXWVWDQGLQJDQGWKHLUUHPDLQLQJFRQWUDFWXDOOLIH
March 31, 2016
Options Outstanding Options Granted during Options Excercised during
as of March 31, 2016 the year ended the year ended
March 31, 2016 March 31, 2016
Entity Plan Options Exercise price Weighted average Options Weighted Options Weighted
(thousands) (`) remaining (thousands) average (thousands) average

contractual life Fair Value share price
(years) (`) (`)
Bharti Airtel 2006 Plan 305 - - 75
Bharti Airtel 2008 Plan & AGP 639 - - 686
Bharti Airtel PSP 2009 Plan 53 - - 22
Bharti Airtel Special ESOP & RSU Plan 126 - - 44
Bharti Airtel LTI Plan (2011, 2012 & 2015) 1,709 1,576 201
Bharti Infratel 2008 Plan 732 - - 3,078
Bharti Infratel LTI Plan (Part of 2008 Plan) 4 - - 2
Bharti Infratel 2015 Plan 90 90 - -
Cash settled Plans
Bharti Airtel PUP 2013 499 - - - 381
Bharti Airtel PUP 2014 3,641 - 11 441
Bharti Airtel PUP 2015 907 - 1,045 - -

Bharti Infratel Performance Unit Plan 183 - - - 51
Indus SAR Plan 1 - - -
Indus SAR Plan 2 - WR
March 31, 2015
Options Outstanding Options Granted during Options Excercised during
as of March 31, 2015 the year ended the year ended
March 31, 2015 March 31, 2015
Entity Plan Options Exercise Weighted average Options Weighted Options Weighted
(thousands) price remaining (thousands) average (thousands) average
(`) contractual life Fair Value share price
(years) (`) (`)

Bharti Airtel 2006 Plan 390 WR 225 98
Bharti Airtel 2008 Plan & AGP 2,534 WR - - 173
Bharti Airtel PSP 2009 Plan 83 - - 159
Bharti Airtel Special ESOP & RSU Plan 189 - - 178
Bharti Airtel LTI Plan (2011 & 2012) 523 67 356
126-355
Bharti Infratel 2008 Plan 3,834 - - 4,463

Bharti Infratel LTI Plan (Part of 2008 Plan) 6 - - 5
Cash settled Plans
Bharti Airtel PUP 2013 1,435 - 140 589

Bharti Airtel PUP 2014 5,548 - 5,909 - -
Bharti Infratel Performance Unit Plan 238 - 138 46
Indus SAR Plan 1 - - -
253
Indus SAR Plan 2 - WR
7KHWRWDOFDUU\LQJYDOXHRIFDVKVHWWOHGVKDUHEDVHGFRPSHQVDWLRQOLDELOLW\LV` 0QDQG` 0QDVRI0DUFK
DQG0DUFKUHVSHFWLYHO\
7KH IDLU YDOXH RI RSWLRQV JUDQWHG ZDV HVWLPDWHG RQ WKH GDWH RI JUDQW DQG DW HDFK UHSRUWLQJ GDWH IRU FDVKVHWWOHG
VKDUH EDVHG RSWLRQV XVLQJ WKH %ODFN6FKROHV /DWWLFH 0RQWH &DUOR 6LPXODWLRQYDOXDWLRQ PRGHO ZLWK WKH IROORZLQJ
DVVXPSWLRQV

Particulars
31, 2016 31, 2015
Risk free interest rates WR WR
9RODWLOLW\ WR WR
Dividend yield excluding Indus WR WR
Dividend yield - Indus WR WR
Wtd average share price on measurement date exluding Infratel (`) WR WR
Wtd average exercise price on measurement date exluding Infratel (`) 0 to 5 0 to 5
Wtd average share price on measurement date - Infratel (`)
Wtd average exercise price on measurement date - Infratel (`) -
7KHH[SHFWHGOLIHRIWKHVKDUHRSWLRQLVEDVHGRQKLVWRULFDOGDWDDQGFXUUHQWH[SHFWDWLRQDQGQRWQHFHVVDULO\LQGLFDWLYH
RIH[HUFLVHSDWWHUQWKDWPD\RFFXU7KHYRODWLOLW\RIWKHRSWLRQVLVEDVHGRQWKHKLVWRULFDOYRODWLOLW\RIWKHVKDUHSULFHVLQFH
WKHUHVSHFWLYHHQWLW\VHTXLW\VKDUHVEHFDPHSXEOLFO\WUDGHG
%KDUWL,QIUDWHO/LPLWHGWKHVXEVLGLDU\RIWKH&RPSDQ\KDVLVVXHGIUHVKHTXLW\VKDUHVWRLWVHPSOR\HHVXQGHUWKHHTXLW\

VHWWOHGVKDUHEDVHGFRPSHQVDWLRQSODQDQGKDVUHFHLYHGDQDPRXQWRI` 0Q0DUFK` 0QUHVXOWLQJ
LQLQFUHDVHLQWKHKROGLQJRIPLQRULW\VKDUHKROGHUVE\
44. Derivatives
7KH*URXSVDFWLYLWLHVH[SRVHLWWRDYDULHW\RIQDQFLDOULVNVLQFOXGLQJWKHHHFWVRIFKDQJHVLQIRUHLJQFXUUHQF\H[FKDQJH
UDWHV DQG LQWHUHVW UDWHV 7KH *URXS XVHV GHULYDWLYH QDQFLDO LQVWUXPHQWV VXFK DV IRUHLJQ H[FKDQJH FRQWUDFWV RSWLRQ
FRQWUDFWVDQGLQWHUHVWUDWHVZDSVWRPDQDJHLWVH[SRVXUHVWRIRUHLJQH[FKDQJHXFWXDWLRQVDQGFKDQJHVLQLQWHUHVWUDWH
7KHIROORZLQJWDEOHGHWDLOVWKHVWDWXVRIWKH*URXSVH[SRVXUH
(` Millions)
S. Notional Value Notional Value
Particulars
No. (March 31, 2016) (March 31, 2015)
A For Loan related exposures*
a) Forwards 76,712 7,023
b) Options 35,908 32,548
c) Interest rate swaps 251,356 186,990
Total 363,976 226,561
B For Trade related exposures*
a) Forwards 20,707 13,992
b) Options 26,082 6,605
c) Interest Rate Swaps - -
Total 46,789 20,597
C 8QKHGJHGIRUHLJQFXUUHQF\ERUURZLQJ 340,036 370,962
D Unhedged foreign currency payables 51,537 75,877
E Unhedged foreign currency receivables 82,210 66,614
7UDGHUHODWHGH[SRVXUHLQFOXGHVKHGJHVWDNHQIRUIRUHFDVWHGUHFHLYDEOHV
7KH*URXSKDVDFFRXQWHGIRUGHULYDWLYHVZKLFKDUHFRYHUHGXQGHUWKH$QQRXQFHPHQWLVVXHGE\WKH,&$,RQPDUNHGWR
PDUNHWEDVLVDQGKDVUHFRUGHGDQHWORVV` 0QLQFOXGLQJQHWORVVRI` 0QWRZDUGVHPEHGGHGGHULYDWLYHVIRU
WKH\HDUHQGHG0DUFKDQGUHFRUGHGUHYHUVDORIORVVRI` 0QLQFOXGLQJUHYHUVDORIORVVRI` 0QWRZDUGV
HPEHGGHGGHULYDWLYHVIRUWKH\HDUHQGHG0DUFK

126-355
45. Movement in Provision
a) Doubtful Debts/Advances
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Balance at the beginning of the year# 35,199 31,585
Provision for the year 9,373 9,401
:ULWHRRIEDGGHEWVQHWRIUHFRYHU\ (6,867) (4,247)
Currency translation 2,573 (1,540)
Balance at the end of the year #
40,278 35,199
LQFOXGHVSURYLVLRQIRUGRXEWIXO7'6UHFHLYDEOHRI` 0Q0DUFK` 0QJURXSHGXQGHU$GYDQFHWD[
b) Subjudice Matters
7
KH *URXS LV LQYROYHG LQ YDULRXV OLWLJDWLRQV WKH RXWFRPH RI ZKLFK DUH FRQVLGHUHG SUREDEOH DQG LQ UHVSHFW
RI ZKLFK WKH *URXS KDV PDGH DJJUHJDWH SURYLVLRQV RI ` 0Q DV DW 0DUFK 0DUFK
` 0Q
7
KHPRYHPHQWRISURYLVLRQWRZDUGVVXEMXGLFHPDWWHUVGLVFORVHGXQGHURWKHUQRQFXUUHQWDVVHWVUHIHUQRWHDQG
RWKHUFXUUHQWOLDELOLWLHVUHIHUQRWH
0RYHPHQWLQ3URYLVLRQWRZDUGVVXEMXGLFHPDWWHUV
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Opening Balance 86,531 74,674
Additions (net) 26,906 11,857

46. Security Details
7KH*URXSKDVWDNHQERUURZLQJVLQYDULRXVFRXQWULHVWRZDUGVIXQGLQJRILWVDFTXLVLWLRQDQGZRUNLQJFDSLWDOUHTXLUHPHQWV
7KHERUURZLQJVFRPSULVHRIIXQGLQJDUUDQJHPHQWVZLWKYDULRXVEDQNVDQGQDQFLDOLQVWLWXWLRQVWDNHQE\WKH3DUHQWDQG
VXEVLGLDULHV7KHGHWDLOVRIVHFXULW\SURYLGHGE\WKH*URXSLQYDULRXVFRXQWULHVDUHDVIROORZV
(`Millions)
Entity Relation Outstanding loan amount
As of As of Security Detail
March 31, March 31,
2016 2015
Bharti Airtel Ltd Parent 20 19 Hypothecation of vehicles
L'HHG RI +\SRWKHFDWLRQ E\ ZD\ RI [HG
FKDUJHFUHDWLQJDUVWUDQNLQJSDULSDVVX
[HG FKDUJH RYHU OLVWHG PDFKLQHU\ DQG
equipment of the company, favouring the
%DQN ),,V LQYHVWRUV DQG WKH 2VKRUH
6HFXULW\ $JHQW DQG OHG ZLWK WKH
5HJLVWUDURI-RLQW6WRFN&RPSDQLHV7KLUG
0RGLFDWLRQWR'HHGRI+\SRWKHFDWLRQIRU
EKN-1, EKN-2, SCB Mauritius & HDFC Loan
IDFLOLWLHV
LL'HHGRI+\SRWKHFDWLRQE\ZD\RIRDWLQJ
FKDUJH FUHDWLQJ D UVWUDQNLQJ SDUL SDVVX
RDWLQJ FKDUJH RYHU SODQW PDFKLQHU\
and equipment, both present and future,
excluding machinery and equipment
covered under the foregoing Deed of
+\SRWKHFDWLRQE\ZD\RI[HGFKDUJHDQG
D UVWUDQNLQJ SDUL SDVVX RDWLQJ FKDUJH
over all current assets of the company,
both present and future, including but not
limited to stock, book debts, receivables
and accounts of the company, entered
into or to be entered into by the company,
favouring the Bank / FIIs Facility Investors
DQG2VKRUH6HFXULW\$JHQWDQGOHGZLWK
Airtel Bangladesh Ltd Subsidiary 26,351 21,744 the Registrar of Joint Stock Companies for
EKN-1, EKN-2, SCB Mauritius & HDFC loan
IDFLOLW\
(iii) Corporate Guarantee by BAHSPL
%KDUWL $LUWHO +ROGLQJV 3WH /WG WR $LUWHO
Bangladesh Limited for EKN-1, EKN-
+')& 6&% 0DXULWLXV ORDQ IDFLOLW\
Counter Guarantee to BAHSPL by BAL
(Bharti Airtel Limited) for EKN-1, EKN-2,
+')&ORDQIDFLOLW\
(iv) Register Hypothecations of all present
and future book debts, receivables,
monies, and movable property of the
Borrower consisting of raw materials,
VWRFNVLQYHQWRU\ZRUNLQSURJUHVVQLVKHG
goods and insurance proceeds thereof,
of Airtel Bangladesh on Pari Passu basis
with other Lenders, under a Letter of
Hypothecation dated February 8, 2012
DQG LWV VXEVHTXHQW PRGLFDWLRQV WR WKH
hypothecation executed in favor of the
H[LVWLQJOHQGHUVDQGOHGZLWKWKH5HJLVWUDU
RI -RLQW 6WRFN &RPSDQLHV )RU 6KRUW
Term Working Capital Lenders (STL & OD)
H[FHSW&LWLEDQN1$

126-355
(`Millions)
As of As of Security Detail
March 31, March 31,
2016 2015
L 3OHGJH RI DOO [HG DQG RDWLQJ DVVHWV
%KDUWL$LUWHO$IULFD%9
Subsidiary 18,062 59,349 Kenya, Nigeria, Tanzania, Uganda, DRC,
and its subsidiaries
Ghana
LL3OHGJHRQVSHFLF[HGDVVHWV&KDG
LD UVW FKDUJH E\ ZD\ RI K\SRWKHFDWLRQ RI
WKH -9 &RPSDQ\V HQWLUH PRYDEOH DVVHWV
plant and machinery, including tower,
related equipment and spares, tools and
DFFHVVRULHV IXUQLWXUH [WXUHV YHKLFOHV
and all other movable assets, present and
future;
LLD FKDUJH RQ -9 &RPSDQ\V FDVK RZV
receivables, book debts, revenues of
whatsoever nature and wherever arising,
Indus Towers Limited Joint present and future subject only to prior
16,552 23,840
(42% share) 9HQWXUH charge in favour of working capital
lenders with working capital facility limits
not exceeding ` 10,000 Mn (amount
LQ DEVROXWH JXUHV LQFOXGLQJ IXQGHG
facilities; and
LLLDUVWFKDUJHRYHUWKHDPRXQWLQWKH'HEW
Service Account opened and maintained
E\ WKH -9 &RPSDQ\ LQ DFFRUGDQFH
with the terms of this Agreement and
the Debt Service Account Agreement;
Total 60,985 104,952
$IULFDRSHUDWLRQVDFTXLVLWLRQUHODWHGERUURZLQJ
/RDQVRXWVWDQGLQJDVDWWKHUHSRUWLQJGDWHLQFOXGHVFHUWDLQORDQVZKLFKKDYHEHHQWDNHQWRUHQDQFHWKH$IULFDRSHUDWLRQV
DFTXLVLWLRQUHODWHGERUURZLQJ7KHVHORDQDJUHHPHQWVFRQWDLQDQHJDWLYHSOHGJHFRYHQDQWWKDWSUHYHQWVWKH*URXSH[FOXGLQJ
$LUWHO%DQJODGHVK/LPLWHG%KDUWL$LUWHO$IULFD%9%KDUWL,QIUDWHO/LPLWHGDQGWKHLUUHVSHFWLYHVXEVLGLDULHVWRFUHDWHRUDOORZ
WRH[LVWDQ\VHFXULW\LQWHUHVWRQDQ\RILWVDVVHWVZLWKRXWSULRUZULWWHQFRQVHQWRIWKHPDMRULW\OHQGHUVH[FHSWLQFHUWDLQDJUHHG
FLUFXPVWDQFHV
7KH(XUR1RWHVGXHLQDQG86'1RWHVGXHLQLVVXHGE\%$,1FRQWDLQFHUWDLQFRYHQDQWVUHODWLQJWROLPLWDWLRQ
RQ ,QGHEWHGQHVV DQG DOO QRWHV FDUU\ D UHVWULFWLRQ RQ LQFXUUHQFH RI DQ\ OLHQ RQ LWV DVVHWV RWKHU WKDQ DV SHUPLWWHG XQGHU
WKH DJUHHPHQW XQOHVV DQ HHFWLYH SURYLVLRQ LV PDGH WR VHFXUH WKH 1RWHV DQG JXDUDQWHH HTXDOO\ DQG UDWDEO\ ZLWK VXFK
,QGHEWHGQHVVIRUVRORQJDVVXFK,QGHEWHGQHVVLVVRVHFXUHGE\VXFKOLHQ7KHOLPLWDWLRQRQLQGHEWHGQHVVFRYHQDQWRQ(XUR
1RWHVGXHDQG86'1RWHVGXHJHWVVXVSHQGHGRQ1RWHVPHHWLQJFHUWDLQDJUHHGFULWHULD7KHGHEWFRYHQDQWV
UHPDLQHGVXVSHQGHGDVRIWKHGDWHRIWKHDXWKRULVDWLRQRIWKHQDQFLDOVWDWHPHQWV7KHRWKHUQRWHVLVVXHGGRQRWFDUU\DQ\
UHVWULFWLRQVRQWKHOLPLWDWLRQRQLQGHEWHGQHVV

47. Interest in Joint Venture
7KH *URXSV VKDUH RI WKH DVVHWV OLDELOLWLHV LQFRPH DQG H[SHQVH RI WKH MRLQWYHQWXUH ZKLFK KDV EHHQ SURSRUWLRQDWHO\
FRQVROLGDWHGLQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVEHIRUHHOLPLQDWLRQRIWUDQVDFWLRQVEHWZHHQWKHJURXSDQGWKHMRLQW
YHQWXUHDUHDVIROORZV
(` Millions)
As of March As of March
Particulars
31, 2016 31, 2015
Balance Sheet
Current assets 8,887 8,933
Non-current assets 99,572 101,440
Current liabilities 27,263 22,396
Non-current liabilities 32,343 36,693
Equity 48,853 51,284
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Revenue 67,245 62,915
Other Income 1,095 1,676
(PSOR\HHEHQHWH[SHQVHV 1,766 1,583
Other expenses 37,001 35,207
Finance costs 2,193 2,968
Depreciation 10,994 10,632
3URWEHIRUHWD[ 16,386 14,201
Tax Expense 5,777 5,109
48. 7KH&RPSDQ\0V-70RELOHV/LPLWHGVXEVHTXHQWO\ DUELWUDWLRQ &RQVHTXHQWO\ WKH OLFHQVH ZDV UHVWRUHG

PHUJHG ZLWK WKH &RPSDQ\ ZDV DZDUGHG OLFHQVH E\ DQGDQDUELWUDWRUZDVDSSRLQWHGIRUVHWWOHPHQWRIWKH
'R7WRRSHUDWHFHOOXODUVHUYLFHVLQWKH6WDWHRI3XQMDE GLVSXWH $UELWUDWRU DZDUGHG DQ XQIDYRXUDEOH RUGHU
LQ 'HFHPEHU 2Q $SULO WKH &RPSDQ\ ZKLFKZDVFKDOOHQJHGE\WKH&RPSDQ\EHIRUH+RQEOH
REWDLQHG WKH SHUPLVVLRQ IURP 'R7 WR RSHUDWH WKH 'HOKL+LJK&RXUW
3XQMDE OLFHQVH WKURXJK LWV ZKROO\ RZQHG VXEVLGLDU\
(YHUJURZWK7HOHFRP/LPLWHG(7/,Q'HFHPEHU 2Q 6HSWHPEHU +RQEOH 'HOKL +LJK &RXUW
'R7UDLVHGDUJXPHQWWKDWWKHSHUPLVVLRQGDWHG$SULO SDVVHG DQ RUGHU VHWWLQJ DVLGH WKH DZDUG SDVVHG E\
KDV QRW EHFRPH HHFWLYH DQG FDQFHOOHG WKH DUELWUDWRU 'R7 LQ WKH PHDQZKLOH KDV SUHIHUUHG
WKH SHUPLVVLRQ WR RSHUDWH ZKLFK ZDV VXEVHTXHQWO\ DQ $SSHDO LQFOXGLQJ FRQGRQDWLRQ RI GHOD\ LQ OLQJ RI
UHLQVWDWHG RQ 0DUFK WKH SHULRG IURP $SULO DSSHDOZKLFKLVSUHVHQWO\SHQGLQJEHIRUHWKH'LYLVLRQ
WR 0DUFK KDV EHHQ KHUHLQDIWHU %HQFKRIWKH+RQEOH'HOKL+LJK&RXUW7KH$SSHDORI
UHIHUUHG WR DV EODFNRXW SHULRG 2Q -XO\ 'R7RQWKHLVVXHRIFRQGRQDWLRQRIGHOD\ZDVDOORZHG
OLFHQVH ZDV WHUPLQDWHG GXH WR DOOHJHG QRQSD\PHQW RQ-XO\7KHQH[WGDWHRIKHDULQJLV0D\
RIOLFHQVHIHHVOLTXLGDWHGGDPDJHVDQGUHODWHGSHQDO
+RZHYHU WKH &RPSDQ\ RQ 2FWREHU
LQWHUHVWUHODWLQJWREODFNRXWSHULRG
KDV OHG :ULW 3HWLWLRQ IRU UHFRYHU\ LQ +RQEOH 'HOKL
,Q6HSWHPEHULQUHVSRQVHWRWKHGHPDQGUDLVHG +LJK &RXUW QRWLFH LVVXHG E\ +LJK &RXUW 7KH PDWWHU
E\'R7WKH&RPSDQ\KDGSDLG` 0QWR'R7XQGHU ZDV OLVWHG RQ 1RYHPEHU DQG LV UHVHUYHG IRU
SURWHVW VXEMHFW WR UHVROXWLRQ RI WKH GLVSXWH WKURXJK MXGJHPHQW

126-355
49. Additional information, as required under Schedule III to the Companies Act, 2013 of enterprises
consiolidated as Subsidiaries, Associates and Joint ventures.
(` Millions)
S. Name of the entity 2016 2015
No. Net Assets, i.e., total assets 6KDUHLQSURWRUORVV Net Assets, i.e., total assets 6KDUHLQSURWRUORVV
minus total liabilities minus total liabilities
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated consolidated consolidated consolidated
net assets SURWRUORVV net assets SURWRUORVV
Parent
1 Bharti Airtel Limited 200% 844,468 169% 75,465 197% 782,729 286% 132,005
Subsidiariesb
Indian
1 Airtel Broadband Services - - 0% (6) 14% 55,953 (1%) (234)
Private Limited (formerly
known as Wireless Business
Services Private Limited)
2 Airtel M Commerce Services 1% 2,369 (1%) (346) 0% 671 0% 45
Limited
3 Bharti Airtel Services Limited 0% (1,008) 0% (65) 0% (943) 0% (88)
4 Bharti Hexacom Limited 15% 62,564 23% 10,277 13% 52,288 23% 10,793
5 Bharti Infratel Limited 32% 134,635 30% 13,233 30% 119,030 24% 10,978
6 Bharti Infratel Services Limited - - 0% (0) 0% 0 0% (0)
7 Bharti Telemedia Limited (8%) (34,116) 3% 1,278 (9%) (35,393) (4%) (1,907)
8 Indo Teleports Limited 0% (359) 0% (78) - - - -
(formerly known as Bharti
Teleports Limited)
9 Nxtra Data Limited 0% (17) 0% 14 0% (31) 0% (78)
10 Smartx Services Limited 0% 30 0% 0 - - - -
11 Telesonic Networks Limited 0% 116 1% 323 0% (207) 0% 219
12 Wynk Limited 0% 16 0% 16 0% 1 0% -
Foreign
1 $IULFD7RZHUV19 0% (355) (1%) (284) 0% (70) 0% (69)
2 Africa Towers Services Limited 0% (0) 0% 35 0% (34) 0% (43)
3 Airtel (Seychelles) Limited 0% (799) (1%) (243) 0% (529) 0% (164)
4 Airtel (SL) Limited (1%) (4,618) 1% 240 (1%) (4,233) (1%) (293)
5 Airtel Bangladesh Limited (5%) (21,090) (16%) (7,269) (3%) (12,979) (14%) (6,590)
6 $LUWHO%XUNLQD)DVR6$ (1%) (2,739) 1% 245 0% (1,598) (1%) (595)
7 $LUWHO&RQJR5'&6$ (16%) (69,368) (36%) (16,153) (13%) (50,573) (36%) (16,825)
(formerly Celtel Congo RDC
6DUO
8 $LUWHO&RQJR6$ (6%) (23,389) (8%) (3,701) (4%) (16,661) (18%) (8,228)
9 Airtel DTH Services (SL) 0% - 0% - 0% - 0% -
Limited (in liquidation)
10 Airtel DTH Services Congo 0% - 0% - 0% - 0% -
5'&6SUO,QOLTXLGDWLRQ
11 Airtel DTH Services Nigeria 0% - 0% - 0% - 0% -
Limited (In liquidation)
12 Airtel DTH Services Tanzania 0% - 0% - 0% - 0% -
Limited (Liquidated on April
4, 2014)
13 $LUWHO*DERQ6$ (4%) (18,635) (16%) (6,999) (3%) (10,595) (13%) (6,083)
14 Airtel Ghana Limited (7%) (29,726) 1% 472 (7%) (28,770) (28%) (12,775)
15 $LUWHO0DGDJDVFDU6$ (2%) (7,735) (7%) (3,206) (1%) (4,747) (3%) (1,295)
16 Airtel Malawi Limited 0% (1,699) (3%) (1,266) 0% (1,084) 2% 735
17 Airtel Mobile Commerce 0% 1 0% - 0% 1 0% -
(Ghana) Limited
(Kenya) Limited
19 Airtel Mobile Commerce 0% - 0% - 0% - 0% -
(Seychelles) Limited

(` Millions)
20 Airtel Mobile Commerce (SL) 0% 0 0% - 0% 0 0% -

Limited
(Tanzania) Limited
22 $LUWHO0RELOH&RPPHUFH%9 0% (25) 0% (8) 0% (16) 0% (7)
23 Airtel Mobile Commerce 0% 161 0% 177 0% (138) 0% (3)
%XUNLQD)DVR6$
24 Airtel Mobile Commerce 0% 1 0% (0) 0% 1 0% -
+ROGLQJV%9
25 Airtel Mobile Commerce 0% (373) 0% (132) 0% (393) 0% (181)
Limited
0DGDJDVFDU6$
Rwanda Limited
7FKDG6DUO
Uganda Limited
Zambia Limited (formerly ZMP
Limited)
31 $LUWHO0RQH\5'&6SUO 0% (1,588) (1%) (486) 0% (1,045) (2%) (880)
32 $LUWHO0RQH\1LJHU6$ 0% - 0% - 0% 1 0% -
33 $LUWHO0RQH\6$*DERQ 0% (363) 0% (42) 0% (284) 0% (124)
34 Airtel Money Transfer Limited 0% - 0% - 0% - 0% -
35 Airtel Networks Kenya Limited (6%) (25,083) 7% 2,996 (7%) (29,732) (15%) (7,005)
36 Airtel Networks Limited (12%) (52,282) 44% 19,504 (17%) (65,774) (37%) (17,116)
37 Airtel Networks Zambia Plc (1%) (2,421) 2% 820 (1%) (3,028) (3%) (1,334)
38 Airtel Rwanda Limited (2%) (9,575) (7%) (3,034) (2%) (6,786) (5%) (2,332)
39 Airtel Tanzania Limited (7%) (30,365) (30%) (13,497) (6%) (23,240) (25%) (11,541)
40 $LUWHO7FKDG6$ (3%) (11,992) (7%) (3,052) (2%) (7,895) (7%) (3,157)
41 Airtel Towers (Ghana) Limited 0% (15) 0% 32 0% (45) 0% (8)
42 Airtel Towers (SL) Company 0% (16) 0% 27 0% (36) 0% 10
Limited
43 Airtel Uganda Limited (2%) (8,534) 4% 1,727 (3%) (10,413) (7%) (3,030)
44 Bangladesh Infratel Networks (0) (0) 0 0 (0) (0) (0) (0)
Limited
45 Bharit Airtel (Canada) Limited 0% - 0% 28 0% (27) 0% (3)
46 Bharti Airtel (France) SAS 0% 254 0% 196 0% 47 0% 25
47 Bharti Airtel (Hongkong) 0% (181) 0% 138 0% (301) 0% (18)
Limited
48 Bharti Airtel (Japan) Kabushiki 0% (6) 0% (17) 0% 11 0% 16
Kaisha
49 Bharti Airtel (UK) Limited 0% 545 0% (111) 0% 634 1% 338
50 Bharti Airtel (USA) Limited 0% 406 1% 587 0% (177) 0% 50
51 Bharti Airtel Acquisition 0% - 0% - 0% - 0% -
+ROGLQJV%9/LTXLGDWHGRQ
March 31, 2015)
52 %KDUWL$LUWHO$IULFD%9 18% 77,253 7% 3,061 18% 70,112 8% 3,546
53 Bharti Airtel Burkina Faso 2% 9,152 2% 1,077 2% 7,637 5% 2,453
+ROGLQJV%9
54 %KDUWL$LUWHO&DPHURRQ%9 0% - 0% - 0% - 0% -
(Liquidated on March 31,
2015)

126-355
(` Millions)
55 Bharti Airtel Chad Holdings 0% 361 0% 44 0% 300 0% 5

%9
56 Bharti Airtel Congo Holdings 1% 6,078 1% 298 1% 5,463 0% (44)
%9
57 Bharti Airtel Developers 0% - 0% - 0% - 0% -
Forum Limited
58 %KDUWL$LUWHO'7++ROGLQJV%9 0% 1 0% (0) 0% 1 0% (1)
59 Bharti Airtel Gabon Holdings 2% 8,509 1% 250 2% 7,804 10% 4,400
%9
60 Bharti Airtel Ghana Holdings (1%) (5,801) (3%) (1,251) (1%) (4,308) (2%) (1,060)
%9
61 Bharti Airtel Holdings 3% 14,547 0% 12 4% 14,831 (1%) (396)
(Singapore) Pte Ltd
62 Bharti Airtel International 49% 207,752 0% (2) 25% 97,600 0% (2)
(Mauritius) Limited
63 Bharti Airtel International 74% 313,972 (38%) (16,918) 58% 229,206 131% 60,528
1HWKHUODQGV%9
64 %KDUWL$LUWHO.HQ\D%9 (1%) (5,278) (3%) (1,130) (1%) (3,928) (2%) (1,002)
65 Bharti Airtel Kenya Holdings (1%) (2,549) 0% (106) (1%) (2,308) 0% (58)
%9
66 Bharti Airtel Lanka (Private) (1%) (4,257) (6%) (2,746) (1%) (2,148) (5%) (2,106)
Limited
67 Bharti Airtel Madagascar 0% (904) 0% (197) 0% (670) 0% (174)
+ROGLQJV%9
68 Bharti Airtel Malawi Holdings 0% 342 0% (22) 0% 344 0% 66
%9
69 %KDUWL$LUWHO0DOL+ROGLQJV%9 0% 237 0% - 0% 224 0% -
70 Bharti Airtel Niger Holdings 2% 10,498 3% 1,387 2% 8,618 5% 2,120
%9
71 %KDUWL$LUWHO1LJHULD%9 (8%) (33,021) (7%) (3,119) (7%) (28,272) (9%) (4,111)
72 Bharti Airtel Nigeria Holdings 0% - 0% - 0% - 0% -
%9,QOLTXLGDWLRQ
73 Bharti Airtel Nigeria Holdings 0% (118) 0% - 0% (112) 0% -
,,%9
74 %KDUWL$LUWHO5'&+ROGLQJV%9 1% 2,943 3% 1,277 0% 1,584 2% 897
75 Bharti Airtel Rwanda Holdings 0% 194 0% (3) 0% 186 0% (5)
Limited (formerly Zebrano
0DXULWLXV/LPLWHG
76 %KDUWL$LUWHO6HUYLFHV%9 0% (344) 0% (59) 0% (270) 0% (46)
77 Bharti Airtel Sierra Leone 0% 199 0% 137 0% 60 0% 125
+ROGLQJV%9
78 %KDUWL$LUWHO7DQ]DQLD%9 0% (1,498) 1% 432 0% (1,820) 0% 195
79 Bharti Airtel Uganda Holdings (1%) (5,750) (1%) (516) (1%) (4,949) (1%) (644)
%9
80 Bharti Airtel Zambia Holdings 7% 29,063 2% 999 7% 26,519 12% 5,734
%9
81 Bharti DTH Services Zambia 0% - 0% - 0% - 0% -
Limited (Dissolved on
November 21, 2014)
82 Bharti International 20% 84,513 1% 450 13% 52,924 0% 27
(Singapore) Pte Ltd
83 %XUNLQD)DVR7RZHUV6$ 0% - 0% 39 0% (35) 0% (0)
84 Celtel (Mauritius) Holdings 1% 2,194 1% 342 0% 1,752 1% 270
Limited

(` Millions)
85 Celtel Acquisition Holding - - - - 0% 0% 0% (0)

%9/LTXLGDWHGRQ0DUFK
2015)
86 &HOWHO1LJHU6$ (1%) (3,569) (5%) (2,205) 0% (144) -3% (1,216)
87 Channel Sea Management 0% 38 0% (2) 0% 39 0% (2)
Company Mauritius Limited
88 &RQJR5'&7RZHUV6SUO 0% (728) 0% (159) 0% (538) 0% 1
89 &RQJR7RZHUV6$ 0% - 0% 45 0% (41) 0% (1)
90 *DERQ7RZHUV6$ 0% (2) 0% 35 0% (33) 0% 3
91 Indian Ocean Telecom Limited 0% 968 0% (2) 0% 917 0% (0)
92 Kenya Towers Limited 0% - (2%) (955) 0% 376 0% (33)
93 0DGDJDVFDU7RZHUV6$ 0% 324 (1%) (298) 0% 627 0% (73)
94 Malawi Towers Limited 0% (1,495) (4%) (1,689) 0% (226) 0% (124)
95 0RELOH&RPPHUFH&RQJR6$ 0% 1 0% - 0% 1 0% -
96 Montana International 0% (11) 0% (1) 0% (9) 0% (1)
97 MSI-Celtel Nigeria Limited (In 0% - 0% - 0% - 0% -
liquidation)
98 1HWZRUNLL/LPLWHG 6% 24,326 9% 3,913 5% 19,245 8% 3,596
99 1LJHU7RZHUV6$ 0% - 0% 37 0% (34) 0% 1
100 Partnership Investment Sprl 0% - 0% - 0% - 0% -
101 Rwanda Towers Limited (Sold 0% - 0% - 0% - 0% 154
during March 2015)
102 Socit Malgache de 0% 153 0% (2) 0% 146 0% (2)
7OSKRQH&HOOXODLUH6$
103 Tanzania Towers Limited 0% (30) 0% 24 0% (61) 0% (16)
104 7FKDG7RZHUV6$ 0% (83) 0% 44 0% (113) 0% (41)
105 Towers Support Nigeria 0% (1) 0% 33 0% (32) 0% 0
Limited
106 Uganda Towers Limited 0% - (1%) (271) 0% (838) (2%) (863)
107 :DULG&RQJR6$6XEVLGLDU\ 0% - 0% - 0% 1,253 (1%) (442)
ZHI0DUFK
108 Warid Telecom Uganda 0% - 0% - 0% - 0% -
Limited
109 Zambian Towers Limited 0% - (6%) (2,566) 0% (224) 0% (102)
110 Zap Trust Company Nigeria 0% - 0% - 0% - 0% -
Limited
Minority Interests in all (18%) (74,465) (22%) (9,739) (17%) (68,906) (9%) (4,270)
VXEVLGLDULHVb
$VVRFLDWHV,QYHVWPHQWbDV
per the equity method)
- Indian
1 Indo Teleports Limited - - - - 0% - 0% -
(formerly known as Bharti
Teleports Limited)
- Foreign
1 Tanzania Telecommunications 0% - 0% - 0% - 0% -
Company Ltd (TTCL)
2 Seychelles Cable Systems 0% - 0% - 0% - 0% (53)
Company Limited
Joint Ventures (as per
SURSRUWLRQDWHFRQVROLGDWLRQb
method)
- Indian
1 Indus Towers Limited 12% 48,815 24% 10,586 13% 51,171 19% 8,946

126-355
(` Millions)
2 FireFly Networks Limited 0% (1) 0% 1 0% (2) 0% (12)

3 Forum I Aviation Limited - - 0% 12 0% 83 0% 6
- Foreign
3 Bridge Mobile Pte Limited 0% 43 0% 10 0% 30 0% 8
Inter Company Elimination/ (965,841) (3,608) (774,128) (82,923)
Adjustments on consolidation
Net Assets - Consolidated 100% 422,976 100% 44,566 100% 397,770 100% 46,208
,QFOXGHV$LUWHO&RQJR%:DULGZKLFKLVPHUJHGGXULQJWKH\HDU
(HFWRI$FTXLVLWLRQV'LVSRVDORI6XEVLGLDULHV
7KHHHFWRIDFTXLVLWLRQDQGGLVSRVDORIVXEVLGLDULHVGXULQJWKH\HDUHQGHG0DUFKDUHJLYHQEHORZ
(` in Millions)
Acquisitions Disposals
Particulars
March 2016 March 2016 March 2015
Balance Sheet
Equity (359) 1,986 (680)
Non-current liabilities 440 1,151 1,105
Current liabilities 321 6,524 9,615
Total 402 9,661 10,040
ASSETS
Non-current assets 157 8,982 9,286
Current assets 245 678 753
Total 402 9,660 10,039
Income
Revenue from operations 285 2,222 6,097
Other income 1 - -
286 2,222 6,097
Expenses
(PSOR\HHEHQHWVH[SHQVHV 9 46 105
Other expenses 276 2,638 3,879
Finance costs 50 1,826 746
Depreciation & amortisation 29 738 2,307
364 5,248 7,037
3URWEHIRUH7D[ (78) (3,026) (940)
51. 3UHYLRXV \HDU JXUHV LQ WKH FRQVROLGDWHG QDQFLDO VWDWHPHQWV LQFOXGLQJ WKH QRWHV WKHUHWR KDYH EHHQ UHFODVVLHG
ZKHUHYHUUHTXLUHGWRFRQIRUPWRWKHFXUUHQW\HDUVSUHVHQWDWLRQFODVVLFDWLRQ

Consolidated Financial Statements (IFRS)
Page Page
Nos. Nos.
Independent Auditors Report 265 19. Other Financial Assets 309
Consolidated Income Statement 266 20 2WKHU1RQQDQFLDO$VVHWV1RQFXUUHQW 310
Consolidated Statement of Comprehensive Income 266 21. Inventories 310
Consolidated Statement of Financial Position 267 22. Trade and Other Receivables 310
Consolidated Statement of Changes in Equity 268
23. Prepayments and Other Assets 311
Consolidated Statement of Cash Flows 269
24. Other Investments 311
Notes to Consolidated Financial Statements
25. Cash and Cash Equivalents 312
1. Corporate Information 270
26. Borrowings 313
2. Basis of Preparation 270
27. Deferred Payment Liability 317
3. 6XPPDU\RI6LJQLFDQW$FFRXQWLQJ3ROLFLHV 270
28. Provisions 317
4. 6LJQLFDQW$FFRXQWLQJ-XGJHPHQWV(VWLPDWHV 282
and Assumptions 29. 2WKHU)LQDQFLDO/LDELOLWLHV1RQFXUUHQW 318
5. 6WDQGDUGV,VVXHG%XW1RW\HW(HFWLYHXSWR 284 30. Other Non-Financial Liabilities 318
the Date of Issuance of the Groups Financial
Statements 31. Trade and Other Payables 319
6. Segment Reporting 286 32. Equity 319

7. Business Combination / Disposal of 291 33. (PSOR\HH%HQHWV 322
Subsidiary / Other Acquisitions / Transaction
34. )DLU9DOXHRI)LQDQFLDO$VVHWVDQG/LDELOLWLHV 325
with Non-controlling Interest
35. Related Party Transactions 331
8. Operating Expenses 291
9. Other Expenses 297 36. Lease Disclosure 332
10. Depreciation and Amortisation 297 37. Commitments and Contingencies 334
11. Finance Income and Costs 298 38. Earnings Per Share 339
12. Exceptional Items 298 39. Financial Risk Management Objectives and 339
13. Income Taxes 299 Policies
14. 3URSHUW\3ODQWDQG(TXLSPHQW 303 40. New Developments 343
15. Intangible Assets 304 41. &RPSDQLHVLQWKH*URXS-RLQW9HQWXUHVDQG 344

Associates
16. Impairment Reviews 305
42. 2WKHU6LJQLFDQW0DWWHUV 350
17. ,QYHVWPHQWLQ$VVRFLDWHV-RLQW9HQWXUHVDQG 306
Subsidiaries 43. Non-current Assets held for sale 350
18. Derivative Financial Instruments 309 44. 5HJURXSLQJ5HFODVVLFDWLRQ 351
126-355

To the Board of Directors of Bharti Airtel Limited SROLFLHV XVHG DQG WKH UHDVRQDEOHQHVV RI WKH DFFRXQWLQJ
HVWLPDWHVPDGHE\PDQDJHPHQWDVZHOODVHYDOXDWLQJWKH
:H KDYH DXGLWHG WKH DFFRPSDQ\LQJ FRQVROLGDWHG QDQFLDO
RYHUDOOSUHVHQWDWLRQRIWKHQDQFLDOVWDWHPHQWV:HEHOLHYH
VWDWHPHQWV QDQFLDO VWDWHPHQWV RI %KDUWL $LUWHO /LPLWHG
WKDW WKH DXGLW HYLGHQFH ZH KDYH REWDLQHG LV VXFLHQW DQG
WKH&RPSDQ\DQGLWVVXEVLGLDULHVWRJHWKHUUHIHUUHGWR
DSSURSULDWHWRSURYLGHDEDVLVIRURXUDXGLWRSLQLRQ
DV WKH *URXS FRPSULVLQJ RI WKH FRQVROLGDWHG VWDWHPHQW
RI QDQFLDO SRVLWLRQ DV DW 0DUFK DQG WKH UHODWHG Opinion
consolidated income statement and consolidated statement ,Q RXU RSLQLRQ DQG WR WKH EHVW RI RXU LQIRUPDWLRQ DQG
RI FRPSUHKHQVLYH LQFRPH FRQVROLGDWHG VWDWHPHQW RI according to the explanations given to us and based on
FKDQJHV LQ HTXLW\ DQG FRQVROLGDWHG VWDWHPHQW RI FDVK WKHFRQVLGHUDWLRQRIWKHUHSRUWRIWKHRWKHUDXGLWRUVRQWKH
RZVIRUWKH\HDUWKHQHQGHGDQGDVXPPDU\RIVLJQLFDQW QDQFLDO VWDWHPHQWV RI WKH MRLQW YHQWXUH RI WKH &RPSDQ\
accounting policies and other explanatory notes. DV QRWHG EHORZ WKHVH QDQFLDO VWDWHPHQWV SUHVHQW IDLUO\
Managements Responsibility for the Financial LQ DOO PDWHULDO DVSHFWV WKH QDQFLDO SRVLWLRQ RI WKH *URXS
Statements DV DW 0DUFK DQG LWV QDQFLDO SHUIRUPDQFH DQG
FDVK RZV IRU WKH \HDU WKHQ HQGHG LQ DFFRUGDQFH ZLWK
0DQDJHPHQW LV UHVSRQVLEOH IRU WKH SUHSDUDWLRQ RI WKHVH
International Financial Reporting Standards.
QDQFLDO VWDWHPHQWV LQ DFFRUGDQFH ZLWK WKH UHTXLUHPHQWV
RI ,QWHUQDWLRQDO )LQDQFLDO 5HSRUWLQJ 6WDQGDUGV 7KLV Emphasis of Matter
responsibility includes the design, implementation, and :H GUDZ DWWHQWLRQ WR 1RWH LLIYL WR WKH QDQFLDO
PDLQWHQDQFHRILQWHUQDOFRQWUROUHOHYDQWWRWKHSUHSDUDWLRQ VWDWHPHQWV ZKLFK GHVFULEHV WKH XQFHUWDLQWLHV UHODWHG WR
RI WKH QDQFLDO VWDWHPHQWV WKDW DUH IUHH IURP PDWHULDO WKH OHJDO RXWFRPH RI 'HSDUWPHQW RI 7HOHFRPPXQLFDWLRQV
PLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURU GHPDQG ZLWK UHVSHFW WR 2QH 7LPH 6SHFWUXP &KDUJH 2XU
Auditors Responsibility RSLQLRQLVQRWTXDOLHGLQUHVSHFWRIWKLVPDWWHU
2XUUHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQWKHVHQDQFLDO Other Matters
statements based on our audit. We conducted our audit in :HGLGQRWDXGLWWKHQDQFLDOVWDWHPHQWVRIWKHMRLQWYHQWXUH
DFFRUGDQFH ZLWK WKH 6WDQGDUGV RQ $XGLWLQJ LVVXHG E\ WKH LQFOXGHG KHUHLQ ZLWK WKH &RPSDQ\V VKDUH RI SURW LQ MRLQW
,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD7KRVH6WDQGDUGV YHQWXUHRI`0QIRUWKH\HDUHQGHG0DUFK
UHTXLUHWKDWZHFRPSO\ZLWKHWKLFDOUHTXLUHPHQWVDQGSODQ 7KHVH QDQFLDO VWDWHPHQWV DQG RWKHU QDQFLDO LQIRUPDWLRQ
DQGSHUIRUPWKHDXGLWWRREWDLQUHDVRQDEOHDVVXUDQFHDERXW KDYHEHHQDXGLWHGE\RWKHUDXGLWRUVZKRVHUHSRUWKDVEHHQ
ZKHWKHU WKH QDQFLDO VWDWHPHQWV DUH IUHH IURP PDWHULDO IXUQLVKHGWRXVE\WKHPDQDJHPHQW2XURSLQLRQLQVRIDUDV
misstatement. LWUHODWHVWRWKHDDLUVRIVXFKMRLQWYHQWXUHLVEDVHGVROHO\
$Q DXGLW LQYROYHV SHUIRUPLQJ SURFHGXUHV WR REWDLQ DXGLW RQWKHUHSRUWRIRWKHUDXGLWRUV2XURSLQLRQLVQRWTXDOLHGLQ
evidence about the amounts and disclosures in the UHVSHFWRIWKLVPDWWHU
QDQFLDO VWDWHPHQWV 7KH SURFHGXUHV VHOHFWHG GHSHQG
on the auditors judgement, including the assessment
RI WKH ULVNV RI PDWHULDO PLVVWDWHPHQWV RI WKH QDQFLDO For S.R. Batliboi & Associates LLP
VWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURU,QPDNLQJWKRVH Chartered Accountants
ULVN DVVHVVPHQWV WKH DXGLWRU FRQVLGHUV LQWHUQDO FRQWURO ICAI Firm Registration Number: 101049W
UHOHYDQWWRWKH&RPSDQ\VSUHSDUDWLRQDQGIDLUSUHVHQWDWLRQ per Nilangshu Katriar
RIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVLQRUGHUWRGHVLJQ Partner
audit procedures that are appropriate in the circumstances, 0HPEHUVKLS1XPEHU
EXW QRW IRU WKH SXUSRVH RI H[SUHVVLQJ DQ RSLQLRQ RQ WKH
HHFWLYHQHVV RI WKH &RPSDQ\V LQWHUQDO FRQWURO $Q DXGLW 3ODFH*XUJDRQ
DOVRLQFOXGHVHYDOXDWLQJWKHDSSURSULDWHQHVVRIDFFRXQWLQJ 'DWH$SULO

Consolidated Income Statement

(`0LOOLRQVH[FHSWSHUVKDUHGDWD
Particulars Notes
March 31, 2016 March 31, 2015
Revenue 6
Other operating income 871 957
Operating expenses 8
340,933 313,883
Depreciation and amortisation 10
3URWIURPRSHUDWLQJDFWLYLWLHVEHIRUHH[FHSWLRQDOLWHPV 166,435 158,572
Share of results of joint ventures and associates 17
3URWEHIRUHQDQFHLQFRPHQDQFHFRVWVRWKHUH[SHQVHV 176,089 165,795
exceptional items and tax
Finance income 11
Finance costs 11
Other expenses 9
([FHSWLRQDOLWHPVQHW 12
3URWEHIRUHWD[ 120,705 107,130
Income tax expense (including exceptional items) 13
Attributable to :
Equity holders of the Parent
Non-controlling interests (including exceptional items)
Earnings per share (In `) 38
%DVLFSURWDWWULEXWDEOHWRHTXLW\KROGHUVRIWKH3DUHQW 13.72 12.97
'LOXWHGSURWDWWULEXWDEOHWRHTXLW\KROGHUVRIWKH3DUHQW 13.72 12.97
&RQVROLGDWHG6WDWHPHQWRI&RPSUHKHQVLYH,QFRPH
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Other comprehensive income :
,WHPVWKDWPD\EHUHFODVVLHGVXEVHTXHQWO\WRSURWRUORVV
([FKDQJHGLHUHQFHVRQWUDQVODWLRQRIIRUHLJQRSHUDWLRQV
,QFRPHWD[HHFW - -
Gains / (Losses) on hedge of net investments
,QFRPHWD[HHFW 506 -
*DLQV/RVVHVRQFDVKRZKHGJH
,QFRPHWD[HHFW - -
Change in value of available-for-sale investments 9 -
,QFRPHWD[HHFW (3) -
(7,002) (41,611)
,WHPVWKDWZLOOQRWEHUHFODVVLHGWRSURWRUORVV
5HPHDVXUHPHQWJDLQVORVVHVRQGHQHGEHQHWSODQV (129) 75
,QFRPHWD[HHFW 23 (18)
(106) 57
Other comprehensive loss for the year, net of tax (7,108) (41,554)
Total comprehensive income for the year, net of tax 54,229 11,529
Attributable to :
Equity holders of the Parent
Non-controlling interests (including exceptional items) (919)
Total comprehensive income 54,229 11,529



126-355
&RQVROLGDWHG6WDWHPHQWRI)LQDQFLDO3RVLWLRQ
(` Millions)
As of As of
Particulars Notes
March 31, 2016 March 31, 2015
Assets
Non-current assets
3URSHUW\SODQWDQGHTXLSPHQW 14
Intangible assets 15
Investment in joint ventures and associates 17
Other investments 24
'HULYDWLYHQDQFLDODVVHWV 18
2WKHUQDQFLDODVVHWV 19
2WKHUQRQQDQFLDODVVHWV 20
Deferred tax assets 13
2,019,933 1,690,163
Current assets
Inventories 21
Trade and other receivables 22
'HULYDWLYHQDQFLDODVVHWV 18
Prepayments and other assets 23
Income tax recoverable
Other investments 24
2WKHUQDQFLDODVVHWV 19
Cash and cash equivalents 25
221,737 222,010
$VVHWVRIGLVSRVDOJURXSFODVVLHGDVKHOGIRUVDOH 43

Total assets 2,248,672 1,957,818
Equity and liabilities
Equity
Issued capital 32
Treasury shares 32 (524) (114)
Share premium
Retained earnings
Other reserves 32
Equity attributable to equity holders of the Parent
Non-controlling interests
Total equity 708,285 668,089
Non-current liabilities
Borrowings 26
Deferred payment liability 27
Deferred revenue
Provisions 28
'HULYDWLYHQDQFLDOOLDELOLWLHV 18 8 164
Deferred tax liabilities 13
2WKHUQDQFLDOOLDELOLWLHV 29
2WKHUQRQQDQFLDOOLDELOLWLHV 30
958,066 655,294
Current liabilities
Borrowings 26
Deferred payment liability 27 -
Deferred revenue
Provisions 28
2WKHUQRQQDQFLDOOLDELOLWLHV 30
'HULYDWLYHQDQFLDOOLDELOLWLHV 18 628
Income tax liabilities
Trade & other payables 31
581,282 628,990
/LDELOLWLHVRIGLVSRVDOJURXSFODVVLHGDVKHOGIRUVDOH 43
582,321 634,435
Total liabilities 1,540,387 1,289,729
Total equity and liabilities 2,248,672 1,957,818



Consolidated Financial Statements (IFRS) 267

(`0LOOLRQVH[FHSWDVVWDWHGRWKHUZLVH
268
Attributable to equity holders of the Parent
Particulars No of Issued Treasury Share Retained Other Total Non- Total
shares capital shares premium earnings Reserves controlling equity
(in 000) (Note (Note 32) (Note interests
(Note 32) 32) 32)
As of April 1, 2014 3,997,400 19,987 (342) 123,456 437,167 17,292 597,560 42,102 639,662
3URWIRUWKH\HDU - - - - -
Other comprehensive income / (loss) - - - - 57

Total comprehensive income / (loss) - - - - 51,892 (39,444) 12,448 (919) 11,529
Share based compensation - - - - - (7) (7) 3 (4)
Receipt on exercise of share options (refer - - 228 - - (173) 55 497 552
Note 8.2)
Transaction with non-controlling interests - - - - -
(refer Note 7)
Dividend paid (including tax) to Companys - - - - - -
shareholders (refer note 32)
Dividend paid (including tax) to non- - - - - - - -
controlling Interests
As of March 31, 2015 3,997,400 19,987 (114) 123,456 473,025 3,210 619,564 48,525 668,089
3URWIRUWKH\HDU - - - - -
Other comprehensive income / (loss) - - - - (106) 803
Total comprehensive income / (loss) - - - - 54,736 (7,805) 46,931 7,298 54,229
Share based compensation - - - - - 237 237 11 248
Non-controlling interests arising on a - - - - - - - (16) (16)
business combination
Purchase of treasury shares from market (514) - - - (514) - (514)
Receipt on exercise of share options - - 104 - - 127 231 338 569
Transaction with non-controlling interests - - - - - 531 531 453 984
Dividend paid (including tax) to Companys - - - - - -
shareholders
(refer Note 32)
Dividend paid (including tax) to non- - - - - - - -
controlling Interests
As of March 31, 2016 3,997,400 19,987 (524) 123,456 517,082 (3,700) 656,301 51,984 708,285
&RQVROLGDWHG6WDWHPHQWRI&KDQJHVLQ(TXLW\



126-355
&RQVROLGDWHG6WDWHPHQWRI&DVK)ORZV
(` Millions)
Particulars
March 31, 2016 March 31, 2015
&DVKRZVIURPRSHUDWLQJDFWLYLWLHV
3URWEHIRUHWD[ 120,705 107,130
Adjustments for
Depreciation and amortisation
Finance income
Finance costs
Share of results of joint ventures and associates
Exceptional items (net)
Employee share-based payment expenses 248 (4)
Other non-cash items (143) (45)
2SHUDWLQJFDVKRZEHIRUHFKDQJHVLQDVVHWVDQGOLDELOLWLHV 330,434 305,574
Trade & other receivables and prepayments
Inventories (872) (2)
Trade and other payables
Provisions (273)
2WKHUQDQFLDODQGQRQQDQFLDOOLDELOLWLHV (99)
2WKHUQDQFLDODQGQRQQDQFLDODVVHWV
Interest received
Dividend received from mutual funds 118 480
Dividend received -
Income tax paid
1HWFDVKLQRZIURPRSHUDWLQJDFWLYLWLHV 283,205 276,018
&DVKRZVIURPLQYHVWLQJDFWLYLWLHV
3XUFKDVHRISURSHUW\SODQWDQGHTXLSPHQW
3URFHHGVIURPVDOHRISURSHUW\SODQWDQGHTXLSPHQW
Purchase of intangible assets
Net movement in current investments
Purchase of non-current investments
Sale of non-current investments
,QYHVWPHQWLQVXEVLGLDU\QHWRIFDVKDFTXLUHGUHIHU1RWH (135) (358)
Sale of tower assets (refer Note 43)
Investment in joint venture / associate - (10)
Proceeds from sale of interest / capital reduction in joint venture 55 87
Loan to joint venture / associate (19) (154)
Loan repayment received from joint venture / associate (refer Note 35) 14 -
1HWFDVKRXWRZIURPLQYHVWLQJDFWLYLWLHV (146,036) (220,481)
&DVKRZVIURPQDQFLQJDFWLYLWLHV
Proceeds from borrowings
Repayment of borrowings
Net proceeds from short term borrowings
3URFHHGVIURPVDOHDQGQDQFHOHDVHEDFNRIWRZHUVUHIHU1RWH -
5HSD\PHQWRIQDQFHOHDVHOLDELOLWLHV -
Repayment of loan to joint venture -
Purchase of treasury shares (514) -
,QWHUHVWDQGRWKHUQDQFHFKDUJHVSDLG
Proceeds from exercise of share options 569 552
Dividend paid (including tax) (refer Note 32)
Proceeds from issuance of equity shares to non - controlling interests (refer Note 7) 984 -
Sale of interest in a subsidiary (refer Note 7) -
Acquisition of non-controlling interests (refer Note 7) - (624)
1HWFDVKRXWRZIURPQDQFLQJDFWLYLWLHV (119,461) (96,570)
Net decrease in cash and cash equivalents during the year 17,708 (41,033)
(HFWRIH[FKDQJHUDWHFKDQJHVRQFDVKDQGFDVKHTXLYDOHQWV 43
$GG%DODQFHDVDWWKHEHJLQQLQJRIWKH\HDU
Balance as at the end of the year (refer Note 25) 17,635 (1,415)




1RWHVWRFRQVROLGDWHGQDQFLDOVWDWHPHQWV
1. Corporate Information 2. Basis of Preparation
%KDUWL $LUWHO /LPLWHG %KDUWL $LUWHO RU WKH &RPSDQ\ 7KH FRQVROLGDWHG QDQFLDO VWDWHPHQWV KDYH EHHQ
or the Parent) is domiciled and incorporated in India SUHSDUHGLQDFFRUGDQFHZLWKWKH,QWHUQDWLRQDO)LQDQFLDO
DQGLWVVKDUHVDUHSXEOLFO\WUDGHGRQWKH1DWLRQDO6WRFN Reporting Standards (IFRS) as issued by the
([FKDQJH 16( DQG WKH %RPED\ 6WRFN ([FKDQJH
,QWHUQDWLRQDO$FFRXQWLQJ6WDQGDUGV%RDUG,$6%
%6(,QGLD7KH5HJLVWHUHGRFHRIWKH&RPSDQ\LV
VLWXDWHG DW %KDUWL &UHVFHQW 1HOVRQ 0DQGHOD 5RDG 7KHFRQVROLGDWHGQDQFLDOVWDWHPHQWVZHUHDXWKRULVHG
9DVDQW.XQM3KDVH,,1HZ'HOKL IRULVVXHLQDFFRUGDQFHZLWKDUHVROXWLRQSDVVHGE\WKH
%KDUWL$LUWHOWRJHWKHUZLWKLWVVXEVLGLDULHVLVKHUHLQDIWHU %RDUGRI'LUHFWRUVRQ$SULO
UHIHUUHG WR DV WKH *URXS 7KH *URXS LV D OHDGLQJ 7KHSUHSDUDWLRQRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
telecommunication service provider in India and also
UHTXLUHVPDQDJHPHQWWRPDNHMXGJHPHQWVHVWLPDWHV
KDV VWURQJ SUHVHQFH LQ $IULFD DQG 6RXWK $VLD 7KH
DQGDVVXPSWLRQV$FWXDOUHVXOWVFRXOGYDU\IURPWKHVH
VHUYLFHVSURYLGHGE\WKH*URXSDUHIXUWKHUGHWDLOHGLQ
1RWHXQGHUVHJPHQWUHSRUWLQJ HVWLPDWHV7KHHVWLPDWHVDQGXQGHUO\LQJDVVXPSWLRQV
DUH UHYLHZHG RQ DQ RQJRLQJ EDVLV 5HYLVLRQV WR
7KHSULQFLSDODFWLYLWLHVRIWKH*URXSLWVMRLQWYHQWXUHVDQG accounting estimates are recognised in the year in
DVVRFLDWHV FRQVLVW RI SURYLVLRQ RI WHOHFRPPXQLFDWLRQ
ZKLFKWKHHVWLPDWHLVUHYLVHGLIWKHUHYLVLRQDHFWVRQO\
V\VWHPV DQG VHUYLFHV WRZHU LQIUDVWUXFWXUH VHUYLFHV
WKDW\HDURULQWKH\HDURIWKHUHYLVLRQDQGIXWXUH\HDUV
DQG GLUHFW WR KRPH GLJLWDO 79 VHUYLFHV 7KH SULQFLSDO
DFWLYLWLHV RI WKH VXEVLGLDULHV MRLQW YHQWXUHV DQG LI WKH UHYLVLRQ DHFWV ERWK FXUUHQW DQG IXWXUH \HDUV
DVVRFLDWHVDUHGLVFORVHGLQ1RWH UHIHU 1RWH RQ VLJQLFDQW DFFRXQWLQJ MXGJHPHQWV
estimates and assumptions).
7KH *URXSV SULQFLSDO VKDUHKROGHUV DV RI 0DUFK
DUH%KDUWL7HOHFRP/LPLWHG3DVWHO/LPLWHGSDUWRI 7KH VLJQLFDQW DFFRXQWLQJ SROLFLHV XVHG LQ SUHSDULQJ
6LQJDSRUH 7HOHFRPPXQLFDWLRQ ,QWHUQDWLRQDO 3WH /LPLWHG WKH FRQVROLGDWHG QDQFLDO VWDWHPHQWV DUH VHW RXW
*URXS,QGLDQ&RQWLQHQW,QYHVWPHQW/LPLWHG7KUHH3LOODUV LQ 1RWH RI WKH QRWHV WR WKH FRQVROLGDWHG QDQFLDO
3WH/LPLWHGDQG/LIH,QVXUDQFH&RUSRUDWLRQRI,QGLD statements.
6XPPDU\RI6LJQLFDQW$FFRXQWLQJ3ROLFLHV
7KH DFFRXQWLQJ SROLFLHV DGRSWHG DUH FRQVLVWHQW ZLWK WKRVH RI WKH SUHYLRXV QDQFLDO \HDU H[FHSW IRU DGRSWLRQ RI WKH
IROORZLQJQHZ6WDQGDUGVLQWHUSUHWDWLRQVDQGDPHQGPHQWVHHFWLYHIURPWKHFXUUHQW\HDU
S. No. Interpretation/ Amendments Month of Issue (HFWLYHGDWH

annual periods
beginning on or
after
1 $PHQGPHQWVWR,$6'HQHG%HQHW3ODQV(PSOR\HH 1RYHPEHU -XO\
Contributions
2 Annual Improvements 2011-13 Cycle 'HFHPEHU -XO\
3 Annual Improvements 2010-12 Cycle 'HFHPEHU -XO\
7KH DGRSWLRQ RI WKH QHZ LQWHUSUHWDWLRQV DPHQGPHQWV GHVLJQDWHG DV KHGJHG LWHPV LQ IDLUYDOXH KHGJHV WKDW
to the Standards mentioned above does not have any ZRXOG RWKHUZLVH EH FDUULHG DW DPRUWLVHG FRVW DUH
VLJQLFDQWLPSDFWRQWKHQDQFLDOSRVLWLRQRUSHUIRUPDQFH DGMXVWHGWRUHFRUGFKDQJHVLQWKHIDLUYDOXHVDWWULEXWDEOH
RIWKH*URXS WR WKH ULVNV WKDW DUH EHLQJ KHGJHG LQ HHFWLYH KHGJH
relationships.
7KH *URXS KDV QRW HDUO\ DGRSWHG DQ\ 6WDQGDUGV
interpretations or amendments that has been issued but is 7KHFRQVROLGDWHGQDQFLDOVWDWHPHQWVDUHSUHVHQWHGLQ
QRW\HWHHFWLYH7KH*URXSSODQVWRDGRSWWKHVH6WDQGDUGV Indian Rupees (Rupees or `ZKLFKLVWKH&RPSDQ\V
LQWHUSUHWDWLRQV DQG DPHQGPHQWV DV DQG ZKHQ WKH\ DUH IXQFWLRQDO DQG *URXSV SUHVHQWDWLRQ FXUUHQF\ DQG DOO
HHFWLYH amounts are rounded to the nearest million, except as
VWDWHGRWKHUZLVH
3.1 Basis of Measurement
7KHFRQVROLGDWHGQDQFLDOVWDWHPHQWVDUHSUHSDUHGRQ 3.2 Basis of Consolidation
DKLVWRULFDOFRVWEDVLVH[FHSWIRUQDQFLDOLQVWUXPHQWV 7KH FRQVROLGDWHG QDQFLDO VWDWHPHQWV FRPSULVH
FODVVLHG DV IDLU YDOXH WKURXJK SURW RU ORVV RU DV WKH QDQFLDO VWDWHPHQWV RI WKH &RPSDQ\ DQG LWV
DYDLODEOH IRU VDOH DQG OLDELOLW\ IRU FDVK VHWWOHG VKDUH VXEVLGLDULHVDVGLVFORVHGLQ1RWH
EDVHG RSWLRQV WKDW KDYH EHHQ PHDVXUHG DW IDLUYDOXH
A subsidiary is an entity controlled by the Group.
7KH FDUU\LQJ YDOXHV RI UHFRJQLVHG OLDELOLWLHV WKDW DUH

126-355
&RQWURO H[LVWV ZKHQ WKH SDUHQW KDV SRZHU RYHU WKH YDOXHRQLQLWLDOUHFRJQLWLRQIRUVXEVHTXHQWDFFRXQWLQJ
entity, is exposed, or has rights to variable returns XQGHU,$6 )LQDQFLDO,QVWUXPHQWV5HFRJQLWLRQDQG
IURPLWVLQYROYHPHQWZLWKWKHHQWLW\DQGKDVWKHDELOLW\ 0HDVXUHPHQW RU ZKHQ DSSOLFDEOH WKH FRVW RQ LQLWLDO
WR DHFW WKRVH UHWXUQV E\ XVLQJ LWV SRZHU RYHU HQWLW\ UHFRJQLWLRQRIDQLQYHVWPHQWLQDQDVVRFLDWHRUMRLQWO\
3RZHU LV GHPRQVWUDWHG WKURXJK H[LVWLQJ ULJKWV WKDW controlled entity.
JLYHWKHDELOLW\WRGLUHFWUHOHYDQWDFWLYLWLHVWKRVHZKLFK
3.3 Business Combinations
VLJQLFDQWO\DHFWWKHHQWLW\VUHWXUQV
7KHDFTXLVLWLRQVRIEXVLQHVVHVDUHDFFRXQWHGIRUXVLQJ
6XEVLGLDULHV DUH IXOO\ FRQVROLGDWHG IURP WKH GDWH RQ WKH DFTXLVLWLRQ PHWKRG 7KH FRVW RI WKH DFTXLVLWLRQ LV
ZKLFK *URXS REWDLQV FRQWURO RYHU WKH VXEVLGLDU\ DQG PHDVXUHG DW WKH DJJUHJDWH RI WKH IDLU YDOXHV DW WKH
FHDVHVZKHQWKH*URXSORVHVFRQWURORIWKHVXEVLGLDU\ GDWHRIH[FKDQJHRIDVVHWVJLYHQOLDELOLWLHVLQFXUUHGRU
:KHUHQHFHVVDU\DGMXVWPHQWVDUHPDGHWRWKHQDQFLDO assumed, and equity instruments issued by the Group
VWDWHPHQWV RI VXEVLGLDULHV WR EULQJ WKHLU DFFRXQWLQJ LQH[FKDQJHIRUFRQWURORIWKHDFTXLUHH7KHDFTXLUHHV
SROLFLHVDQGDFFRXQWLQJSHULRGLQOLQHZLWKWKRVHXVHG LGHQWLDEOH DVVHWV OLDELOLWLHV DQG FRQWLQJHQW OLDELOLWLHV
by the Group. All intra-group transactions, balances, WKDWPHHWWKHFRQGLWLRQIRUUHFRJQLWLRQDUHUHFRJQLVHG
LQFRPHDQGH[SHQVHVDQGFDVKRZVDUHHOLPLQDWHGRQ DWWKHLUIDLUYDOXHVDWWKHDFTXLVLWLRQGDWHH[FHSWFHUWDLQ
consolidation. assets and liabilities required to be measured as per the
1RQFRQWUROOLQJ LQWHUHVWV LV WKH HTXLW\ LQ D VXEVLGLDU\ applicable standard.
QRWDWWULEXWDEOHGLUHFWO\RULQGLUHFWO\WRDSDUHQW1RQ *RRGZLOO DULVLQJ RQ DFTXLVLWLRQ LV UHFRJQLVHG DV DQ
FRQWUROOLQJ LQWHUHVWV LQ WKH QHW DVVHWV RI FRQVROLGDWHG DVVHWDQGLQLWLDOO\PHDVXUHGDWFRVWEHLQJWKHH[FHVVRI
VXEVLGLDULHVDUHLGHQWLHGVHSDUDWHO\IURPWKH*URXSV WKHFRVWRIWKHEXVLQHVVFRPELQDWLRQRYHUWKH*URXSV
HTXLW\ WKHUHLQ 1RQFRQWUROOLQJ LQWHUHVWV FRQVLVW RI WKH LQWHUHVW LQ WKH QHW IDLU YDOXH RI WKH LGHQWLDEOH DVVHWV
DPRXQW RI WKRVH LQWHUHVWV DW WKH GDWH RI WKH EXVLQHVV acquired, liabilities recognised and contingent liabilities
FRPELQDWLRQDQGWKHQRQFRQWUROOLQJLQWHUHVWVVKDUHRI assumed.
changes in equity since that date.
,Q WKH FDVH RI EDUJDLQ SXUFKase, the resultant gain is
3URWRUORVVDQGRWKHUFRPSUHKHQVLYHLQFRPHRUORVV recognised directly in the income statement.
are attributed to the controlling and non-controlling
LQWHUHVWVLQSURSRUWLRQWRWKHLURZQHUVKLSLQWHUHVWV7RWDO 7KH LQWHUHVW RI QRQFRQWUROOLQJ VKDUHKROGHUV LQ WKH
comprehensive income is attributed to the controlling acquiree is initially measured at the non-controlling
DQG QRQFRQWUROOLQJ LQWHUHVWV HYHQ LI WKLV UHVXOWV LQ VKDUHKROGHUV SURSRUWLRQDWH VKDUH RI WKH DFTXLUHHV
WKH QRQFRQWUROOLQJ LQWHUHVWV KDYLQJ D GHFLW EDODQFH LGHQWLDEOHQHWDVVHWV
+RZHYHU LQ FDVH ZKHUH WKHUH DUH ELQGLQJ FRQWUDFWXDO $FTXLVLWLRQUHODWHGFRVWVVXFKDVQGHUVIHHVDGYLVRU\
DUUDQJHPHQWV WKDW GHWHUPLQH WKH DWWULEXWLRQ RI WKH OHJDO DFFRXQWLQJ YDOXDWLRQ DQG RWKHU SURIHVVLRQDO RU
HDUQLQJV VXFK DV SURWVKDULQJ DJUHHPHQW WKH FRQVXOWLQJIHHVDUHH[SHQVHGDVLQFXUUHG
DWWULEXWLRQVSHFLHGE\VXFKDUUDQJHPHQWLVFRQVLGHUHG
$Q\FRQWLQJHQWFRQVLGHUDWLRQWREHWUDQVIHUUHGE\WKH
$ FKDQJH LQ WKH RZQHUVKLS LQWHUHVW RI D VXEVLGLDU\ DFTXLUHU LV UHFRJQLVHG DW IDLU YDOXH DW WKH DFTXLVLWLRQ
ZLWKRXW D FKDQJH RI FRQWURO LV DFFRXQWHG IRU DV DQ
GDWH &RQWLQJHQW FRQVLGHUDWLRQ FODVVLHG DV DQ DVVHW
equity transaction.
RUOLDELOLW\WKDWLVDQDQFLDOLQVWUXPHQWDQGZLWKLQWKH
When the Group ceases to have control over a VFRSH RI ,$6 )LQDQFLDO ,QVWUXPHQWV 5HFRJQLWLRQ
VXEVLGLDU\LWGHUHFRJQLVHVWKHFDUU\LQJYDOXHRIDVVHWV DQG 0HDVXUHPHQW LV PHDVXUHG DW IDLU YDOXH ZLWK
LQFOXGLQJ JRRGZLOO OLDELOLWLHV WKH DWWULEXWDEOH YDOXH FKDQJHVLQIDLUYDOXHUHFRJQLVHGHLWKHULQSURWRUORVV
RI QRQFRQWUROOLQJ LQWHUHVWV LI DQ\ DQG WKH FXPXODWLYH RUDVDFKDQJHWRRWKHUFRPSUHKHQVLYHLQFRPH,IWKH
FXUUHQF\ WUDQVODWLRQ GLHUHQFHV SUHYLRXVO\ UHFRJQLVHG FRQWLQJHQWFRQVLGHUDWLRQLVQRWZLWKLQWKHVFRSHRI,$6
LQ RWKHU FRPSUHKHQVLYH LQFRPH 7KH SURW RU ORVV LWLVPHDVXUHGLQDFFRUGDQFHZLWKWKHDSSURSULDWH
on disposal is recognised in the income statement ,)56 &RQWLQJHQW FRQVLGHUDWLRQ WKDW LV FODVVLHG
DQG LV FDOFXODWHG DV WKH GLHUHQFH EHWZHHQ L WKH as equity is not re-measured and its subsequent
DJJUHJDWH RI WKH IDLU YDOXH RI FRQVLGHUDWLRQ UHFHLYHG VHWWOHPHQWLVDFFRXQWHGIRUZLWKLQHTXLW\
DQG WKH IDLUYDOXH RI DQ\ UHWDLQHG LQWHUHVW DQG LL WKH
SUHYLRXV FDUU\LQJ DPRXQW RI WKH DVVHWV LQFOXGLQJ Where the Group increases its interest in an entity such
JRRGZLOODQGOLDELOLWLHVRIWKHVXEVLGLDU\DQGDQ\QRQ that control is achieved, previously held equity interest
controlling interests. Amounts previously recognised LQWKHDFTXLUHGHQWLW\LVUHYDOXHGWRIDLUYDOXHDVDWWKH
in other comprehensive income in relation to the GDWHRIDFTXLVLWLRQEHLQJWKHGDWHDWZKLFKWKH*URXS
VXEVLGLDU\ DUH DFFRXQWHG IRU LH UHFODVVLHG WR SURW REWDLQV FRQWURO RI WKH DFTXLUHH DQG D JDLQ RU ORVV LV
RU ORVV RU WUDQVIHUUHG GLUHFWO\ WR UHWDLQHG HDUQLQJV LQ recognised in the income statement.
WKHVDPHPDQQHUDVZRXOGEHUHTXLUHGLIWKHUHOHYDQW A contingent liability recognised in a business
DVVHWV RU OLDELOLWLHV ZHUH GLVSRVHG R 7KH IDLU YDOXH FRPELQDWLRQ LV LQLWLDOO\ PHDVXUHG DW LWV IDLU YDOXH
RI DQ\ UHVLGXDO LQWHUHVW LQ WKH HUVWZKLOH VXEVLGLDU\ DW 6XEVHTXHQWO\ LW LV PHDVXUHG DW WKH KLJKHU RI WKH
WKH GDWH ZKHQ FRQWURO LV ORVW LV UHJDUGHG DV WKH IDLU DPRXQW WKDW ZRXOG EH UHFRJQLVHG LQ DFFRUGDQFH

ZLWK ,$6 3URYLVLRQV &RQWLQJHQW /LDELOLWLHV DQG &XUUHQWYHUVXV1RQFXUUHQW&ODVVLFDWLRQ
Contingent Assets, or amount initially recognised less, 7KH*URXSSUHVHQWVDVVHWVDQGOLDELOLWLHVLQVWDWHPHQW
ZKHQDSSURSULDWHFXPXODWLYHDPRUWLVDWLRQUHFRJQLVHG RI QDQFLDO SRVLWLRQ EDVHG RQ FXUUHQWQRQFXUUHQW
LQDFFRUGDQFHZLWK,$65HYHQXH FODVVLFDWLRQ
3.4 Interest in Joint Ventures and Associates $QDVVHWLVFODVVLHGDVFXUUHQWZKHQLWLV
$MRLQWYHQWXUHLVDW\SHRIMRLQWDUUDQJHPHQWZKHUHE\ a) expected to be realised or intended to sold or
WKHSDUWLHVWKDWKDYHMRLQWFRQWURORIWKHDUUDQJHPHQW consumed in normal operating cycle,
KDYHULJKWVWRWKHQHWDVVHWVRIWKHMRLQWYHQWXUH-RLQW
FRQWURO LV WKH FRQWUDFWXDOO\ DJUHHG VKDULQJ RI FRQWURO E KHOGSULPDULO\IRUWKHSXUSRVHRIWUDGLQJ
RI DQ DUUDQJHPHQW ZKLFK H[LVWV RQO\ ZKHQ GHFLVLRQV F H[SHFWHGWREHUHDOLVHGZLWKLQWZHOYHPRQWKVDIWHU
about the relevant activities require unanimous consent the reporting period, or
RIWKHSDUWLHVVKDULQJFRQWURO
G FDVK RU FDVK HTXLYDOHQW XQOHVV UHVWULFWHG IURP
$Q DVVRFLDWH LV DQ HQWLW\ RYHU ZKLFK WKH *URXS KDV EHLQJH[FKDQJHGRUXVHGWRVHWWOHDOLDELOLW\IRUDW
VLJQLFDQWLQXHQFH6LJQLFDQWLQXHQFHLVWKHSRZHU OHDVWWZHOYHPRQWKVDIWHUWKHUHSRUWLQJSHULRG
WR SDUWLFLSDWH LQ WKH QDQFLDO DQG RSHUDWLQJ SROLF\
GHFLVLRQV RI WKH LQYHVWHH EXW LV QRW FRQWURO RU MRLQW $OORWKHUDVVHWVDUHFODVVLHGDVQRQFXUUHQW
control over those policies. $OLDELOLW\LVFODVVLHGDVFXUUHQWZKHQ
7KH *URXSV LQYHVWPHQWV LQ LWV MRLQW YHQWXUHV DQG a) it is expected to be settled in normal operating
DVVRFLDWHVDUHDFFRXQWHGIRUXVLQJWKHHTXLW\PHWKRG cycle,
Under the equity method, investments in joint ventures
E LWLVKHOGSULPDULO\IRUWKHSXUSRVHRIWUDGLQJ
and associates are carried in the consolidated
VWDWHPHQW RI QDQFLDO SRVLWLRQ DW FRVW DV DGMXVWHG IRU F LWLVGXHWREHVHWWOHGZLWKLQWZHOYHPRQWKVDIWHU
SRVWDFTXLVLWLRQ FKDQJHV LQ WKH *URXSV VKDUH RI WKH the reporting period, or
QHW DVVHWV RI WKH MRLQW YHQWXUHV DQG DVVRFLDWHV OHVV
G WKHUH LV QR XQFRQGLWLRQDO ULJKW WR GHIHU WKH
DQ\LPSDLUPHQWLQWKHYDOXHRIWKHLQYHVWPHQWV/RVVHV
VHWWOHPHQWRIWKHOLDELOLW\IRUDWOHDVWWZHOYHPRQWKV
RI D MRLQW YHQWXUH DQG DQ DVVRFLDWH LQ H[FHVV RI WKH
DIWHUWKHUHSRUWLQJSHULRG
Groups interest in that joint venture or associate are
QRWUHFRJQLVHG$GGLWLRQDOORVVHVDUHSURYLGHGIRUDQGD 7KH*URXSFODVVLHVDOORWKHUOLDELOLWLHVDVQRQFXUUHQW
liability is recognised, only to the extent that the Group
'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHFODVVLHGDVQRQ
has incurred legal or constructive obligation or made current assets and liabilities.
SD\PHQWVRQEHKDOIRIWKHMRLQWYHQWXUHRUDVVRFLDWH
3.6 Intangible Assets
-RLQWYHQWXUHV DQG DVVRFLDWHV DUH DFFRXQWHG IRU IURP
,GHQWLDEOH LQWDQJLEOH DVVHWV DUH UHFRJQLVHG ZKHQ
WKHGDWHRQZKLFK*URXSREWDLQVMRLQWFRQWURORYHUWKH
WKH*URXSFRQWUROVWKHDVVHWLWLVSUREDEOHWKDWIXWXUH
MRLQW YHQWXUH VWDUWV H[HUFLVLQJ VLJQLFDQW LQXHQFH
HFRQRPLF EHQHWV DWWULEXWHG WR WKH DVVHW ZLOO RZ WR
over the associate. Where necessary, adjustments
WKH *URXS DQG WKH FRVW RI WKH DVVHW FDQ EH UHOLDEO\
DUHPDGHWRWKHQDQFLDOVWDWHPHQWVRIMRLQWYHQWXUHV measured.
and associates to bring their accounting policies and
DFFRXQWLQJSHULRGLQOLQHZLWKWKRVHXVHGE\WKH*URXS At initial recognition, the separately acquired intangible
DVVHWV DUH UHFRJQLVHG DW FRVW 7KH FRVW RI LQWDQJLEOH
*RRGZLOO UHODWLQJ WR WKH MRLQW YHQWXUH DQG DVVRFLDWH assets that are acquired in a business combination is its
LV LQFOXGHG LQ WKH FDUU\LQJ DPRXQW RI WKH LQYHVWPHQW IDLUYDOXHDVDWWKHGDWHRIDFTXLVLWLRQ)ROORZLQJLQLWLDO
DQG LV QHLWKHU DPRUWLVHG QRU LQGLYLGXDOO\ WHVWHG IRU recognition, the intangible assets are carried at cost
impairment. less any accumulated amortisation and accumulated
$IWHU DSSOLFDWLRQ RI WKH HTXLW\ PHWKRG WKH *URXS LPSDLUPHQWORVVHVLIDQ\
GHWHUPLQHV ZKHWKHU LW LV QHFHVVDU\ WR UHFRJQLVH DQ $PRUWLVDWLRQLVUHFRJQLVHGLQSURWRUORVVRQDVWUDLJKW
impairment loss on its investment in its associate or joint OLQH EDVLV RYHU WKH HVWLPDWHG XVHIXO OLYHV RI LQWDQJLEOH
venture. At each reporting date, the Group determines DVVHWV IURP WKH GDWH WKH\ DUH DYDLODEOH IRU XVH 7KH
ZKHWKHUWKHUHLVREMHFWLYHHYLGHQFHWKDWWKHLQYHVWPHQW DPRUWLVDWLRQSHULRGDQGWKHDPRUWLVDWLRQPHWKRGIRUDQ
LQWKHDVVRFLDWHRUMRLQWYHQWXUHLVLPSDLUHG,IWKHUHLV LQWDQJLEOH DVVHW H[FHSW JRRGZLOO LV UHYLHZHG DW OHDVW
VXFK HYLGHQFH WKH *URXS FDOFXODWHV WKH DPRXQW RI DW HDFK QDQFLDO \HDU HQG &KDQJHV LQ WKH H[SHFWHG
LPSDLUPHQWDVWKHGLHUHQFHEHWZHHQWKHUHFRYHUDEOH XVHIXO OLIH RU WKH H[SHFWHG SDWWHUQ RI FRQVXPSWLRQ RI
DPRXQWRIWKHDVVRFLDWHRUMRLQWYHQWXUHDQGLWVFDUU\LQJ IXWXUH HFRQRPLF EHQHWV HPERGLHG LQ WKH DVVHW DUH
YDOXHDQGWKHQUHFRJQLVHVWKHORVVDV6KDUHRISURW DFFRXQWHGIRUE\FKDQJLQJWKHDPRUWLVDWLRQSHULRGRU
RI DQ DVVRFLDWH DQG D MRLQW YHQWXUH LQ WKH LQFRPH method, as appropriate, and are treated as changes in
statement. accounting estimates.

126-355
D *RRGZLOO LJKWV DFTXLUHG IRU XQOLPLWHG OLFHQVH DFFHVV Over
5
*RRGZLOO LV LQLWially recognised at cost and WKHSHULRGRIWKHDJUHHPHQWZKLFKUDQJHVXSWRYH
is subsequently measured at cost less any years.
DFFXPXODWHG LPSDLUPHQW ORVVHV 2Q GLVSRVDO RI D %UDQG 2YHU WKH SHULRG RI WKHLU H[SHFWHG EHQHWV
VXEVLGLDU\ WKH DWWULEXWDEOH DPRXQW RI JRRGZLOO LV QRWH[FHHGLQJWKHOLIHRIWKHOLFHQVHV
LQFOXGHG LQ WKH GHWHUPLQDWLRQ RI WKH SURW RU ORVV
recognised in the income statement on disposal. 'LVWULEXWLRQ QHWZRUN 2YHU HVWLPDWHG XVHIXO OLIH RI
RQH\HDUWRWZR\HDUV
E 6RIWZDUHV
&XVWRPHU EDVH 2YHU WKH HVWLPDWHG OLIH RI VXFK
6RIWZDUHV DUH FDSLWDOLVHG DW WKH DPRXQWV SDLG
UHODWLRQVKLSV ZKLFK UDQJHV IURP RQH \HDU WR YH
WR DFTXLUH WKH UHVSHFWLYH OLFHQVH IRU XVH DQG DUH
\HDUV$PRUWLVDWLRQLVUHFRJQLVHGLQSURWRUORVVRQ
DPRUWLVHG RYHU WKH SHULRG RI OLFHQVH JHQHUDOO\
DVWUDLJKWOLQHEDVLVRYHUWKHHVWLPDWHGXVHIXOOLYHV
QRW H[FHHGLQJ WKUHH \HDUV 6RIWZDUH FRVWLQJ
RILQWDQJLEOHDVVHWVIURPWKHGDWHWKH\DUHDYDLODEOH
5XSHHV YH KXQGUHG WKRXVDQG RU OHVV ZKLFK KDV IRUXVH
DQ LQGHSHQGHQW XVH LV DPRUWLVHG RYHU D SHULRG RI
WZHOYHPRQWKVIURPWKHGDWHSODFHGLQVHUYLFH 3.7 Property, Plant and Equipment (PPE)
Property, plant and equipment is stated at cost,
F %DQGZLGWK
QHW RI DFFXPXODWHG GHSUHFLDWLRQ DQG DFFXPXODWHG
3D\PHQWV IRU EDQGZLGWK FDSDFLWLHV DUH FODVVLHG LPSDLUPHQW ORVVHV LI DQ\ 6XFK FRVW LQFOXGHV WKH FRVW
as pre-payments in service arrangements or under RI UHSODFLQJ SDUW RI WKH SODQW DQG HTXLSPHQW DQG
FHUWDLQ FRQGLWLRQV DV DQ DFTXLVLWLRQ RI D ULJKW ,Q ERUURZLQJ FRVWV IRU ORQJ WHUP FRQVWUXFWLRQ SURMHFWV
WKH ODWWHU FDVH LW LV DFFRXQWHG IRU DV DQ LQWDQJLEOH LI WKH UHFRJQLWLRQ FULWHULD DUH PHW :KHQ VLJQLFDQW
DVVHWDQGWKHFRVWLVDPRUWLVHGRYHUWKHSHULRGRI SDUWV RI SURSHUW\ SODQW DQG HTXLSPHQW DUH UHTXLUHG
WKHDJUHHPHQW%DQGZLGWKFDSDFLW\LVDPRUWLVHGRQ to be replaced in intervals, the Group recognises such
VWUDLJKWOLQHEDVLVRYHUWKHSHULRGRIWKHDJUHHPHQW SDUWV DV VHSDUDWH FRPSRQHQW RI DVVHWV ZLWK VSHFLF
VXEMHFW WR D PD[LPXP RI \HDUV LH HVWLPDWHG XVHIXOOLYHVDQGSURYLGHVGHSUHFLDWLRQRYHUWKHLUXVHIXO
XVHIXOOLIHRIEDQGZLGWK OLIH 6XEVHTXHQW FRVWV DUH LQFOXGHG LQ WKH DVVHWV
carrying amount or recognised as a separate asset,
d. Licenses (including spectrum)
DV DSSURSULDWH RQO\ ZKHQ LW LV SUREDEOH WKDW IXWXUH
Acquired licenses and spectrum are initially HFRQRPLFEHQHWVDVVRFLDWHGZLWKWKHLWHPZLOORZWR
recognised at cost. Subsequently, licenses and WKH *URXS DQG WKH FRVW RI WKH LWHP FDQ EH PHDVXUHG
spectrum are measured at cost less accumulated UHOLDEO\ 7KH FDUU\LQJ DPRXQW RI WKH UHSODFHG SDUW LV
DPRUWLVDWLRQ DQG DFFXPXODWHG LPSDLUPHQW ORVV LI derecognised. All other repair and maintenance costs
DQ\$PRUWLVDWLRQLVUHFRJQLVHGLQSURWRUORVVRQ DUHUHFRJQLVHGLQSURWRUORVVDVLQFXUUHG
DVWUDLJKWOLQHEDVLVRYHUWKHXQH[SLUHGSHULRGRIWKH
OLFHQVHVSHFWUXPFRPPHQFLQJIURPWKHGDWHZKHQ :KHUHDVVHWVDUHLQVWDOOHGRQWKHSUHPLVHVRIFXVWRPHUV
(commonly called Customer premise equipment
WKHUHODWHGQHWZRUNLVDYDLODEOHIRULQWHQGHGXVHLQ
&3(VXFKDVVHWVFRQWLQXHWREHWUHDWHGDV33(DV
the respective jurisdiction and is disclosed under
WKHDVVRFLDWHGULVNVDQGUHZDUGVUHPDLQZLWKWKH*URXS
GHSUHFLDWLRQ DQG DPRUWLVDWLRQ 7KH DPRUWLVDWLRQ
DQGWKHPDQDJHPHQWLVFRQGHQWRIH[HUFLVLQJFRQWURO
SHULRG UHODWLQJ WR OLFHQVHVVSHFWUXP DFTXLUHG LQ
over them.
a business combination is determined primarily
E\ UHIHUHQFH WR WKHLU XQH[SLUHG SHULRG 7KH XVHIXO 7KH*URXSDOVRHQWHUVLQWRPXOWLSOHHOHPHQWFRQWUDFWV
OLYHVRIOLFHQVHVVSHFWUXPUDQJHIURPWZR\HDUVWR ZKHUHE\WKHYHQGRUVXSSOLHVSODQWDQGHTXLSPHQWDQG
WZHQW\YH\HDUV ,7UHODWHGVHUYLFHV7KHVHDUHUHFRUGHGRQWKHEDVLVRI
UHODWLYHIDLUYDOXHV
7KH UHYHQXHVKDUH IHH RQ OLFHQVHV DQG VSHFWUXP
is computed as per the licensing agreement and is *DLQVDQGORVVHVDULVLQJIURPUHWLUHPHQWRUGLVSRVDORI
expensed as incurred. property, plant and equipment are determined as the
GLHUHQFHEHWZHHQWKHQHWGLVSRVDOSURFHHGVDQGWKH
e. Other Acquired Intangible Assets FDUU\LQJ DPRXQW RI WKH DVVHW DQG DUH UHFRJQLVHG LQ
Other acquired intangible assets include right SURWRUORVVRQWKHGDWHRIUHWLUHPHQWRUGLVSRVDO
DFTXLUHGIRUXQOLPLWHGDFFHVVWRYDULRXVDSSOLFDWLRQV
Assets are depreciated to the residual values on a
Other intangible assets also include assets acquired
VWUDLJKWOLQH EDVLV RYHU WKH HVWLPDWHG XVHIXO OLYHV 7KH
in business combinations, comprising, brands,
DVVHWVUHVLGXDOYDOXHVDQGXVHIXOOLYHVDUHUHYLHZHGDW
FXVWRPHU UHODWLRQVKLSV DQG GLVWULEXWLRQ QHWZRUNV
HDFKQDQFLDO\HDUHQGRUZKHQHYHUWKHUHDUHLQGLFDWRUV
DQG DUH FDSLWDOLVHG DW IDLU YDOXHV RQ WKH GDWH RI
IRUUHYLHZDQGDGMXVWHGSURVSHFWLYHO\)UHHKROGODQGLV
DFTXLVLWLRQ (VWLPDWHG XVHIXO OLIH RI RWKHU DFTXLUHG QRWGHSUHFLDWHG(VWLPDWHGXVHIXOOLYHVRIWKHDVVHWVDUH
LQWDQJLEOHVLVDVIROORZV DVIROORZV

$QLPSDLUPHQWORVVLQUHVSHFWRIJRRGZLOOLVQRWUHYHUVHG
Years Other impairment losses are only reversed to the extent
Buildings 20 that the assets carrying amount does not exceed the
Technical equipment and FDUU\LQJ DPRXQW WKDW ZRXOG KDYH EHHQ GHWHUPLQHG LI
machinery no impairment loss had previously been recognised.
- Network equipment 3 20
3.9 Non-current Assets (or disposal groups) held for Sale
- Customer premise
5-6 1RQFXUUHQW DVVHWV RU GLVSRVDO JURXSV DUH FODVVLHG
equipment
Period of lease or 10 DV DVVHWV KHOG IRU VDOH ZKHQ WKHLU FDUU\LQJ DPRXQW LV
- Assets taken on to be recovered principally through a sale transaction
\HDUVDVDSSOLFDEOH
QDQFHOHDVH
whichever is less DQG D VDOH LV FRQVLGHUHG KLJKO\ SUREDEOH 7KH VDOH LV
2WKHUHTXLSPHQW FRQVLGHUHG KLJKO\ SUREDEOH RQO\ ZKHQ WKH DVVHW RU
RSHUDWLQJDQGRFH GLVSRVDO JURXS LV DYDLODEOH IRU LPPHGLDWH VDOH LQ LWV
equipment SUHVHQW FRQGLWLRQ LW LV XQOLNHO\ WKDW WKH VDOH ZLOO EH
- Computer equipment 3 ZLWKGUDZQDQGVDOHLVH[SHFWHGZLWKLQRQH\HDUIURPWKH
2FHIXUQLWXUHDQG GDWHRIWKHFODVVLFDWLRQ'LVSRVDOJURXSVFODVVLHGDV
2-5
equipment KHOGIRUVDOHDUHVWDWHGDWWKHORZHURIFDUU\LQJDPRXQW
9HKLFOHV 3-5
DQG IDLU YDOXH OHVV FRVWV WR VHOO 3URSHUW\ SODQW DQG
Leasehold improvements Period of lease or 10-20
equipment and intangible assets are not depreciated
\HDUVDVDSSOLFDEOH
whichever is less RU DPRUWLVHG RQFH FODVVLHG DV KHOG IRU VDOH $VVHWV
DQG OLDELOLWLHV FODVVLHG DV KHOG IRU VDOH DUH SUHVHQWHG
,PSDLUPHQWRI1RQQDQFLDO$VVHWV VHSDUDWHO\LQWKHVWDWHPHQWRIQDQFLDOSRVLWLRQ
$VVHWV WKDW KDYH DQ LQGHQLWH XVHIXO OLIH IRU H[DPSOH
,IWKHFULWHULDVWDWHGE\,)561RQFXUUHQW$VVHWV+HOG
JRRGZLOO DUH QRW VXEMHFW WR DPRUWLVDWLRQ DQG DUH
IRU 6DOH DQG 'LVFRQWLQXHG 2SHUDWLRQV DUH QR ORQJHU
WHVWHG DQQXDOO\ IRU LPSDLUPHQW $VVHWV WKDW DUH
PHWWKHGLVSRVDOJURXSFHDVHVWREHFODVVLHGDVKHOG
VXEMHFWWRGHSUHFLDWLRQDQGDPRUWLVDWLRQDUHUHYLHZHG
IRU LPSDLUPHQW ZKHQHYHU HYHQWV RU FKDQJHV LQ IRUVDOH1RQFXUUHQWDVVHWWKDWFHDVHVWREHFODVVLHG
circumstances indicate that the carrying amount may DV KHOG IRU VDOH DUH PHDVXUHG DW WKH ORZHU RI L LWV
QRWEHUHFRYHUDEOHRUZKHQDQQXDOLPSDLUPHQWWHVWLQJ FDUU\LQJ DPRXQW EHIRUH WKH DVVHW ZDV FODVVLHG DV
IRU DQ DVVHW LV UHTXLUHG 6XFK FLUFXPVWDQFHV LQFOXGH KHOGIRUVDOHDGMXVWHGIRUGHSUHFLDWLRQWKDWZRXOGKDYH
WKRXJK DUH QRW OLPLWHG WR VLJQLFDQW RU VXVWDLQHG EHHQUHFRJQLVHGKDGWKDWDVVHWQRWEHHQFODVVLHGDV
decline in revenues or earnings and material adverse KHOGIRUVDOHDQGLLLWVUHFRYHUDEOHDPRXQWDWWKHGDWH
changes in the economic environment. ZKHQWKHGLVSRVDOJURXSFHDVHVWREHFODVVLHGDVKHOG
IRUVDOH
,PSDLUPHQWWHVWIRUJRRGZLOOLVSHUIRUPHGDWWKHOHYHORI
HDFK&DVK*HQHUDWLQJ8QLW&*8RUJURXSVRI&*8V 3.10 Cash and Cash Equivalents
H[SHFWHGWREHQHWIURPDFTXLVLWLRQUHODWHGV\QHUJLHV &DVKDQGFDVKHTXLYDOHQWVFRPSULVHFDVKDWEDQNDQG
DQGUHSUHVHQWWKHORZHVWOHYHOZLWKLQWKHHQWLW\DWZKLFK on hand, call deposits and other short term highly liquid
WKH JRRGZLOO LV PRQLWRUHG IRU LQWHUQDO PDQDJHPHQW LQYHVWPHQWVZLWKDQRULJLQDOPDWXULW\RIWKUHHPRQWKV
SXUSRVHV ZLWKLQ DQ RSHUDWLQJ VHJPHQW $ &*8 LV WKH RUOHVVWKDWDUHUHDGLO\FRQYHUWLEOHWRDNQRZQDPRXQWRI
VPDOOHVW LGHQWLDEOH JURXS RI DVVHWV WKDW JHQHUDWHV FDVKDQGDUHVXEMHFWWRDQLQVLJQLFDQWULVNRIFKDQJHV
FDVK LQRZV WKDW DUH ODUJHO\ LQGHSHQGHQW RI WKH FDVK in value.
LQRZVIURPRWKHUDVVHWVRUJURXSRIDVVHWV
)RUWKHSXUSRVHRIWKHFRQVROLGDWHGVWDWHPHQWRIFDVK
$QLPSDLUPHQWORVVLVUHFRJQLVHGZKHQHYHUWKHFDUU\LQJ RZVFDVKDQGFDVKHTXLYDOHQWVLQFOXGHRXWVWDQGLQJ
DPRXQWRIDQDVVHWRULWVFDVKJHQHUDWLQJXQLWH[FHHGV
EDQNRYHUGUDIWVVKRZQZLWKLQWKHERUURZLQJVLQFXUUHQW
LWVUHFRYHUDEOHDPRXQW7KHUHFRYHUDEOHDPRXQWRIDQ
OLDELOLWLHV LQ WKH VWDWHPHQW RI QDQFLDO SRVLWLRQ DQG
DVVHWLVWKHJUHDWHURILWVIDLUYDOXHOHVVFRVWVWRVHOODQG
ZKLFK DUH FRQVLGHUHG DQ LQWHJUDO SDUW RI WKH *URXSV
YDOXH LQ XVH 7R FDOFXODWH YDOXH LQ XVH WKH HVWLPDWHG
cash management.
IXWXUHFDVKRZVDUHGLVFRXQWHGWRWKHLUSUHVHQWYDOXH
XVLQJ D SUHWD[ GLVFRXQW UDWH WKDW UHHFWV FXUUHQW 3.11 Inventories
PDUNHW UDWHV DQG WKH ULVNV VSHFLF WR WKH DVVHW )RU ,QYHQWRULHVDUHYDOXHGDWWKHORZHURIFRVWGHWHUPLQHG
an asset that does not generate largely independent RQ D UVW LQ UVW RXW ),)2 EDVLV DQG HVWLPDWHG QHW
FDVKLQRZVWKHUHFRYHUDEOHDPRXQWLVGHWHUPLQHGIRU realisable value. Inventory costs include purchase price,
WKH FDVKJHQHUDWLQJ XQLW WR ZKLFK WKH DVVHW EHORQJV
IUHLJKWLQZDUGVDQGWUDQVLWLQVXUDQFHFKDUJHV
)DLUYDOXH OHVV FRVWV WR VHOO LV WKH SULFH WKDW ZRXOG EH
UHFHLYHGWRVHOODQDVVHWRUSDLGWRWUDQVIHUDOLDELOLW\LQ 1HWUHDOLVDEOHYDOXHLVWKHHVWLPDWHGVHOOLQJSULFHLQWKH
DQ RUGHUO\ WUDQVDFWLRQ EHWZHHQ PDUNHW SDUWLFLSDQWV RUGLQDU\ FRXUVH RI EXVLQHVV OHVV HVWLPDWHG FRVWV RI
OHVV WKH FRVWV RI GLVSRVDO ,PSDLUPHQW ORVVHV LI DQ\ FRPSOHWLRQDQGWKHHVWLPDWHGFRVWVQHFHVVDU\WRPDNH
DUH UHFRJQLVHG LQ SURW RU ORVV DV D FRPSRQHQW RI the sale.
depreciation and amortisation expense.

126-355
3.12 Leases WR WKH DVVHWV DQG VLJQLFDQW ULVN DVVRFLDWHG ZLWK
7KH GHWHUPLQDWLRQ RI ZKHWKHU DQ DUUDQJHPHQW LV WKH RSHUDWLRQ DQG PDLQWHQDQFH RI WKHVH DVVHWV
RU FRQWDLQV D OHDVH LV EDVHG RQ WKH VXEVWDQFH RI DQ UHPDLQVZLWKWKHOHVVRU+HQFHVXFKDUUDQJHPHQWV
DUUDQJHPHQW DW LQFHSWLRQ GDWH ZKHWKHU IXOOOPHQW RI are recognised as operating lease.
WKHDUUDQJHPHQWLVGHSHQGHQWRQWKHXVHRIDVSHFLF 7KH FRQWUDFWHG SULFH LV UHFHLYHG LQ DGYDQFH DQG
asset or assets and the arrangement conveys a right to LV UHFRJQLVHG DV UHYHQXH GXULQJ WKH WHQXUH RI
XVHWKHDVVHWHYHQLIWKDWULJKWLVQRWH[SOLFLWO\VSHFLHG WKH DJUHHPHQW 8QHDUQHG ,58 UHYHQXH QHW RI WKH
in an arrangement. DPRXQW UHFRJQLVDEOH ZLWKLQ RQH \HDU LV GLVFORVHG
a. Group as a Lessee DVGHIHUUHGUHYHQXHLQQRQFXUUHQWOLDELOLWLHVDQGWKH
DPRXQW UHFRJQLVDEOH ZLWKLQ RQH \HDU LV GLVFORVHG
)LQDQFH OHDVHV ZKLFK WUDQVIHU WR WKH *URXS
DVGHIHUUHGUHYHQXHLQFXUUHQWOLDELOLWLHV
VXEVWDQWLDOO\ DOO WKH ULVNV DQG UHZDUGV LQFLGHQWDO
WR RZQHUVKLS RI WKH OHDVHG LWHP DUH FDSLWDOLVHG DW d. Sale and Leaseback Transactions
WKH FRPPHQFHPHQW RI WKH OHDVH DW WKH IDLU YDOXH 6DOHDQGOHDVHEDFNWUDQVDFWLRQLQYROYHVWKHVDOHRI
RIWKHOHDVHGDVVHWRULIORZHUDWWKHSUHVHQWYDOXH DQDVVHWDQGWKHOHDVLQJEDFNRIWKHVDPHDVVHW,ID
RI WKH PLQLPXP OHDVH SD\PHQWV /HDVH SD\PHQWV VDOHDQGOHDVHEDFNWUDQVDFWLRQUHVXOWVLQDQDQFH
DUH DSSRUWLRQHG EHWZHHQ QDQFH FKDUJHV DQG OHDVHDQ\H[FHVVRIVDOHVSURFHHGVRYHUWKHFDUU\LQJ
UHGXFWLRQ RI WKH OHDVH OLDELOLW\ VR DV WR DFKLHYH D amount shall not be immediately recognised as
FRQVWDQWUDWHRILQWHUHVWRQWKHUHPDLQLQJEDODQFH LQFRPHLQVWHDGWKHDVVHWOHDVHGEDFNLVUHWDLQHGDW
RIWKHOLDELOLW\)LQDQFHFKDUJHVDUHUHFRJQLVHGLQWKH LWVFDUU\LQJYDOXHDQGWKHDPRXQWUHFHLYHGWRZDUGV
SURWRUORVV WKH OHDVHG EDFN SRUWLRQ LV UHFRUGHG DV D QDQFH
OHDVHREOLJDWLRQ,IDVDOHDQGOHDVHEDFNWUDQVDFWLRQ
/HDVHG DVVHWV DUH GHSUHFLDWHG RYHU WKH XVHIXO OLIH
results in an operating lease, and transaction is
RI WKH DVVHW +RZHYHU LI WKHUH LV QR UHDVRQDEOH
HVWDEOLVKHGDWIDLUYDOXHDQ\SURWRUORVVVKDOOEH
FHUWDLQW\ WKDW WKH *URXS ZLOO REWDLQ RZQHUVKLS E\
recognised immediately.
WKHHQGRIWKHOHDVHWHUPWKHDVVHWLVGHSUHFLDWHG
RYHU WKH VKRUWHU RI WKH HVWLPDWHG XVHIXO OLIH RI WKH 3.13 Financial Instruments
asset and the lease term. A. Financial Instruments Initial Recognition and
Measurement
Operating lease payments are recognised as an
expense on a straight-line basis over the lease term. )LQDQFLDO DVVHWV DQG QDQFLDO OLDELOLWLHV DUH
UHFRJQLVHG LQ WKH *URXSV VWDWHPHQW RI QDQFLDO
Contingent rents are recognised as expense in the SRVLWLRQ ZKHQ WKH *URXS EHFRPHV D SDUW\ WR WKH
SHULRGLQZKLFKWKH\DUHLQFXUUHG FRQWUDFWXDOSURYLVLRQVRIWKHLQVWUXPHQW7KH*URXS
GHWHUPLQHVWKHFODVVLFDWLRQRILWVQDQFLDODVVHWV
b. Group as a Lessor
DQG OLDELOLWLHV DW LQLWLDO UHFRJQLWLRQ $OO QDQFLDO
DVVHWV DQG OLDELOLWLHV DUH LQLWLDOO\ UHFRJQLVHG DW IDLU
recognised as receivables at an amount equal value plus directly attributable transaction costs
WR WKH QHW LQYHVWPHQW LQ WKH OHDVHG DVVHWV 7KH LQ FDVH RI QDQFLDO DVVHWV DQG OLDELOLWLHV QRW DW IDLU
QDQFHLQFRPHLVUHFRJQLVHGEDVHGRQWKHSHULRGLF YDOXH WKURXJK SURW RU ORVV )LQDQFLDO DVVHWV DQG
UDWH RI UHWXUQ RQ WKH QHW LQYHVWPHQW RI WKH *URXS OLDELOLWLHVFDUULHGDWIDLUYDOXHWKURXJKSURWRUORVV
RXWVWDQGLQJLQUHVSHFWRIWKHQDQFHOHDVH DUHLQLWLDOO\UHFRJQLVHGDWIDLUYDOXHDQGWUDQVDFWLRQ
/HDVHV ZKHUH WKH *URXS GRHV QRW WUDQVIHU costs are expensed in the income statement.
VXEVWDQWLDOO\DOOWKHULVNVDQGUHZDUGVLQFLGHQWDOWR 3XUFKDVHV RU VDOHV RI QDQFLDO DVVHWV WKDW UHTXLUH
RZQHUVKLS RI WKH DVVHW DUH FODVVLHG DV RSHUDWLQJ GHOLYHU\ RI DVVHWV ZLWKLQ D WLPH IUDPH HVWDEOLVKHG
lease. Initial direct costs incurred in negotiating an E\ UHJXODWLRQ RU FRQYHQWLRQ LQ WKH PDUNHWSODFH
RSHUDWLQJOHDVHDUHDGGHGWRWKHFDUU\LQJDPRXQWRI UHJXODU ZD\ WUDGHV DUH UHFRJQLVHG RQ WKH WUDGH
the leased asset and recognised over the lease term date, i.e., the date that the Group commits to
on the same basis as rental income. purchase or sell the asset.
/HDVHUHQWDOVXQGHURSHUDWLQJOHDVHVDUHUHFRJQLVHG B. Financial Assets
as income on a straight-line basis over the lease 1. Subsequent measurement
term.
7KH VXEVHTXHQW PHDVXUHPHQW RI QDQFLDO DVVHWV
Contingent rents are recognised as income in the GHSHQGVRQWKHLUFODVVLFDWLRQDVIROORZV
SHULRGLQZKLFKWKH\DUHHDUQHG D )LQDQFLDODVVHWVDWIDLUYDOXHWKURXJKSURWRU
c. Indefeasible Right to Use (IRU) loss
$V SDUW RI WKH RSHUDWLRQV WKH *URXS HQWHUV LQWR )LQDQFLDODVVHWVDWIDLUYDOXHWKURXJKSURWRUORVV
DJUHHPHQW IRU OHDVLQJ DVVHWV XQGHU ,QGHIHDVLEOH LQFOXGHQDQFLDODVVHWVKHOGIRUWUDGLQJDQGWKRVH
ULJKW WR XVH ZLWK WKLUG SDUWLHV 8QGHU WKH GHVLJQDWHG XSRQ LQLWLDO UHFRJQLWLRQ DW IDLU YDOXH
arrangement the assets are given on lease over the WKURXJKSURWRUORVV)LQDQFLDODVVHWVDUHFODVVLHG
VXEVWDQWLDOSDUWRIWKHDVVHWOLIH+RZHYHUWKHWLWOH DVKHOGIRUWUDGLQJLIWKH\DUHDFTXLUHGIRUWKHSXUSRVH

RI VHOOLQJ LQ WKH QHDU WHUP 'HULYDWLYHV LQFOXGLQJ GHUHFRJQLVHGRULVGHWHUPLQHGWREHLPSDLUHGZKHQ
VHSDUDWHG HPEHGGHG GHULYDWLYHV DUH FODVVLHG WKH FXPXODWLYH JDLQORVV LV UHFODVVLHG IURP WKH
DV KHOG IRU WUDGLQJ XQOHVV WKH\ DUH GHVLJQDWHG DV $)6UHVHUYHWRLQFRPHVWDWHPHQWLQQDQFHLQFRPH
HHFWLYH KHGJLQJ LQVWUXPHQWV )LQDQFLDO DVVHWV RUQDQFHFRVWV,QWHUHVWHDUQHGZKLOVWKROGLQJ$)6
DUHGHVLJQDWHGXSRQLQLWLDOUHFRJQLWLRQDWIDLUYDOXH QDQFLDODVVHWVLVUHSRUWHGDVLQWHUHVWLQFRPHXVLQJ
WKURXJKSURWRUORVVZKHQWKHVDPHDUHPDQDJHG WKH(,5PHWKRG
E\ WKH *URXS RQ WKH EDVLV RI WKHLU IDLU YDOXH DQG
7KH *URXS GRHV QRW KDYH DQ\ KHOGWRPDWXULW\
WKHLUSHUIRUPDQFHLVHYDOXDWHGRQIDLUYDOXHEDVLVLQ
investments.
DFFRUGDQFH ZLWK D GRFXPHQWHG ULVN PDQDJHPHQW
RULQYHVWPHQWVWUDWHJ\)LQDQFLDODVVHWVDWIDLUYDOXH 2. Derecognition
WKURXJK SURW RU ORVV DUH FDUULHG LQ WKH VWDWHPHQW 7KH*URXSGHUHFRJQLVHVDQDQFLDODVVHWRQO\ZKHQ
RIQDQFLDOSRVLWLRQDWIDLUYDOXHZLWKFKDQJHVLQIDLU WKH FRQWUDFWXDO ULJKWV WR WKH FDVK RZV IURP WKH
YDOXHUHFRJQLVHGLQQDQFHLQFRPHRUQDQFHFRVWV DVVHWH[SLUHVRULWWUDQVIHUVWKHQDQFLDODVVHWDQG
in the income statement. VXEVWDQWLDOO\DOOWKHULVNVDQGUHZDUGVRIRZQHUVKLS
'HULYDWLYHV HPEHGGHG LQ KRVW FRQWUDFWV DUH RIWKHDVVHW
DFFRXQWHGIRUDVVHSDUDWHGHULYDWLYHVDQGUHFRUGHG C. Financial Liabilities
DW IDLU YDOXH LI WKHLU HFRQRPLF FKDUDFWHULVWLFV DQG 1. Subsequent measurement
ULVNV DUH QRW FORVHO\ UHODWHG WR WKRVH RI WKH KRVW
7KHVXEVHTXHQWPHDVXUHPHQWRIQDQFLDOOLDELOLWLHV
FRQWUDFWV DQG WKH KRVW FRQWUDFWV DUH QRW KHOG IRU
GHSHQGVRQWKHLUFODVVLFDWLRQDVIROORZV
WUDGLQJRUGHVLJQDWHGDWIDLUYDOXHWKRXJKSURWRU
ORVV5HDVVHVVPHQWRQO\RFFXUVLIWKHUHLVDFKDQJH D )LQDQFLDOOLDELOLWLHVDWIDLUYDOXHWKURXJKSURWRU
LQ WKH WHUPV RI WKH FRQWUDFW WKDW VLJQLFDQWO\ loss
PRGLHV WKH FDVK RZV WKDW ZRXOG RWKHUZLVH EH )LQDQFLDO OLDELOLWLHV DW IDLU YDOXH WKURXJK SURW RU
required. ORVVLQFOXGHQDQFLDOOLDELOLWLHVKHOGIRUWUDGLQJ7KH
*URXS KDV QRW GHVLJQDWHG DQ\ QDQFLDO OLDELOLWLHV
b. Financial assets measured at amortised cost
XSRQ LQLWLDO UHFRJQLWLRQ DW IDLU YDOXH WKURXJK SURW
/RDQV DQG UHFHLYDEOHV DUH QRQGHULYDWLYH QDQFLDO
RU ORVV )LQDQFLDO OLDELOLWLHV DUH FODVVLHG DV KHOG
DVVHWVZLWK[HGRUGHWHUPLQDEOHSD\PHQWVWKDWDUH
IRU WUDGLQJ LI WKH\ DUH DFTXLUHG IRU WKH SXUSRVH RI
QRW TXRWHG LQ DQ DFWLYH PDUNHW 7UDGH UHFHLYDEOHV
UHSXUFKDVLQJLQWKHQHDUWHUP'HULYDWLYHVLQFOXGLQJ
do not carry any interest and are stated at their
VHSDUDWHG HPEHGGHG GHULYDWLYHV DUH FODVVLHG
QRPLQDOYDOXHDVUHGXFHGE\DSSURSULDWHDOORZDQFHV
DV KHOG IRU WUDGLQJ XQOHVV WKH\ DUH GHVLJQDWHG DV
IRU HVWLPDWHG LUUHFRYHUDEOH DPRXQWV (VWLPDWHG
HHFWLYH KHGJLQJ LQVWUXPHQWV )LQDQFLDO OLDELOLWLHV
LUUHFRYHUDEOHDPRXQWVDUHEDVHGRQWKHDJHLQJRI
DWIDLUYDOXHWKURXJKSURWRUORVVDUHFDUULHGLQWKH
the receivables balance and historical experience.
VWDWHPHQW RI QDQFLDO SRVLWLRQ DW IDLU YDOXH ZLWK
$GGLWLRQDOO\DODUJHQXPEHURIPLQRUUHFHLYDEOHVDUH
FKDQJHVLQIDLUYDOXHUHFRJQLVHGLQQDQFHLQFRPH
JURXSHGLQWRKRPRJHQRXVJURXSVDQGDVVHVVHGIRU
RUQDQFHFRVWVLQWKHLQFRPHVWDWHPHQW
impairment collectively. Individual trade receivables
DUHZULWWHQRZKHQPDQDJHPHQWGHHPVWKHPQRW b. Financial liabilities measured at amortised cost
to be collectible. $IWHU LQLWLDO UHFRJQLWLRQ LQWHUHVW EHDULQJ ORDQV
DQG ERUURZLQJV DUH VXEVHTXHQWO\ PHDVXUHG DW
$IWHULQLWLDOPHDVXUHPHQWQDQFLDODVVHWVPHDVXUHG
DPRUWLVHG FRVW XVLQJ WKH HHFWLYH LQWHUHVW UDWH
DWDPRUWLVHGFRVWDUHPHDVXUHGXVLQJWKHHHFWLYH
PHWKRG (,5 H[FHSW IRU WKRVH GHVLJQDWHG LQ DQ
LQWHUHVW UDWH PHWKRG (,5 OHVV LPSDLUPHQW LI DQ\
HHFWLYHKHGJLQJUHODWLRQVKLS7KHFDUU\LQJYDOXHRI
$PRUWLVHGFRVWLVFDOFXODWHGE\WDNLQJLQWRDFFRXQW
ERUURZLQJVWKDWDUHGHVLJQDWHGDVKHGJHGLWHPVLQ
DQ\GLVFRXQWRUSUHPLXPRQDFTXLVLWLRQDQGIHHRU
IDLUYDOXH KHGJHV WKDW ZRXOG RWKHUZLVH EH FDUULHG
FRVWV WKDW DUH DQ LQWHJUDO SDUW RI WKH (,5 7KH (,5
at amortised cost are adjusted to record changes
DPRUWLVDWLRQ LV LQFOXGHG LQ QDQFH LQFRPH LQ WKH
LQIDLUYDOXHVDWWULEXWDEOHWRWKHULVNVWKDWDUHEHLQJ
income statement.
KHGJHG LQ HHFWLYH KHGJLQJ UHODWLRQVKLSV UHIHU
F $YDLODEOHIRUVDOHQDQFLDODVVHWV 1RWH'
$YDLODEOH IRU VDOH $)6 QDQFLDO DVVHWV LQFOXGH
$PRUWLVHGFRVWLVFDOFXODWHGE\WDNLQJLQWRDFFRXQW
HTXLW\ LQYHVWPHQWV DQG GHEW VHFXULWLHV (TXLW\
DQ\GLVFRXQWRUSUHPLXPRQDFTXLVLWLRQDQGIHHRU
LQYHVWPHQWV FODVVLHG DV $)6 DUH WKRVH WKDW DUH
FRVWV WKDW DUH DQ LQWHJUDO SDUW RI WKH (,5 7KH (,5
QHLWKHUFODVVLHGDVKHOGIRUWUDGLQJQRUGHVLJQDWHG
DPRUWLVDWLRQ LV LQFOXGHG LQ QDQFH FRVWV LQ WKH
DW IDLUYDOXH WKURXJK SURW RU ORVV 'HEW VHFXULWLHV
income statement.
in this category are those that are intended to be
KHOG IRU DQ LQGHQLWH SHULRG RI WLPH DQG WKDW PD\ 2. Derecognition
EH VROG LQ UHVSRQVH WR QHHGV IRU OLTXLGLW\ RU LQ $ QDQFLDO OLDELOLW\ LV GHUHFRJQLVHG ZKHQ WKH
UHVSRQVH WR FKDQJHV LQ WKH PDUNHW FRQGLWLRQV obligation under the liability is discharged or
$IWHULQLWLDOPHDVXUHPHQW$)6QDQFLDODVVHWVDUH FDQFHOOHG RU H[SLUHV :KHQ DQ H[LVWLQJ QDQFLDO
VXEVHTXHQWO\PHDVXUHGDWIDLUYDOXHZLWKFKDQJHLQ OLDELOLW\ LV UHSODFHG E\ DQRWKHU IURP WKH VDPH
IDLUYDOXHUHFRJQLVHGLQ2&,XQWLOWKHLQYHVWPHQWLV OHQGHURQVXEVWDQWLDOO\GLHUHQWWHUPVRUWKHWHUPV

126-355
RI DQ H[LVWLQJ OLDELOLW\ DUH VXEVWDQWLDOO\ PRGLHG cumulative gain or loss existing in equity at that
VXFK DQ H[FKDQJH RU PRGLFDWLRQ LV WUHDWHG DV WLPHUHPDLQVLQHTXLW\DQGLVUHFRJQLVHGZKHQWKH
D GHUHFRJQLWLRQ RI WKH RULJLQDO OLDELOLW\ DQG WKH IRUHFDVWWUDQVDFWLRQLVXOWLPDWHO\UHFRJQLVHGLQWKH
UHFRJQLWLRQ RI D QHZ OLDELOLW\ DQG WKH GLHUHQFH LQ LQFRPH VWDWHPHQW :KHQ D IRUHFDVW WUDQVDFWLRQ LV
the respective carrying amounts is recognised in no longer expected to occur, the cumulative gain or
the income statement. ORVV WKDW ZDV UHFRJQLVHG LQ HTXLW\ LV LPPHGLDWHO\
WUDQVIHUUHGWRWKHLQFRPHVWDWHPHQW
D. Hedge Accounting
1. Fair value hedge 3. Net investment hedge
7KH *URXS XVHV GHULYDWLYH QDQFLDO LQVWUXPHQWV 7KH*URXSKHGJHVFHUWDLQQHWLQYHVWPHQWLQIRUHLJQ
VXFK DV IRUHLJQ H[FKDQJH FRQWUDFWV DQG LQWHUHVW VXEVLGLDULHV +HGJHV RI QHW LQYHVWPHQWV LQ IRUHLJQ
UDWH VZDSV WR PDQDJH LWV H[SRVXUHV WR IRUHLJQ RSHUDWLRQV DUH DFFRXQWHG IRU VLPLODU WR FDVK RZ
H[FKDQJHXFWXDWLRQVDQGLQWHUHVWUDWHPRYHPHQW KHGJHV $Q\ IRUHLJQ H[FKDQJH JDLQ RU ORVV RQ WKH
7KHVH DUH LQLWLDOO\ UHFRJQLVHG DW IDLU YDOXH RQ WKH KHGJLQJLQVWUXPHQWUHODWLQJWRWKHHHFWLYHSRUWLRQ
GDWHRQZKLFKDGHULYDWLYHFRQWUDFWLVHQWHUHGLQWR RIWKHKHGJHLVUHFRJQLVHGLQRWKHUFRPSUHKHQVLYH
DQGDUHVXEVHTXHQWO\UHPHDVXUHGDWIDLUYDOXH LQFRPHWRRVHWWKHFKDQJHLQWKHYDOXHRIWKHQHW
LQYHVWPHQW EHLQJ KHGJHG 7KH LQHHFWLYH SRUWLRQ
7KH *URXS DSSOLHV IDLU YDOXH KHGJH DFFRXQWLQJ
RIWKHJDLQRUORVVRQWKHVHKHGJHVLVLPPHGLDWHO\
IRU KHGJLQJ ULVN RI FKDQJH LQ IDLU YDOXH RI WKH
ERUURZLQJVDWWULEXWDEOHWRWKHKHGJHGLQWHUHVWUDWH recognised in the income statement. Gains and
ULVN 7KH *URXS GHVLJQDWHV FHUWDLQ LQWHUHVW UDWH losses accumulated in equity are included in the
VZDSVWRKHGJHWKHULVNRIFKDQJHVLQIDLUYDOXHRI LQFRPH VWDWHPHQW ZKHQ WKH IRUHLJQ RSHUDWLRQ LV
UHFRJQLVHG ERUURZLQJV 7KH *URXS GRFXPHQWV DW SDUWLDOO\GLVSRVHGRRUVROG
WKH WLPH RI GHVLJQDWLRQ WKH UHODWLRQVKLS EHWZHHQ ( 2VHWWLQJ)LQDQFLDO,QVWUXPHQWV
KHGJLQJ LQVWUXPHQWV DQG KHGJHG LWHPV DV ZHOO )LQDQFLDO DVVHWV DQG QDQFLDO OLDELOLWLHV DUH RVHW
DV LWV ULVN PDQDJHPHQW REMHFWLYHV DQG VWUDWHJ\ and the net amount reported in the consolidated
IRU XQGHUWDNLQJ YDULRXV KHGJLQJ WUDQVDFWLRQV 7KH VWDWHPHQW RI QDQFLDO SRVLWLRQ LI DQG RQO\ LI WKHUH
Group also documents its assessment, both at the LV D FXUUHQWO\ HQIRUFHDEOH OHJDO ULJKW WR RVHW WKH
LQFHSWLRQRIWKHKHGJHDQGRQDQRQJRLQJEDVLVRI recognised amounts and there is an intention to
ZKHWKHU WKH GHULYDWLYHV WKDW DUH XVHG LQ KHGJLQJ settle on a net basis, or to realise the assets and
WUDQVDFWLRQV DUH KLJKO\ HHFWLYH LQ RVHWWLQJ
settle the liabilities simultaneously.
FKDQJHVLQIDLUYDOXHVRIKHGJHGLWHPV
F. Derivative Financial Instruments - Current
&KDQJHV LQ WKH IDLU YDOXH RI GHULYDWLYHV WKDW DUH
YHUVXV1RQFXUUHQW&ODVVLFDWLRQ
GHVLJQDWHG DQG TXDOLI\ DV IDLU YDOXH KHGJHV DUH
'HULYDWLYH LQVWUXPHQWV WKDW DUH QRW GHVLJQDWHG DV
UHFRUGHG LQ WKH LQFRPH VWDWHPHQW ZLWKLQ QDQFH
LQFRPHQDQFHFRVWVWRJHWKHUZLWKDQ\FKDQJHV HHFWLYH KHGJLQJ LQVWUXPHQWV HFRQRPLF KHGJH
LQ WKH IDLU YDOXH RI WKH KHGJHG OLDELOLW\ WKDW DUH DQGZLOOEHKHOGIRUDSHULRGEH\RQGWZHOYHPRQWKV
DWWULEXWDEOH WR WKH KHGJHG ULVN ,I WKH KHGJH QR DIWHU WKH UHSRUWLQJ GDWH DUH FODVVLHG DV QRQ
ORQJHUPHHWVWKHFULWHULDIRUKHGJHDFFRXQWLQJWKH current (or separated into current and non-current
DGMXVWPHQW WR WKH FDUU\LQJ DPRXQW RI D KHGJHG SRUWLRQV FRQVLVWHQW ZLWK WKH FODVVLFDWLRQ RI WKH
LWHPIRUZKLFKWKHHHFWLYHLQWHUHVWPHWKRGLVXVHG XQGHUO\LQJ LWHP 7KHVH DUH FODVVLHG DV FXUUHQW
LV DPRUWLVHG WR SURW RU ORVV RYHU WKH SHULRG WR ZKHQ WKH UHPDLQLQJ KROGLQJ SHULRG LV XSWR WZHOYH
maturity. PRQWKVDIWHUWKHUHSRUWLQJGDWH
&DVKRZKHGJH (PEHGGHGGHULYDWLYHVWKDWDUHQRWFORVHO\UHODWHGWR

7KH *URXS DSSOLHV FDVK RZ KHGJHV ZKHQ WKHKRVWFRQWUDFWDUHFODVVLHGFRQVLVWHQWZLWKWKH
KHGJLQJWKHH[SRVXUHWRYDULDELOLW\LQFDVKRZVRQ FDVKRZVRIWKHKRVWFRQWUDFW
DFFRXQWRIH[FKDQJHUDWHXFWXDWLRQVWKDWLVHLWKHU )XOO IDLUYDOXH RI GHULYDWLYH LQVWUXPHQWV GHVLJQDWHG
DWWULEXWDEOH WR D SDUWLFXODU ULVN DVVRFLDWHG ZLWK D DV HHFWLYH KHGJLQJ LQVWUXPHQWV DUH FODVVLHG DV
recognised asset or liability or a highly probable QRQFXUUHQW DVVHW RU OLDELOLW\ ZKHQ WKH UHPDLQLQJ
IRUHFDVW WUDQVDFWLRQ $Q\ IRUHLJQ H[FKDQJH JDLQ PDWXULW\ RI WKH KHGJHG LWHP LV PRUH WKDQ WZHOYH
or loss on the hedging instrument relating to the PRQWKV DQG DV FXUUHQW DVVHW RU OLDELOLW\ ZKHQ WKH
HHFWLYHSRUWLRQRIWKHKHGJHLVUHFRJQLVHGLQRWKHU UHPDLQLQJ PDWXULW\ RI WKH KHGJHG LWHP LV XSWR
FRPSUHKHQVLYH LQFRPH 7KH LQHHFWLYH SRUWLRQ RI WZHOYHPRQWKV
the gain or loss on these hedges is immediately
recognised in the income statement. Amounts G. Fair Value Measurement
DFFXPXODWHG LQ HTXLW\ DUH UHFODVVLHG WR SURW RU 7KH*URXSPHDVXUHVFHUWDLQQDQFLDOLQVWUXPHQWV
ORVV LQ WKH SHULRGV ZKHQ WKH KHGJHG LWHP DHFWV VXFK DV GHULYDWLYHV DW IDLUYDOXH DW HDFK UHSRUWLQJ
SURW RU ORVV IRU H[DPSOH ZKHQ WKH IRUHFDVW VDOH GDWH)DLUYDOXHLVWKHSULFHWKDWZRXOGEHUHFHLYHG
WKDW LV KHGJHG WDNHV SODFH :KHQ D KHGJLQJ WR VHOO DQ DVVHW RU SDLG WR WUDQVIHU D OLDELOLW\ LQ DQ
LQVWUXPHQW H[SLUHV RU LV VROG RU ZKHQ D KHGJH QR RUGHUO\WUDQVDFWLRQEHWZHHQPDUNHWSDUWLFLSDQWVDW
ORQJHUPHHWVWKHFULWHULDIRUKHGJHDFFRXQWLQJDQ\ WKHPHDVXUHPHQWGDWH7KHIDLUYDOXHPHDVXUHPHQW

is based on the presumption that the transaction XVLQJ WKH JUDGHG YHVWLQJ PHWKRG 7KH H[SHFWHG OLIH
WRVHOOWKHDVVHWRUWUDQVIHUWKHOLDELOLW\WDNHVSODFH used in the model is adjusted, based on managements
HLWKHU EHVW HVWLPDWH IRU WKH HHFWV RI QRQWUDQVIHUDELOLW\
exercise restrictions and behavioral considerations.
LQWKHSULQFLSDOPDUNHWIRUWKHDVVHWRUOLDELOLW\
7KHH[SHFWHGYRODWLOLW\DQGIRUIHLWXUHDVVXPSWLRQVDUH
or
EDVHGRQKLVWRULFDOLQIRUPDWLRQ
LQ WKH DEVHQFH RI D SULQFLSDO PDUNHW LQ WKH :KHUH WKH WHUPV RI D VKDUHEDVHG FRPSHQVDWLRQ DUH
PRVW DGYDQWDJHRXV PDUNHW IRU WKH DVVHW RU PRGLHG WKH PLQLPXP H[SHQVH UHFRJQLVHG LV WKH
liability. H[SHQVH DV LI WKH WHUPV KDG QRW EHHQ PRGLHG LI WKH
7KH SULQFLSDO RU WKH PRVW DGYDQWDJHRXV PDUNHW RULJLQDO WHUPV RI WKH DZDUG DUH PHW $Q DGGLWLRQDO
must be accessible to the Group. H[SHQVH LV UHFRJQLVHG IRU DQ\ PRGLFDWLRQ WKDW
LQFUHDVHV WKH WRWDO IDLU YDOXH RI WKH VKDUHEDVHG
7KHIDLUYDOXHRIDQDVVHWRUDOLDELOLW\LVPHDVXUHG SD\PHQW WUDQVDFWLRQ RU LV RWKHUZLVH EHQHFLDO WR WKH
XVLQJ WKH DVVXPSWLRQV WKDW PDUNHW SDUWLFLSDQWV HPSOR\HHDVPHDVXUHGDWWKHGDWHRIPRGLFDWLRQ
ZRXOG XVH ZKHQ SULFLQJ WKH DVVHW RU OLDELOLW\
DVVXPLQJ WKDW PDUNHW SDUWLFLSDQWV DFW LQ WKHLU :KHUHDQHTXLW\VHWWOHGDZDUGLVFDQFHOOHGLWLVWUHDWHG
economic best interest. DV LI LW LV YHVWHG RQ WKH GDWH RI FDQFHOODWLRQ DQG DQ\
H[SHQVHQRW\HWUHFRJQLVHGIRUWKHDZDUGLVUHFRJQLVHG
7KH *URXS XVHV YDOXDWLRQ WHFKQLTXHV WKDW DUH LPPHGLDWHO\ 7KLV LQFOXGHV DQ\ DZDUG ZKHUH QRQ
DSSURSULDWH LQ WKH FLUFXPVWDQFHV DQG IRU ZKLFK YHVWLQJFRQGLWLRQVZLWKLQWKHFRQWURORIHLWKHUWKHHQWLW\
VXFLHQW GDWD DUH DYDLODEOH WR PHDVXUH IDLU YDOXH RUWKHHPSOR\HHDUHQRWPHW+RZHYHULIDQHZDZDUGLV
PD[LPLVLQJ WKH XVH RI UHOHYDQW REVHUYDEOH LQSXWV VXEVWLWXWHGIRUWKHFDQFHOOHGDZDUGDQGGHVLJQDWHGDV
DQGPLQLPLVLQJWKHXVHRIXQREVHUYDEOHLQSXWV DUHSODFHPHQWDZDUGRQWKHGDWHWKDWLWLVJUDQWHGWKH
FDQFHOOHGDQGQHZDZDUGVDUHWUHDWHGDVLIWKH\ZHUHD
3.14 Treasury Shares
PRGLFDWLRQRIWKHRULJLQDODZDUGDVGHVFULEHGLQWKH
2ZQHTXLW\LQVWUXPHQWVZKLFKDUHUHDFTXLUHGWUHDVXU\ previous paragraph.
VKDUHVWKURXJK%KDUWL$LUWHO(PSOR\HHV:HOIDUH7UXVW
DUH UHFRJQLVHG DW FRVW DQG GHGXFWHG IURP HTXLW\ 1R (PSOR\HH%HQHWV
gain or loss is recognised in the income statement on the 7KH*URXSVSRVWHPSOR\PHQWEHQHWVLQFOXGHGHQHG
SXUFKDVHVDOHLVVXHRUFDQFHOODWLRQRIWKH&RPSDQ\V EHQHWSODQDQGGHQHGFRQWULEXWLRQSODQV7KH*URXS
RZQ HTXLW\ LQVWUXPHQWV $Q\ GLHUHQFH EHWZHHQ WKH DOVR SURYLGHV RWKHU EHQHWV LQ WKH IRUP RI GHIHUUHG
carrying amount and the consideration is recognised in compensation and compensated absences.
share based payment transaction reserve. 8QGHU WKH GHQHG EHQHW UHWLUHPHQW SODQ WKH *URXS
3.15 Share-based Compensation SURYLGHV UHWLUHPHQW REOLJDWLRQ LQ WKH IRUP RI *UDWXLW\
7KH *URXS LVVXHV HTXLW\VHWWOHG DQG FDVKVHWWOHG Under the plan, a lump sum payment is made to eligible
VKDUHEDVHG RSWLRQV WR FHUWDLQ HPSOR\HHV 7KHVH DUH HPSOR\HHVDWUHWLUHPHQWRUWHUPLQDWLRQRIHPSOR\PHQW
PHDVXUHGDWIDLUYDOXHRQWKHGDWHRIJUDQW EDVHG RQ UHVSHFWLYH HPSOR\HH VDODU\ DQG \HDUV RI
H[SHULHQFHZLWKWKH*URXS
7KH IDLU YDOXH GHWHUPLQHG RQ WKH JUDQW GDWH RI WKH
)RU GHQHG EHQHW UHWLUHPHQW SODQV WKH GLHUHQFH
equity settled share based options is expensed over
EHWZHHQ WKH IDLU YDOXH RI WKH SODQ DVVHWV DQG WKH
WKH YHVWLQJ SHULRG EDVHG RQ WKH *URXSV HVWLPDWH RI
SUHVHQWYDOXHRIWKHSODQOLDELOLWLHVLVUHFRJQLVHGDVDQ
WKHVKDUHVWKDWZLOOHYHQWXDOO\YHVW
DVVHW RU OLDELOLW\ LQ WKH VWDWHPHQW RI QDQFLDO SRVLWLRQ
7KH IDLU YDOXH GHWHUPLQHG RQ WKH JUDQW GDWH RI WKH Scheme liabilities are calculated using the projected
cash settled share based options is expensed over the unit credit method and applying the principal actuarial
YHVWLQJSHULRGEDVHGRQWKH*URXSVHVWLPDWHVRIWKH DVVXPSWLRQV DV DW WKH GDWH RI VWDWHPHQW RI QDQFLDO
VKDUHVWKDWZLOOHYHQWXDOO\YHVW$WWKHHQGRIWKHHDFK position. Plan assets are assets that are held by a long-
reporting period, until the liability is settled, and at the WHUP HPSOR\HH EHQHW IXQG RU TXDOLI\LQJ LQVXUDQFH
GDWHRIVHWWOHPHQWOLDELOLW\LVUHPHDVXUHGDWIDLUYDOXH policies.
ZLWKDQ\FKDQJHVLQIDLUYDOXHSHUWDLQLQJWRWKHYHVWLQJ $OO H[SHQVHV H[FOXGLQJ UHPHDVXUHPHQWV RI WKH QHW
period till the reporting date is recognised immediately GHQHG EHQHW OLDELOLW\ DVVHW LQ UHVSHFW RI GHQHG
LQSURWRUORVV EHQHW SODQV DUH UHFRJQLVHG LQ WKH SURW RU ORVV DV
$WWKHYHVWLQJGDWHWKH*URXSVHVWLPDWHRIWKHVKDUHV incurred. Remeasurements, comprising actuarial gains
H[SHFWHG WR YHVW LV UHYLVHG WR HTXDO WKH QXPEHU RI and losses and the return on the plan assets (excluding
equity shares that ultimately vest. DPRXQWV LQFOXGHG LQ QHW LQWHUHVW RQ WKH QHW GHQHG
EHQHWOLDELOLW\DVVHWDUHUHFRJQLVHGLPPHGLDWHO\LQ
)DLU YDOXH LV PHDVXUHG XVLQJ WKH %ODFN6FKROHV WKHVWDWHPHQWRIQDQFLDOSRVLWLRQZLWKDFRUUHVSRQGLQJ
/DWWLFH 0RQWH &DUOR 6LPXODWLRQ YDOXDWLRQ PRGHO debit or credit to retained earnings through other
DQG LV UHFRJQLVHG DV DQ H[SHQVH WRJHWKHU ZLWK FRPSUHKHQVLYH LQFRPH LQ WKH SHULRG LQ ZKLFK WKH\
D FRUUHVSRQGLQJ LQFUHDVH LQ HTXLW\ OLDELOLW\ DV RFFXU5HPHDVXUHPHQWVDUHQRWUHFODVVLHGWRSURWRU
appropriate, over theSHULRGLQZKLFKWKHRSWLRQVYHVW loss in subsequent periods.

126-355
7KHDPRXQWFKDUJHGWRWKHLQFRPHVWDWHPHQWLQUHVSHFW statements are translated at average exchange
RIWKHVHSODQVLVLQFOXGHGZLWKLQRSHUDWLQJFRVWV UDWHV SUHYDLOLQJ GXULQJ WKH \HDU 7KH H[FKDQJH
GLHUHQFHVDULVLQJRQWKHWUDQVODWLRQDUHUHFRJQLVHG
7KH *URXSV FRQWULEXWLRQV WR GHQHG FRQWULEXWLRQ LQ RWKHU FRPSUHKHQVLYH LQFRPH 2Q GLVSRVDO RI D
SODQVDUHUHFRJQLVHGLQSURWRUORVVDVDQGZKHQWKH IRUHLJQRSHUDWLRQWKDWLVDGLVSRVDORIWKHJURXSV
VHUYLFHV DUH UHQGHUHG E\ HPSOR\HHV 7KH *URXS KDV HQWLUHLQWHUHVWLQDIRUHLJQRSHUDWLRQRUDGLVSRVDO
QR IXUWKHU REOLJDWLRQV XQGHU WKHVH SODQV EH\RQG LWV LQYROYLQJORVVRIFRQWURORYHUDVXEVLGLDU\DGLVSRVDO
periodic contributions. LQYROYLQJORVVRIMRLQWFRQWURORYHUDMRLQWO\FRQWUROOHG
7KH HPSOR\HHV RI WKH *URXS DUH HQWLWOHG WR HQWLW\ RU D GLVSRVDO LQYROYLQJ ORVV RI VLJQLFDQW
compensated absences based on the unavailed leave LQXHQFH RYHU DQ DVVRFLDWH WKH FRPSRQHQW RI
EDODQFHDVZHOODVRWKHUORQJWHUPEHQHWV7KH*URXS other comprehensive income relating to that
records liability based on actuarial valuation computed SDUWLFXODU IRUHLJQ RSHUDWLRQ LV UHFODVVLHG WR SURW
under projected unit credit method. or loss.
3.17 Foreign Currency Transactions G 7UDQVODWLRQRI*RRGZLOODQG)DLU9DOXH

Adjustments
a. Functional and Presentation Currency
*RRGZLOODQGIDLUYDOXHDGMXVWPHQWVDULVLQJRQWKH
&RQVROLGDWHG QDQFLDO VWDWHPHQWV KDYH EHHQ
DFTXLVLWLRQRIIRUHLJQHQWLWLHVDUHWUHDWHGDVDVVHWV
presented in Indian Rupees (` ZKLFK LV WKH
DQGOLDELOLWLHVRIWKHIRUHLJQHQWLWLHVDQGDUHUHFRUGHG
&RPSDQ\V IXQFWLRQDO FXUUHQF\ DQG *URXSV
LQ WKH IXQFWLRQDO FXUUHQFLHV RI WKH IRUHLJQ HQWLWLHV
SUHVHQWDWLRQ FXUUHQF\ (DFK HQWLW\ LQ WKH *URXS
and translated at the exchange rates prevailing
GHWHUPLQHV LWV RZQ IXQFWLRQDO FXUUHQF\ WKH
DW WKH GDWH RI VWDWHPHQW RI QDQFLDO SRVLWLRQ DQG
FXUUHQF\ RI WKH SULPDU\ HFRQRPLF HQYLURQPHQW LQ
WKHUHVXOWDQWFKDQJHLVUHFRJQLVHGLQVWDWHPHQWRI
ZKLFKWKHHQWLW\RSHUDWHVDQGLWHPVLQFOXGHGLQWKH
other comprehensive income.
QDQFLDO VWDWHPHQWV RI HDFK HQWLW\ DUH PHDVXUHG
XVLQJWKDWIXQFWLRQDOFXUUHQF\ 3.18 Revenue Recognition
b. Transactions and Balances Revenue is recognised to the extent that it is probable
WKDW WKH HFRQRPLF EHQHWV ZLOO RZ WR WKH *URXS
7UDQVDFWLRQV LQ IRUHLJQ FXUUHQFLHV DUH LQLWLDOO\
and the revenue can be reliably measured. Revenue
recorded by the Group entities at their respective
LV PHDVXUHG DW WKH IDLU YDOXH RI WKH FRQVLGHUDWLRQ
IXQFWLRQDO FXUUHQF\ UDWHV SUHYDLOLQJ DW WKH GDWH RI
UHFHLYHGUHFHLYDEOHQHWRIGLVFRXQWVSURFHVVZDLYHUV
the transaction.
DQG 9$7 VHUYLFH WD[ RU GXW\ 7KH *URXS DVVHVVHV LWV
0RQHWDU\ DVVHWV DQG OLDELOLWLHV GHQRPLQDWHG LQ UHYHQXH DUUDQJHPHQWV DJDLQVW VSHFLF FULWHULD LH
IRUHLJQ FXUUHQFLHV DUH WUDQVODWHG DW WKH IXQFWLRQDO ZKHWKHU LW KDV H[SRVXUH WR WKH VLJQLFDQW ULVNV DQG
FXUUHQF\ VSRW UDWH RI H[FKDQJH UXOLQJ DW WKH UHZDUGV DVVRFLDWHG ZLWK WKH VDOH RI JRRGV RU WKH
UHSRUWLQJ GDWH ZLWK UHVXOWLQJ H[FKDQJH GLHUHQFH UHQGHULQJRIVHUYLFHVLQRUGHUWRGHWHUPLQHLILWLVDFWLQJ
UHFRJQLVHG LQ SURW RU ORVV 1RQPRQHWDU\ LWHPV as a principal or as an agent.
WKDW DUH PHDVXUHG LQ WHUPV RI KLVWRULFDO FRVW LQ D
a. Service Revenues
IRUHLJQFXUUHQF\DUHWUDQVODWHGXVLQJWKHH[FKDQJH
UDWHV DV DW WKH GDWHV RI WKH LQLWLDO WUDQVDFWLRQV Service revenues include amounts invoiced
1RQPRQHWDU\ LWHPV PHDVXUHG DW IDLU YDOXH LQ D IRU XVDJH FKDUJHV [HG PRQWKO\ VXEVFULSWLRQ
IRUHLJQFXUUHQF\DUHWUDQVODWHGXVLQJWKHH[FKDQJH FKDUJHV DQG LQWHUQHW DQG 96$7 VHUYLFHV XVDJH
UDWHVDWWKHGDWHZKHQWKHIDLUYDOXHLVGHWHUPLQHG FKDUJHV EDQGZLGWK VHUYLFHV URDPLQJ FKDUJHV
([FKDQJHFRPSRQHQWRIWKHJDLQRUORVVDULVLQJRQ DFWLYDWLRQ IHHV SURFHVVLQJ IHHV DQG IHHV IRUYDOXH
IDLUYDOXDWLRQ RI QRQPRQHWDU\ LWHPV LV UHFRJQLVHG added services (VAS). Service revenues also
LQOLQHZLWKWKHJDLQRUORVVRIWKHLWHPWKDWJDYHULVH LQFOXGH UHYHQXHV DVVRFLDWHG ZLWK DFFHVV DQG
WRVXFKH[FKDQJHGLHUHQFH LQWHUFRQQHFWLRQIRUXVDJHRIWKHWHOHSKRQHQHWZRUN
RIRWKHURSHUDWRUVIRUORFDOGRPHVWLFORQJGLVWDQFH
([FKDQJH GLHUHQFHV DULVLQJ RQ D PRQHWDU\ LWHP and international calls and data messaging services.
WKDW IRUPV SDUW RI D *URXS HQWLW\V QHW LQYHVWPHQW
LQ D IRUHLJQ RSHUDWLRQ LV UHFRJQLVHG LQ SURW RU Service revenues are recognised as the services
ORVV LQ WKH VHSDUDWH QDQFLDO VWDWHPHQWV RI WKH DUH UHQGHUHG DQG DUH VWDWHG QHW RI GLVFRXQWV
*URXS HQWLW\ RU WKH LQGLYLGXDO QDQFLDO VWDWHPHQWV SURFHVVZDLYHUVDQGWD[HV5HYHQXHVIURPSUHSDLG
RI WKH IRUHLJQ RSHUDWLRQ DV DSSURSULDWH ,Q WKH customers are recognised based on actual usage.
FRQVROLGDWHG QDQFLDO VWDWHPHQWV VXFK H[FKDQJH 3URFHVVLQJIHHVRQUHFKDUJHFRXSRQVLVUHFRJQLVHG
GLHUHQFHVDUHUHFRJQLVHGLQRWKHUFRPSUHKHQVLYH over the estimated customer relationship period or
income. FRXSRQYDOLGLW\SHULRGZKLFKHYHULVORZHU$FWLYDWLRQ
revenue and related activation costs, not exceeding
c. Translation of Foreign Operations Financial WKHDFWLYDWLRQUHYHQXHDUHGHIHUUHGDQGDPRUWLVHG
Statements over the estimated customer relationship period.
7KH DVVHWV DQG OLDELOLWLHV RI IRUHLJQ RSHUDWLRQV DUH 7KH H[FHVV RI DFWLYDWLRQ FRVWV RYHU DFWLYDWLRQ
WUDQVODWHG LQWR 5XSHHV DW WKH UDWH RI H[FKDQJH UHYHQXH LI DQ\ DUH H[SHQVHG DV LQFXUUHG %LOOLQJV
prevailing at the reporting date and their income LQ H[FHVV RI UHYHQXH UHFRJQLVHG LV WUHDWHG DV

XQHDUQHGDQGUHSRUWHGDVGHIHUUHGUHYHQXHLQWKH FRPSRQHQWV EDVHG RQ WKHLU UHODWLYH IDLU YDOXHV
VWDWHPHQWRIQDQFLDOSRVLWLRQ LH UDWLR RI WKH IDLU YDOXH RI HDFK HOHPHQW WR WKH
6HUYLFH UHYHQXHV IURP WKH LQWHUQHW DQG 96$7 DJJUHJDWHGIDLUYDOXHRIWKHEXQGOHGGHOLYHUDEOHV,Q
EXVLQHVV FRPSULVH UHYHQXHV IURP UHJLVWUDWLRQ FDVHWKHUHODWLYHIDLUYDOXHRIGLHUHQWFRPSRQHQWV
LQVWDOODWLRQ DQG SURYLVLRQ RI LQWHUQHW DQG 96$7 cannot be determined on a reasonable basis, the
VHUYLFHV 5HJLVWUDWLRQ IHH DQG LQVWDOODWLRQ FKDUJHV WRWDO FRQVLGHUDWLRQ LV DOORFDWHG WR WKH GLHUHQW
DUH GHIHUUHG DQG DPRUWLVHG RYHU WKH SHULRG RI components on a residual value method.
DJUHHPHQW ZLWK WKH FXVWRPHU 6HUYLFH UHYHQXH LV e. Interest Income
UHFRJQLVHGIURPWKHGDWHRIVDWLVIDFWRU\LQVWDOODWLRQ )RUDOOQDQFLDOLQVWUXPHQWVPHDVXUHGDWDPRUWLVHG
RIHTXLSPHQWDQGVRIWZDUHDWWKHFXVWRPHUVLWHDQG FRVWDQGLQWHUHVWEHDULQJQDQFLDODVVHWVFODVVLHG
SURYLVLRQLQJRILQWHUQHWDQG96$7VHUYLFHV DVQDQFLDODVVHWVDWIDLUYDOXHWKURXJKSURWRUORVV
5HYHQXHV IURP QDWLRQDO DQG LQWHUQDWLRQDO ORQJ RUDVDYDLODEOHIRUVDOHLQWHUHVWLQFRPHLVUHFRJQLVHG
GLVWDQFH RSHUDWLRQV FRPSULVH UHYHQXH IURP XVLQJ WKH HHFWLYH LQWHUHVW UDWH (,5 ZKLFK LV WKH
SURYLVLRQRIYRLFHVHUYLFHVZKLFKDUHUHFRJQLVHGRQ UDWHWKDWH[DFWO\GLVFRXQWVWKHHVWLPDWHGIXWXUHFDVK
SURYLVLRQ RI VHUYLFHV ZKLOH UHYHQXH IURP SURYLVLRQ UHFHLSWV WKURXJK WKH H[SHFWHG OLIH RI WKH QDQFLDO
RI EDQGZLGWK VHUYLFHV LQFOXGLQJ LQVWDOODWLRQ LV LQVWUXPHQW RU D VKRUWHU SHULRG ZKHUH DSSURSULDWH
UHFRJQLVHGRYHUWKHSHULRGRIDUUDQJHPHQW WR WKH QHW FDUU\LQJ DPRXQW RI WKH QDQFLDO DVVHW
,QWHUHVWLQFRPHLVLQFOXGHGLQQDQFHLQFRPHLQWKH
Unbilled revenue represent revenues recognised income statement.
IURP ODVW ELOO F\FOH GDWH WR WKH HQG RI UHSRUWLQJ
SHULRG 7KHVH DUH ELOOHG LQ VXEVHTXHQW SHULRGV f. Dividend Income
EDVHGRQWKHWHUPVRIWKHELOOLQJSODQVFRQWUDFWXDO 'LYLGHQG LQFRPH LV UHFRJQLVHG ZKHQ WKH *URXSV
arrangements. right to receive the payment is established.
b. Equipment Sales 3.19 Taxes

(TXLSPHQWVDOHVFRQVLVWSULPDULO\RIUHYHQXHVIURP a. Current Income Tax
VDOH RI WHOHFRPPXQLFDWLRQ HTXLSPHQW DQG UHODWHG &XUUHQW LQFRPH WD[ DVVHWV DQG OLDELOLWLHV IRU WKH
DFFHVVRULHV5HYHQXHIURPHTXLSPHQWVDOHVZKLFK current and prior periods are measured at the
does not have value to the customer on standalone DPRXQW H[SHFWHG WR EH UHFRYHUHG IURP RU SDLG WR
EDVLV IRUPLQJ SDUW RI PXOWLSOHHOHPHQW UHYHQXH WKHWD[DWLRQDXWKRULWLHV7KHWD[UDWHVDQGWD[ODZV
DUUDQJHPHQWVDUHGHIHUUHGDQGUHFRJQLVHGRYHUWKH used to compute the amount are those that are
FXVWRPHU UHODWLRQVKLS SHULRG 5HYHQXH IURP RWKHU enacted or substantively enacted, by the reporting
HTXLSPHQWVDOHVWUDQVDFWLRQVDUHUHFRJQLVHGZKHQ GDWH LQ WKH FRXQWULHV ZKHUH WKH *URXS RSHUDWHV
WKH VLJQLFDQW ULVNV DQG UHZDUGV RI RZQHUVKLS DUH and generates taxable income.
WUDQVIHUUHGWRWKHEX\HU
Current income tax relating to items recognised
F &DSDFLW\6ZDSV GLUHFWO\LQHTXLW\LVUHFRJQLVHGLQHTXLW\7KH*URXS
7KH H[FKDQJH RI QHWZRUN FDSDFLW\ LV PHDVXUHG DW SHULRGLFDOO\ HYDOXDWHV SRVLWLRQV WDNHQ LQ WKH WD[
IDLUYDOXH XQOHVV WKH WUDQVDFWLRQ ODFNV FRPPHUFLDO UHWXUQVZLWKUHVSHFWWRVLWXDWLRQVLQZKLFKDSSOLFDEOH
VXEVWDQFH RU WKH IDLUYDOXH RI QHLWKHU WKH FDSDFLW\ tax regulations are subject to interpretation and
received nor the capacity given is reliably HVWDEOLVKHVSURYLVLRQVZKHUHDSSURSULDWH
measurable.
b. Deferred Tax
d. Multiple Element Arrangements 'HIHUUHG WD[ OLDELOLW\ LV SURYLGHG RQ WHPSRUDU\
7KH*URXSKDVHQWHUHGLQWRFHUWDLQPXOWLSOHHOHPHQW GLHUHQFHV DW WKH UHSRUWLQJ GDWH EHWZHHQ WKH WD[
UHYHQXH DUUDQJHPHQWV 7KHVH DUUDQJHPHQWV EDVH RI DVVHWV DQG OLDELOLWLHV DQG WKHLU FDUU\LQJ
LQYROYH WKH GHOLYHU\ RU SHUIRUPDQFH RI PXOWLSOH DPRXQWVIRUQDQFLDOUHSRUWLQJSXUSRVHV'HIHUUHG
products, services or rights to use assets including WD[OLDELOLWLHVDUHUHFRJQLVHGIRUDOOWD[DEOHWHPSRUDU\
96$7 DQG LQWHUQHW HTXLSPHQW LQWHUQHW DQG 96$7 GLHUHQFHVH[FHSW
VHUYLFHV VHW WRS ER[HV DQG VXEVFULSWLRQ IHHV RQ
'7+ LQGHIHDVLEOH ULJKW WR XVH DQG KDUGZDUH DQG ZKHQ WKH GHIHUUHG WD[ OLDELOLW\ DULVHV IURP
HTXLSPHQW PDLQWHQDQFH 7KH *URXS HYDOXDWHV WKH LQLWLDO UHFRJQLWLRQ RI JRRGZLOO RU RI DQ
all deliverables in an arrangement to determine asset or liability in a transaction that is not a
ZKHWKHU WKH\ UHSUHVHQW VHSDUDWHO\ LGHQWLDEOH EXVLQHVVFRPELQDWLRQDQGDWWKHWLPHRIWKH
FRPSRQHQWV DW WKH LQFHSWLRQ RI WKH DUUDQJHPHQW WUDQVDFWLRQ DHFWV QHLWKHU WKH DFFRXQWLQJ
7KH HYDOXDWLRQ LV GRQH EDVHG RQ WKH FULWHULD DV WR SURWQRUWD[DEOHSURWWD[ORVV
ZKHWKHU WKH GHOLYHUDEOHV LQ WKH DUUDQJHPHQW KDYH
value to the customer on a standalone basis. LQ UHVSHFW RI WD[DEOH WHPSRUDU\ GLHUHQFHV
DVVRFLDWHG ZLWK LQYHVWPHQWV LQ VXEVLGLDULHV
7RWDOFRQVLGHUDWLRQUHODWHGWRWKHPXOWLSOHHOHPHQW associates and interests in joint ventures,
DUUDQJHPHQWV LV DOORFDWHG DPRQJ WKH GLHUHQW ZKHUH WKH WLPLQJ RI WKH UHYHUVDO RI WKH

126-355
WHPSRUDU\GLHUHQFHVFDQEHFRQWUROOHGDQGLW the asset is realised or the liability is settled, based on
LVSUREDEOHWKDWWKHWHPSRUDU\GLHUHQFHVZLOO WD[ UDWHV DQG WD[ ODZV WKDW KDYH EHHQ HQDFWHG RU
QRWUHYHUVHLQWKHIRUHVHHDEOHIXWXUH substantively enacted at the reporting date.
'HIHUUHGWD[DVVHWVDUHUHFRJQLVHGIRUDOOGHGXFWLEOH 'HIHUUHG WD[ UHODWLQJ WR LWHPV UHFRJQLVHG RXWVLGH
WHPSRUDU\GLHUHQFHVFDUU\IRUZDUGRIXQXVHGWD[ SURW RU ORVV LV UHFRJQLVHG RXWVLGH SURW RU ORVV
credits and unused tax losses, to the extent that it is 'HIHUUHG WD[ LWHPV DUH UHFRJQLVHG LQ FRUUHODWLRQ
SUREDEOHWKDWWD[DEOHSURWZLOOEHDYDLODEOHDJDLQVW to the underlying transaction either in other
ZKLFK WKH GHGXFWLEOH WHPSRUDU\ GLHUHQFHV DQG comprehensive income or directly in equity.
WKHFDUU\IRUZDUGRIXQXVHGWD[FUHGLWVDQGXQXVHG 'HIHUUHG WD[ DVVHWV DQG GHIHUUHG WD[ OLDELOLWLHV DUH
WD[ORVVHVFDQEHXWLOLVHGH[FHSW RVHWLIDOHJDOO\HQIRUFHDEOHULJKWH[LVWVWRVHWR
ZKHQ WKH GHIHUUHG WD[ DVVHW UHODWLQJ WR WKH current income tax assets against current income
GHGXFWLEOH WHPSRUDU\ GLHUHQFH DULVHV IURP WD[ OLDELOLWLHV DQG WKH GHIHUUHG WD[HV UHODWH WR WKH
WKHLQLWLDOUHFRJQLWLRQRIDQDVVHWRUOLDELOLW\LQD same taxable entity and the same taxation authority.
transaction that is not a business combination %RUURZLQJ&RVWV
DQG DW WKH WLPH RI WKH WUDQVDFWLRQ DHFWV %RUURZLQJ FRVWV FRQVLVW RI LQWHUHVW DQG RWKHU FRVWV
QHLWKHUWKHDFFRXQWLQJSURWQRUWD[DEOHSURW WKDWWKH*URXSLQFXUVLQFRQQHFWLRQZLWKWKHERUURZLQJ
WD[ORVV RI IXQGV %RUURZLQJ FRVWV GLUHFWO\ DWWULEXWDEOH WR WKH
LQUHVSHFWRIGHGXFWLEOHWHPSRUDU\GLHUHQFHV DFTXLVLWLRQFRQVWUXFWLRQRUSURGXFWLRQRIDQDVVHWWKDW
DVVRFLDWHG ZLWK LQYHVWPHQWV LQ VXEVLGLDULHV QHFHVVDULO\ WDNHV D VXEVWDQWLDO SHULRG RI WLPH WR JHW
associates and interests in joint ventures, UHDG\IRULWVLQWHQGHGXVHRUVDOHDUHFDSLWDOLVHGDVSDUW
RIWKHFRVWRIWKHUHVSHFWLYHDVVHWV$OORWKHUERUURZLQJ
GHIHUUHGWD[DVVHWVDUHUHFRJQLVHGRQO\WRWKH
FRVWVDUHH[SHQVHGLQWKHSHULRGLQZKLFKWKH\RFFXU
extent that it is probable that the temporary
GLHUHQFHV ZLOO UHYHUVH LQ WKH IRUHVHHDEOH 3.21 Exceptional Items
IXWXUH DQG WD[DEOH SURW ZLOO EH DYDLODEOH ([FHSWLRQDOLWHPVUHIHUWRLWHPVRILQFRPHRUH[SHQVH
DJDLQVWZKLFKWKHWHPSRUDU\GLHUHQFHVFDQ ZLWKLQ WKH LQFRPH VWDWHPHQW IURP RUGLQDU\ DFWLYLWLHV
be utilised. ZKLFKDUHQRQUHFXUULQJDQGDUHRIVXFKVL]HQDWXUHRU
incidence that their separate disclosure is considered
,Q WKH VLWXDWLRQV ZKHUH WKH *URXS LV HQWLWOHG WR D
QHFHVVDU\WRH[SODLQWKHSHUIRUPDQFHRIWKH*URXS
WD[ KROLGD\ XQGHU WKH WD[ ODZV SUHYDLOLQJ LQ WKH
UHVSHFWLYH WD[ MXULVGLFWLRQV ZKHUH LW RSHUDWHV QR 3.22 Dividends Paid
GHIHUUHG WD[ DVVHW RU OLDELOLW\ LV UHFRJQLVHG LQ 'LYLGHQGV SDLG SD\DEOH DUH UHFRJQLVHG LQ WKH \HDU
UHVSHFWRIWLPLQJGLHUHQFHVZKLFKUHYHUVHGXULQJ LQ ZKLFK WKH UHODWHG GLYLGHQGV DUH DSSURYHG E\ WKH
WKH WD[ KROLGD\ SHULRG 'HIHUUHG WD[ LQ UHVSHFW VKDUHKROGHUVRU%RDUGRI'LUHFWRUVDVDSSURSULDWH
RI WLPLQJ GLHUHQFHV ZKLFK UHYHUVH DIWHU WKH WD[
3.23 Earnings Per Share
KROLGD\SHULRGLVUHFRJQLVHGLQWKH\HDULQZKLFKWKH
7KH *URXSV (DUQLQJV SHU 6KDUH (36 LV GHWHUPLQHG
WLPLQJGLHUHQFHVRULJLQDWH
EDVHGRQWKHQHWSURWDWWULEXWDEOHWRWKHVKDUHKROGHUV
7D[ EHQHWV DFTXLUHG DV SDUW RI D EXVLQHVV RIWKH3DUHQW%DVLFHDUQLQJVSHUVKDUHLVFRPSXWHGXVLQJ
FRPELQDWLRQ EXW QRW VDWLVI\LQJ WKH FULWHULD IRU WKH ZHLJKWHG DYHUDJH QXPEHU RI VKDUHV RXWVWDQGLQJ
VHSDUDWH UHFRJQLWLRQ RQ WKH GDWH RI DFTXLVLWLRQ during the year excluding shares purchased by the
DUH UHFRJQLVHG ZLWKLQ WKH PHDVXUHPHQW SHULRG JURXSDQGKHOGDVWUHDVXU\VKDUHV'LOXWHGHDUQLQJVSHU
LI LW UHVXOWV IURP QHZ LQIRUPDWLRQ DERXW IDFWV DQG VKDUHLVFRPSXWHGXVLQJWKHZHLJKWHGDYHUDJHQXPEHU
circumstances that existed at the acquisition date RI FRPPRQ DQG GLOXWLYH FRPPRQ HTXLYDOHQW VKDUHV
ZLWKDFRUUHVSRQGLQJUHGXFWLRQLQJRRGZLOO$OORWKHU outstanding during the year including share options
DFTXLUHGWD[EHQHWVDUHUHFRJQLVHGLQSURWRUORVV XVLQJ WKH WUHDVXU\ VWRFN PHWKRG IRU RSWLRQV H[FHSW
RQVDWLVIDFWLRQRIWKHUHFRJQLWLRQFULWHULD ZKHUHWKHUHVXOWZRXOGEHDQWLGLOXWLYH
7KH FDUU\LQJ DPRXQW RI GHIHUUHG WD[ DVVHWV LV 3.24 Provisions
UHYLHZHGDWHDFKUHSRUWLQJGDWHDQGUHGXFHGWRWKH a. General
H[WHQW WKDW LW LV QR ORQJHU SUREDEOH WKDW VXFLHQW 3URYLVLRQV DUH UHFRJQLVHG ZKHQ WKH *URXS KDV
WD[DEOHSURWZLOOEHDYDLODEOHWRDOORZDOORUSDUWRI a present obligation (legal or constructive) as a
WKHGHIHUUHGWD[DVVHWWREHXWLOLVHG8QUHFRJQLVHG UHVXOWRIDSDVWHYHQWLWLVSUREDEOHWKDWDQRXWRZ
GHIHUUHG WD[ DVVHWV DUH UHDVVHVVHG DW HDFK RI UHVRXUFHV HPERG\LQJ HFRQRPLF EHQHWV ZLOO
reporting date and are recognised to the extent that be required to settle the obligation and a reliable
LWKDVEHFRPHSUREDEOHWKDWIXWXUHWD[DEOHSURWV HVWLPDWH FDQ EH PDGH RI WKH DPRXQW RI WKH
ZLOODOORZWKHGHIHUUHGWD[DVVHWWREHUHFRYHUHG obligation.
'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHPHDVXUHGDWWKH :KHUHWKH*URXSH[SHFWVVRPHRUDOORIDSURYLVLRQWR
WD[UDWHVWKDWDUHH[SHFWHGWRDSSO\LQWKH\HDUZKHQ be reimbursed, the reimbursement is recognised as

a separate asset bXWRQO\ZKHQWKHUHLPEXUVHPHQW the amounts UHFRJQLVHG LQ WKH FRQVROLGDWHG QDQFLDO
LV YLUWXDOO\ FHUWDLQ 7KH H[SHQVH UHODWLQJ WR DQ\ VWDWHPHQWV
provision is presented in the income statement net
RIDQ\UHLPEXUVHPHQW a) Arrangement Containing Lease
7KH *URXS DSSOLHV ,)5,& 'HWHUPLQLQJ :KHWKHU
,IWKHHHFWRIWKHWLPHYDOXHRIPRQH\LVPDWHULDO DQ $UUDQJHPHQW &RQWDLQV D /HDVH WR FRQWUDFWV
provisions are discounted using a current pre- HQWHUHG ZLWK WHOHFRP RSHUDWRUV SDVVLYH
WD[ UDWH WKDW UHHFWV ZKHUH DSSURSULDWH WKH ULVNV LQIUDVWUXFWXUH VHUYLFHV SURYLGHUV WR VKDUH WRZHU
VSHFLF WR WKH OLDELOLW\ :KHUH GLVFRXQWLQJ LV XVHG LQIUDVWUXFWXUH VHUYLFHV ,)5,& GHDOV ZLWK WKH
WKHLQFUHDVHLQWKHSURYLVLRQGXHWRWKHSDVVDJHRI PHWKRG RI LGHQWLI\LQJ DQG UHFRJQLVLQJ VHUYLFH
WLPHLVUHFRJQLVHGDVDQDQFHFRVW SXUFKDVH DQG VDOH FRQWUDFWV WKDW GR QRW WDNH WKH
b. Contingencies OHJDO IRUP RI D OHDVH EXW FRQYH\ D ULJKW WR XVH DQ
&RQWLQJHQW OLDELOLWLHV DUH UHFRJQLVHG DW WKHLU IDLU DVVHWLQUHWXUQIRUDSD\PHQWRUVHULHVRISD\PHQWV
YDOXH RQO\ LI WKH\ ZHUH DVVXPHG DV SDUW RI D 7KH*URXSKDVGHWHUPLQHGEDVHGRQDQHYDOXDWLRQ
business combination. Contingent assets are RI WKH WHUPV DQG FRQGLWLRQV RI WKH DUUDQJHPHQWV
QRW UHFRJQLVHG +RZHYHU ZKHQ WKH UHDOLVDWLRQ RI WKDW VXFK FRQWUDFWV DUH LQ WKH QDWXUH RI RSHUDWLQJ
income is virtually certain, then the related asset OHDVHV+RZHYHULQVRPHDUUDQJHPHQWVZKHUHWKH
is no longer a contingent asset, and is recognised
WHUPRIWKHDJUHHPHQWLVIRUWKHPDMRUSDUWRIWKH
DV DQ DVVHW ,QIRUPDWLRQ RQ FRQWLQJHQW OLDELOLWLHV LV
HVWLPDWHG HFRQRPLF OLIH RI WKH OHDVHG DVVHW DQG
GLVFORVHGLQWKHQRWHVWRWKHFRQVROLGDWHGQDQFLDO
WKHUHIRUH ULVNV DQG UHZDUGV KDYH VXEVWDQWLDOO\
VWDWHPHQWV XQOHVV WKH SRVVLELOLW\ RI DQ RXWRZ RI
EHHQ WUDQVIHUUHG WR WKH *URXS DV D OHVVHH VXFK
UHVRXUFHVHPERG\LQJHFRQRPLFEHQHWVLVUHPRWH
DUUDQJHPHQWVDUHDFFRXQWHGIRUDVQDQFHOHDVH
$FRQWLQJHQWDVVHWLVGLVFORVHGZKHUHDQLQRZRI
HFRQRPLFEHQHWVLVSUREDEOH b) Revenue Recognition and Presentation
c. Asset Retirement Obligation 7KH *URXS DVVHVVHV LWV UHYHQXH DUUDQJHPHQWV LQ
RUGHU WR GHWHUPLQH LI LW LV DFWLQJ DV D SULQFLSDO RU
Asset retirement obligations (ARO) are provided
DV DQ DJHQW E\ DQDO\VLQJ ZKHWKHU LW KDV SULPDU\
IRU WKRVH RSHUDWLQJ OHDVH DUUDQJHPHQWV ZKHUH
WKH *URXS KDV D ELQGLQJ REOLJDWLRQ DW WKH HQG RI obligation basis pricing latitude and exposure to
the lease period to restore the leased premises in FUHGLW LQYHQWRU\ ULVNV DVVRFLDWHG ZLWK WKH VDOH RI
D FRQGLWLRQ VLPLODU WR LQFHSWLRQ RI OHDVH $52 DUH JRRGVRUWKHUHQGHULQJRIVHUYLFHV7KH*URXSKDV
SURYLGHGDWWKHSUHVHQWYDOXHRIH[SHFWHGFRVWVWR concluded that in certain geographies its revenue
VHWWOH WKH REOLJDWLRQ XVLQJ GLVFRXQWHG FDVK RZV arrangements are on a principal to principal basis.
DQG DUH UHFRJQLVHG DV SDUW RI WKH FRVW RI WKDW :KHQ GHFLGLQJ WKH PRVW DSSURSULDWH EDVLV IRU
SDUWLFXODU DVVHW 7KH FDVK RZV DUH GLVFRXQWHG DW SUHVHQWLQJ UHYHQXH RU FRVWV RI UHYHQXH ERWK
DFXUUHQWSUHWD[UDWHWKDWUHHFWVWKHULVNVVSHFLF WKH OHJDO IRUP DQG VXEVWDQFH RI WKH DJUHHPHQW
WR WKH GHFRPPLVVLRQLQJ OLDELOLW\ 7KH XQZLQGLQJ RI EHWZHHQ WKH *URXS DQG LWV EXVLQHVV SDUWQHUV DUH
the discount is recognised in the income statement UHYLHZHGWRGHWHUPLQHHDFKSDUW\VUHVSHFWLYHUROH
DV D QDQFH FRVW 7KH HVWLPDWHG IXWXUH FRVWV in the transaction.
RI GHFRPPLVVLRQLQJ DUH UHYLHZHG DQQXDOO\ DQG
adjusted as appropriate. Changes in the estimated F 0XOWLSOH(OHPHQW&RQWUDFWVZLWK9HQGRUV
IXWXUH FRVWV RU LQ WKH GLVFRXQW UDWH DSSOLHG DUH 7KH *URXS KDV HQWHUHG LQWR PXOWLSOH HOHPHQW
DGGHGWRRUGHGXFWHGIURPWKHFRVWRIWKHDVVHW FRQWUDFWV ZLWK YHQGRUV IRU VXSSO\ RI JRRGV DQG
UHQGHULQJ RI VHUYLFHV 7KH FRQVLGHUDWLRQ SDLG LV
6
LJQLFDQW$FFRXQWLQJ-XGJHPHQWV PD\ EH GHWHUPLQHG LQGHSHQGHQW RI WKH YDOXH RI
Estimates and Assumptions supplies received and services availed. Accordingly,
7KH SUHSDUDWLRQ RI WKH *URXSV FRQVROLGDWHG QDQFLDO WKH VXSSOLHV DQG VHUYLFHV DUH DFFRXQWHG IRU
VWDWHPHQWVUHTXLUHVPDQDJHPHQWWRPDNHMXGJHPHQWV EDVHG RQ WKHLU UHODWLYH IDLU YDOXHV WR WKH RYHUDOO
HVWLPDWHV DQG DVVXPSWLRQV WKDW DHFW WKH UHSRUWHG FRQVLGHUDWLRQ7KHVXSSOLHVZLWKQLWHOLIHXQGHUWKH
DPRXQWV RI UHYHQXHV H[SHQVHV DVVHWV DQG OLDELOLWLHV FRQWUDFWVDVGHQHGLQWKHVLJQLFDQWDFFRXQWLQJ
DQGWKHGLVFORVXUHRIFRQWLQJHQWOLDELOLWLHVDWWKHHQGRI policies) have been accounted under Property, Plant
WKHUHSRUWLQJSHULRG+RZHYHUXQFHUWDLQW\DERXWWKHVH DQG (TXLSPHQW DQGRU DV ,QWDQJLEOH DVVHWV VLQFH
assumptions and estimates could result in outcomes WKH*URXSKDVHFRQRPLFRZQHUVKLSLQWKHVHDVVHWV
that require a material adjustment to the carrying 7KH *URXS EHOLHYHV WKDW WKH FXUUHQW WUHDWPHQW
DPRXQWRIWKHDVVHWVRUOLDELOLWLHVLQIXWXUHSHULRGV UHSUHVHQWVWKHVXEVWDQFHRIWKHDUUDQJHPHQW
6LJQLFDQW-XGJHPHQWVLQDSSO\LQJWKH*URXSV d) Determination of Functional Currency
Accounting Policies (DFK HQWLW\ LQ WKH *URXS GHWHUPLQHV LWV RZQ
,Q WKH SURFHVV RI DSSO\LQJ WKH *URXSV DFFRXQWLQJ IXQFWLRQDO FXUUHQF\ WKH FXUUHQF\ RI WKH SULPDU\
SROLFLHV PDQDJHPHQW KDV PDGH WKH IROORZLQJ HFRQRPLFHQYLURQPHQWLQZKLFKWKHHQWLW\RSHUDWHV
MXGJHPHQWVZKLFKKDYHWKHPRVWVLJQLFDQWHHFWRQ DQG LWHPV LQFOXGHG LQ WKH QDQFLDO VWDWHPHQWV RI

126-355
HDFK HQWLW\ DUH PHDVXUHG XVLQJ WKDW IXQFWLRQDO QRWLQGLFDWLYHRIWKHORQJWHUPIXWXUHSHUIRUPDQFH
FXUUHQF\ ,$6 7KH (HFWV RI &KDQJHV LQ &RQVLGHULQJ WKLV DQG WKH FRQVLVWHQW XVH RI VXFK
)RUHLJQ ([FKDQJH 5DWHV SUHVFULEHV WKH IDFWRUV WR UREXVW WHQ \HDU LQIRUPDWLRQ IRU PDQDJHPHQW
EH FRQVLGHUHG IRU WKH SXUSRVH RI GHWHUPLQDWLRQ RI reporting purpose, the Group uses ten year plans
IXQFWLRQDO FXUUHQF\ +RZHYHU LQ UHVSHFW RI FHUWDLQ IRU WKH SXUSRVH RI LPSDLUPHQW WHVWLQJ 6LQFH WKH
LQWHUPHGLDU\ IRUHLJQ RSHUDWLRQV RI WKH *URXS WKH YDOXHLQXVHH[FHHGVWKHFDUU\LQJDPRXQWRI&*8
GHWHUPLQDWLRQ RI IXQFWLRQDO FXUUHQF\ PLJKW QRW WKHIDLUYDOXHOHVVFRVWVWRVHOOLVQRWGHWHUPLQHG
EH YHU\ REYLRXV GXH WR PL[HG LQGLFDWRUV OLNH WKH
7KH NH\ DVVXPSWLRQV XVHG WR GHWHUPLQH WKH
FXUUHQF\WKDWLQXHQFHVWKHVDOHVSULFHVIRUJRRGV
UHFRYHUDEOH DPRXQW IRU WKH &*8V LQFOXGLQJ
DQG VHUYLFHV FXUUHQF\ WKDW LQXHQFHV ODERXU
VHQVLWLYLW\ DQDO\VLV DUH GLVFORVHG DQG IXUWKHU
PDWHULDO DQG RWKHU FRVWV RI SURYLGLQJ JRRGV DQG
H[SODLQHGLQ1RWH
VHUYLFHV WKH FXUUHQF\ LQ ZKLFK WKH ERUURZLQJV
KDYH EHHQ UDLVHG DQG WKH H[WHQW RI DXWRQRP\ 7KH*URXSWHVWVJRRGZLOOIRULPSDLUPHQWDQQXDOO\RQ
HQMR\HG E\ WKH IRUHLJQ RSHUDWLRQ ,Q VXFK FDVHV 'HFHPEHUDQGZKHQHYHUWKHUHDUHLQGLFDWRUVRI
management uses its judgement to determine the LPSDLUPHQW,IVRPHRUDOORIWKHJRRGZLOODOORFDWHG
IXQFWLRQDO FXUUHQF\ WKDW PRVW IDLWKIXOO\ UHSUHVHQWV to a CGU, is recognised in a business combination
WKHHFRQRPLFHHFWVRIWKHXQGHUO\LQJWUDQVDFWLRQV GXULQJ WKH \HDU WKDW XQLW LV WHVWHG IRU LPSDLUPHQW
events and conditions. EHIRUHWKHHQGRIWKDW\HDU
e) Taxes E $OORZDQFHIRU8QFROOHFWLEOH7UDGH5HFHLYDEOHV
7KH*URXSGRHVQRWUHFRJQLVHGHIHUUHGWD[OLDELOLW\ 7UDGH UHFHLYDEOHV GR QRW FDUU\ DQ\ LQWHUHVW DQG
ZLWK UHVSHFW WR XQUHPLWWHG UHWDLQHG HDUQLQJV DQG are stated at their nominal value as reduced by
DVVRFLDWHG IRUHLJQ FXUUHQF\ WUDQVODWLRQ UHVHUYH RI DSSURSULDWHDOORZDQFHVIRUHVWLPDWHGLUUHFRYHUDEOH
*URXS VXEVLGLDULHV DQG MRLQW YHQWXUHV ZKHUHYHU LW DPRXQWV (VWLPDWHG LUUHFRYHUDEOH DPRXQWV DUH
FRQWUROVWKHWLPLQJRIWKHGLVWULEXWLRQRISURWVDQG EDVHGRQWKHDJHLQJRIWKHUHFHLYDEOHEDODQFHVDQG
it is probable that the subsidiaries and joint ventures historical experience. Additionally, a large number
ZLOO QRW GLVWULEXWH WKH SURWV LQ WKH IRUHVHHDEOH RIPLQRUUHFHLYDEOHVLVJURXSHGLQWRKRPRJHQHRXV
IXWXUH $OVR WKH *URXS GRHV QRW UHFRJQLVHV JURXSV DQG DVVHVVHG IRU LPSDLUPHQW FROOHFWLYHO\
GHIHUUHGWD[OLDELOLW\RQWKHXQUHPLWWHGHDUQLQJVRI ,QGLYLGXDO WUDGH UHFHLYDEOHV DUH ZULWWHQ R ZKHQ
LWV VXEVLGLDULHV ZKHUHYHU LW EHOLHYHV WKDW LW ZRXOG PDQDJHPHQWGHHPVWKHPQRWWREHFROOHFWLEOH7KH
DYDLO WKH WD[ FUHGLW IRU WKH GLYLGHQG GLVWULEXWLRQ FDUU\LQJDPRXQWRIDOORZDQFHIRUGRXEWIXOGHEWVLV
tax payable by the subsidiaries on its dividend ` 0Q DQG ` 0Q DV RI 0DUFK
distribution. DQG0DUFKUHVSHFWLYHO\
6LJQLFDQW$FFRXQWLQJ(VWLPDWHVDQG$VVXPSWLRQV c) Asset Retirement Obligations (ARO)
7KHNH\DVVXPSWLRQVFRQFHUQLQJWKHIXWXUHDQGRWKHU ,QPHDVXULQJWKHSURYLVLRQIRU$52WKH*URXSXVHV
NH\VRXUFHVRIHVWLPDWLRQXQFHUWDLQW\DWWKHUHSRUWLQJ technical estimates to determine the expected
GDWHWKDWKDYHDVLJQLFDQWULVNRIFDXVLQJDPDWHULDO FRVW WR GLVPDQWOH DQG UHPRYH WKH LQIUDVWUXFWXUH
DGMXVWPHQW WR WKH FDUU\LQJ DPRXQWV RI DVVHWV DQG HTXLSPHQWIURPWKHVLWHDQGWKHH[SHFWHGWLPLQJRI
OLDELOLWLHV ZLWKLQ WKH QH[W QDQFLDO \HDU DUH GHVFULEHG WKHVH FRVWV 'LVFRXQW UDWHV DUH GHWHUPLQHG EDVHG
EHORZ$FWXDOUHVXOWVFRXOGGLHUIURPWKHVHHVWLPDWHV RQWKHJRYHUQPHQWERQGUDWHRIDVLPLODUSHULRGDV
D ,PSDLUPHQW5HYLHZV WKH OLDELOLW\ 7KH FDUU\LQJ DPRXQW RI SURYLVLRQ IRU
ARO is `0QDQG`0QDVRI0DUFK
$Q LPSDLUPHQW H[LVWV ZKHQ WKH FDUU\LQJ YDOXH RI
an asset or cash generating unit (CGU) exceeds
its recoverable amount. Recoverable amount is d) Taxes
WKHKLJKHURILWVIDLUYDOXHOHVVFRVWVWRVHOODQGLWV 8QFHUWDLQWLHVH[LVWZLWKUHVSHFWWRWKHLQWHUSUHWDWLRQ
YDOXH LQ XVH 7KHYDOXH LQ XVH FDOFXODWLRQ LV EDVHG RI FRPSOH[ WD[ UHJXODWLRQV DQG WKH DPRXQW DQG
RQ D GLVFRXQWHG FDVK RZ PRGHO ,Q FDOFXODWLQJ WLPLQJRIIXWXUHWD[DEOHLQFRPH*LYHQWKHZLGHUDQJH
the value in use, certain assumptions are required RILQWHUQDWLRQDOEXVLQHVVUHODWLRQVKLSVDQGWKHORQJ
WREHPDGHLQUHVSHFWRIKLJKO\XQFHUWDLQPDWWHUV WHUPQDWXUHDQGFRPSOH[LW\RIH[LVWLQJFRQWUDFWXDO
LQFOXGLQJPDQDJHPHQWVH[SHFWDWLRQVRIJURZWKLQ DJUHHPHQWV GLHUHQFHV DULVLQJ EHWZHHQ WKH
(%,7'$ ORQJ WHUP JURZWK UDWHV DQG WKH VHOHFWLRQ actual results andWKHDVVXPSWLRQVPDGHRUIXWXUH
RIGLVFRXQWUDWHVWRUHHFWWKHULVNVLQYROYHG$OVR changes to such assumptions, could necessitate
judgement is involved in determining the CGU IXWXUH DGMXVWPHQWV WR WD[ LQFRPH DQG H[SHQVH
DQG JURXSLQJ RI &*8V IRU JRRGZLOO DOORFDWLRQ DQG DOUHDG\UHFRUGHG7KH*URXSHVWDEOLVKHVSURYLVLRQV
impairment testing. EDVHG RQ UHDVRQDEOH HVWLPDWHV IRU SRVVLEOH
7KH*URXSSUHSDUHVDQGLQWHUQDOO\DSSURYHVIRUPDO FRQVHTXHQFHV RI DXGLWV E\ WKH WD[ DXWKRULWLHV RI
WHQ\HDUSODQVDVDSSOLFDEOHIRULWVEXVLQHVVHVDQG WKH UHVSHFWLYH FRXQWULHV LQ ZKLFK LW RSHUDWHV 7KH
XVHVWKHVHDVWKHEDVLVIRULWVLPSDLUPHQWUHYLHZV DPRXQW RI VXFK SURYLVLRQV LV EDVHG RQ YDULRXV
7KH *URXS PDLQO\ RSHUDWHV LQ GHYHORSLQJ PDUNHWV IDFWRUV VXFK DV H[SHULHQFH RI SUHYLRXV WD[ DXGLWV
DQGLQVXFKPDUNHWVWKHSODQIRUVKRUWHUGXUDWLRQLV DQG GLHULQJ LQWHUSUHWDWLRQV RI WD[ UHJXODWLRQV E\

the taxable entity and the responsible tax authority. g) Property, Plant and Equipment
6XFK GLHUHQFHV RI LQWHUSUHWDWLRQ PD\ DULVH RQ D 5HIHU 1RWH IRU WKH HVWLPDWHG XVHIXO OLIH RI
ZLGHYDULHW\RILVVXHVGHSHQGLQJRQWKHFRQGLWLRQV SURSHUW\SODQWDQGHTXLSPHQW7KHFDUU\LQJYDOXHRI
prevailing in the respective Group companys property, plant and equipment has been disclosed
domicile. LQ1RWH
'HIHUUHG WD[ DVVHWV DUH UHFRJQLVHG IRU DOO XQXVHG h) Activation and Installation Fees
tax losses to the extent that it is probable that 7KH*URXSUHFHLYHVDFWLYDWLRQDQGLQVWDOODWLRQIHHV
WD[DEOH SURW ZLOO EH DYDLODEOH DJDLQVW ZKLFK WKH IURP QHZ FXVWRPHUV 7KHVH IHHV WRJHWKHU ZLWK
ORVVHV FDQ EH XWLOLVHG 6LJQLFDQW PDQDJHPHQW directly attributable costs are amortised over the
MXGJHPHQWLVUHTXLUHGWRGHWHUPLQHWKHDPRXQWRI HVWLPDWHG GXUDWLRQ RI FXVWRPHU OLIH 7KH FXVWRPHU
GHIHUUHGWD[DVVHWVWKDWFDQEHUHFRJQLVHGEDVHG OLIHLVUHYLHZHGSHULRGLFDOO\7KHHVWLPDWHGFXVWRPHU
XSRQWKHOLNHO\WLPLQJDQGWKHOHYHORIIXWXUHWD[DEOH OLIH SULQFLSDOO\ UHHFWV PDQDJHPHQWV YLHZ RI WKH
SURWV IXWXUH WD[ SODQQLQJ VWUDWHJLHV DQG UHFHQW DYHUDJH HFRQRPLF OLIH RI WKH FXVWRPHU EDVH DQG
EXVLQHVVSHUIRUPDQFHVDQGGHYHORSPHQWV LV DVVHVVHG E\ UHIHUHQFH WR NH\ SHUIRUPDQFH
$OVRUHIHU1RWH,QFRPHWD[HV LQGLFDWRUV.3,VZKLFKDUHOLQNHGWRHVWDEOLVKPHQW
DVFHUWDLQPHQWRIFXVWRPHUOLIH$FKDQJHLQVXFK
e) Assets, Liabilities and Contingent Liabilities .3,VPD\OHDGWRDFKDQJHLQWKHHVWLPDWHGXVHIXO
acquired in a Business Combination OLIH DQG DQ LQFUHDVH GHFUHDVH LQ WKH DPRUWLVDWLRQ
7KH DPRXQW RI JRRGZLOO LQLWLDOO\ UHFRJQLVHG DV D LQFRPHFKDUJH7KH*URXSEHOLHYHVWKDWWKHFKDQJH
UHVXOW RI D EXVLQHVV FRPELQDWLRQ LV GHSHQGHQW RQ LQVXFK.3,VZLOOQRWKDYHDQ\PDWHULDOHHFWRQWKH
WKHDOORFDWLRQRIWKHSXUFKDVHSULFHWRWKHIDLUYDOXH QDQFLDOVWDWHPHQWV
RIWKHLGHQWLDEOHDVVHWVDFTXLUHGDQGWKHOLDELOLWLHV
i) Contingencies
DVVXPHG7KHGHWHUPLQDWLRQRIWKHIDLUYDOXHRIWKH
5HIHU1RWHLLIRUGHWDLOVRIFRQWLQJHQFLHV
assets and liabilities is based, to a considerable
extent, on managements judgement. 6
WDQGDUGV,VVXHGEXWQRW\HWHHFWLYHXSWR
the date of issuance of the Groups Financial
7KH *URXS KDV FRQVLGHUHG DOO SHUWLQHQW IDFWRUV
Statements
DQGDSSOLHGLWVMXGJHPHQWLQGHWHUPLQLQJZKHWKHU
LQIRUPDWLRQ REWDLQHG GXULQJ WKH PHDVXUHPHQW 7KH QHZ VWDQGDUGV ,QWHUSUHWDWLRQV DQG DPHQGPHQWV
period should result in an adjustment to the WR6WDQGDUGVWKDWDUHLVVXHGEXWQRW\HWHHFWLYHXSWR
WKHGDWHRILVVXDQFHRIWKH*URXSVQDQFLDOVWDWHPHQWV
provisional amounts recognised at acquisition
DUHGLVFORVHGEHORZ7KH*URXSLQWHQGVWRDGRSWWKHVH
date or its impact should be accounted as post-
6WDQGDUGVLIDSSOLFDEOHZKHQWKH\EHFRPHHHFWLYH
acquisition transaction.
a) IFRS 9 Financial Instruments
$OORFDWLRQRIWKHSXUFKDVHSULFHDHFWVWKHUHVXOWV
RI WKH *URXS DV QLWH OLYHG LQWDQJLEOH DVVHWV DUH ,Q -XO\ WKH ,$6% LVVXHG WKH QDO YHUVLRQ RI
DPRUWLVHG ZKHUHDV LQGHQLWH OLYHG LQWDQJLEOH ,)56 )LQDQFLDO ,QVWUXPHQWV ZKLFK UHHFWV DOO
DVVHWV LQFOXGLQJ JRRGZLOO DUH QRW DPRUWLVHG DQG SKDVHV RI WKH QDQFLDO LQVWUXPHQWV SURMHFW DQG
FRXOGUHVXOWLQGLHULQJDPRUWLVDWLRQFKDUJHVEDVHG UHSODFHV,$6)LQDQFLDO,QVWUXPHQWV5HFRJQLWLRQ
RQ WKH DOORFDWLRQ WR LQGHQLWH OLYHG DQG QLWH OLYHG DQG0HDVXUHPHQWDQGDOOSUHYLRXVYHUVLRQVRI,)56
intangible assets. 7KH VWDQGDUG LQWURGXFHV QHZ UHTXLUHPHQWV IRU
FODVVLFDWLRQ DQG PHDVXUHPHQW LPSDLUPHQW DQG
,GHQWLDEOH LQWDQJLEOH DVVHWV DFTXLUHG XQGHU hedge accounting.
business combination include license, customer
EDVHGLVWULEXWLRQQHWZRUNDQGEUDQGV7KHIDLUYDOXH 7KH HHFWLYH GDWH RI ,)56 LV DQQXDO SHULRGV
RI WKHVH DVVHWV LV GHWHUPLQHG EDVHG RQ YDOXDWLRQ EHJLQQLQJ RQ RU DIWHU -DQXDU\ ZLWK HDUO\
WHFKQLTXHVZKLFKUHTXLUHDQHVWLPDWHRIIXWXUHQHW adoption permitted. Retrospective application
FDVK RZV ZKHUH QR DFWLYH PDUNHW IRU WKH DVVHW LV UHTXLUHG EXW FRPSDUDWLYH LQIRUPDWLRQ LV QRW
H[LVWV 7KH XVH RI GLHUHQW DVVXPSWLRQV IRU WKH FRPSXOVRU\ 7KH *URXS LV UHTXLUHG WR DGRSW WKH
H[SHFWDWLRQVRIIXWXUHFDVKRZVDQGWKHGLVFRXQW VWDQGDUG E\ WKH QDQFLDO \HDU FRPPHQFLQJ $SULO
UDWH ZRXOG FKDQJH WKH YDOXDWLRQ RI WKH LQWDQJLEOH 7KH *URXS LV FXUUHQWO\ HYDOXDWLQJ WKH
DVVHWV 7KH UHODWLYH VL]H RI WKH *URXSV LQWDQJLEOH UHTXLUHPHQWVRI,)56DQGKDVQRW\HWGHWHUPLQHG
DVVHWV H[FOXGLQJ JRRGZLOO PDNHV WKH MXGJHPHQWV WKHLPSDFWRQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
VXUURXQGLQJWKHHVWLPDWHGXVHIXOOLYHVFULWLFDOWRWKH
b) IFRS 14 Regulatory Deferral Accounts
*URXSVQDQFLDOSRVLWLRQDQGSHUIRUPDQFH
,Q-DQXDU\,$6%LVVXHGDQLQWHULPVWDQGDUG
f) Intangible Assets ,)56 5HJXODWRU\ 'HIHUUDO $FFRXQWV 7KH DLP RI
5HIHU 1RWH IRU WKH HVWLPDWHG XVHIXO OLIH RI this interim standard is to enhance the comparability
LQWDQJLEOH DVVHWV 7KH FDUU\LQJ YDOXH RI LQWDQJLEOH RIQDQFLDOUHSRUWLQJE\HQWLWLHVWKDWDUHHQJDJHGLQ
DVVHWVKDVEHHQGLVFORVHGLQ1RWH rate-regulated activities. IFRS does not provide any

126-355
VSHFLF JXLGDQFH IRU UDWHUHJXODWHG DFWLYLWLHV 7KH 7KLV DPHQGPHQW LV DSSOLFDEOH WR DQQXDO SHULRGV
,$6% KDV D SURMHFW WR FRQVLGHU WKH EURDG LVVXH RI EHJLQQLQJ RQ RU DIWHU -DQXDU\ ZLWK HDUO\
UDWH UHJXODWLRQ DQG SODQV WR SXEOLVK D 'LVFXVVLRQ DGRSWLRQSHUPLWWHG7KH*URXSLVUHTXLUHGWRDGRSW
3DSHURQWKLVVXEMHFWLQ3HQGLQJWKHRXWFRPH WKHDPHQGPHQWVE\WKHQDQFLDO\HDUFRPPHQFLQJ
RI WKLV FRPSUHKHQVLYH 5DWHUHJXODWHG $FWLYLWLHV $SULO 7KH *URXS GRHV QRW H[SHFW WKDW
SURMHFWWKH,$6%GHFLGHGWRGHYHORS,)56DVDQ WKH DGRSWLRQ RI WKH DPHQGPHQWV ZLOO KDYH DQ\
interim measure. VLJQLFDQW LPSDFW RQ WKH FRQVROLGDWHG QDQFLDO
statements.
7KH HHFWLYH GDWH RI ,)56 LV DQQXDO SHULRGV
EHJLQQLQJ RQ RU DIWHU -DQXDU\ ZLWK HDUO\ H ,)565HYHQXHIURP&RQWUDFWVZLWK
DGRSWLRQSHUPLWWHG7KH*URXSLVUHTXLUHGWRDGRSW Customers
WKH VWDQGDUG E\ WKH QDQFLDO \HDU FRPPHQFLQJ ,Q 0D\ ,$6% LVVXHG VWDQGDUG ,)56
$SULO 7KH *URXS GRHV QRW H[SHFW WKDW 5HYHQXH IURP &RQWUDFW ZLWK &XVWRPHUV 7KH
WKH DGRSWLRQ RI WKH DPHQGPHQWV ZLOO KDYH DQ\ 6WDQGDUG HVWDEOLVKHV D QHZ YHVWHS PRGHO WKDW
VLJQLFDQW LPSDFW RQ WKH FRQVROLGDWHG QDQFLDO ZLOO DSSO\ WR UHYHQXH DULVLQJ IURP FRQWUDFWV ZLWK
statements. FXVWRPHUV 8QGHU ,)56 UHYHQXH LV UHFRJQLVHG
c) Amendments to IFRS 11 : Accounting for DW DQ DPRXQW WKDW UHHFWV WKH FRQVLGHUDWLRQ WR
Acquisitions of Interests ZKLFKDQHQWLW\H[SHFWVWREHHQWLWOHGLQH[FKDQJH
IRU WUDQVIHUULQJ JRRGV RU VHUYLFHV WR D FXVWRPHU
,Q 0D\ ,$6% LVVXHG DPHQGPHQWV WR ,)56
7KHSULQFLSOHVLQ,)56SURYLGHDPRUHVWUXFWXUHG
-RLQW $UUDQJHPHQWV ZKLFK UHTXLUHV WKDW D MRLQW
approach to measuring and recognising revenue.
RSHUDWRU ZKR LV DFFRXQWLQJ IRU WKH DFTXLVLWLRQ RI
7KH QHZ UHYHQXH VWDQGDUG LV DSSOLFDEOH WR DOO
DQLQWHUHVWLQDMRLQWRSHUDWLRQLQZKLFKWKHDFWLYLW\
HQWLWLHV DQG ZLOO VXSHUVHGH DOO FXUUHQW UHYHQXH
RI WKH MRLQW RSHUDWLRQ FRQVWLWXWHV D EXVLQHVV PXVW
recognition requirements under IFRS.
DSSO\ WKH UHOHYDQW ,)56 SULQFLSOHV IRU EXVLQHVV
FRPELQDWLRQV DFFRXQWLQJ 7KH DPHQGPHQWV DOVR 7KH HHFWLYH GDWH RI ,)56 LV DQQXDO SHULRGV
FODULI\ WKDW D SUHYLRXVO\ KHOG LQWHUHVW LQ D MRLQW EHJLQQLQJ RQ RU DIWHU -DQXDU\ ZLWK HDUO\
RSHUDWLRQ LV QRW UHPHDVXUHG RQ WKH DFTXLVLWLRQ RI DGRSWLRQSHUPLWWHG7KH*URXSLVUHTXLUHGWRDGRSW
an additional interest in the same joint operation WKH VWDQGDUG E\ WKH QDQFLDO \HDU FRPPHQFLQJ
ZKLOH MRLQW FRQWURO LV UHWDLQHG ,Q DGGLWLRQ D VFRSH $SULO 7KH *URXS LV FXUUHQWO\ HYDOXDWLQJ
H[FOXVLRQKDVEHHQDGGHGWR,)56WRVSHFLI\WKDW WKH UHTXLUHPHQWV RI ,)56 DQG KDV QRW \HW
WKH DPHQGPHQWV GR QRW DSSO\ ZKHQ WKH SDUWLHV GHWHUPLQHGWKHLPSDFWRQWKHFRQVROLGDWHGQDQFLDO
sharing joint control, including the reporting entity, statements.
DUH XQGHU FRPPRQ FRQWURO RI WKH VDPH XOWLPDWH
f) IFRS 16 Leases
controlling party.
,Q -DQXDU\ ,$6% LVVXHG VWDQGDUG ,)56
7KHDPHQGPHQWVDUHDSSOLFDEOHWRDQQXDOSHULRGV /HDVHV,)56VXSHUVHGHV,$6/HDVHV,)5,&
EHJLQQLQJ RQ RU DIWHU -DQXDU\ ZLWK HDUO\ 'HWHUPLQLQJ ZKHWKHU DQ $UUDQJHPHQW FRQWDLQV
DGRSWLRQSHUPLWWHG7KH*URXSLVUHTXLUHGWRDGRSW D/HDVH6,&2SHUDWLQJ/HDVHV,QFHQWLYHVDQG
WKHDPHQGPHQWVE\WKHQDQFLDO\HDUFRPPHQFLQJ 6,& (YDOXDWLQJ WKH 6XEVWDQFH RI 7UDQVDFWLRQV
$SULO 7KH *URXS GRHV QRW H[SHFW WKDW ,QYROYLQJ WKH /HJDO )RUP RI D /HDVH 7KH SUHYLRXV
WKH DGRSWLRQ RI WKH DPHQGPHQWV ZLOO KDYH DQ\ DFFRXQWLQJ PRGHO IRU OHDVHV UHTXLUHG OHVVHHV DQG
VLJQLFDQW LPSDFW RQ WKH FRQVROLGDWHG QDQFLDO OHVVRUV WR FODVVLI\ WKHLU OHDVHV DV HLWKHU QDQFH
statements. OHDVHV RU RSHUDWLQJ OHDVHV DQG DFFRXQW IRU WKRVH
G $PHQGPHQWVWR,$6DQG,$6&ODULFDWLRQ WZR W\SHV RI OHDVHV GLHUHQWO\ ,)56 LQWURGXFHV
of Acceptable Methods of Depreciation and a single lessee accounting model and requires
Amortisation D OHVVHH WR UHFRJQLVH DVVHWV DQG OLDELOLWLHV IRU DOO
OHDVHVZLWKDWHUPRIPRUHWKDQPRQWKVXQOHVV
,Q 0D\ ,$6% LVVXHG DPHQGPHQWV WR ,$6
WKHXQGHUO\LQJDVVHWLVRIORZYDOXH
3URSHUW\ 3ODQW DQG (TXLSPHQW DQG ,$6
,QWDQJLEOH $VVHWV 7KH DPHQGPHQWV FODULI\ WKH 7KH HHFWLYH GDWH RI ,)56 LV DQQXDO SHULRGV
SULQFLSOHLQ,$6DQG,$6WKDWUHYHQXHUHHFWV EHJLQQLQJ RQ RU DIWHU -DQXDU\ (DUOLHU
DSDWWHUQRIHFRQRPLFEHQHWVWKDWDUHJHQHUDWHG DGRSWLRQ RI WKH 6WDQGDUG LV SHUPLWWHG LI ,)56
IURP RSHUDWLQJ D EXVLQHVV RI ZKLFK WKH DVVHW 5HYHQXHIURP&RQWUDFWVZLWK&XVWRPHUVLVDGRSWHG
LV SDUW UDWKHU WKDQ WKH HFRQRPLF EHQHWV WKDW DWRUEHIRUHWKHGDWHRILQLWLDODSSOLFDWLRQRI,)56
DUH FRQVXPHG WKURXJK XVH RI WKH DVVHW $V D 7KH*URXSLVUHTXLUHGWRDGRSWWKHVWDQGDUGE\WKH
result, a revenue-based method cannot be used QDQFLDO\HDUFRPPHQFLQJ$SULO7KH*URXS
to depreciate property, plant and equipment and LV FXUUHQWO\ HYDOXDWLQJ WKH UHTXLUHPHQWV RI ,)56
may only be used in very limited circumstances to DQGKDVQRW\HWGHWHUPLQHGWKHLPSDFWRQWKH
amortise intangible assets. FRQVROLGDWHGQDQFLDOVWDWHPHQWV

g) Amendments to IAS 1: Amendments Resulting 7KLV DPHQGPHQW LV DSSOLFDEOH WR DQQXDO SHULRGV
from the Disclosure Initiative EHJLQQLQJ RQ RU DIWHU -DQXDU\ ZLWK HDUO\
,Q 'HFHPEHU ,$6% LVVXHG $PHQGPHQWV DGRSWLRQSHUPLWWHG7KH*URXSLVUHTXLUHGWRDGRSW
WR ,$6 3UHVHQWDWLRQ RI )LQDQFLDO 6WDWHPHQWV WKHDPHQGPHQWVE\WKHQDQFLDO\HDUFRPPHQFLQJ
ZLWK UHVSHFW WR GLVFORVXUH UHTXLUHPHQWV 7KH $SULO 7KH *URXS GRHV QRW H[SHFW WKDW
DPHQGPHQWV DLP DW FODULI\LQJ ,$6 WR DGGUHVV WKH DGRSWLRQ RI WKH DPHQGPHQWV ZLOO KDYH DQ\
perceived impediments to preparers exercising VLJQLFDQW LPSDFW RQ WKH FRQVROLGDWHG QDQFLDO
WKHLUMXGJHPHQWLQSUHVHQWLQJWKHLUQDQFLDOUHSRUWV statements.
h) 7KHIROORZLQJRWKHULPSURYHPHQWVDQGDPHQGPHQWVWRVWDQGDUGVKDYHEHHQLVVXHGXSWRWKHGDWHRILVVXDQFHRIWKH
*URXSVQDQFLDOVWDWHPHQWVEXWQRW\HWHHFWLYHDQGKDYHQRW\HWEHHQDGRSWHGE\WKH*URXS7KHVHDUHQRWH[SHFWHG
WRKDYHDQ\VLJQLFDQWLPSDFWRQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
S. No. Interpretation/ Amendments to Standards Month of Issue (HFWLYHGDWH
annual periods
beginning on or
after
$PHQGPHQWVWR,$63URSHUW\3ODQWDQG(TXLSPHQW
1 -XQH -DQXDU\
DQG,$6$JULFXOWXUHIRUEHDUHUSODQWV
$PHQGPHQWWR,$66HSDUDWH)LQDQFLDO6WDWHPHQWV
with respect to equity method as an accounting option for
2 $XJXVW -DQXDU\
LQYHVWPHQWVLQVXEVLGLDULHVMRLQWYHQWXUHVDQGDVVRFLDWHVLQ
DQHQWLW\
VVHSDUDWHQDQFLDOVWDWHPHQWV
3 Annual Improvements 2012-14 Cycle 6HSWHPEHU -DQXDU\
$PHQGPHQWWR,)56&RQVROLGDWHG)LQDQFLDO
6WDWHPHQWVDQG,$6,QYHVWPHQWVLQ$VVRFLDWHVDQG Deferred
4 6HSWHPEHU
-RLQW9HQWXUHVZLWKUHVSHFWWRVDOHRUFRQWULEXWLRQRIDVVHWV LQGHQLWHO\
between an investor and its associate or joint venture
$PHQGPHQWWR,)56&RQVROLGDWHG)LQDQFLDO
6WDWHPHQWV,)56'LVFORVXUHRI,QWHUHVWVLQ2WKHU
5 (QWLWLHVDQG,$6,QYHVWPHQWVLQ$VVRFLDWHVDQG-RLQW 'HFHPEHU -DQXDU\
9HQWXUHVZLWKUHVSHFWWRDSSOLFDWLRQRIWKHFRQVROLGDWLRQ
exception
6. Segment Reporting Mobile Services Africa:7KHVHVHUYLFHVFRYHUSURYLVLRQ

7KH *URXSV RSHUDWLQJ VHJPHQWV DUH RUJDQLVHG DQG RI YRLFH DQG GDWD WHOHFRP VHUYLFHV SURYLGHG WKURXJK
managed separately through the respective business ZLUHOHVVWHFKQRORJ\***RHUHGWRFXVWRPHUV
PDQDJHUV DFFRUGLQJ WR WKH QDWXUH RI SURGXFWV DQG LQ $IULFD FRQWLQHQW 7KLV DOVR LQFOXGHV FRUSRUDWH
VHUYLFHVSURYLGHGDQGJHRJUDSKLHVLQZKLFKVHUYLFHVDUH KHDGTXDUWHUFRVWVRIWKH*URXSV$IULFDRSHUDWLRQV
SURYLGHG ZLWK HDFK VHJPHQW UHSUHVHQWLQJ D VWUDWHJLF
EXVLQHVV XQLW 7KHVH EXVLQHVV XQLWV DUH UHYLHZHG E\ Telemedia Services: 7KHVH VHUYLFHV FRYHU YRLFH DQG
WKH &KDLUPDQ RI WKH *URXS &KLHI RSHUDWLQJ GHFLVLRQ GDWD FRPPXQLFDWLRQV EDVHG RQ [HG QHWZRUN DQG
PDNHU broadband technology.
7KHUHSRUWLQJVHJPHQWVRIWKH*URXSDUHDVEHORZ Digital TV Services:7KLVLQFOXGHVGLJLWDOEURDGFDVWLQJ

VHUYLFHVSURYLGHGXQGHUWKH'LUHFWWRKRPHSODWIRUP
Mobile Services India: 7KHVH VHUYLFHV FRYHU YRLFH
DQG GDWD WHOHFRP VHUYLFHV SURYLGHG WKURXJK ZLUHOHVV Airtel Business: 7KHVH VHUYLFHV FRYHU HQGWRHQG
WHFKQRORJ\ *** LQ ,QGLD 7KLV LQFOXGHV WKH telecom solutions being provided to large Indian and
FDSWLYHQDWLRQDOORQJGLVWDQFHQHWZRUNVZKLFKSULPDULO\ JOREDO FRUSRUDWLRQV E\ VHUYLQJ DV D VLQJOH SRLQW RI
provide connectivity to the mobile services business in FRQWDFW IRU DOO WHOHFRPPXQLFDWLRQ QHHGV DFURVV GDWD
,QGLD 7KLV DOVR LQFOXGHV LQWUD FLW\ EUH QHWZRUNV DQG DQG YRLFH GRPHVWLF DV ZHOO DV LQWHUQDWLRQDO ORQJ
0RELOHFRPPHUFHVHUYLFHV GLVWDQFHQHWZRUNLQWHJUDWLRQDQGPDQDJHGVHUYLFHV
Mobile Services-South Asia: 7KHVH VHUYLFHV FRYHU 7RZHU ,QIUDVWUXFWXUH 6HUYLFHV 7KHVH VHUYLFHV
voice and data telecom services provided through
LQFOXGHVHWWLQJXSRSHUDWLQJDQGPDLQWDLQLQJZLUHOHVV
ZLUHOHVV WHFKQRORJ\ ** LQ 6UL /DQND DQG
FRPPXQLFDWLRQWRZHUVLQ,QGLD
%DQJODGHVK

126-355
Others: 7KHVH LQFOXGH DGPLQLVWUDWLYH DQG VXSSRUW Segment assets comprise assets directly managed
services provided to other segments. by each segment, and primarily include receivables,
property, plant and equipment, intangibles, inventories,
7KHPHDVXUHPHQWSULQFLSOHVIRUVHJPHQWUHSRUWLQJDUH RSHUDWLQJ FDVK DQG EDQN EDODQFHV LQWHUVHJPHQW
EDVHG RQ ,)56V DGRSWHG LQ WKH FRQVROLGDWHG QDQFLDO DVVHWVDQGH[FOXGHGHULYDWLYHQDQFLDODVVHWVGHIHUUHG
VWDWHPHQWV6HJPHQWVSHUIRUPDQFHLVHYDOXDWHGEDVHG tax assets and income tax recoverable.
RQVHJPHQWUHYHQXHDQGSURWRUORVVIURPRSHUDWLQJ
DFWLYLWLHV EHIRUH H[FHSWLRQDO LWHPV LQFOXGLQJ VKDUH RI Segment liabilities comprise operating liabilities and
H[FOXGH H[WHUQDO ERUURZLQJV SURYLVLRQ IRU WD[HV
UHVXOW RI MRLQW YHQWXUHV DQG DVVRFLDWHV LH VHJPHQW
GHIHUUHGWD[OLDELOLWLHVDQGGHULYDWLYHQDQFLDOOLDELOLWLHV
results.
Segment capital expenditure comprises additions to
Operating revenues and expenses related to both third property, plant and equipment and intangible assets
party and inter-segment transactions are included in QHWRIUHEDWHVZKHUHDSSOLFDEOH
GHWHUPLQLQJ WKH VHJPHQW UHVXOWV RI HDFK UHVSHFWLYH
VHJPHQW )LQDQFH LQFRPH HDUQHG QDQFH H[SHQVH 8QDOORFDWHG H[SHQVHV UHVXOWV DVVHWV DQG OLDELOLWLHV
incurred, other expense and exceptional items are not LQFOXGH H[SHQVHV UHVXOWV DVVHWV DQG OLDELOLWLHV
LQFOXGLQJ LQWHUVHJPHQW DVVHWV DQG OLDELOLWLHV RI
allocated to individual segment and the same has been
FRUSRUDWH KHDGTXDUWHUV RI WKH *URXS DQG RWKHU
UHHFWHGDWWKH*URXSOHYHOIRUVHJPHQWUHSRUWLQJ,QWHU
activities not allocated to the operating segments.
VHJPHQWSULFLQJDQGWHUPVDUHUHYLHZHGDQGFKDQJHG
7KHVH DOVR LQFOXGH FXUUHQW WD[HV GHIHUUHG WD[HV DQG
E\ WKH PDQDJHPHQW WR UHHFW FKDQJHV LQ PDUNHW FHUWDLQ QDQFLDO DVVHWV DQG OLDELOLWLHV QRW DOORFDWHG WR
FRQGLWLRQVDQGFKDQJHVWRVXFKWHUPVDUHUHHFWHGLQ the operating segments.
WKH SHULRG WKH FKDQJH RFFXUV 6HJPHQW LQIRUPDWLRQ
prior to the change in terms is not restated. Inter-segment revenues are eliminated upon
FRQVROLGDWLRQDQGUHHFWHGLQWKH(OLPLQDWLRQVFROXPQ

6XPPDU\RIWKH6HJPHQWDO,QIRUPDWLRQDVRIDQGIRUWKH\HDUHQGHG0DUFKLVDVIROORZV
288
(` Millions)
Revenue from external - - -
customers
Inter segment 588 59 - -
revenue

Total revenues 560,818 16,454 251,333 47,609 78,033 29,178 56,173 3,051 - (77,328) 965,321
Share of results of 10 - - - - - 4 - -
joint ventures and
associates
Segment result (23) 212
Finance income
Finance costs
Other expenses
([FHSWLRQDOLWHPV
net*
Other segment items
Capital expenditure - (932)
Depreciation and - 0
amortisation
Segment assets
Segment liabilities
([FHSWLRQDOLWHPVQHWVKRZQVHSDUDWHO\UHODWHVWRJDLQRQDFFRXQWRIGLYHVWPHQWRIWHOHFRPWRZHUVLQ$IULFDUHJXODWRU\IHHSURYLVLRQVGHSUHFLDWLRQFKDUJHDULVLQJRXWRIWKHWHUPLQDWLRQRIWKHWRZHUVDOHDJUHHPHQW
FKDUJHVWRZDUGVGHUHFRJQLWLRQRIHPEHGGHGGHULYDWLYHDVVHWVH[SHQVHVRQUHVWUXFWXULQJDFWLYLWLHVLQDIHZFRXQWULHVRSHUDWLQJFRVWVRQQHWZRUNUHIDUPLQJDQGXSJUDGDWLRQSURJUDPDQGRQDFFRXQWRIGLVSXWHG
UHFHLYDEOHVH[SLUHGFODLPV5HIHU1RWH
6XPPDU\RIWKH6HJPHQWDO,QIRUPDWLRQDVRIDQGIRUWKH\HDUHQGHG0DUFKLVDVIROORZV
(` Millions)
Revenue from external 6 - -
customers
Inter segment 380 60 - -
revenue
Total revenues 519,636 15,759 269,070 44,325 67,130 24,759 54,282 2,914 - (77,481) 920,394
Share of results of 8 - (53) (10) - - 9 - -
joint ventures and
associates
Segment result 16 (1)
Finance income
Finance costs
Other expenses
([FHSWLRQDOLWHPVQHW
3URWEHIRUHWD[
107,130
Other segment items
Capital expenditure - (950)
Depreciation and - -
amortisation
Segment assets 789
Segment liabilities
([FHSWLRQDOLWHPVQHWVKRZQVHSDUDWHO\FRPSULVHVRIRQHWLPHWUDQVODWLRQLPSDFWRIFHUWDLQIRUHLJQFXUUHQF\OLDELOLWLHVLQ1LJHULDFRVWVUHODWLQJWRSRVWDFTXLVLWLRQLQWHJUDWLRQDFWLYLWLHVRWKHUFRVWVDWWULEXWDEOHWR
UHVWUXFWXULQJDFWLYLWLHVLQFRPHGXHWRSUHPDWXUHWHUPLQDWLRQRIDQDJUHHPHQWE\DWHOHFRPRSHUDWRULQFRPHRQDFFRXQWRIGLYHVWPHQWRIWHOHFRPWRZHUVLQRQHRIWKHFRXQWULHVLQ$IULFDDQGFKDUJHVRQDFFRXQWRI
VHWWOHPHQWRIYDULRXVGLVSXWHV5HIHU1RWH
126-355
Consolidated Financial Statements (IFRS)

289
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Unallocated assets comprise of :
'HULYDWLYHQDQFLDODVVHWV
Deferred tax asset
Income tax recoverable
Inter-segment loans/ receivables
Other investments 8
Others
Total 181,847 237,472
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Unallocated liabilities comprise of :
Borrowings
'HULYDWLYHQDQFLDOOLDELOLWLHV 792
Deferred tax liability
Income tax liabilities
Inter-segment loans/ payables
Others
Total 1,112,904 1,191,726
%RUURZLQJVLQFOXGHDPRXQWERUURZHGIRUWKHDFTXLVLWLRQRI*DQG%:$/LFHQVHVLQFOXGLQJVSHFWUXP`0QDQG
`0QDQGIRUIXQGLQJWKHDFTXLVLWLRQRI$IULFDRSHUDWLRQVDQGRWKHUERUURZLQJVRI$IULFDRSHUDWLRQV`
0QDQG`0QDVRI0DUFKDQG0DUFKUHVSHFWLYHO\
Geographical information:
,QIRUPDWLRQFRQFHUQLQJJHRJUDSKLFDODUHDVE\ORFDWLRQRIWKHHQWLW\LVDVIROORZV
(a) Revenue from external customers:
(` Millions)
Particulars
March 31, 2016 March 31, 2015
India
Africa
Rest of the World
Total 965,321 920,394
(b) Non-current assets(Property, plant and equipment and Intangible assets):

(` Millions)
Particulars
March 31, 2016 March 31, 2015
India
Africa
Rest of the World
Total 1,817,263 1,501,440

126-355
7. Business Combination/ Disposal of DQG FODXVH $ RI WKH HTXLW\ OLVWLQJ DJUHHPHQW WKH
subsidiary/ Other acquisitions/ Transaction &RPSDQ\VROG0QVKDUHVLQ%KDUWL,QIUDWHO/LPLWHG
ZLWK1RQFRQWUROOLQJ,QWHUHVWV %,/IRU`0QUHSUHVHQWLQJVKDUHKROGLQJ
a) Dilution of Stake in Airtel M Commerce Services LQ%,/6XEVHTXHQWWRWKHWUDQVDFWLRQWKHVKDUHKROGLQJ
Limited (AMSL) RIWKH&RPSDQ\LQ%,/KDVUHGXFHGWR
2Q )HEUXDU\ $06/ D VXEVLGLDU\ RI WKH
)XUWKHU RQ )HEUXDU\ WKH &RPSDQ\ VROG
*URXS .RWDN 0DKLQGUD %DQN /LPLWHG .0%/ DQG WKH
0Q VKDUHV IRU ` 0Q UHSUHVHQWLQJ
Company have entered into a Share Subscription and
VKDUHKROGLQJLQ%,/6XEVHTXHQWWRWKHWUDQVDFWLRQWKH
6KDUHKROGHUV DJUHHPHQW WR DOORW RI WKH SRVW
VKDUHKROGLQJ RI WKH &RPSDQ\ LQ %,/ KDV UHGXFHG WR
LVVXHVKDUHFDSLWDORI$06/WR.0%/$FFRUGLQJO\WKH

VKDUHKROGLQJRIWKH&RPSDQ\LQ$06/VWDQGVUHGXFHG
WR DQG WKH FRUUHVSRQGLQJ QRQFRQWUROOLQJ 7KH FDUU\LQJ DPRXQW RI QRQFRQWUROOLQJ LQWHUHVWV KDV
LQWHUHVWV KDV EHHQ UHFRJQLVHG ([FHVV RI SURFHHGV EHHQDGMXVWHGWRUHHFWWKHFKDQJHRIUHODWLYHLQWHUHVW
over net assets attributable to non-controlling interests, LQ %,/ ([FHVV RI SURFHHGV RYHU WKH FKDQJH LQ QRQ
amounting to `0QKDVEHHQUHFRJQLVHGGLUHFWO\LQ FRQWUROOLQJLQWHUHVWVQHWRIDVVRFLDWHGWUDQVDFWLRQFRVWV
HTXLW\DVDWWULEXWDEOHWRWKHHTXLW\VKDUHKROGHUVRIWKH taxes and regulatory levies, amounting to `0Q
parent. has been recognised directly in equity as attributable to
b) Acquisition of Additional Interest in Indo Teleports WKHHTXLW\VKDUHKROGHUVRIWKHSDUHQW
/LPLWHGIRUPHUO\NQRZQDV%KDUWL7HOHSRUWV d) Purchase of Shares of BIL by Bharti Infratel
Limited) Employees Welfare Trust
2Q $XJXVW WKH *URXS DFTXLUHG DGGLWLRQDO 'XULQJ WKH \HDU HQGHG 0DUFK %KDUWL
RI WKH VKDUH FDSLWDO RI ,QGR 7HOHSRUWV /LPLWHG ,QIUDWHO (PSOR\HHV :HOIDUH 7UXVW DFTXLUHG 0Q
IRUPHUO\NQRZQDV%KDUWL7HOHSRUWV/LPLWHGLQFUHDVLQJ QXPEHU RI VKDUHV RI %KDUWL ,QIUDWHO /LPLWHG IURP QRQ
LWVRZQHUVKLSWRDQGDFFRUGLQJO\JRRGZLOORI`
FRQWUROOLQJ LQWHUHVWV IRU D FRQVLGHUDWLRQ RI ` 0Q
0QKDVEHHQUHFRJQLVHGLQWKHWUDQVDFWLRQ
7KHFDUU\LQJDPRXQWVRIQRQFRQWUROOLQJLQWHUHVWVKDYH
c) Sale of Stake in Bharti Infratel Limited (BIL) EHHQ DGMXVWHG WR UHHFW WKH FKDQJHV LQ WKHLU UHODWLYH
2Q $XJXVW LQ RUGHU WR FRPSO\ ZLWK WKH LQWHUHVWVLQ%,/([FHVVRIFRVWRYHUWKHFKDQJHLQQRQ
requirement to maintain minimum public shareholding controlling interests, amounting to `0QKDVEHHQ
RI LQ WHUPV RI UXOH E $ RI 6HFXULWLHV recognised directly in equity as attributable to the
&RQWUDFWV 5HJXODWLRQ 5XOHV DV DPHQGHG HTXLW\VKDUHKROGHUVRIWKHSDUHQW
8. Operating Expenses
(` Millions)
Particulars Notes
March 31, 2016 March 31, 2015
Access charges
/LFHQFHIHHVUHYHQXHVKDUHDQGVSHFWUXPFKDUJHV
Network operations cost
Employee costs 8.1
6HOOLQJJHQHUDODQGDGPLQLVWUDWLYHH[SHQVHV
Charity & donations *
Total 625,259 607,468
LQFOXGLQJH[SHQGLWXUHWRZDUGVFRUSRUDWHVRFLDOUHVSRQVLELOLW\
6HOOLQJJHQHUDODQGDGPLQLVWUDWLYHH[SHQVHVLQFOXGHWKHIROORZLQJ
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Trading inventory consumption
Dimunition in value of inventory 288 515
Provision for doubtful debts

8.1 Employee Costs
(` Millions)
Particulars Notes
March 31, 2016 March 31, 2015
6DODULHVDOORZDQFHV RWKHUV
'HQHGFRQWULEXWLRQSODQ
'HQHGEHQHWSODQRWKHUORQJWHUPEHQHWV 926 734
Share based compensation 8.2 998 718
Total 49,112 47,123
8.2 Share Based Compensation Plans

7KHIROORZLQJWDEOHSURYLGHVDQRYHUYLHZRIDOOH[LVWLQJVKDUHRSWLRQSODQVRIWKH*URXS
Entity Scheme Plan Year of Vesting Contractual Share Weighted Share Weighted
issuance period term options average options average
of plan (years) (years) granted exercise granted exercise
(thousands) price (`) (thousands) price (`)
Bharti Airtel Scheme I 2001 Plan * 2002 1-4 7 21.25 21.25
Bharti Airtel Scheme I 2004 Plan * 2004 1-4 7 35.00 35.00
Bharti Airtel Scheme I Superpot * 2004 1-3 7 143 - 143 -
Bharti Airtel Scheme I 2006 Plan 2006 1-5 7 5.48 5.48
Bharti Airtel Scheme 2005 2005 Plan * 2005 1-4 7 237.06 237.06
Bharti Airtel Scheme 2005 2008 Plan & 2008 1-3 7 352.13 352.13
Annual
Grant Plan (AGP)
Bharti Airtel Scheme 2005 Performance 2009 3-4 7 5.00 5.00
Share Plan (PSP)
2009 Plan
Bharti Airtel Scheme 2005 Special ESOP & 2010 1-5 7 5.00 5.00
Restricted Share
Units (RSU) Plan
Bharti Airtel Scheme 2005 Long Term 2011 1-3 7 433 5.00 433 5.00
Incentive (LTI)
Plan
Bharti Airtel Scheme 2005 LTI Plan 2012 1-3 7 5.00 5.00
Bharti Airtel Scheme 2005 LTI Plan 2015 1-3 7 5.00 - -
Bharti Infratel Infratel plan 2008 Plan 2008 1-5 7 109.67 109.67
Bharti Infratel Infratel plan LTI Plan (Part of 2012 1-3 7 34 10.00 34 10.00
2008 plan)
Bharti Infratel Infratel plan 2015 Plan 2015 1-3 7 90 10.00 - -
Cash settled Plans
Bharti Airtel Scheme 2005 LTI Plan Africa * 2011 1-3 3 560 5.00 560 5.00
Bharti Airtel Performance Performance Unit 2013 1-3 3 - -
Unit Plan Plan (PUP) 2013
(PUP) 2013
Bharti Airtel Performance Performance Unit 2014 1-5 3-5 - -
(PUP) 2014
Bharti Airtel Performance Performance Unit 2015 1-3 3 - - -
(PUP) 2015
Bharti Infratel Infratel plan PUP 2013 & 1-3 7 309 - 309 -
2014
* Contractual term has expired

126-355
7KHIROORZLQJWDEOHH[KLELWVWKHQHWFRPSHQVDWLRQH[SHQVHVDULVLQJIURPVKDUHEDVHGSD\PHQWWUDQVDFWLRQ
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Expenses arising from equity-settled share-based payment transactions 248 (4)
Expenses arising from Cash-settled share-based payment transactions 750 722
998 718
,QIRUPDWLRQFRQFHUQLQJWKHVKDUHRSWLRQVLVVXHGLVSUHVHQWHGEHORZ
(Share options in thousands) Number of Weighted average Number of Weighted average

share exercise price share exercise price
options (`) options (`)
Outstanding at beginning of year 390 5.00 539 6.74
Granted - - 225 5.00
Exercised (75) 5.00 (98) 14.38
Exercisable at end of year 30 5.00 65 5.00

Outstanding at beginning of year - - 436.06
Granted - - - -
Exercised - - - -
Forfeited / Expired - - 436.06

Outstanding at beginning of year 355.45 354.54
Granted - - - -
Exercised (686) 334.89 (173) 327.20
Forfeited / Expired 342.24 (732) 357.85
Outstanding at end of year 639 402.50 355.45
Exercisable at end of year 639 402.50 355.45

Granted - - - -
Exercised (22) 5.00 (159) 5.00
Forfeited / Expired (8) 5.00 - 5.00


Granted - - - -
Exercised (44) 5.00 (178) 5.00
Scheme 2005 - LTI Plan (2011, 2012 & 2015)

Outstanding at beginning of year 523 5.00 5.00
Granted 5.00 67 5.00
Exercised (201) 5.00 (356) 5.00
Outstanding at end of year 5.00 523 5.00
Bharti Infratel : 2008 Plan

Outstanding at beginning of year 109.67 109.67
Granted - - - -
Exercised 109.67 109.67
Outstanding at end of year 732 109.67 109.67
Exercisable at end of year 732 109.67 109.67
Bharti Infratel : LTI Plan (Part of 2008 Plan)

Granted - - - -
Exercised (2) 10.00 (5) 10.00
Forfeited / Expired - 10.00 (5) 10.00
Bharti Infratel : LTI Plan (2015 Plan)

Granted 90 10.00 - -
Exercised - - - -
Forfeited / Expired - - - -
Outstanding at end of year 90 10.00 - -

126-355

Cash Settled Plan
Scheme 2005 - LTI Plan Africa
Outstanding at beginning of year - - 107 5.00
Granted - - - -
Exercised - - - -
Forfeited - - (107) 5.00
PUP 2013
Granted - - 140 -
Exercised (381) - (589) -
Forfeited / Expired (555) - -
Outstanding at end of year 499 - -
PUP 2014
Outstanding at beginning of year - - -
Granted 11 - -
Exercised (441) - - -
Forfeited / Expired - (361) -
PUP 2015
Outstanding at beginning of year - - -
Granted - - -
Exercised - - - -
Forfeited / Expired (138) - - -
Outstanding at end of year 907 - - -
Bharti Infratel : Performance Unit Plan

Outstanding at beginning of year 238 - 171 -
Granted - - 138 -
Exercised (51) - (46) -
Forfeited / Expired (4) - (25) -
Outstanding at end of year 183 - 238 -
Exercisable at end of year 37 - 2 -

7KH IROORZLQJ WDEOH VXPPDULVHV LQIRUPDWLRQ DERXW RSWLRQV H[HUFLVHG DQG JUDQWHG GXULQJ WKH \HDU DQG DERXW RSWLRQV
RXWVWDQGLQJDQGWKHLUUHPDLQLQJFRQWUDFWXDOOLIH
March 31, 2016
Options Outstanding Options Granted during the Options Excercised
as of March 31, 2016 year ended March 31, 2016 during the year ended
March 31, 2016
Entity Plan Options Exercise Weighted Options Wtd Avg Fair Options Weighted
(thousands) price average (thousands) Value (`) (thousands) average
(`) remaining share
contractual price (`)
life (years)
Bharti Airtel 2006 Plan 305 5.00 5.00 - - 75 350.45
Bharti Airtel 2008 Plan & 639 402.50 0.25 - - 686 397.45
AGP
Bharti Airtel PSP 2009 Plan 53 5.00 0.69 - - 22 367.51
Bharti Airtel Special ESOP & 126 5.00 1.20 - - 44 319.66
RSU Plan
Bharti Airtel /7,3ODQ 5.00 5.98 398.32 201 348.28
2012 & 2015)
Bharti Infratel 2008 Plan 732 109.67 1.05 - - 394.02
Bharti Infratel LTI Plan (Part 4 10.00 3.42 - - 2 394.02
of 2008 Plan)
Bharti Infratel 2015 Plan 90 10.00 6.33 90 414.41 - -
Cash settled Plans
Bharti Airtel PUP 2013 499 - 0.37 - - 381 417.90
Bharti Airtel PUP 2014 - 1.97 11 373.40 441 423.32
Bharti Airtel PUP 2015 907 - 2.35 342.44 - -
Bharti Infratel Performance 183 - 4.34 - - 51 439.11
Unit Plan
March 31, 2015
Options Outstanding Options Granted during the Options Excercised
as of March 31, 2015 year ended March 31, 2015 during the year ended
March 31, 2015
Entity Plan Options Exercise Weighted Options Wtd Avg Fair Options Weighted
(thousands) price average (thousands) Value (`) (thousands) average
(`) remaining share
contractual price (`)
life (years)
Bharti Airtel 2006 Plan 390 5.00 to 5.86 225 361.19 98 371.70
110.50
Bharti Airtel 2008 Plan & 295.00 0.63 - - 173 383.30
AGP to
402.50
Bharti Airtel PSP 2009 Plan 83 5.00 1.87 - - 159 352.26
Bharti Airtel Special ESOP & 189 5.00 2.26 - - 178 350.09
RSU Plan
Bharti Airtel LTI Plan (2011 523 5.00 4.27 67 291.63 356 368.36
& 2012)
Bharti Infratel 2008 Plan 109.67 1.95 - - 262.40
Bharti Infratel LTI Plan (Part 6 10.00 4.42 - - 5 262.40
of 2008 Plan)
Cash settled Plans
Bharti Airtel PUP 2013 - 1.37 140 378.92 589 354.24
Bharti Airtel PUP 2014 - 2.81 383.98 - -
Bharti Infratel Performance 238 - 5.34 138 336.29 46 262.40
Unit Plan
7KHWRWDOFDUU\LQJYDOXHRIFDVKVHWWOHGVKDUHEDVHGFRPSHQVDWLRQOLDELOLW\LV`0QDQG`0QDVRI0DUFK

126-355
7KHIDLUYDOXHRIRSWLRQVJUDQWHGZDVHVWLPDWHGRQWKHGDWHRIJUDQWDQGDWHDFKUHSRUWLQJGDWHIRUFDVKVHWWOHGVKDUHEDVHG
RSWLRQVXVLQJWKH%ODFN6FKROHV/DWWLFH0RQWH&DUOR6LPXODWLRQYDOXDWLRQPRGHOZLWKWKHIROORZLQJDVVXPSWLRQV

Particulars
March 31, 2016 March 31, 2015
Risk free interest rates 6.86% to 7.87% 7.64% to 8.65%
9RODWLOLW\ 26.63% to 37.23% 27.36% to 32.59%
Dividend yield 0.54% to 1.44% 0.46% to 0.6%
Wtd average share price on measurement date exluding Infratel (`) 350.9 to 411.7 373.7 to 393.9
Wtd average exercise price on measurement date exluding Infratel (`) 0 to 5 0 to 5
Wtd average share price on measurement date - Infratel (`) 497.00 378.00
Wtd average exercise price on measurement date - Infratel (`) 10.00 -
7KHH[SHFWHGOLIHRIWKHVKDUHRSWLRQLVEDVHGRQKLVWRULFDO %KDUWL,QIUDWHO/LPLWHGWKHVXEVLGLDU\RIWKH&RPSDQ\KDVLVVXHG

GDWD FXUUHQWH[SHFWDWLRQDQGQRWQHFHVVDULO\LQGLFDWLYHRI IUHVK HTXLW\ VKDUHV WR LWV HPSOR\HHV XQGHU WKH HTXLW\ VHWWOHG
H[HUFLVHSDWWHUQWKDWPD\RFFXU7KHYRODWLOLW\RIWKHRSWLRQV VKDUHEDVHGFRPSHQVDWLRQSODQDQGKDVUHFHLYHGDQDPRXQWRI
LV EDVHG RQ WKH KLVWRULFDOYRODWLOLW\ RI WKH VKDUH SULFH VLQFH `0Q0DUFK`0QUHVXOWLQJLQLQFUHDVHLQWKH
the respective entitys equity shares became publicly traded. KROGLQJRIQRQFRQWUROOLQJVKDUHKROGHUVE\
9. Other Expenses
2WKHUH[SHQVHVFRPSULVHUHJXODWRU\OHYLHVDSSOLFDEOHWRQDQFHLQFRPHLQVRPHRIWKHJHRJUDSKLHV
10. Depreciation and Amortisation

(` Millions)
Particulars Notes
March 31, 2016 March 31, 2015
Depreciation 14
Amortisation 15
Total 174,498 155,311

11. Finance Income and Costs
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Finance income
Dividend from mutual funds 118 480
Interest income on deposits 674
Interest income on loans to associates 28 47
Interest income on others
Net gain on securities held for trading
1HWJDLQRQGHULYDWLYHQDQFLDOLQVWUXPHQWV
Total 16,177 24,788
Finance costs
Interest on borrowings and deferred payment liability
,QWHUHVWRQQDQFHOHDVHOLDELOLWLHV -
Unwinding of discount on provisions 286 416
Net exchange loss
1HWIDLUYDOXHORVVRQQDQFLDOLQVWUXPHQWV)DLUYDOXHKHGJHV
2WKHUQDQFHFKDUJHV
Total 85,042 73,252
5HIHU 1RWH IRU GHWDLOV RI QDQFLDO DVVHWV DQG OLDELOLWLHV FDWHJRULVHG ZLWKLQ OHYHO RI WKH IDLUYDOXH KLHUDUFK\ DQG IRU GHWDLOV RI LQWHUHVW UDWH VZDSV
GHVLJQDWHGDVKHGJLQJLQVWUXPHQWV7KHJDLQRI`0QDQG`0QKDVEHHQUHFRJQLVHGRQWKHLQWHUHVWUDWHVZDSVGXULQJWKH\HDU0DUFK
'LYLGHQGIURPPXWXDOIXQGVLQFOXGHV`1LODQG`0QDQG E &KDUJH IRU UHJXODWRU\ IHH SURYLVLRQV RI ` 0Q
1HWJDLQRQVHFXULWLHVKHOGIRUWUDGLQJLQFOXGHVQHWJDLQRI` DULVLQJRXWRIUHDVVHVVPHQWRIFHUWDLQSRVLWLRQV
0QDQG`0QUHODWLQJWRLQYHVWPHQWVLQPXWXDOIXQGV
c. 'HSUHFLDWLRQ FKDUJH RI ` 0Q DULVLQJ RXW RI WKH
GHVLJQDWHGDWIDLUYDOXHWKURXJKSURWRUORVVIRUWKH\HDUV
WHUPLQDWLRQRIWKHWRZHUVDOHDJUHHPHQWUHIHU1RWHG
HQGHG0DUFKDQG0DUFKUHVSHFWLYHO\
G &KDUJH RI ` 0Q WRZDUGV GHUHFRJQLWLRQ RI
Interest income on others includes `0QDQG`0Q
embedded derivative assets and ` 0Q DULVLQJ
WRZDUGVXQZLQGLQJRIGLVFRXQWRQVHFXULW\GHSRVLWVLQFOXGHG
IURPDPHQGPHQWRIWHQXUHDQGLQYDULRXVWHUPVRIWKH
LQRWKHUQDQFLDODVVHWVIRUWKH\HDUVHQGHG0DUFK
related long-term contract.
H &KDUJH IRU SURYLVLRQ DJDLQVW FHUWDLQ GLVSXWHG
2WKHU QDQFH FKDUJHV FRPSULVH EDQN FKDUJHV WUDGH
UHFHLYDEOHVH[SLUHGFODLPVDPRXQWLQJWR`0Q
QDQFHFKDUJHVFKDUJHVUHODWLQJWRGHULYDWLYHLQVWUXPHQWV
DQG LQWHUHVW FKDUJHV WRZDUGV VXE MXGLFH PDWWHUV DQG DOVR I &KDUJHRI`0QWRZDUGVUHVWUXFWXULQJDFWLYLWLHVLQ
includes `0QDQG`0QWRZDUGVXQZLQGLQJRIGLVFRXQW DIHZFRXQWULHV
RQ RWKHU QDQFLDO OLDELOLWLHV IRU WKH \HDUV HQGHG 0DUFK
J &KDUJHRI`0QWRZDUGVRSHUDWLQJFRVWVLQFOXGLQJ
DFFHOHUDWHG GHSUHFLDWLRQ RQ QHWZRUN UHIDUPLQJ DQG
12. Exceptional Items up-gradation program.
([FHSWLRQDOLWHPVFRPSULVHVRIWKHIROORZLQJ
LL )RUWKH\HDUHQGHG0DUFK
L )RUWKH\HDUHQGHG0DUFK
D &KDUJHRI`0QRQDFFRXQWRIRQHWLPHWUDQVODWLRQ
D 1HWJDLQRI`0QSHUWDLQLQJWRWKHGLYHVWPHQW LPSDFW RI FHUWDLQ IRUHLJQ FXUUHQF\ OLDELOLWLHV LQ 1LJHULD
RIWHOHFRPWRZHUDVVHWVLQ%XUNLQD)DVR.HQ\D=DPELD IURP WKH &HQWUDO EDQN DGPLQLVWHUHG UDWHV WR WKH RSHQ
8JDQGD *KDQD &RQJR %UD]]DYLOOH DQG 1LJHULD UHIHU PDUNHW H[FKDQJH UDWHV FRQVHTXHQW WR D QRWLFDWLRQ
1RWHHQHWRIFDVKRZKHGJHUHVHUYHDPRXQWLQJ GDWHG1RYHPEHU
to `0QUHFODVVLHGWRLQFRPHVWDWHPHQWUHIHU
E &KDUJH RI ` 0Q RQ DFFRXQW RI VHWWOHPHQW RI
1RWHLLE
various disputes.

126-355
F &KDUJHRI`0QUHODWHGWRUHVWUXFWXULQJDFWLYLWLHV WKH\HDUHQGHG0DUFKDQG0DUFK
LQDIHZFRXQWULHV respectively, on above, and
G *DLQRI`0QRQDFFRXQWRISUHPDWXUHWHUPLQDWLRQ LL 7D[ H[SHQVH RI ` 1LO DQG ` 0Q GXULQJ WKH
RIDQDJUHHPHQWE\DWHOHFRPRSHUDWRU \HDU HQGHG 0DUFK DQG 0DUFK
UHVSHFWLYHO\ RQ DFFRXQW RI VHWWOHPHQW RI YDULRXV
H *DLQ RI ` 0Q RQ DFFRXQW RI JDLQ UHFRJQLVHG RQ
GLVSXWHVXQFHUWDLQWD[SRVLWLRQ
GLYHVWPHQWRIWHOHFRPWRZHUVLQRQHRIWKHFRXQWULHVLQ
$IULFD 3URWORVV DWWULEXWDEOH WR QRQFRQWUROOLQJ LQWHUHVWV
LQFOXGHV H[SHQVH RI ` 0Q DQG EHQHW RI `
7D[H[SHQVHLQFOXGHV
0QGXULQJWKH\HDUHQGHG0DUFKDQG0DUFK
L7D[H[SHQVHRI`0QDQGEHQHWRI`0QGXULQJ UHVSHFWLYHO\UHODWLQJWRWKHDERYHH[FHSWLRQDO
items.
13. Income Taxes

7KHPDMRUFRPSRQHQWVRIWKHLQFRPHWD[H[SHQVHDUH
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Current income tax
- India
- Overseas

Deferred tax*
5HODWLQJWRRULJLQDWLRQ UHYHUVDORIWHPSRUDU\GLHUHQFHV
- Relating to change in tax rate - 537
7D[H[SHQVHDWWULEXWDEOHWRFXUUHQW\HDU
VSURW
Adjustments in respect of income tax of previous year
- Current income tax
India 198 (217)
Overseas 742 658
940 441
- Deferred tax* #

Income tax expense recorded in the consolidated income 59,368 54,047
statement
,QFOXGHVWD[FUHGLWUHFRYHUDEOHRQDFFRXQWRIPLQLPXPDOWHUQDWHWD[0$7RI`0QDQG`0QGXULQJ\HDUVHQGHG0DUFKDQG0DUFK
UHVSHFWLYHO\
,QFOXGHVUHYHUVDORIGHIHUUHGWD[DVVHWRI`0QDQG`1LOOGXULQJWKH\HDUHQGHG0DUFKDQG0DUFKUHVSHFWLYHO\LQRQHRIWKH
VXEVLGLDU\RQDFFRXQWRIVXUUHQGHURIGHSUHFLDWLRQZLWK7D[DXWKRULW\
'XULQJ WKH\HDU HQGHG 0DUFK WKH JURXS KDG UHFRJQLVHG DGGLWLRQDO WD[ FKDUJH RI ` 0Q RQ DFFRXQW RI
changes in tax rates (including `0QUHODWLQJWR,QGLDRQDFFRXQWRIFKDQJHLQWD[UDWHIURPWRDV
SURSRVHGLQ)LQDQFH%LOO

7KH UHFRQFLOLDWLRQ EHWZHHQ WD[ H[SHQVH DQG SURGXFW RI QHW LQFRPH EHIRUH WD[ PXOWLSOLHG E\ HQDFWHG WD[ UDWHV LQ ,QGLD LV
VXPPDULVHGEHORZ
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Net income before taxes
Enacted tax rates in India 34.61% 33.99%
Computed tax expense
,QFUHDVHUHGXFWLRQLQWD[HVRQDFFRXQWRI
6KDUHRISURWVORVVHVLQDVVRFLDWHVDQGMRLQWYHQWXUHV
Net deduction claimed under tax holiday provisions of income tax act
/RVVHVDQGGHGXFWLEOHWHPSRUDU\GLHUHQFHVUHYHUVHGGXULQJWKHWD[ 643
holiday period
(HFWRIFKDQJHVLQWD[UDWH - 537
Tax on undistributed retained earnings
Adjustment in respect to current income tax of previous years 940 441
Adjustment in respect to MAT credit of previous years (753) (364)
Adjustment in respect to deferred tax of previous years#
Additional Tax/Tax for which no credit is allowed
(HFWRIGLHUHQWWD[UDWH 770
/RVVHVDQGGHGXFWLEOHWHPSRUDU\GLHUHQFHDJDLQVWZKLFKQRGHIHUUHG
tax asset recognised
Net expenses not taxable/deductible
Net expense on account of settlement of various disputes/uncertain tax 480
position*
Others (872) 520
Lower tax rate on sale of passive assets -
Income tax expense recorded in the consolidated income statement 59,368 54,047
LQFOXGHVH[FHSWLRQDOFKDUJHRI`1LODQG`0QGXULQJWKH\HDUHQGHG0DUFKDQG0DUFKUHVSHFWLYHO\UHIHUQRWH
,QFOXGHVUHYHUVDORIGHIHUUHGWD[DVVHWRI`0QDQG`1LOOGXULQJWKH\HDUHQGHG0DUFKDQG0DUFKUHVSHFWLYHO\LQRQHRIWKHVXEVLGLDU\
RQDFFRXQWRIVXUUHQGHURIGHSUHFLDWLRQZLWK7D[DXWKRULW\
7KHFRPSRQHQWVWKDWJDYHULVHWRGHIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHDVIROORZV
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Deferred tax asset/(liabilities)
Provision for impairment of debtors/advances and other provisions
/RVVHVDYDLODEOHIRURVHWDJDLQVWIXWXUHWD[DEOHLQFRPH
Employee share options 298 281
3RVWHPSOR\PHQWEHQHWV 902 787
Minimum tax credit
Lease rent equalisation - expense
)DLUYDOXDWLRQRIQDQFLDODVVHWVGHULYDWLYHLQVWUXPHQWVRWKHULQYHVWPHQWV (829)
DQGXQUHDOLVHGH[FKDQJHXFWXDWLRQ
Accelerated depreciation/amortisation for tax purposes
Fair valuation of intangibles/property plant & equipments on business 801 855
combination
Lease rent equalisation - income
Unearned Income 472 628
Deferred tax liability on undistributed retained earnings
Others 55 (177)
Net deferred tax asset/(liabilities) 32,382 44,392

126-355
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Deferred tax (expense)/income
Provision for impairment of debtors/advances and other provisions
/RVVHVDYDLODEOHIRURVHWDJDLQVWIXWXUHWD[DEOHLQFRPH (872)
Employee share options 17 (565)
3RVWHPSOR\PHQWEHQHWV 117 131
Minimum tax credit
Lease rent equalisation - expense 597 929
)DLUYDOXDWLRQRIQDQFLDODVVHWVGHULYDWLYHLQVWUXPHQWVRWKHU 492
LQYHVWPHQWVDQGXQUHDOLVHGH[FKDQJHXFWXDWLRQ
Accelerated depreciation/amortisation for tax purposes
Fair valuation of intangibles/property plant & equipments on business (119) (376)
combination
Lease rent equalisation - income (202) (514)
Unearned Income (94) (231)
Deferred tax liability on undistributed retained earnings
Others 46 (411)
Net deferred tax (expense)/income (14,677) 3,830
5HHFWHGLQWKHVWDWHPHQWRIQDQFLDOSRVLWLRQDVIROORZV
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Deferred tax asset
Deferred tax liabilities
Deferred tax asset (net) 32,382 44,392
7KHUHFRQFLOLDWLRQRIGHIHUUHGWD[DVVHWVQHWLVDVIROORZV
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Opening balance
7D[,QFRPHH[SHQVHGXULQJWKH\HDUUHFRJQLVHGLQSURWRUORVV
Deferred tax liability reversed upon sale of subsidiary 787 -
Translation adjustment and others

'HIHUUHG WD[ DVVHWV DUH UHFRJQLVHG WR WKH H[WHQW WKDW LW LV
(` Millions)
SUREDEOH WKDW WD[DEOH SURW ZLOO EH DYDLODEOH DJDLQVW ZKLFK
WKH GHGXFWLEOH WHPSRUDU\ GLHUHQFHV FDUU\ IRUZDUG RI As of
March 31,
unabsorbed depreciation and unused tax losses can be March 31, 2015
XWLOLVHG$FFRUGLQJO\WKH*URXSKDVQRWUHFRJQLVHGGHIHUUHG 2016
WD[ DVVHWV LQ UHVSHFW RI GHGXFWLEOH WHPSRUDU\ GLHUHQFHV 2017
FDUU\ IRUZDUG RI XQDEVRUEHG GHSUHFLDWLRQ DQG XQXVHG WD[
2018
ORVVHVRI`0QDQG`0QDVRI0DUFK
DQG0DUFKUHVSHFWLYHO\DVLWLVQRWSUREDEOH 2019
WKDWWD[DEOHSURWVZLOOEHDYDLODEOHLQIXWXUH 2020
7KH WD[ UDWHV DSSOLFDEOH WR WKHVH XQXVHG WD[ ORVVHV Thereafter
unabsorbed depreciation and deductible temporary 86,585
GLHUHQFHV YDU\ IURP WR GHSHQGLQJ RQ WKH
MXULVGLFWLRQ LQ ZKLFK WKH UHVSHFWLYH *URXS HQWLW\ RSHUDWHV 7KH *URXS KDV QRW UHFRJQLVHG GHIHUUHG WD[ OLDELOLW\ ZLWK
2IWKHDERYHEDODQFHDVRI0DUFKDQG0DUFK respect to unremitted retained earnings and associated
WD[ ORVVHV XQDEVRUEHG GHSUHFLDWLRQ DQG GHGXFWLEOH IRUHLJQFXUUHQF\WUDQVODWLRQUHVHUYHZLWKUHVSHFWWRFHUWDLQ
WHPSRUDU\ GLHUHQFHV WR WKH H[WHQW RI ` 0Q DQG RI LWV VXEVLGLDULHV DQG MRLQWYHQWXUHV ZKHUH WKH *URXS LV LQ
`0QUHVSHFWLYHO\KDYHDQLQGHQLWHFDUU\IRUZDUG DSRVLWLRQWRFRQWUROWKHWLPLQJRIWKHGLVWULEXWLRQRISURWV
SHULRGDQGWKHEDODQFHDPRXQWH[SLUHVXQXWLOLVHGDVIROORZV and it is probable that the subsidiaries and joint ventures
ZLOOQRWGLVWULEXWHWKHSURWVLQWKHIRUHVHHDEOHIXWXUH$OVR
(` Millions)
WKH*URXSGRHVQRWUHFRJQLVHVGHIHUUHGWD[OLDELOLW\RQWKH
As of XQUHPLWWHG UHWDLQHG HDUQLQJV RI LWV VXEVLGLDULHV ZKHUHYHU
March 31,
March 31, 2016 LWEHOLHYHVWKDWLWZRXOGDYDLOWKHWD[FUHGLWIRUWKHGLYLGHQG
2017 distribution tax payable by the subsidiaries on its dividend
2018 GLVWULEXWLRQ 7KH WD[DEOH WHPSRUDU\ GLHUHQFH DVVRFLDWHG
ZLWKUHVSHFWWRXQUHPLWWHGUHWDLQHGHDUQLQJVDQGDVVRFLDWHG
2019
IRUHLJQ FXUUHQF\ WUDQVODWLRQ UHVHUYH LV ` 0Q DQG
2020 ` 0Q DV RI 0DUFK DQG 0DUFK
2021 UHVSHFWLYHO\ 7KH GLVWULEXWLRQ RI WKH VDPH LV H[SHFWHG WR
Thereafter DWWUDFWWD[LQWKHUDQJHRI1,/WRGHSHQGLQJRQWKHWD[
UDWHVDSSOLFDEOHDVRI0DUFKLQWKHMXULVGLFWLRQLQ
100,284
ZKLFKWKHUHVSHFWLYH*URXSHQWLW\RSHUDWHV

126-355
14. Property, Plant and Equipment
(` Millions)
Particulars Land and Technical Other Advance Total
buildings equipment equipment, payments
and operating and
machinery DQGRFH construction
equipment in progress
Cost
As of April 1, 2014 24,001 1,044,300 84,278 23,398 1,175,977
Additions -
Disposals / adjustment (702) -
Transferred to assets held for sale @ (231) -
Currency translation
5HFODVVLFDWLRQ (12)
As of March 31, 2015 22,873 1,035,243 81,197 49,827 1,189,140
Additions 961 -
Acquisition through Business Combinations @@ - 161 1 - 162
Transferred from / to assets held for sale # - -
Currency translation 9 39 428
5HFODVVLFDWLRQ (550) 499 694
As of March 31, 2016 22,761 1,220,713 86,738 47,880 1,378,092
Accumulated Depreciation
As of April 1, 2014 6,092 506,248 67,208 - 579,548
Charge -
Transferred to assets held for sale @ - - -
Currency translation (899) -
5HFODVVLFDWLRQ (36) 859 - (283)
As of March 31, 2015 6,072 535,064 68,847 - 609,983
Charge^ -
Transferred from / to assets held for sale # - - -
Currency translation (36) (5) -
5HFODVVLFDWLRQ (14) 18 644 - 648
As of March 31, 2016 7,272 645,055 70,952 - 723,279
Net Carrying Amount
As of April 1, 2014 17,909 538,052 17,070 23,398 596,429
As of March 31, 2015 16,801 500,179 12,350 49,827 579,157
As of March 31, 2016 15,489 575,658 15,786 47,880 654,813
* `0QDQG`0QJURVVEORFNDQGDFFXPXODWHGGHSUHFLDWLRQUHVSHFWLYHO\KDVEHHQUHFODVVLHGPDLQO\IURPVRIWZDUHWRRWKHUHTXLSPHQWRSHUDWLQJ
DQGRFHHTXLSPHQWGXULQJWKH\HDUHQGHG0DUFKDQG`0QDQG`0QJURVVEORFNDQGDFFXPXODWHGGHSUHFLDWLRQUHVSHFWLYHO\KDVEHHQ
UHFODVVLHGPDLQO\IURPWHFKQLFDOHTXLSPHQWDQGPDFKLQHU\WREDQGZLGWKGXULQJWKH\HDUHQGHG0DUFK
#5HIHU1RWH
##0DMRUEXVLQHVVDFTXLVLWLRQVH[SODLQHGLQ1RWH
0DLQO\LQFOXGHVDVVHWVUHFODVVLHGIURPKHOGIRUVDOHWR3URSHUW\SODQWDQGHTXLSPHQWGXHWRWHUPLQDWLRQRIDJUHHPHQWIRUVDOHRIWRZHUDVVHWVUHIHU1RWH
A,QFOXGHVH[FHSWLRQDOLWHPVRI`0QZUWWHFKQLFDOHTXLSPHQWVDQGPDFKLQHU\UHIHU1RWHLF LJ
)ROORZLQJWDEOHVXPPDULVHVWKHGHWDLORIDVVHWVWDNHQRQQDQFHOHDVH
(` Millions)
Particulars Period Technical equipment and Other equipment, operating
machinery DQGRFHHTXLSPHQW
Gross Block As of March 31, 2016
$VRI0DUFK 435 831
Accumulated Depreciation $VRI0DUFK 835
$VRI0DUFK 7 431
Net Block $VRI0DUFK 262
$VRI0DUFK 428 400
7KHDGYDQFHSD\PHQWVDQGFRQVWUXFWLRQLQSURJUHVVLQFOXGHV`0QDQG`0QWRZDUGVWHFKQLFDOHTXLSPHQW
and machinery and `0QDQG`0QWRZDUGVRWKHUDVVHWVDVRI0DUFKDQG0DUFKUHVSHFWLYHO\
7KH*URXSKDVWDNHQERUURZLQJVIURPEDQNVDQGQDQFLDOLQVWLWXWLRQVZKLFKFDUU\FKDUJHRYHUFHUWDLQRIWKHDERYHDVVHWV
UHIHU1RWHIRUGHWDLOVWRZDUGVVHFXULW\DQGSOHGJH

15. Intangible Assets
(` Millions)
Licenses Other Advance Total
(including acquired Payment and
Particulars *RRGZLOO 6RIWZDUH %DQGZLGWK
spectrum) intangibles assets under
development
Cost
As of April 1, 2014 471,773 16,283 11,959 297,832 20,413 107,718 925,978
Additions -
Disposals / - - - -
adjustment **
Transferred to assets - - - (15) - - (15)
held for sale @
Currency translation (116) 17 (712) -
5HFODVVLFDWLRQ - (33) 28
As of March 31, 2015 417,460 17,713 16,573 408,398 4,325 165,742 # 1,030,211
Additions - - 70
Acquisition 314 - - - 128 - 442
through Business
Combinations @@
Disposals / - - (143) -
adjustment **
Currency translation 103 72 25 75
5HFODVVLFDWLRQ - (706) 12 - (694)
As of March 31, 2016 431,018 16,218 19,901 771,197 4,405 50,030 # 1,292,769
Accumulated
amortisation
As of April 1, 2014 - 11,520 2,845 79,557 19,703 - 113,625
Charge - 908 830 -
Disposals / - - - -
adjustment **
Transferred to assets - - - (3) - - (3)
held for sale @
Currency translation - (134) 85 (627) -
5HFODVVLFDWLRQ - 50 123 (5) 115 - 283
As of March 31, 2015 - 14,116 3,961 85,881 1,333 - 105,291
Charge - -
Disposals / - - (119) -
adjustment **
Currency translation - 103 162 4 -
5HFODVVLFDWLRQ - (660) 12 - - - (648)
As of March 31, 2016 - 12,027 5,342 108,011 2,302 - 127,682
Accumulated
impairment
As of April 1, 2014 2,637 - - - - - 2,637
As of March 31, 2015 2,637 - - - - - 2,637
As of March 31, 2016 2,637 - - - - - 2,637
Net Carrying Amount
As of April 1, 2014 469,136 4,763 9,114 218,275 710 107,718 809,716
As of March 31, 2015 414,823 3,597 12,612 322,517 2,992 165,742 922,283
As of March 31, 2016 428,381 4,191 14,559 663,186 2,103 50,030 1,162,450
* `0QDQG`0QJURVVEORFNDQGDFFXPXODWHGGHSUHFLDWLRQUHVSHFWLYHO\KDVEHHQUHFODVVLHGPDLQO\IURPVRIWZDUHWRRWKHUHTXLSPHQWRSHUDWLQJ
DQGRFHHTXLSPHQWGXULQJWKH\HDUHQGHG0DUFKDQG`0QDQG`0QJURVVEORFNDQGDFFXPXODWHGGHSUHFLDWLRQUHVSHFWLYHO\KDV
EHHQUHFODVVLHGPDLQO\IURPWHFKQLFDOHTXLSPHQWDQGPDFKLQHU\WREDQGZLGWKGXULQJWKH\HDUHQGHG0DUFK
*URVVEORFNDQGDFFXPXODWHGDPRUWLVDWLRQRIOLFHQFHVLQFOXGLQJVSHFWUXPDQGVRIWZDUHKDYHEHHQRVHWXSRQEHLQJIXOO\DPRUWLVHG
LQFOXGHVDGYDQFHSD\PHQWRI`01DQG`0QWRZDUGVVSHFWUXPDVDW0DUFKDQG0DUFKUHVSHFWLYHO\
##0DMRUEXVLQHVVDFTXLVLWLRQVH[SODLQHGLQ1RWH
#5HIHU1RWH

126-355
'XULQJ WKH \HDUV HQGHG 0DUFK DQG 0DUFK LQGXVWU\ DQG FRXQWU\ LQ ZKLFK WKH HQWLW\ RSHUDWHV
WKH*URXSKDVFDSLWDOLVHGERUURZLQJFRVWRI DQG DUH FRQVLVWHQW ZLWK IRUHFDVWV LQFOXGHG LQ LQGXVWU\
`0QDQG0QUHVSHFWLYHO\ reports.
7KH *URXS KDV WDNHQ ERUURZLQJV IURP EDQNV DQG Key assumptions used in value-in-use calculations
QDQFLDO LQVWLWXWLRQV ZKLFK FDUU\ FKDUJH RYHU FHUWDLQ 2SHUDWLQJ PDUJLQV (DUQLQJV EHIRUH LQWHUHVW DQG
RIWKHDERYHDVVHWVUHIHU1RWHIRUGHWDLOVWRZDUGV taxes)
security and pledge). 'LVFRXQWUDWH
:HLJKWHG DYHUDJH UHPDLQLQJ DPRUWLVDWLRQ SHULRG RI *URZWKUDWHV
OLFHQVH DV RI 0DUFK DQG 0DUFK LV Capital expenditures
\HDUVDQG\HDUVUHVSHFWLYHO\ Operating margins: Operating margins have been
,PSDLUPHQW5HYLHZV HVWLPDWHGEDVHGRQSDVWH[SHULHQFHDIWHUFRQVLGHULQJ
7KH *URXS WHVWV JRRGZLOO IRU LPSDLUPHQW DQQXDOO\ LQFUHPHQWDO UHYHQXH DULVLQJ RXW RI DGRSWLRQ RIYDOXHG
RQ 'HFHPEHU DQG ZKHQHYHU WKHUH DUH LQGLFDWRUV DGGHG DQG GDWD VHUYLFHV IURP WKH H[LVWLQJ DQG QHZ
RI LPSDLUPHQW UHIHU 1RWH ,PSDLUPHQW WHVWLQJ LV FXVWRPHUV WKRXJK WKHVH EHQHWV DUH SDUWLDOO\ RVHW
SHUIRUPHG DW WKH OHYHO RI HDFK &DVK *HQHUDWLQJ 8QLW E\ GHFOLQH LQ WDULV LQ D K\SHU FRPSHWLWLYH VFHQDULR
&*8 RU JURXSV RI &*8V H[SHFWHG WR EHQHW IURP 0DUJLQVZLOOEHSRVLWLYHO\LPSDFWHGIURPWKHHFLHQFLHV
DFTXLVLWLRQUHODWHGV\QHUJLHVDQGUHSUHVHQWWKHORZHVW DQGLQLWLDWLYHVGULYHQE\WKH&RPSDQ\DWWKHVDPHWLPH
OHYHOZLWKLQWKHHQWLW\DWZKLFKWKHJRRGZLOOLVPRQLWRUHG IDFWRUVOLNHKLJKHUFKXUQLQFUHDVHGFRVWRIRSHUDWLRQV
IRULQWHUQDOPDQDJHPHQWSXUSRVHVZLWKLQDQRSHUDWLQJ may impact the margins negatively.
VHJPHQW7KHLPSDLUPHQWDVVHVVPHQWLVEDVHGRQYDOXH Discount rate: 'LVFRXQW UDWH UHHFWV WKH FXUUHQW
LQXVHFDOFXODWLRQVH[FHSWLQFDVHRI0RELOH6HUYLFHV PDUNHW DVVHVVPHQW RI WKH ULVNV VSHFLF WR D &*8 RU
%DQJODGHVK ZKHUH IDLU YDOXH OHVV FRVW WR VHOO LV XVHG JURXSRI&*8V7KHGLVFRXQWUDWHLVHVWLPDWHGEDVHGRQ
LQYLHZ RI WKH LPSHQGLQJ PHUJHU RI $LUWHO %DQJODGHVK WKHZHLJKWHGDYHUDJHFRVWRIFDSLWDOIRUUHVSHFWLYH&*8
/LPLWHGZLWK5REL$[LDWD/LPLWHGUHIHU1RWHF RU JURXS RI &*8V 3UHWD[ GLVFRXQW UDWH XVHG UDQJHG
'XULQJ WKH \HDU WKH WHVWLQJ GLG QRW UHVXOW LQ DQ\ IURPWRKLJKHUUDWHXVHGIRU&*8JURXS
LPSDLUPHQWLQWKHFDUU\LQJDPRXQWRIJRRGZLOO 0RELOH6HUYLFHV$IULFDIRUWKH\HDUHQGHG0DUFK
DQG UDQJHG IURP WR KLJKHU UDWH
7KHFDUU\LQJDPRXQWRIJRRGZLOOKDVEHHQDOORFDWHGWR XVHGIRU&*8JURXS0RELOH6HUYLFHV$IULFDIRUWKH
WKHIROORZLQJ&*8*URXSRI&*8V \HDUHQGHG0DUFK
(` Millions) *URZWK UDWHV 7KH JURZWK UDWHV XVHG DUH LQ OLQH ZLWK
As of As of WKH ORQJ WHUP DYHUDJH JURZWK UDWHV RI WKH UHVSHFWLYH
Particulars March March LQGXVWU\DQGFRXQWU\LQZKLFKWKHHQWLW\RSHUDWHVDQG
31, 2016 31, 2015 DUHFRQVLVWHQWZLWKWKHIRUHFDVWVLQFOXGHGLQWKHLQGXVWU\
Mobile Services - India UHSRUWV7KHDYHUDJHJURZWKUDWHVXVHGLQH[WUDSRODWLQJ
FDVK RZV EH\RQG WKH SODQQLQJ SHULRG UDQJHG IURP
Mobile Services -
WRKLJKHUUDWHXVHGIRU&*8JURXS0RELOH
Bangladesh
6HUYLFHV $IULFD &*8 IRU WKH\HDU HQGHG 0DUFK
Airtel business DQGUDQJHGIURPWRKLJKHUUDWHXVHG
Mobile Services - Africa IRU&*8JURXS0RELOH6HUYLFHV%DQJODGHVK&*8IRU
Telemedia Services 344 344 WKH\HDUHQGHG0DUFK
Total 428,381 414,823 Capital expenditures: 7KH FDVK RZ IRUHFDVWV RI
capital expenditure are based on past experience
7KH PHDVXUHPHQW RI WKH IDLU YDOXH OHVV FRVW WR VHOO
FRXSOHG ZLWK DGGLWLRQDO FDSLWDO H[SHQGLWXUH UHTXLUHG
LQ FDVH RI 0RELOH 6HUYLFHV %DQJODGHVK KDV EHHQ
IRU UROO RXW RI LQFUHPHQWDO FRYHUDJH UHTXLUHPHQWV DQG
GHWHUPLQHGEDVHGRQWKHIDLUYDOXHRIVWDNHEDVLV
to provide enhanced voice and data services adjusted
year plan) to be received by the Group in the merged
ZKHUHDSSOLFDEOHIRUWKHLPSDFWRISURSRVHGGLYHVWPHQW
HQWLW\LHFRPELQHGHQWLW\DIWHUPHUJHURI5REL$[LDWD
RIWRZHUVLQ$IULFD
/LPLWHGDQG$LUWHO%DQJODGHVK/LPLWHGLQFRQVLGHUDWLRQ
RIFRQWULEXWLRQWRPHUJHGHQWLW\7KHPHDVXUHPHQWRIDOO Sensitivity to changes in assumptions
other cash generating units value in use is determined :LWK UHJDUG WR WKH DVVHVVPHQW RI YDOXHLQXVH IRU
EDVHG RQ WHQ \HDU QDQFLDO SODQV SODQQLQJ SHULRG 0RELOH6HUYLFHV,QGLD7HOHPHGLD6HUYLFHVDQG$LUWHO
that have been approved by management and are %XVLQHVV DQG IDLU YDOXH OHVV FRVW WR VHOO LQ 0RELOH
DOVR XVHG IRU LQWHUQDO SXUSRVHV 7KH SODQQLQJ KRUL]RQ 6HUYLFHV%DQJODGHVKQRUHDVRQDEO\SRVVLEOHFKDQJH
UHHFWVWKHDVVXPSWLRQVIRUVKRUWWRPLGWHUPPDUNHW LQ DQ\ RI WKH DERYH NH\ DVVXPSWLRQV ZRXOG FDXVH
GHYHORSPHQWV&DVKRZVEH\RQGWKHSODQQLQJSHULRG WKH FDUU\LQJ DPRXQW RI WKHVH XQLWV WR H[FHHG WKHLU
DUH H[WUDSRODWHG XVLQJ DSSURSULDWH WHUPLQDO JURZWK UHFRYHUDEOHDPRXQW)RU0RELOH6HUYLFHV$IULFD&*8
UDWHV 7KH WHUPLQDO JURZWK UDWHV XVHG GR QRW H[FHHG group, the recoverable amount exceeds the carrying
WKH ORQJ WHUP DYHUDJH JURZWK UDWHV RI WKH UHVSHFWLYH DPRXQW E\ DSSUR[LPDWHO\ DV RI 'HFHPEHU

DQG DSSUR[LPDWHO\ DV RI 'HFHPEHU 7KHDPRXQWVUHFRJQLVHGLQWKHFRQVROLGDWHGVWDWHPHQW
$QLQFUHDVHRI'HFHPEHU RIQDQFLDOSRVLWLRQDUHDVIROORZV
in discount rate shall equate the recoverable amount (` Millions)
ZLWK WKH FDUU\LQJ DPRXQW RI WKH 0RELOH 6HUYLFHV
As of As of
$IULFD &*8 JURXS DV RI 'HFHPEHU )XUWKHU
IRU0RELOH6HUYLFHV$IULFD&*8JURXSQRUHDVRQDEO\
2016 2015
SRVVLEOHFKDQJHLQWKHWHUPLQDOJURZWKUDWHEH\RQGWKH
SODQQLQJKRUL]RQZRXOGFDXVHWKHFDUU\LQJDPRXQWWR -RLQW9HQWXUHV
exceed the recoverable amount. Associates - -
17. Investment in Associates, Joint ventures and Total 55,817 46,257
Subsidiaries
17.1 Investments accounted for using the equity 7KH DPRXQWV UHFRJQLVHG LQ WKH FRQVROLGDWHG LQFRPH
method VWDWHPHQWDUHDVIROORZV
7KH*URXSVLQWHUHVWVLQ-RLQW9HQWXUHVDQGDVVRFLDWHV (` Millions)
DUH DFFRXQWHG IRU XVLQJ WKH HTXLW\ PHWKRG RI Year ended Year ended
DFFRXQWLQJ 7KH GHWDLOV 3ULQFLSDO SODFH RI RSHUDWLRQ Particulars March 31, March 31,
FRXQWU\ RI LQFRUSRUDWLRQ SULQFLSDO DFWLYLWLHV DQG 2016 2015
SHUFHQWDJH RI RZQHUVKLS LQWHUHVW DQG YRWLQJ SRZHU
-RLQW9HQWXUHV
GLUHFWLQGLUHFWKHOGE\WKH*URXSRI-RLQW9HQWXUHV
DQG$VVRFLDWHVDUHVHWRXWLQ1RWH Associates - (53)
Total 9,654 7,223
17.1.1 Investments in Joint Ventures

D,QYHVWPHQWVLQ,QGXV7RZHUV/LPLWHG
6XPPDULVHGQDQFLDOLQIRUPDWLRQRI,QGXV7RZHUV/LPLWHGEDVHGRQLWV,)56QDQFLDOVWDWHPHQWVDQGUHFRQFLOLDWLRQZLWKWKH
FDUU\LQJDPRXQWRIWKHLQYHVWPHQWLQFRQVROLGDWHGQDQFLDOVWDWHPHQWVLVDVIROORZV
Summarised Information on Statement of Financial Position
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Assets
Non Current Assets 241,432 243,926
Current Assets
Cash and cash Equivalents 753 533
Other Current Assets (Excluding cash and cash equivalents)
Total Current Assets 18,309 19,401
Liabilities
Non Current Liabilities
Non Current Financial Liabilities (Other than trade and other payables
and provisions) - Loans and borrowings
Other Non Current Liabilities
Total Non Current Liabilities 54,532 63,258
Current Liabilities
Current Financial Liabilities (Other than trade and other payables and
provisions) - Loans and borrowings
Other Current Liabilities
Total Current Liabilities 38,225 53,653
Equity
Percentage of Group's ownership interest 42% 42%
,QWHUHVWLQ-RLQW9HQWXUH
)DLUYDOXDWLRQDGMXVWPHQWZLWKUHJDUGWRSURSHUW\SODQWDQGHTXLSPHQW
on consolidation (net of depreciation impact thereon `0Q
0DUFK`0Q
Other fair value adjustments on consolidation
Carrying amount of investment

126-355
Summarised Information on Income Statement
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Revenue
Depreciation and amortisation
Finance income (including Interest income of ` 697 Mn 772 802
0DUFK` 394 Mn))
Finance cost (including Interest expense of `0Q
0DUFK`0Q
Income tax expense
Percentage of Group's ownership interest 42% 42%
*URXS
VVKDUHLQ-RLQW9HQWXUH
VSURWIRUWKH\HDU
Consolidation adjustments
*URXS
VVKDUHLQ-RLQWYHQWXUHV
SURWUHFRJQLVHG
'LYLGHQGUHFHLYHGIURP-RLQWYHQWXUH -
17.1.1 (b) Information of other joint ventures

$JJUHJDWHLQIRUPDWLRQRIMRLQWYHQWXUHVWKDWDUHQRWLQGLYLGXDOO\PDWHULDOLVDVIROORZV
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Carrying amount of investment 43 123
Cumulative unrecognised losses 2 2
(` Millions)
Groups share in joint ventures
March 31, 2016 March 31, 2015
1HWSURWORVV 14 5
Other comprehensive income 2 4
Total comprehensive income 16 9
Unrecognised losses - 2
5HIHU1RWHIRU*URXSVVKDUHRIMRLQWYHQWXUHVFRPPLWPHQWVDQGFRQWLQJHQFLHV
17.1.2 Investments in Associates

7KH *URXS GRHV QRW KDYH DQ\ LQGLYLGXDOO\ PDWHULDO DVVRFLDWH $JJUHJDWH LQIRUPDWLRQ RI DVVRFLDWHV WKDW DUH QRW
LQGLYLGXDOO\PDWHULDOLVDVIROORZV
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Carrying amount of investment - -
Cumulative unrecognised losses
(` Millions)
Groups share in associates
March 31, 2016 March 31, 2015
1HWSURWORVV (206) (284)
Other comprehensive income / (loss) - (34)
Total comprehensive income / (loss) (206) (318)
Unrecognised losses 206 231
5HIHU1RWHIRU*URXSVVKDUHRIDVVRFLDWHVFRPPLWPHQWV

17.2 Investments in Subsidiaries
7KH GHWDLOV 3ULQFLSDO SODFH RI RSHUDWLRQFRXQWU\ RI LQFRUSRUDWLRQ SULQFLSDO DFWLYLWLHV DQG SHUFHQWDJH RI RZQHUVKLS
LQWHUHVWDQGYRWLQJSRZHUGLUHFWLQGLUHFWKHOGE\WKH*URXSRIVXEVLGLDULHVDUHVHWRXWLQ1RWH
6XPPDULVHGQDQFLDOLQIRUPDWLRQRIVXEVLGLDULHVLQFOXGLQJIDLUYDOXDWLRQDGMXVWPHQWVPDGHDWWKHWLPHRIDFTXLVLWLRQ
LIDQ\KDYLQJPDWHULDOQRQFRQWUROOLQJLQWHUHVWVLVDVIROORZV
(` Millions)
Bharti Infratel Bharti Hexacom $LUWHO1HWZRUNV
Limited* Limited Limited
Particulars As of As of As of As of As of As of
March 31, March 31, March 31, March 31, March 31, March
2016 2015 2016 2015 2016 31, 2015
Assets
Non Current Assets
Current Assets
Liabilities
Non Current Liabilities
Current Liabilities
Equity
Percentage of ownership interest 28.24% 28.12% 30.00% 30.00% 20.94% 20.94%
held by non-controlling interests
Accumulated Non-controlling
interests
(` Millions)
Particulars Year Year Year Year Year Year
ended ended ended ended ended ended
2016 2015 2016 2015 2016 31, 2015
Revenue
1HW3URWORVV
Other Comprehensive Income 6 (2) (2) (1)
Total Comprehensive Income
3URWORVVDOORFDWHGWR1RQ
controlling interests
(` Millions)
Particulars Year Year Year Year Year Year
ended ended ended ended ended ended
2016 2015 2016 2015 2016 31, 2015
1HWFDVKLQRZRXWRZIURP
operating activities
investing activities
QDQFLQJDFWLYLWLHV
1HWFDVKLQRZRXWRZ (410) (241) (246) (732)
Dividend paid to Non-controlling 325 175 - -
interests (including tax)
%DVHGRQFRQVROLGDWHGQDQFLDOVWDWHPHQWVDOVRUHIHU1RWHF

126-355
18. Derivative Financial Instruments
7KH *URXS XVHV IRUHLJQ H[FKDQJH RSWLRQ FRQWUDFWV VZDS FRQWUDFWV IRUZDUG FRQWUDFWV DQG LQWHUHVW UDWH VZDSV WR
PDQDJHVRPHRILWVWUDQVDFWLRQH[SRVXUHV7KHVHGHULYDWLYHLQVWUXPHQWVH[FHSWIRUFHUWDLQLQWHUHVWUDWHVZDSVUHIHU
EHORZ+HGJLQJLQVWUXPHQWVDUHQRWGHVLJQDWHGDVFDVKRZIDLUYDOXHRUQHWLQYHVWPHQWKHGJHVDQGDUHHQWHUHGLQWR
IRUSHULRGVFRQVLVWHQWZLWKFXUUHQF\DQGLQWHUHVWH[SRVXUHV
7KHGHWDLOVRIGHULYDWLYHQDQFLDOLQVWUXPHQWVDUHDVIROORZV
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Assets
&XUUHQF\VZDSVIRUZDUGDQGRSWLRQFRQWUDFWV 280
Interest rate swaps
Embedded derivatives 431
18,764 8,510
Liabilities
&XUUHQF\VZDSVIRUZDUGDQGRSWLRQFRQWUDFWV 381
Interest rate swaps - 73
Embedded derivatives 843 338
1,939 792
Bifurcation of above derivative instruments into current and non
current
1RQFXUUHQWGHULYDWLYHQDQFLDODVVHWV
&XUUHQWGHULYDWLYHQDQFLDODVVHWV
1RQFXUUHQWGHULYDWLYHQDQFLDOOLDELOLWLHV (8) (164)
&XUUHQWGHULYDWLYHQDQFLDOOLDELOLWLHV (628)
16,825 7,718
Embedded Derivative
7KH *URXS HQWHUHG LQWR DJUHHPHQWV GHQRPLQDWHGGHWHUPLQHG LQ IRUHLJQ FXUUHQFLHV 7KH YDOXH RI WKHVH FRQWUDFWV
FKDQJHVLQUHVSRQVHWRWKHFKDQJHVLQVSHFLHGIRUHLJQFXUUHQFLHV6RPHRIWKHVHFRQWUDFWVKDYHHPEHGGHGIRUHLJQ
FXUUHQF\GHULYDWLYHVKDYLQJHFRQRPLFFKDUDFWHULVWLFVDQGULVNVWKDWDUHQRWFORVHO\UHODWHGWRWKRVHRIWKHKRVWFRQWUDFWV
7KHVHHPEHGGHGIRUHLJQFXUUHQF\GHULYDWLYHVKDYHEHHQVHSDUDWHGDQGFDUULHGDWIDLUYDOXHWKURXJKSURWRUORVV
19. Other Financial Assets

(a) Non-current
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Security deposits
Restricted cash
Rent equalisation
Claims recoverable
Receivable in respect of tower sale -
Others 344
Total 27,451 16,018
6HFXULW\GHSRVLWVSULPDULO\LQFOXGHVHFXULW\GHSRVLWVJLYHQWRZDUGVUHQWHGSUHPLVHVFHOOVLWHVLQWHUFRQQHFWSRUWVDQG
other miscellaneous deposits.
7KH*URXSKDVWDNHQERUURZLQJVIURPEDQNVDQGQDQFLDOLQVWLWXWLRQV'HWDLOVWRZDUGVVHFXULW\DQGSOHGJHRIWKHDERYH
DVVHWVDUHJLYHQXQGHU1RWH
5HVWULFWHG FDVK UHSUHVHQWV DPRXQW JLYHQ DV FROODWHUDO IRU OHJDO FDVHV RUDQG EDQN JXDUDQWHHV IRU GLVSXWHG PDWWHUV
LVVXHGLQXVXDOFRXUVHRIEXVLQHVV

(b) Current
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Restricted Cash
Total 14,626 10,075
5HVWULFWHG FDVK UHSUHVHQWV DPRXQW JLYHQ DV FROODWHUDO IRU OHJDO FDVHV RUDQG EDQN JXDUDQWHHV IRU GLVSXWHG PDWWHUV
LVVXHGLQXVXDOFRXUVHRIEXVLQHVVDQGFDVKUHFHLYHGIURPVXEVFULEHUVRI0RELOH&RPPHUFH6HUYLFHV
2WKHU1RQQDQFLDO$VVHWV1RQFXUUHQW
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
)DLUYDOXDWLRQDGMXVWPHQWVQDQFLDODVVHWV
Advances
Others 847 803
Total 30,043 28,383
)DLUYDOXDWLRQRIQDQFLDODVVHWVUHSUHVHQWVXQDPRUWLVHGSRUWLRQRIWKHGLHUHQFHEHWZHHQWKHIDLUYDOXHRIWKHQDQFLDO
assets (security deposits) on initial recognition and the amount paid.
$GYDQFHVUHSUHVHQWSD\PHQWVPDGHWRYDULRXV*RYHUQPHQWDXWKRULWLHVXQGHUSURWHVWDQGDUHGLVFORVHGQHWRISURYLVLRQ
RI`0QDQG`0QDVRI0DUFKDQG0DUFKUHVSHFWLYHO\
21. Inventories
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Transmission equipment 222 160
Handsets 949
Others 146 230
Total 1,692 1,339
7KH*URXSKDVWDNHQERUURZLQJVIURPEDQNVDQGQDQFLDOLQVWLWXWLRQV'HWDLOVWRZDUGVVHFXULW\DQGSOHGJHRIWKHDERYH
DVVHWVDUHJLYHQXQGHU1RWH
22. Trade and Other Receivables

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Trade receivable*
/HVV$OORZDQFHIRUGRXEWIXOGHEWV
Total Trade receivables 65,949 62,204
Other receivables
Due from related party 291 224
Receivables from joint ventures 26 236
Interest accrued on investments 68
Claim receivables
Others 135 39
Total 73,106 67,252

126-355
0RYHPHQWLQDOORZDQFHVIRUGRXEWIXOGHEWV
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Balance, beginning of the year
Additions -
Allowance for the year #
Currency translation adjustment
Application -
:ULWHRRIEDGGHEWVQHWRIUHFRYHU\
Balance, end of the year 35,080 27,795
7UDGHUHFHLYDEOHVLQFOXGHXQELOOHGUHFHLYDEOHV
LQFOXGHVH[FHSWLRQDOLWHPRI`0QUHIHUQRWHLHIRUWKH\HDUHQGHG0DUFK
7KH *URXS KDV WDNHQ ERUURZLQJV IURP EDQNV DQG QDQFLDO LQVWLWXWLRQV ZKLFK FDUU\ FKDUJH RYHU FHUWDLQ RI WKH DERYH
DVVHWV'HWDLOVWRZDUGVVHFXULW\DQGSOHGJHRIWKHDERYHDVVHWVDUHJLYHQXQGHU1RWH
5HIHU1RWHRQFUHGLWULVNRIWUDGHUHFHLYDEOHV
23. Prepayments and Other Assets

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Prepaid expenses
Employee receivables 976 847
Advances to Suppliers
Taxes receivable
Others 524
Total 48,832 31,828
(PSOR\HHUHFHLYDEOHVSULQFLSDOO\FRQVLVWRIDGYDQFHVJLYHQIRUEXVLQHVVSXUSRVHV
$GYDQFHWR6XSSOLHUVDUHGLVFORVHGQHWRISURYLVLRQRI`0QDQG`0QDVRI0DUFKDQG0DUFK
UHVSHFWLYHO\
7D[HVUHFHLYDEOHVLQFOXGHFXVWRPVGXW\H[FLVHGXW\VHUYLFHWD[VDOHVWD[DQGRWKHUUHFRYHUDEOH
24. Other Investments

(a) Non-current
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Held for trading securities - quoted *
'HVLJQDWHGDWIDLUYDOXHWKURXJKSURWRUORVVTXRWHG
,QYHVWPHQWFODVVLHGDV$YDLODEOHIRUVDOH -
Total 28,622 31,260
,QFOXGHLQYHVWPHQWVUHFODVVLHGIURPFXUUHQWLQYHVWPHQWVWRQRQFXUUHQWLQYHVWPHQWVEDVLVWKHIXWXUHXWLOLVDWLRQSODQRIIXQGV

(b) Current
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Held for trading securities - quoted
'HVLJQDWHGDWIDLUYDOXHWKURXJKSURWRUORVVTXRWHG -
/RDQVDQGUHFHLYDEOHV[HGGHSRVLWVZLWKEDQNV
Total 30,059 92,840
7KHPDUNHWYDOXHVRITXRWHGLQYHVWPHQWVZHUHDVVHVVHGRQWKHEDVLVRIWKHTXRWHGSULFHVDVDWWKHGDWHRIVWDWHPHQW
RIQDQFLDOSRVLWLRQ+HOGIRUWUDGLQJLQYHVWPHQWVSULPDULO\FRPSULVHVGHEWOLQNHGPXWXDOIXQGVDQGTXRWHGOLTXLGGHEW
LQVWUXPHQWVLQZKLFKWKH*URXSLQYHVWVVXUSOXVIXQGVWRPDQDJHOLTXLGLW\DQGZRUNLQJFDSLWDOUHTXLUHPHQWV,QYHVWPHQWV
GHVLJQDWHGDWIDLUYDOXHWKURXJKSURWRUORVVFRPSULVHVLQYHVWPHQWVLQGHEWOLQNHGPXWXDOIXQGV
7KH *URXS KDV WDNHQ ERUURZLQJV IURP EDQNV DQG QDQFLDO LQVWLWXWLRQV ZKLFK FDUU\ FKDUJH RYHU FHUWDLQ RI WKH DERYH
DVVHWV'HWDLOVWRZDUGVVHFXULW\DQGSOHGJHRIWKHDERYHDVVHWVDUHJLYHQXQGHU1RWH
25. Cash and Cash Equivalents

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Cash and bank balances
Fixed deposits with banks
Total 37,087 11,719
)RUWKHSXUSRVHRIWKHFRQVROLGDWHGFDVKRZVWDWHPHQWFDVKDQGFDVKHTXLYDOHQWVFRPSULVHRIIROORZLQJ
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
$GG,QFOXGHGLQWKHDVVHWVRIWKHGLVSRVDOJURXS - 73
/HVV%DQNRYHUGUDIWUHIHU1RWH
Total 17,635 (1,415)

126-355
%RUURZLQJV
26.1 Long Term Debts
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Secured
Term loans
Others 20 19
Total 26,299 68,962
/HVV&XUUHQWSRUWLRQUHIHUQRWH
Total secured loans, net of current portion 18,756 31,639
Unsecured
Term loans #
Non-convertible bonds (refer note 26.6) @

Total 525,469 508,030
/HVV&XUUHQWSRUWLRQUHIHUQRWH
Total unsecured loans, net of current portion 508,585 420,644
Total 527,341 452,283
@ Increased by `0QDQG`0QDVRI0DUFKDQG0DUFKUHVSHFWLYHO\IRUWKHLPSDFWRIFKDQJHLQIDLUYDOXHZLWKUHVSHFW
WRWKHKHGJHGULVN
,QFOXGHVUHERUURZDEOHWHUPORDQVRI`0QDQG`1LODVRI0DUFKDQG0DUFKUHVSHFWLYHO\ZKLFKKDYHGDLO\SUHSD\PHQWH[LELOLW\
26.2 Short Term Debts and Current Portion of Long Term Debts
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Secured
Term loans
Bank overdraft 513 987
Total 17,678 11,383
$GG&XUUHQWSRUWLRQRIORQJWHUPGHEWVUHIHUQRWH
Total secured loans, including current portion 25,221 48,706
Unsecured
Term Loans
Bank overdraft
Total 39,560 75,297
$GG&XUUHQWSRUWLRQRIORQJWHUPGHEWVUHIHUQRWH
Total unsecured loans, including current portion 56,444 162,683
Total 81,665 211,389
26.3 7KH*URXSERUURZHG`0QDQG`0QGXULQJWKH\HDUHQGHG0DUFKDQG0DUFK
UHVSHFWLYHO\LQFOXGLQJDPRXQWUHFHLYHGDJDLQVWQRQFRQYHUWLEOHERQGVGXULQJWKH\HDUHQGHG0DUFKDQG
0DUFKUHIHUQRWHEHORZ7KH*URXSUHSDLGERUURZLQJVRI`0QDQG`0QGXULQJWKH
\HDUHQGHG0DUFKDQG0DUFKUHVSHFWLYHO\2WKHUVKRUWWHUPERUURZLQJVQHWSURFHHGVRULJLQDO
maturity upto three months) amounted to `0QDQG`0QGXULQJWKH\HDUHQGHG0DUFKDQG
0DUFKUHVSHFWLYHO\

$QDO\VLVRI%RUURZLQJV
7KHGHWDLOVJLYHQEHORZDUHJURVVRIGHEWRULJLQDWLRQFRVWDQGIDLUYDOXDWLRQDGMXVWPHQWVZLWKUHVSHFWWRWKHKHGJHG
ULVN
0DWXULW\RIERUURZLQJV
7KH WDEOH EHORZ VXPPDULVHV WKH PDWXULW\ SUROH RI WKH *URXSV ERUURZLQJV EDVHG RQ FRQWUDFWXDO XQGLVFRXQWHG
payments.
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Within one year
Between one and two years
%HWZHHQWZRDQGYH\HDUV
2YHUYH\HDUV
Total 599,562 664,631
,QWHUHVWUDWH FXUUHQF\RIERUURZLQJV
7KHEHORZGHWDLOVGRQRWQHFHVVDULO\UHSUHVHQWVIRUHLJQFXUUHQF\RULQWHUHVWUDWHH[SRVXUHWRWKHLQFRPHVWDWHPHQW
VLQFHWKH*URXSKDVWDNHQGHULYDWLYHVIRURVHWWLQJWKHIRUHLJQFXUUHQF\ LQWHUHVWUDWHH[SRVXUH)RUIRUHLJQFXUUHQF\
DQGLQWHUHVWUDWHVHQVLWLYLW\UHIHU1RWH
(` Millions)
Particulars 7RWDOERUURZLQJV )ORDWLQJUDWHERUURZLQJV )L[HGUDWHERUURZLQJV
INR 20
USD
Euro
CHF -
NGN -
XAF -
XOF -
BDT 513
Others
March 31, 2016 599,562 173,078 426,484
INR 19
USD
Euro
CHF -
NGN 441
XAF -
XOF -
BDT 242
Others
March 31, 2015 664,631 332,325 332,306

126-355
26.5 Other Loans
2WKHUVLQFOXGHYHKLFOHORDQVWDNHQIURPEDQNVZKLFKZHUHVHFXUHGE\K\SRWKHFDWLRQRIWKHYHKLFOHV`0QDQG`
0QDVRI0DUFKDQG0DUFKUHVSHFWLYHO\
7KHDPRXQWVSD\DEOHIRUWKHVHREOLJDWLRQVH[FOXGLQJLQWHUHVWH[SHQVHLV`0QDQG`0QIRUWKH\HDUVHQGLQJRQ
0DUFKDQGUHVSHFWLYHO\
26.6 7KH&RPSDQ\LVVXHGVHQLRUXQVHFXUHGQRWHV1RQFRQYHUWLEOHERQGVRU1RWHVGXULQJWKH\HDUHQGHG0DUFK
DQG%KDUWL$LUWHO,QWHUQDWLRQDO1HWKHUODQGV%9DVXEVLGLDU\RIWKH&RPSDQ\LVVXHGVHQLRUXQVHFXUHGJXDUDQWHHG
QRWHV 1RQFRQYHUWLEOH ERQGV RU 1RWHV GXULQJ WKH\HDU HQGHG 0DUFK 7KH 1RWHV LVVXHG E\ %KDUWL $LUWHO
,QWHUQDWLRQDO1HWKHUODQGV%9DUHJXDUDQWHHGE\WKH&RPSDQ\
86'0Q`0Q 99.304% 2025 Singapore

86'0Q`0Q 99.916% 2024 Singapore / Frankfurt
3.375% Euro 750 Mn (`0Q 99.248% 2021 Singapore / Frankfurt
26.7 &RQVLGHULQJ WKH XWLOLVDWLRQ SODQ RI WKH H[SHFWHG VDOH FRQVLGHUDWLRQ UHFHLYDEOH IURP WKH KLJKO\ SUREDEOH IRUHFDVWHG
WUDQVDFWLRQUHODWLQJWRWKHVDOHRIWHOHFRPWRZHUV5HIHU1RWHWKH*URXSKDGUHFODVVLHG`0QIURP/RQJ
WHUPGHEWVWR6KRUWWHUPGHEWVDQGFXUUHQWSRUWLRQRIORQJWHUPGHEWVGXULQJWKH\HDUHQGHG0DUFK

26.8 Security Details
7KH *URXS KDV WDNHQ ERUURZLQJV LQ YDULRXV FRXQWULHV WRZDUGV IXQGLQJ RI LWV DFTXLVLWLRQ DQG ZRUNLQJ FDSLWDO
UHTXLUHPHQWV7KHERUURZLQJVFRPSULVHRIIXQGLQJDUUDQJHPHQWVZLWKYDULRXVEDQNVDQGQDQFLDOLQVWLWXWLRQVWDNHQ
E\WKH3DUHQWDQGVXEVLGLDULHV7KHGHWDLOVRIVHFXULW\SURYLGHGE\WKH*URXSLQYDULRXVFRXQWULHVWRYDULRXVEDQNVRQ
WKHDVVHWVRI3DUHQWDQGVXEVLGLDULHVDUHDVIROORZV
(` Millions)
As of March As of March Security Detail
31, 2016 31, 2015
Bharti Airtel Ltd Parent 20 19 Hypothecation of vehicles
L'HHGRI+\SRWKHFDWLRQE\ZD\RI[HGFKDUJH
FUHDWLQJDUVWUDQNLQJSDULSDVVX[HGFKDUJH
over listed machinery and equipment of the
FRPSDQ\ IDYRXULQJ WKH %DQN ),,V LQYHVWRUV
DQG WKH 2VKRUH 6HFXULW\ $JHQW DQG OHG ZLWK
WKH 5HJLVWUDU RI -RLQW 6WRFN &RPSDQLHV 7KLUG
0RGLFDWLRQWR'HHGRI+\SRWKHFDWLRQIRU(.1
(.16&%0DXULWLXV +')&/RDQIDFLOLWLHV
LL 'HHG RI +\SRWKHFDWLRQ E\ ZD\ RI RDWLQJ

FKDUJHFUHDWLQJDUVWUDQNLQJSDULSDVVXRDWLQJ
FKDUJH RYHU SODQW PDFKLQHU\ DQG HTXLSPHQW
ERWK SUHVHQW DQG IXWXUH H[FOXGLQJ PDFKLQHU\
and equipment covered under the foregoing
'HHG RI +\SRWKHFDWLRQ E\ ZD\ RI [HG FKDUJH
DQG D UVWUDQNLQJ SDUL SDVVX RDWLQJ FKDUJH
RYHU DOO FXUUHQW DVVHWV RI WKH FRPSDQ\ ERWK
SUHVHQW DQG IXWXUH LQFOXGLQJ EXW QRW OLPLWHG WR
VWRFN ERRN GHEWV UHFHLYDEOHV DQG DFFRXQWV RI
WKHFRPSDQ\HQWHUHGLQWRRUWREHHQWHUHGLQWR
E\WKHFRPSDQ\IDYRXULQJWKH%DQN),,V)DFLOLW\
,QYHVWRUVDQG2VKRUH6HFXULW\$JHQWDQGOHG
Airtel
Subsidiary ZLWKWKH5HJLVWUDURI-RLQW6WRFN&RPSDQLHVIRU
Bangladesh Ltd
(.1(.16&%0DXULWLXV +')&ORDQIDFLOLW\
(iii) Corporate Guarantee by BAHSPL

(Bharti Airtel Holdings Pte. Ltd.) to Airtel
%DQJODGHVK /LPLWHG IRU (.1 (.1
HDFC & SCB Mauritius loan facility. Counter
Guarantee to BAHSPL by BAL (Bharti Airtel
/LPLWHG IRU (.1 (.1 +')& ORDQ IDFLOLW\
(iv) Register Hypothecations of all present and

IXWXUH ERRN GHEWV UHFHLYDEOHV PRQLHV DQG
movable property of the Borrower consisting of
UDZPDWHULDOVVWRFNVLQYHQWRU\ZRUNLQSURJUHVV
QLVKHGJRRGVDQGLQVXUDQFHSURFHHGVWKHUHRI
of Airtel Bangladesh on Pari Passu basis with
RWKHU /HQGHUV XQGHU D /HWWHU RI +\SRWKHFDWLRQ
GDWHG )HEUXDU\ DQG LWV VXEVHTXHQW
PRGLFDWLRQV WR WKH K\SRWKHFDWLRQ H[HFXWHG
LQ IDYRU RI WKH H[LVWLQJ OHQGHUV DQG OHG ZLWK
WKH 5HJLVWUDU RI -RLQW 6WRFN &RPSDQLHV )RU
Short Term Working Capital Lenders (STL & OD)
except Citibank N.A).
Bharti Airtel Subsidiary L3OHGJHRIDOO[HGDQGRDWLQJDVVHWV.HQ\D
$IULFD%9DQG 1LJHULD7DQ]DQLD8JDQGD'5&*KDQD
its subsidiaries
LL3OHGJHRQVSHFLF[HGDVVHWV&KDG
Total 44,371 81,099

126-355
$IULFD2SHUDWLRQV$FTXLVLWLRQ5HODWHG%RUURZLQJ limitation on indebtedness and all notes carry a restriction on
/RDQV RXWVWDQGLQJ DV DW WKH EDODQFH VKHHW GDWH LQFOXGHV LQFXUUHQFHRIDQ\OLHQRQLWVDVVHWVRWKHUWKDQDVSHUPLWWHG
FHUWDLQ ORDQV ZKLFK KDYH EHHQ WDNHQ WR UHQDQFH WKH XQGHUWKHDJUHHPHQWXQOHVVDQHHFWLYHSURYLVLRQLVPDGH
$IULFD RSHUDWLRQV DFTXLVLWLRQ UHODWHG ERUURZLQJ 7KHVH WR VHFXUH WKH 1RWHV DQG JXDUDQWHH HTXDOO\ DQG UDWDEO\
loan agreements contain a negative pledge covenant that ZLWK VXFK LQGHEWHGQHVV IRU VR ORQJ DV VXFK LQGHEWHGQHVV
SUHYHQWV WKH *URXS H[FOXGLQJ $LUWHO %DQJODGHVK /LPLWHG LV VR VHFXUHG E\ VXFK OLHQ 7KH OLPLWDWLRQ RQ LQGHEWHGQHVV
%KDUWL $LUWHO $IULFD %9 %KDUWL ,QIUDWHO /LPLWHG DQG WKHLU
FRYHQDQWRQ(XUR1RWHVGXHDQG86'1RWHVGXH
UHVSHFWLYHVXEVLGLDULHVWRFUHDWHRUDOORZWRH[LVWDQ\VHFXULW\
JHWV VXVSHQGHG RQ 1RWHV PHHWLQJ FHUWDLQ DJUHHG FULWHULD
LQWHUHVWRQDQ\RILWVDVVHWVZLWKRXWSULRUZULWWHQFRQVHQWRI
the majority lenders except in certain agreed circumstances. 7KH GHEW FRYHQDQWV UHPDLQHG VXVSHQGHG DV RI WKH GDWH
RI WKH DXWKRULVDWLRQ RI WKH QDQFLDO VWDWHPHQWV 7KH RWKHU
7KH (XUR 1RWHV GXH LQ DQG 86' 1RWHV GXH LQ notes issued do not carry any restrictions on the limitation
LVVXHG E\ %$,1 FRQWDLQ FHUWDLQ FRYHQDQWV UHODWLQJ WR on indebtedness.
26.9 Unused Lines of Credit *

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Secured
Unsecured
Total Unused lines of credit 176,908 180,975
* Excluding non fund based facilities.
27. Deferred Payment Liability

'XULQJWKH\HDUHQGHG0DUFKDQGWKH*URXSKDGZRQWKHDXFWLRQIRUVSHFWUXPDJJUHJDWLQJWR
0K]7KH*URXSKDVRSWHGIRUGHIHUUHGSD\PHQWLQFHUWDLQFLUFOHVIRUDVSHFLHGSRUWLRQRIWKHDXFWLRQSULFHZKHUHE\
LWLVSD\DEOHLQHTXDOLQVWDOOPHQWVLQFOXGLQJWKHUHODWHGLQWHUHVWDIWHUDQLQLWLDOPRUDWRULXPSHULRGRIWZR\HDUV$V
RI0DUFKWKH*RYHUQPHQWRI,QGLDKDVDOORWWHG0+]VSHFWUXPWRWKH*URXS0DUFK
0+]DFFRUGLQJO\WKH*URXSKDVUHFRJQLVHGGHIHUUHGSD\PHQWOLDELOLW\LQFOXGLQJDFFUXHGLQWHUHVWWKHUHWRWRZDUGV
WKHVDPHIRURI`0Q0DUFK`)XUWKHUSHQGLQJWKHDOORFDWLRQRIEDODQFHVSHFWUXPE\
*2,DQDPRXQWRI`0Q0DUFK0QKDVEHHQGLVFORVHGXQGHUFDSLWDOFRPPLWPHQWLQWKH
QRWHVWRWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
28. Provisions
(` Millions)
Particulars (PSOR\HHEHQHWV Asset retirement Total
obligation*
As of March 31, 2014 3,426 8,343 11,769
2IZKLFKFXUUHQW
Provision during the year 734 44 778
Remeasurement losses
(75) - (75)
accounted for in OCI
Payment during the year (498) - (498)
Interest charge - 416 416
Derecognised due to sale
- (20) (20)
(refer Note 43)
&ODVVLHGDVKHOGIRUVDOH
-
(refer Note 43)
As of March 31, 2015 3,587 4,722 8,309
2IZKLFKFXUUHQW
Provision during the year 925 175
Remeasurement losses
129 - 129
accounted for in OCI
Payment during the year (719) - (719)
Interest charge - 286 286

(` Millions)
Particulars (PSOR\HHEHQHWV Asset retirement Total
obligation*
&ODVVLHGIURPKHOGIRU
- 571 571
sale (refer Note 43)
As of March 31, 2016 3,922 5,754 9,676
2IZKLFKFXUUHQW -
3URYLVLRQGXULQJWKH\HDUIRUDVVHWUHWLUHPHQWREOLJDWLRQLVDIWHUFRQVLGHULQJWKHLPSDFWRIFKDQJHLQGLVFRXQWUDWH
'XHWRODUJHQXPEHURIOHDVHDUUDQJHPHQWVRIWKH*URXSWKHUDQJHRIH[SHFWHGSHULRGRIRXWRZVRISURYLVLRQIRU
DVVHWUHWLUHPHQWREOLJDWLRQLVVLJQLFDQWO\ZLGH
7KHPRYHPHQWRISURYLVLRQWRZDUGVVXEMXGLFHPDWWHUVGLVFORVHGXQGHURWKHUQRQQDQFLDODVVHWVQRQFXUUHQWUHIHU
1RWHRWKHUQRQQDQFLDOOLDELOLWLHVFXUUHQWUHIHU1RWHDQGWUDGHDQGRWKHUSD\DEOHVUHIHU1RWHLVDV
EHORZ
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Opening Balance
Additions (Net)
29. Other Financial Liabilities, Non-current

(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Equipment Supply Payable - Non Current 264 939
Security deposits
Lease rent equalisation
Finance lease liabilities *
Others 670
Total 73,700 18,939
LQFOXGHVQDQFHOHDVHOLDELOLWLHVDULVLQJRQVDOHDQGOHDVHEDFNRIWRZHUDVVHWVUHIHUQRWHH
2WKHU1RQQDQFLDO/LDELOLWLHV
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Non - current
)DLUYDOXDWLRQDGMXVWPHQWVQDQFLDOOLDELOLWLHV 692 630
Others 836 836

Current
Taxes payable

Total 23,372 17,363
UHSUHVHQWVXQDPRUWLVHGSRUWLRQRIWKHGLHUHQFHEHWZHHQWKHIDLUYDOXHRIWKHQDQFLDOOLDELOLW\VHFXULW\GHSRVLWRQLQLWLDOUHFRJQLWLRQDQGWKHDPRXQW
received.
7D[HVSD\DEOHLQFOXGHVHUYLFHWD[VDOHVWD[DQGRWKHUWD[HVSD\DEOHDQGDOVRLQFOXGHSURYLVLRQRI`0QDQG
`0QDVRI0DUFKDQG0DUFKUHVSHFWLYHO\WRZDUGVVXEMXGLFHPDWWHUV

126-355
31. Trade and Other Payables
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Trade creditors
Equipment supply payables
Dues to employees
Accrued expenses
Interest accrued but not due
Due to related parties 528
Finance Lease Liabilities * 557
Others
Total 387,456 339,670
LQFOXGHVQDQFHOHDVHOLDELOLWLHVDULVLQJRQVDOHDQGOHDVHEDFNRIWRZHUDVVHWVUHIHUQRWHH
Others include non-interest bearing advance received from customers and international operators.
7UDGHFUHGLWRUVDFFUXHGH[SHQVHVDQGHTXLSPHQWVXSSO\SD\DEOHLQFOXGHSURYLVLRQRI`0QDQG`0Q
DVRI0DUFKDQG0DUFKUHVSHFWLYHO\WRZDUGVVXEMXGLFHPDWWHUV
32. Equity
(i) Shares
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Authorised shares
0DUFK
equity shares of ` 5 each
0DUFK
equity shares of ` 5 each
Treasury shares
0DUFK
equity shares of ` 5 each (524) (114)
a) Treasury Shares
(Shares in Thousands) (` Millions)
As of As of As of As of
Particulars
Opeining Balance 114 342
Purchased during the year - 514 -
Issued during the year (964) (104) (228)
Closing Balance 1,882 1,411 524 114

(ii) Other Reserves
(` Millions)
Particulars Foreign &DVKRZ Reserve Available Share-based Total
currency Hedge arising - for - sale payment
translation reserve on QDQFLDO transcations
reserve transactions investments reserves
ZLWK reserves
non-
controlling
interests
As of April 1, 2014 (16,777) - 29,084 - 4,985 17,292
([FKDQJHGLHUHQFHV
on translation of - - - -
foreign operations
Gain / (loss) on
HHFWLYHSRUWLRQ
- - - -
on hedge of net
investment
Gain / (loss) on
HHFWLYHSRUWLRQRQ - - - -
FDVKRZKHGJH
Share based
- - - - (7) (7)
compensation
Receipt on exercise of
share options (refer - - - - (173) (173)
Note 8.2)
Transaction with non-
controlling interests - - - -
(refer Note 7)
As of March 31, 2015 (52,017) (4,204) 54,626 - 4,805 3,210
([FKDQJHGLHUHQFHV
on translation of - - - -
foreign operations
Gain / (loss) on
HHFWLYHSRUWLRQ
- - - -
on hedge of net
investment
Gain / (loss) on
HHFWLYHSRUWLRQRQ - - - -
FDVKRZKHGJH
Change in value of
available-for-sale - - - 4 - 4
investments
Share based
- - - - 237 237
compensation
Receipt on exercise of
share options (refer - - - - 127 127
Note 8.2)
Transaction with non-
- - 531 - - 531
controlling interests
As of March 31, 2016 (63,306) (724) 55,157 4 5,169 (3,700)

126-355
a) Foreign currency translation reserve WKHVH IRUZDUG FRQWUDFWV DV D FDVK RZ KHGJH RI WKH
(i) Foreign currency translation reserve represents IRUHLJQFXUUHQF\ULVNDULVLQJIURPWKH(XURERUURZLQJV
H[FKDQJH GLHUHQFHV DULVLQJ RQ DFFRXQW RI WKH Any gain or loss on the hedging instrument relating to
WUDQVODWLRQ RI WKH QDQFLDO VWDWHPHQWV RI IRUHLJQ WKHHHFWLYHSRUWLRQRIWKHKHGJHLVUHFRJQLVHGLQRWKHU
subsidiaries including net investment hedges. FRPSUHKHQVLYH LQFRPH QHW RI LQFRPH WD[ $PRXQWV
that had been recognised in other comprehensive
LL 'XULQJ WKH \HDU HQGHG 0DUFK WKH *URXS LQFRPH DUH UHFODVVLHG IURP HTXLW\ WR SURW RU ORVV
KDV IRUPDOO\ GHVLJQDWHG QDQFH OHDVH REOLJDWLRQ DV D UHFODVVLFDWLRQ DGMXVWPHQW LQ WKH VDPH SHULRG
)/2GLVFORVHGXQGHURWKHUQDQFLDOOLDELOLWLHVDULVLQJ RUSHULRGVGXULQJZKLFKWKHKHGJHGFDVKRZVDHFW
RXW RI VDOH DQG OHDVH EDFN RI WRZHU DVVHWV LQ $IULFD SURW RU ORVV /RVV RQ GHULYDWLYH QDQFLDO LQVWUXPHQWV
GHQRPLQDWHG LQ 86' FXUUHQF\ DQG ERQGV LVVXHG QHW RI UHFODVVLFDWLRQ DGMXVWPHQW RI ` 0Q
E\ WKH &RPSDQ\ GHQRPLQDWHG LQ 86' FXUUHQF\ (`0QQHWRIWD[DQGQRQFRQWUROOLQJLQWHUHVWVDQG
as a hedge against net investments in Airtel Congo `1LOGXULQJWKH\HDUHQGHG0DUFKDQG0DUFK
5'& 6$ 1HWZRUN LL /LPLWHG DQG %KDUWL $LUWHO $IULFD UHVSHFWLYHO\ KDV EHHQ UHFRJQLVHG LQ RWKHU
%9 UHVSHFWLYHO\ ZKRVH IXQFWLRQDO FXUUHQF\ LV 86' comprehensive income.
$Q\ IRUHLJQ H[FKDQJH JDLQ RU ORVV RQ WKH KHGJLQJ
LQVWUXPHQW UHODWLQJ WR WKH HHFWLYH SRUWLRQ RI WKH 7KH*URXSKDGGHVLJQDWHGFHUWDLQRILWVIRUHLJQFXUUHQF\
hedge is recognised in other comprehensive income, ERUURZLQJVGHQRPLQDWHGLQ86'DVDFDVKRZKHGJH
QHW RI LQFRPH WD[HV DQG QRQFRQWUROOLQJ LQWHUHVWV WR RI WKH IRUHLJQ FXUUHQF\ ULVN DULVLQJ IURP WKH H[SHFWHG
RVHW WKH FKDQJH LQ WKH YDOXH RI WKH QHW LQYHVWPHQW VDOHFRQVLGHUDWLRQUHFHLYDEOHIURPWKHKLJKO\SUREDEOH
EHLQJKHGJHG1HWIRUHLJQH[FKDQJHORVVRI`0Q IRUHFDVWHG WUDQVDFWLRQ UHODWLQJ WR WKH VDOH RI WHOHFRP
(` 0Q QHW RI WD[ DQG QRQFRQWUROOLQJ LQWHUHVWV WRZHUV 5HIHU 1RWH )RUHLJQ H[FKDQJH ORVV RI
and ` 1LO GXULQJ WKH\HDU HQGHG 0DUFK DQG `0Q`0QQHWRIWD[DQGQRQFRQWUROOLQJ
0DUFK UHVSHFWLYHO\ KDV EHHQ UHFRJQLVHG LQ interests) and `0Q`0QQHWRIWD[DQG
other comprehensive income. QRQFRQWUROOLQJLQWHUHVWVGXULQJWKH\HDUHQGHG0DUFK
DQG0DUFKUHVSHFWLYHO\KDVEHHQ
'XULQJ WKH \HDU HQGHG 0DUFK WKH *URXS recognised in other comprehensive income. Further, on
IRUPDOO\ GHVLJQDWHG IRU DFFRXQWLQJ SXUSRVHV FHUWDLQ RFFXUUHQFH RI IRUHFDVWHG VDOH WUDQVDFWLRQ GXULQJ WKH
(XUR ERUURZLQJV DV D KHGJH DJDLQVW QHW LQYHVWPHQWV \HDUHQGHG0DUFKIRUHLJQH[FKDQJHORVVRI
LQVXEVLGLDULHVLQ)UDQFRSKRQHFRXQWULHVZKHUHWKH `0Q`0QQHWRIWD[DQGQRQFRQWUROOLQJ
ORFDOFXUUHQF\LVSHJJHGWRWKH(XUR)RUHLJQH[FKDQJH LQWHUHVWVGXULQJWKH\HDUHQGHG0DUFKKDV
ORVV RI ` 0Q ` 0Q QHW RI WD[ DQG QRQ EHHQUHFODVVLHGIURPRWKHUFRPSUHKHQVLYHLQFRPHWR
FRQWUROOLQJ LQWHUHVWV DQG IRUHLJQ H[FKDQJH JDLQ RI income statement and disclosed as exceptional item.
`0Q`0QQHWRIWD[DQGQRQFRQWUROOLQJ
LQWHUHVWVGXULQJWKH\HDUHQGHG0DUFKDQG F 5HVHUYHVDULVLQJRQWUDQVDFWLRQVZLWKQRQ
0DUFK UHVSHFWLYHO\ KDV EHHQ UHFRJQLVHG LQ controlling interests
RWKHU FRPSUHKHQVLYH LQFRPH 7KH LQHHFWLYH SRUWLRQ 7KH WUDQVDFWLRQV ZLWK QRQFRQWUROOLQJ LQWHUHVWV DUH
RI JDLQ RI ` 1LO DQG ` 0Q KDV EHHQ UHFRJQLVHG DFFRXQWHG IRU DV WUDQVDFWLRQV ZLWK HTXLW\ RZQHUV RI
as gain in the consolidated income statement during WKH*URXS*DLQVRUORVVHVRQWUDQVDFWLRQVZLWKKROGHUV
WKH\HDUHQGHG0DUFKDQG0DUFK RIQRQFRQWUROOLQJLQWHUHVWVZKLFKGRHVQRWUHVXOWLQWKH
respectively. FKDQJHRIFRQWURODUHUHFRUGHGLQHTXLW\)XUWKHUOLDELOLW\
IRUSXUFKDVHRIQRQFRQWUROOLQJLQWHUHVWVLVUHFRJQLVHG
E &DVKRZKHGJHUHVHUYH
DJDLQVWHTXLW\5HIHU1RWHIRUGHWDLOV
'XULQJ WKH \HDU HQGHG 0DUFK %KDUWL $LUWHO
,QWHUQDWLRQDO 1HWKHUODQGV %9 D VXEVLGLDU\ RI WKH d) Share-based payment transactions reserve
&RPSDQ\ HQWHUHG LQWR (XUR 86' DQG &+) 86' 7KH VKDUHEDVHG SD\PHQW WUDQVDFWLRQV UHVHUYH
IRUZDUG H[FKDQJH FRQWUDFW WR KHGJH WKH FDVK RZ FRPSULVH WKH YDOXH RI HTXLW\VHWWOHG VKDUHEDVHG
ULVN RQ LWV IRUHLJQ FXUUHQF\ ERUURZLQJV GHQRPLQDWHG payment transactions provided to employees
LQ(XURDQG&+)WREHUHSDLGLQ'HFHPEHUDQG LQFOXGLQJ NH\ PDQDJHPHQW SHUVRQQHO DV SDUW RI WKHLU
0DUFK UHVSHFWLYHO\ 7KH *URXS KDV GHVLJQDWHG remuneration.

(iii) Dividends Paid and Proposed
(` Millions)
Particulars
March 31, 2016 March 31, 2015
A Declared and paid during the year:
,QWHULPGLYLGHQG` 1.63 per share of ` 5 each -
Dividend on treasury shares - 3
(including dividend distribution tax of `0Q
)LQDOGLYLGHQGIRU` 1.80 per share of ` 5 each -
Dividend on treasury shares - 4
)LQDOGLYLGHQGIRU` 2.22 per share of ` 5 each -
Dividend on treasury shares 2 -
10,681 16,041
B. Proposed for approval at the annual general meeting (not
recognised as a liability):
)LQDOGLYLGHQGIRU`SHUVKDUH
` 2.22 per share) of ` 5 each
Dividend distribution tax
6,543 10,681
(PSOR\HH%HQHWV
7KHIROORZLQJWDEOHVHWVIRUWKWKHFKDQJHVLQWKHSURMHFWHGEHQHWREOLJDWLRQORQJWHUPHPSOR\HHEHQHWDQGSODQ
DVVHWVDQGDPRXQWVUHFRJQLVHGLQWKHFRQVROLGDWHGVWDWHPHQWRIQDQFLDOSRVLWLRQDVRI0DUFKDQG0DUFK
EHLQJWKHUHVSHFWLYHPHDVXUHPHQWGDWHV
Movement in Obligation
(` Millions)
Particulars Gratuity Compensated
absence
2EOLJDWLRQ$SULO
Acquisitions / Transfer in/ Transfer out (44) (3)
Remeasurements - actuarial loss/ (gain) (0) (175)
Obligation - March 31, 2015 2,426 1,071
2EOLJDWLRQ$SULO
Acquisitions / Transfer in/ Transfer out (22) 1
Remeasurements - actuarial loss/ (gain) 121 (61)
Obligation - March 31, 2016 2,656 1,127

126-355
Movement in Plan Assets - Gratuity
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Fair value of plan assets at beginning of year 104 179
Interest income 9 13
%HQHWVSDLG (39) (2)
Amount received on redemption of plan assets - (161)
Actuarial gain / (loss) (8) 75
Fair value of plan assets at end of year 66 104
Net funded status of plan (2,590) (2,322)
Actual return on plan assets 1 88
7KHFRPSRQHQWVRIWKHJUDWXLW\ FRPSHQVDWHGDEVHQFHFRVWZHUHDVIROORZV
5HFRJQLVHGLQSURWRUORVV
(` Millions)
absence
Interest cost / (income) (net) 200 92
Remeasurements - actuarial loss/ (gain) - (61)
For the year ended March 31, 2016 616 264
Interest cost / (income) (net) 174 90
Remeasurements - actuarial loss/ (gain) - (175)
For the year ended March 31, 2015 528 135
Recognised in other comprehensive income

(` Millions)
absence
Remeasurements - actuarial loss/ (gain) 129 -
For the year ended March 31, 2016 129 -
Remeasurements - actuarial loss/ (gain) (75) -
For the year ended March 31, 2015 (75) -
7KHSULQFLSDODFWXDULDODVVXPSWLRQVXVHGIRUHVWLPDWLQJWKH*URXSVGHQHGEHQHWREOLJDWLRQVDUHVHWRXWEHORZ
(` Millions)
As of As of
Weighted average actuarial assumptions
March 31, 2016 March 31, 2015
Discount Rate 8.00% 8.50%
Expected Rate of increase in Compensation levels 10.00% 10.00%
Expected Rate of Return on Plan Assets 9.00% 8.00%
Expected Average remaining working lives of employees (years) 25.06 years 24.95 years

Sensitivity Analysis:
Particulars Change in assumption (HFWRQ*UDWXLW\ (HFWRQ&RPSHQVDWHG
obligation absence obligation
Discount Rate +1% (243) (98)
-1% 267 107
Salary Growth Rate +1% 265 104
-1% (246) (98)

Particulars Change in assumption (HFWRQ*UDWXLW\ (HFWRQ&RPSHQVDWHG
obligation absence obligation
Discount Rate +1% (237) (103)
-1% 277 123
Salary Growth Rate +1% 294 131
-1% (253) 114
7KH DERYH VHQVLWLYLW\ DQDO\VLV LV EDVHG RQ D FKDQJH LQ DQ DVVXPSWLRQ ZKLOH KROGLQJ DOO RWKHU DVVXPSWLRQV FRQVWDQW
,QSUDFWLFHWKLVLVXQOLNHO\WRRFFXUDQGFKDQJHVLQVRPHRIWKHDVVXPSWLRQVPD\EHFRUUHODWHG:KHQFDOFXODWLQJWKH
VHQVLWLYLW\RIWKHGHQHGEHQHWREOLJDWLRQWRVLJQLFDQWDFWXDULDODVVXPSWLRQVWKHVDPHPHWKRGSURMHFWHGXQLWFUHGLW
PHWKRGKDVEHHQDSSOLHGDVZKHQFDOFXODWLQJWKHGHQHGEHQHWREOLJDWLRQUHFRJQLVHGZLWKLQWKHVWDWHPHQWRIQDQFLDO
position.
+LVWRU\RI([SHULHQFH$GMXVWPHQWVLVDVIROORZV
(` Millions)
absence
Plan Liabilities - (loss)/gain (8) 95
Plan Assets - (loss)/gain (1) -
Plan Liabilities - (loss)/gain (139) 110
Plan Assets - (loss)/gain 75 -
'LVFORVXUHRIRWKHUORQJWHUPHPSOR\HHEHQHWV
/RQJWHUPVHUYLFHDZDUG
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Estimated liability 205 194
6WDWHPHQWRIHPSOR\HHEHQHWSURYLVLRQ
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Gratuity
Compensated absences
2WKHUHPSOR\HHEHQHWV 205 194
Total 3,922 3,587

126-355
34. Fair Value of Financial Assets and Liabilities
6HWRXWEHORZLVDFRPSDULVRQE\FODVVRIWKHFDUU\LQJDPRXQWVDQGIDLUYDOXHRIWKH*URXSVQDQFLDOLQVWUXPHQWV
WKDWDUHUHFRJQLVHGLQWKHQDQFLDOVWDWHPHQWV
(` Millions)
Carrying Amount Fair Value
Particulars As of As of As of As of
Financial Assets
Assets carried at fair value through
SURWRUORVV
Derivatives - not designated as
hedging instruments
&XUUHQF\VZDSVIRUZDUGDQG
601 280 601 280
option contracts
- Interest rate swaps 619 619
- Embedded derivatives 431 431
Derivatives - designated as hedging
instruments
RSWLRQFRQWUDFWVLQFDVKRZ - -
hedge)
- Interest rate swaps (in fair value

hedge)
Held for trading securities - quoted
Investments designated at fair value

WKURXJKSURWRUORVVTXRWHG
Available for sale investments - -
Assets carried at amortised cost
Trade and other receivables
2WKHUQDQFLDODVVHWV
229,715 237,674 229,751 237,651
Financial Liabilities
Liabilities carried at fair value
WKURXJKSURWRUORVV
Derivatives - not designated as
hedging instruments
381 381
option contracts
- Interest rate swaps - 49 - 49
- Embedded derivatives 843 338 843 338
Derivatives - designated as hedging
instruments in fair value hedge
- Interest rate swaps - 24 - 24

(` Millions)
Carrying Amount Fair Value
Particulars As of As of As of As of
Liabilities carried at amortised cost
Borrowings designated as hedging
instruments - Fixed rate
- In hedge of net investment
instruments - Floating rate
,QFDVKRZKHGJH - -
- In hedge of net investment - -
2WKHUERUURZLQJV[HGUDWH
2WKHUERUURZLQJVRDWLQJUDWH
Deferred payment liability
Trade & other payables
2WKHUQDQFLDOOLDELOLWLHVGHVLJQDWHG
as hedging instruments *
2WKHUQDQFLDOOLDELOLWLHV
1,413,525 1,166,240 1,444,147 1,186,331
5HSUHVHQWVQDQFHOHDVHREOLJDWLRQVDULVLQJIURPVDOHDQGOHDVHEDFNRIWRZHUVLQ$IULFD5HIHU1RWHLLDLL
Fair Values QRQFRQYHUWLEOHERQGVLVEDVHGRQWKHTXRWHGPDUNHW

7KH *URXS PDLQWDLQV SROLFLHV DQG SURFHGXUHV WR YDOXH SULFHV 7KH IDLU YDOXH RI XQTXRWHG LQVWUXPHQWV ORDQV
QDQFLDO DVVHWV RU QDQFLDO OLDELOLWLHV XVLQJ WKH EHVW DQG IURP EDQNV DQG RWKHU QDQFLDO OLDELOLWLHV REOLJDWLRQV
most relevant data available. In addition, the Group internally XQGHU QDQFH OHDVHV DV ZHOO DV RWKHU QRQFXUUHQW
UHYLHZV YDOXDWLRQ LQFOXGLQJ LQGHSHQGHQW SULFH YDOLGDWLRQ QDQFLDO OLDELOLWLHV LV HVWLPDWHG E\ GLVFRXQWLQJ IXWXUH
IRU FHUWDLQ LQVWUXPHQWV )XUWKHU LQ RWKHU LQVWDQFHV WKH FDVK RZV XVLQJ UDWHV FXUUHQWO\ DYDLODEOH IRU GHEW RQ
Group retains independent pricing vendors to assist in VLPLODUWHUPVFUHGLWULVNDQGUHPDLQLQJPDWXULWLHV
FRUURERUDWLQJWKHYDOXDWLRQRIFHUWDLQLQVWUXPHQWV LY 7KH IDLU YDOXHV RI GHULYDWLYHV DUH HVWLPDWHG E\ XVLQJ
7KH IDLU YDOXHV RI WKH QDQFLDO DVVHWV DQG OLDELOLWLHV DUH SULFLQJ PRGHOV ZKHUH WKH LQSXWV WR WKRVH PRGHOV
LQFOXGHG DW WKH DPRXQW WKDW ZRXOG EH UHFHLYHG WR VHOO DQ DUH EDVHG RQ UHDGLO\ REVHUYDEOH PDUNHW SDUDPHWHUV
DVVHWRUSDLGWRWUDQVIHUDOLDELOLW\LQDQRUGHUO\WUDQVDFWLRQ 7KH YDOXDWLRQ PRGHOV XVHG E\ WKH *URXS UHHFW WKH
EHWZHHQPDUNHWSDUWLFLSDQWVDWWKHPHDVXUHPHQWGDWH FRQWUDFWXDO WHUPV RI WKH GHULYDWLYHV LQFOXGLQJ WKH
SHULRGWRPDWXULW\DQGPDUNHWEDVHGSDUDPHWHUVVXFK
7KH IROORZLQJ PHWKRGV DQG DVVXPSWLRQV ZHUH XVHG WR DVLQWHUHVWUDWHVIRUHLJQH[FKDQJHUDWHVDQGYRODWLOLW\
HVWLPDWHWKHIDLUYDOXHV 7KHVHPRGHOVGRQRWFRQWDLQDKLJKOHYHORIVXEMHFWLYLW\
i. Cash and short-term deposits, trade receivables, as the valuation techniques used do not require
WUDGHSD\DEOHVDQGRWKHUFXUUHQWQDQFLDODVVHWVDQG VLJQLFDQW MXGJHPHQW DQG LQSXWV WKHUHWR DUH UHDGLO\
liabilities approximate their carrying amounts largely REVHUYDEOHIURPDFWLYHO\TXRWHGPDUNHWSULFHV
GXHWRWKHVKRUWWHUPPDWXULWLHVRIWKHVHLQVWUXPHQWV 0DUNHWSUDFWLFHLQSULFLQJGHULYDWLYHVLQLWLDOO\DVVXPHV
LL /RQJWHUP [HGUDWH DQG YDULDEOHUDWH UHFHLYDEOHV all counterparties have the same credit quality. Credit
ERUURZLQJV DUH HYDOXDWHG E\ WKH *URXS EDVHG RQ YDOXDWLRQDGMXVWPHQWVDUHQHFHVVDU\ZKHQWKHPDUNHW
SDUDPHWHUVVXFKDVLQWHUHVWUDWHVVSHFLFFRXQWU\ULVN SDUDPHWHU IRU H[DPSOH D EHQFKPDUN FXUYH XVHG WR
IDFWRUVFUHGLWULVNDQGRWKHUULVNFKDUDFWHULVWLFV%DVHG YDOXHGHULYDWLYHVLVQRWLQGLFDWLYHRIWKHFUHGLWTXDOLW\RI
RQWKLVHYDOXDWLRQDOORZDQFHVDUHWDNHQWRDFFRXQWIRU WKH *URXS RU LWV FRXQWHUSDUWLHV 7KH *URXS PDQDJHV
WKHH[SHFWHGORVVHVRIWKHVHUHFHLYDEOHV$VRI0DUFK GHULYDWLYH FRXQWHUSDUW\ FUHGLW ULVN E\ FRQVLGHULQJ
WKH FDUU\LQJ DPRXQWV RI VXFK UHFHLYDEOHV WKH FXUUHQW H[SRVXUH ZKLFK LV WKH UHSODFHPHQW
QHWRIDOORZDQFHVDUHQRWPDWHULDOO\GLHUHQWIURPWKHLU FRVW RI FRQWUDFWV RQ WKH PHDVXUHPHQW GDWH DV ZHOO
FDOFXODWHGIDLUYDOXHV DV HVWLPDWLQJ WKH PD[LPXP SRWHQWLDO YDOXH RI WKH
contracts over their remaining lives, considering
LLL )DLU YDOXH RI TXRWHG PXWXDO IXQGV LV EDVHG RQ SULFH VXFK IDFWRUV DV PDWXULW\ GDWH DQG WKH YRODWLOLW\ RI WKH
TXRWDWLRQV DW WKH UHSRUWLQJ GDWH )DLUYDOXH RI TXRWHG XQGHUO\LQJ RU UHIHUHQFH LQGH[ 7KH *URXS PLWLJDWHV

126-355
GHULYDWLYH FUHGLW ULVN E\ WUDQVDFWLQJ ZLWK KLJKO\ UDWHG /HYHO RWKHU WHFKQLTXHV IRU ZKLFK DOO LQSXWV ZKLFK
FRXQWHUSDUWLHV 0DQDJHPHQW KDV HYDOXDWHG WKH KDYHDVLJQLFDQWHHFWRQWKHUHFRUGHGIDLUYDOXHVDUH
FUHGLW DQG QRQSHUIRUPDQFH ULVNV DVVRFLDWHG ZLWK observable, either directly or indirectly
its derivative counterparties and believe them to be
/HYHO WHFKQLTXHV ZKLFK XVH LQSXWV WKDW KDYH D
LQVLJQLFDQWDQGQRWZDUUDQWLQJDFUHGLWDGMXVWPHQW
VLJQLFDQW HHFW RQ WKH UHFRUGHG IDLU YDOXHV WKDW DUH
Fair Value Hierarchy QRWEDVHGRQREVHUYDEOHPDUNHWGDWD
7KHIROORZLQJWDEOHSURYLGHVWKHIDLUYDOXHPHDVXUHPHQW 'HULYDWLYH DVVHWV DQG OLDELOLWLHV LQFOXGHG LQ /HYHO
KLHUDUFK\ RI *URXSV DVVHW DQG OLDELOLWLHV JURXSHG LQWR SULPDULO\UHSUHVHQWLQWHUHVWUDWHVZDSVFURVVFXUUHQF\
/HYHOWR/HYHODVGHVFULEHGEHORZ VZDSV IRUHLJQ FXUUHQF\ IRUZDUG DQG RSWLRQ FRQWUDFWV
/HYHO TXRWHG XQDGMXVWHG SULFHV LQ DFWLYH PDUNHWV and embedded derivatives.
IRULGHQWLFDODVVHWVRUOLDELOLWLHV
Assets / Liabilities Measured at Fair Value

(` Millions)
Particulars
Level 1 Level 2 Level 3
Financial assets
Derivatives - not designated as hedging instruments
&XUUHQF\VZDSVIRUZDUGDQGRSWLRQFRQWUDFWV - 601 -
- Interest rate swaps - -
- Embedded derivatives - 380 51
Derivatives - designated as hedging instruments
&XUUHQF\VZDSVIRUZDUGDQGRSWLRQFRQWUDFWV
- -
LQFDVKRZKHGJH
- Interest rate swaps (in fair value hedge) - -
Held for trading securities - quoted - -
'HVLJQDWHGDWIDLUYDOXHWKURXJKSURWRUORVVTXRWHG - -
Available for sale investments - -
Financial liabilities
&XUUHQF\VZDSVIRUZDUGDQGRSWLRQFRQWUDFWV - -
- Interest rate swaps - - -
- Embedded derivatives - 843 -
- Interest rate swaps (in fair value hedge) - - -

(` Millions)
Particulars
Financial assets
- Interest rate swaps - 619 -
- Embedded derivatives - 147
- Interest rate swaps (in fair value hedge) - -
Held for trading securities - quoted - -
'HVLJQDWHGDWIDLUYDOXHWKURXJKSURWRUORVVTXRWHG - -
- Interest rate swaps - 49 -
- Embedded derivatives - 338 -
- Interest rate swaps (in fair value hedge) - 24 -
$VVHWV/LDELOLWLHVIRUZKLFKIDLUYDOXHLVGLVFORVHG
(` Millions)
Particulars
Financial assets
2WKHUQDQFLDODVVHWV - -
Borrowings designated as hedging instruments - Fixed rate
2WKHUERUURZLQJV[HGUDWH
Deferred payment liability
2WKHUQDQFLDOOLDELOLWLHVGHVLJQDWHGDVKHGJLQJLQVWUXPHQWV
- In hedge of net investment
2WKHUQDQFLDOOLDELOLWLHV - -
(` Millions)
Particulars
Financial assets
2WKHUQDQFLDODVVHWV - -
Borrowings designated as hedging instruments - Fixed rate
2WKHUERUURZLQJV[HGUDWH - -
Deferred payment liability - -
2WKHUQDQFLDOOLDELOLWLHV - -
'XULQJWKH\HDUHQGHG0DUFKDQG0DUFKWKHUHZHUHQRWUDQVIHUVEHWZHHQ/HYHODQG/HYHOIDLUYDOXH
PHDVXUHPHQWVDQGQRWUDQVIHULQWRDQGRXWRI/HYHOIDLUYDOXHPHDVXUHPHQWV

126-355
)ROORZLQJWDEOHGHVFULEHVWKHYDOXDWLRQWHFKQLTXHVXVHGDQGNH\LQSXWVWRYDOXDWLRQZLWKLQOHYHODQGDQGTXDQWLWDWLYH
LQIRUPDWLRQDERXWVLJQLFDQWXQREVHUYDEOHLQSXWVIRUIDLUYDOXHPHDVXUHPHQWVZLWKLQ/HYHORIWKHIDLUYDOXHKLHUDUFK\DVRI
0DUFKDQG0DUFKUHVSHFWLYHO\
a) Assets / Liabilities measured at fair value
Quantitative
Fair value Valuation information
Particulars Inputs used
hierarchy technique DERXWVLJQLFDQW
unobservable inputs
Financial assets
Derivatives - not designated
as hedging instruments
&XUUHQF\VZDSVIRUZDUG Level 2 Market valuation Forward foreign currency -
and option contracts techniques H[FKDQJHUDWHV,QWHUHVWUDWHV
WRGLVFRXQWIXWXUHFDVKRZ
- Interest rate swaps Level 2 Market valuation Prevailing/forward interest -
techniques UDWHVLQPDUNHW,QWHUHVWUDWHV
- Embedded derivatives Level 3 Discounted Cash Expected future payouts Expected future payouts
Flow WRYHQGRU)RUZDUGIRUHLJQ to vendor ranging from
FXUUHQF\H[FKDQJHUDWHV USD 13 Mn to USD 18
Interest rates to discount Mn and USD 31 Mn to
IXWXUHFDVKRZ USD 46 Mn per quarter
DVRI0DUFKDQG
DVRI0DUFK
respectively
- Embedded derivatives Level 2 Discounted Cash $PRXQWSD\DEOHLQIXWXUH -
(others) Flow Forward foreign currency
H[FKDQJHUDWHV,QWHUHVWUDWHV
Derivatives - designated as
hedging instruments
and option contracts (in techniques H[FKDQJHUDWHV,QWHUHVWUDWHV
FDVKRZKHGJH WRGLVFRXQWIXWXUHFDVKRZ
- Interest rate swaps (in fair Level 2 Market valuation Prevailing/forward interest -
value hedge) techniques UDWHVLQPDUNHW,QWHUHVWUDWHV
Derivatives - not designated
and option contracts techniques H[FKDQJHUDWHV,QWHUHVWUDWHV
- Interest rate swaps Level 2 Market valuation Prevailing/forward interest -
techniques UDWHVLQPDUNHW,QWHUHVWUDWHV
- Embedded derivatives Level 2 Discounted Cash $PRXQWSD\DEOHLQIXWXUH -
(others) Flow Forward foreign currency
H[FKDQJHUDWHV,QWHUHVWUDWHV
Derivatives - designated as
hedging instruments
- Interest rate swaps (in fair Level 2 Market valuation Prevailing/forward interest -
value hedge) techniques UDWHVLQPDUNHW,QWHUHVWUDWHV

E $VVHWV/LDELOLWLHVIRUZKLFKIDLUYDOXHLVGLVFORVHG
Fair value
Particulars Valuation technique Inputs used
hierarchy
Financial assets
Prevailing interest rates to
2WKHUQDQFLDODVVHWV Level 2 Discounted Cash Flow
GLVFRXQWIXWXUHFDVKRZV
LQVWUXPHQWV[HGUDWH
- In hedge of net investment Level 2 Discounted Cash Flow 3UHYDLOLQJLQWHUHVWUDWHVLQPDUNHW
Future payouts
2WKHUERUURZLQJV[HGUDWH Level 2 Discounted Cash Flow 3UHYDLOLQJLQWHUHVWUDWHVLQPDUNHW
Future payouts
Deferred payment liability Level 2 Discounted Cash Flow 3UHYDLOLQJLQWHUHVWUDWHVLQPDUNHW
Future payouts
2WKHUQDQFLDOOLDELOLWLHVGHVLJQDWHG
- In hedge of net investment Level 2 Discounted Cash Flow Prevailing interest rates to
2WKHUQDQFLDOOLDELOLWLHV Level 2 Discounted Cash Flow Prevailing interest rates to
5HFRQFLOLDWLRQRIIDLUYDOXHPHDVXUHPHQWVFDWHJRULVHGZLWKLQOHYHORIWKHIDLUYDOXHKLHUDUFK\)LQDQFLDO
assets / (liabilities) (net)
(` Millions)
Particulars
March 31, 2016 March 31, 2015
Opening balance
Gain / (losses) recognised in consolidated income statement
(including settlements)*
5HFRJQLVHGLQQDQFHLQFRPHQDQFHFRVWV (352) (181)
- Recognised in exceptional items (net) (refer note 12 (i) d) -
([FKDQJHGLHUHQFHRQWUDQVODWLRQRIIRUHLJQRSHUDWLRQUHFRJQLVHG 14 (331)
in OCI
Closing balance 51
2XWRIWKHVHJDLQVORVVHVJDLQRI`0QDQGORVVRI`0QUHODWHVWRDVVHWVOLDELOLWLHVKHOGDWWKHHQGRI0DUFKDQG0DUFK

respectively.
Valuation process used for fair value measurements GHULYDWLYHFDWHJRULVHGZLWKLQOHYHO7KHYDOXHRIHPEHGGHG

FDWHJRULVHGZLWKLQOHYHORIWKHIDLUYDOXHKLHUDUFK\ GHULYDWLYH LV WKH GLHUHQWLDO RI WKH SUHVHQW YDOXH RI IXWXUH
payouts on the reporting date, over that determined based
7KH *URXS KDV HQWHUHG LQWR WHFKQRORJ\ RXWVRXUFLQJ
RQ WKH IRUZDUG UDWHV SUHYDLOLQJ DW WKH LQFHSWLRQ RI WKH
FRQWUDFWXQGHUZKLFKSD\RXWVDUHOLQNHGWRUHYHQXHGXULQJ
FRQWUDFW7KHSUHVHQWYDOXHLVFDOFXODWHGXVLQJDGLVFRXQWHG
WKH FRQWUDFW SHULRG 7KH SRUWLRQ RI WKH SD\RXW SD\DEOH
FDVKRZPRGHO
DW VSRW UDWH RI IRUHLJQ FXUUHQF\ UHVXOWV LQ DQ HPEHGGHG
GHULYDWLYH 7KH VLJQLFDQW LQSXWV WR WKHYDOXDWLRQ PRGHO RI Narrative description of sensitivity of fair value changes
WKHVHHPEHGGHGGHULYDWLYHVDUHIXWXUHUHYHQXHSURMHFWLRQV to changes in unobservable inputs
DQGIRUHLJQH[FKDQJHIRUZDUGUDWHVRYHUWKHFRQWUDFWSHULRG
7KHIDLUYDOXHRIHPEHGGHGGHULYDWLYHLVGLUHFWO\SURSRUWLRQDO
7KH UHYHQXH SURMHFWLRQV EHLQJ EDVHG RQ WKH UROOLQJ WHQ
WRWKHH[SHFWHGIXWXUHSD\RXWVWRYHQGRUFRQVLGHUHGIRUWKH
\HDU QDQFLDO SODQ DSSURYHG E\ PDQDJHPHQW FRQVWLWXWH
SXUSRVHRIYDOXDWLRQRIWKHHPEHGGHGGHULYDWLYH,IIXWXUH
D VLJQLFDQW XQREVHUYDEOH LQSXW WR WKH YDOXDWLRQ WKHUHE\
SD\RXWVWRYHQGRUZHUHWRLQFUHDVHGHFUHDVHE\ZLWKDOO
UHVXOWLQJ LQ WKH HPEHGGHG GHULYDWLYH EHLQJ FODVVLHG DV
WKHRWKHUYDULDEOHVKHOGFRQVWDQWWKHIDLUYDOXHRIHPEHGGHG
/HYHOLQWKHIDLUYDOXHKLHUDUFK\
GHULYDWLYHZRXOGLQFUHDVHGHFUHDVHE\
7KH *URXS HQJDJHV H[WHUQDO LQGHSHQGHQW DQG TXDOLHG
YDOXHUVWRGHWHUPLQHWKHIDLUYDOXHRIWKH*URXSVHPEHGGHG

126-355
35. Related Party Transactions
5HODWHGSDUW\WUDQVDFWLRQVUHSUHVHQWWUDQVDFWLRQVHQWHUHGLQWRE\WKH*URXSZLWKHQWLWLHVKDYLQJVLJQLFDQWLQXHQFH
RYHUWKH*URXSVLJQLFDQWLQXHQFHHQWLWLHVDVVRFLDWHVMRLQWYHQWXUHVDQGRWKHUUHODWHGSDUWLHV7KHWUDQVDFWLRQVZLWK
WKHUHODWHGSDUWLHVIRUWKH\HDUVHQGHG0DUFKDQG0DUFKUHVSHFWLYHO\DUHGHVFULEHGEHORZ
a) Transactions for the period
(` Millions)
Year ended March 31, 2016 Year ended March 31, 2015
6LJQLFDQW Associates Joint Other 6LJQLFDQW Associates Joint Other
Relationship
LQXHQFH Ventures related LQXHQFH Ventures related
entities parties entities parties
Purchase of assets - - - - (111) -
Purchase of - - - - - - (10) -
investment
Reduction of share - - - - - - 87 -
capital
Sale / Rendering of 125 36 385 140 - 274
services
Purchase of goods / (629) (928) (614) (305)
Reimbursement of - - (4) - - (3)
energy expenses
Loans to related - 14 5 40 - 154 - -
party
Loan repayment - (14) - - - - -
Expenses incurred by - 5 14 42 - 23 - 2
the Group on behalf
of related party
Expenses incurred by - - (113) (355) - - (114) (949)
related party for the
Group
Security deposit paid - - 125 73 1 0 73 0
Refund of security - - (4) (32) (1) - (384) -
deposit
Interest income on - 21 0 1 - 47 - -
loan
Claim received - - - 72 - - - 46
Dividend paid - - (590) - - (912)
Dividend received - - - - - - -
b) Closing Balances
(` Millions)
Closing balance as of March 31, 2016 Closing balance as of March 31, 2015
6LJQLFDQW Other 6LJQLFDQW Other
Relationship
LQXHQFH Joint related LQXHQFH Joint related
entities Associates Ventures parties entities Associates Ventures parties
Due From 233 - 342 591
Due To (533) (613) (718) (436) (146) (759)
(300) (613) (4,897) 715 (94) 445 (5,003) 464
2WKHU 5HODWHG 3DUWLHV LQFOXGHV FHUWDLQ HQWLWLHV JXDUDQWHHV SURYLGHG RU UHFHLYHG IRU DQ\ UHODWHG SDUW\
EHORQJLQJWRWKHRYHUDOO%KDUWLJURXSZKLFKWKRXJKQRW UHFHLYDEOHV RU SD\DEOHV 7KH *URXS KDV QRW UHFRUGHG
FRYHUHGDV5HODWHG3DUWLHVDVSHUWKHGHQLWLRQXQGHU DQ\ LPSDLUPHQW RI UHFHLYDEOHV UHODWLQJ WR DPRXQWV
,$6 KDYH EHHQ LQFOXGHG YROXQWDULO\ IRU GLVFORVXUH RZHGE\UHODWHGSDUWLHV7KLVDVVHVVPHQWLVWDNHQHDFK
purpose. \HDU WKURXJK H[DPLQLQJ WKH QDQFLDO SRVLWLRQ RI WKH
UHODWHGSDUW\DQGWKHPDUNHWLQZKLFKWKHUHODWHGSDUW\
2XWVWDQGLQJ EDODQFHV DW SHULRG HQG DUH XQVHFXUHG
operates.
DQG VHWWOHPHQW RFFXUV LQ FDVK 7KHUH KDYH EHHQ QR

,Q DGGLWLRQ WR WKH DERYH ` 0Q DQG ` 0Q 6DOHRIVHUYLFHVLQFOXGHVSULPDULO\ELOOLQJIRUEURDGEDQG
GRQDWLRQ KDV EHHQ JLYHQ WR %KDUWL )RXQGDWLRQ GXULQJ international long distance services, mobile, access and
WKH\HDUHQGHG0DUFKDQG0DUFK roaming services.
respectively.
3XUFKDVH RI VHUYLFHV LQFOXGHV SULPDULO\ ELOOLQJ IRU
3XUFKDVH RI DVVHWV LQFOXGHV SULPDULO\ SXUFKDVH RI broadband, international long distance services, billing
EDQGZLGWKFRPSXWHUVRIWZDUHWHOHSKRQHLQVWUXPHQWV IRUWRZHULQIUDVWUXFWXUHVHUYLFHVPDLQWHQDQFHFKDUJHV
DQGQHWZRUNHTXLSPHQWV WRZDUGVQHWZRUNHTXLSPHQWVDQGOHDVLQJRISUHPLVHV
([SHQVHVLQFXUUHGE\IRUWKH*URXSLQFOXGHH[SHQVHV
RIJHQHUDODQGDGPLQLVWUDWLYHQDWXUH
5HPXQHUDWLRQWRNH\PDQDJHPHQWSHUVRQQHOZHUHDVIROORZV
(` Millions)
Particulars
March 31, 2016 March 31, 2015
6KRUWWHUPHPSOR\HHEHQHWV 274 250
Performance linked incentive ('PLI')# 153 153
3RVW(PSOR\PHQWEHQHWV
'HQHGFRQWULEXWLRQSODQ 24 22
'HQHGEHQHWSODQ - -
2WKHUORQJWHUPEHQHWV - -
Share-based payment** 57 35
508 460
9DOXHRI3/,FRQVLGHUHGDERYHUHSUHVHQWVLQFHQWLYHDWSHUIRUPDQFHOHYHO+RZHYHUVDPHZLOOEHSDLGRQWKHEDVLVRIDFWXDOSHUIRUPDQFHSDUDPHWHUV
LQQH[W\HDU$GGLWLRQDOSURYLVLRQRI`0QDQG`0QKDVEHHQUHFRUGHGLQWKHERRNVWRZDUGV3/,IRUWKH\HDUHQGHG0DUFKDQG0DUFK
UHVSHFWLYHO\'XULQJWKH\HDUHQGHG0DUFK3/,RI`0Q0DUFK`0QSHUWDLQLQJWRSUHYLRXV\HDUKDVEHHQSDLG
$V WKH OLDELOLWLHV IRU GHQHG EHQHW SODQ LH JUDWXLW\ DQG RWKHU ORQJ WHUP EHQHWV LH FRPSHQVDWHG DEVHQFHV DUH SURYLGHG RQ DFWXDULDO EDVLV IRU WKH
&RPSDQ\DVDZKROHWKHDPRXQWVSHUWDLQLQJWRNH\PDQDJHPHQWSHUVRQQHODUHQRWLQFOXGHGDERYH
,WUHSUHVHQWVH[SHQVHUHFRJQLVHGLQWKHLQFRPHVWDWHPHQWIRURSWLRQVJUDQWHG
In addition to above `WKRXVDQGGXULQJWKH\HDUHQGHG0DUFKDQG`WKRXVDQGGXULQJWKH\HDUHQGHG0DUFKKDVEHHQSDLGDV
HTXLW\GLYLGHQGWRNH\PDQDJHPHQWSHUVRQQHO
36. Lease Disclosure

Operating Lease
$VOHVVHHWKH*URXSVREOLJDWLRQVDULVLQJIURPQRQFDQFHOODEOHOHDVHDUHPDLQO\UHODWHGWROHDVHDUUDQJHPHQWVIRUSDVVLYH
LQIUDVWUXFWXUHDQGUHDOHVWDWH7KHVHOHDVHVKDYHYDULRXVH[WHQVLRQRSWLRQVDQGHVFDODWLRQFODXVH$VSHUWKHDJUHHPHQWV
PD[LPXPREOLJDWLRQRQORQJWHUPQRQFDQFHOODEOHRSHUDWLQJOHDVHVDUHDVIROORZV
7KHIXWXUHPLQLPXPOHDVHSD\PHQWVREOLJDWLRQVas lessee DUHDVIROORZV
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Obligations on non-cancellable leases :
Not later than one year
/DWHUWKDQRQH\HDUEXWQRWODWHUWKDQYH\HDUV
/DWHUWKDQYH\HDUV
Total 319,985 307,914
Lease Rentals (Excluding lease equalisation adjustment of `
Mn and `0QIRUWKH\HDUHQGHG0DUFKDQG
0DUFK

126-355
7KH IXWXUH PLQLPXP OHDVH SD\PHQWV REOLJDWLRQ GLVFORVHG DERYH LQFOXGH WKH EHORZ IXWXUH PLQLPXP OHDVH SD\PHQWV
REOLJDWLRQVSD\DEOHWRMRLQWYHQWXUHVZKLFKPDLQO\SHUWDLQWRDPRXQWVSD\DEOHXQGHUWKH0DVWHU6HUYLFHV$JUHHPHQW
HQWHUHGE\WKH3DUHQWDQGLWVVXEVLGLDULHVZLWK,QGXV7RZHUV/LPLWHGDMRLQWYHQWXUHRIWKH*URXS
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Obligations to joint venture on non-cancellable leases :
/DWHUWKDQYH\HDUV
Total 161,094 177,822
7KHHVFDODWLRQFODXVHLQFOXGHVHVFDODWLRQUDQJLQJIURPWRLQFOXGHVRSWLRQRIUHQHZDOIURPWR\HDUVDQG
there is no restrictions imposed by lease arrangements.
$VOHVVRUWKH*URXSVUHFHLYDEOHVDULVLQJIURPQRQFDQFHOODEOHOHDVHDUHPDLQO\UHODWHGWROHDVHDUUDQJHPHQWVIRUSDVVLYH
LQIUDVWUXFWXUH
7KHIXWXUHPLQLPXPOHDVHSD\PHQWVUHFHLYDEOHas lessorDUHDVIROORZV
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Receivables on non-cancellable leases :
/DWHUWKDQYH\HDUV
Total 122,668 111,408
Finance Lease
(i) Finance lease obligation of the Group as lesseeDVRI0DUFKLVDVIROORZV
(` Millions)
lease payments
/DWHUWKDQYH\HDUV
Total 87,804 29,933 57,871
Finance lease obligation of the Group as lesseeDVRI0DUFKLVDVIROORZV

(` Millions)
lease payments
/DWHUWKDQRQH\HDUEXWQRWODWHUWKDQYH\HDUV 421 662
/DWHUWKDQYH\HDUV 575 166 409
Total 2,379 751 1,628
7KHHVFDODWLRQFODXVHLQFOXGHVHVFDODWLRQUDQJLQJIURPWRLQFOXGHVRSWLRQRIUHQHZDOLQEORFNRI\HDUV

(ii) The future minimum lease payments receivable of the Group as lessorDVRI0DUFKLVDVIROORZV
(` Millions)
lease payments
/DWHUWKDQRQH\HDUEXWQRWODWHUWKDQYH\HDUV 297 37 260
/DWHUWKDQYH\HDUV - - -
Total 423 70 353
The future minimum lease payments receivable of the Group as lessorDVRI0DUFKLVDVIROORZV
(` Millions)
lease payments
/DWHUWKDQRQH\HDUEXWQRWODWHUWKDQYH\HDUV 123 17 106
/DWHUWKDQYH\HDUV - - -
Total 168 30 138
37. Commitments and Contingencies

(i) Commitments
a. Capital commitments
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Contracts placed for future capital expenditure not provided for
LQWKHQDQFLDOVWDWHPHQWVUHIHU1RWH
7
KHDERYHLQFOXGHV`0QDVRI0DUFK`0QDVRI0DUFKSHUWDLQLQJWRFHUWDLQ
RXWVRXUFLQJDJUHHPHQWVXQGHUZKLFKWKHYHQGRUVXSSOLHVDVVHWVDVZHOODVVHUYLFHVWRWKH*URXS7KHDPRXQW
UHSUHVHQWV WRWDO PLQLPXP FRPPLWPHQW RYHU WKH XQH[SLUHG SHULRG RI WKH FRQWUDFWV XSWR YH \HDUV IURP WKH
UHSRUWLQJGDWHVLQFHLWLVQRWSRVVLEOHIRUWKH*URXSWRGHWHUPLQHDOORFDWLRQEHWZHHQDVVHWVDQGVHUYLFHVWREH
SURYLGHGRYHUWKHXQH[SLUHGSHULRGRIWKHFRQWUDFW+RZHYHUWKHDFWXDOFKDUJHVSD\PHQWVPD\H[FHHGWKHDERYH
PHQWLRQHGPLQLPXPFRPPLWPHQWEDVHGRQWKHWHUPVRIWKHDJUHHPHQWV
,QDGGLWLRQWRWKHDERYHWKH*URXSVVKDUHRIMRLQWYHQWXUHVDQGDVVRFLDWHVFDSLWDOFRPPLWPHQWVLV`0QDQG
`0QDVRI0DUFKDQG0DUFKUHVSHFWLYHO\
b. Guarantees
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Financial bank guarantees*
Guarantees to third parties -
7KH&RPSDQ\KDVLVVXHGFRUSRUDWHJXDUDQWHHVRI`0QDQG`0QDVRI0DUFKDQG0DUFKUHVSHFWLYHO\WREDQNV
DQGQDQFLDOLQVWLWXWLRQVIRULVVXLQJEDQNJXDUDQWHHVRQEHKDOIRIWKH*URXSFRPSDQLHVDWQRFRVWWRWKHODWWHU
,WDOVRLQFOXGHVFHUWDLQQDQFLDOEDQNJXDUDQWHHVZKLFKKDYHEHHQJLYHQIRUVXEMXGLFHPDWWHUVDQGLQFRPSOLDQFH
ZLWK OLFHQVLQJ FRQGLWLRQV WKH DPRXQW ZLWK UHVSHFW WR WKHVH KDYH EHHQ GLVFORVHG XQGHU FDSLWDO FRPPLWPHQWV
FRQWLQJHQFLHVDQGQDQFLDOOLDELOLWLHVDVDSSOLFDEOHLQFRPSOLDQFHZLWKWKHDSSOLFDEOHDFFRXQWLQJVWDQGDUGV

126-355
(ii) Contingencies
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
(i) 7D[HV'XWLHVDQG2WKHUGHPDQGV
(under adjudication / appeal / dispute)
-Sales Tax and Service Tax
-Income Tax
-Customs Duty
-Entry Tax
-Stamp Duty 596 603
-Municipal Taxes 863
-DoT demands *
-Other miscellaneous demands
(ii) Claims under legal cases including arbitration matters
-Access Charges / Port Charges
-Others
Total 101,981 93,213
LQDGGLWLRQUHIHU1RWHIYIYLIYLLDQGIYLLLEHORZIRURWKHU'R7PDWWHUV
,QDGGLWLRQWRWKHDERYHWKH*URXSVVKDUHRIMRLQWYHQWXUHV XVHGLQH[FHVVRIOLPLWDQGVHUYLFHWD[GHPDQGRQ
contingent liabilities is ` 0Q DQG ` 0Q DV RI HPSOR\HHWDONWLPH
b) Income Tax Demand
7KH FRQWLQJHQW OLDELOLWLHV PHQWLRQHG LQ WKH WDEOH DERYH Income tax demands under appeal mainly included
UHSUHVHQW GLVSXWHV ZLWK YDULRXV JRYHUQPHQW DXWKRULWLHV LQ WKH DSSHDOV OHG E\ WKH *URXS EHIRUHYDULRXV DSSHOODWH
WKH UHVSHFWLYH MXULVGLFWLRQ ZKHUH WKH RSHUDWLRQV DUH EDVHG DXWKRULWLHV DJDLQVW WKH GLVDOORZDQFH E\ LQFRPH WD[
DQGLWLVQRWSRVVLEOHIRUWKH*URXSWRSUHGLFWWKHWLPLQJRI DXWKRULWLHV RI FHUWDLQ H[SHQVHV EHLQJ FODLPHG QRQ
QDO RXWFRPH RI WKHVH FRQWLQJHQW OLDELOLWLHV &XUUHQWO\ WKH
GHGXFWLRQ RI WD[ DW VRXUFH ZLWK UHVSHFW WR GHDOHUV
*URXSKDVRSHUDWLRQVLQ,QGLD6RXWK$VLDUHJLRQDQG$IULFD
GLVWULEXWRUVPDUJLQDQGQRQGHGXFWLRQRIWD[RQSD\PHQWV
region.
WRLQWHUQDWLRQDORSHUDWRUVIRUDFFHVVFKDUJHVHWF
%DVHG RQ WKH &RPSDQ\V HYDOXDWLRQ LW EHOLHYHV WKDW LW LV
c) Access charges (Interconnect Usage Charges)/
QRW SUREDEOH WKDW WKH FODLP ZLOO PDWHULDOLVH IRU WKH FDVHV
Port charges
GLVFXVVHG EHORZ DQG WKHUHIRUH QR SURYLVLRQ KDV EHHQ
recognised. Interconnect charges are based on the Interconnect
8VDJH &KDUJHV ,8& DJUHHPHQWV EHWZHHQ WKH
a) Sales and Service Tax operators although the IUC rates are governed by
7KHFODLPVIRUVDOHVWD[DVRI0DUFKDQGDV WKH ,8& JXLGHOLQHV LVVXHG E\ 75$, %61/ KDV UDLVHG D
RI0DUFKFRPSULVHGRIFDVHVUHODWLQJWRWKH demand requiring the Company to pay the interconnect
DSSURSULDWHQHVVRIGHFODUDWLRQVPDGHE\WKH&RPSDQ\ charges at the rates contrary to the regulations issued
XQGHUUHOHYDQWVDOHVWD[OHJLVODWLRQZKLFKZDVSULPDULO\ E\ 75$, 7KH &RPSDQ\ OHG D SHWLWLRQ DJDLQVW WKDW
procedural in nature and the applicable sales tax on GHPDQG ZLWK WKH 7HOHFRP 'LVSXWHV 6HWWOHPHQW DQG
GLVSRVDOV RI FHUWDLQ SURSHUW\ DQG HTXLSPHQW LWHPV $SSHOODWH7ULEXQDO7'6$7ZKLFKSDVVHGDVWDWXVTXR
3HQGLQJ QDO GHFLVLRQV WKH &RPSDQ\ KDV GHSRVLWHG order, stating that only the admitted amounts based on
DPRXQWVZLWKVWDWXWRU\DXWKRULWLHVIRUFHUWDLQFDVHV WKHUHJXODWLRQVZRXOGQHHGWREHSDLGE\WKH&RPSDQ\
)XUWKHULQWKH6WDWHRI- .WKH&RPSDQ\KDVGLVSXWHG 7KH QDO RUGHU ZDV DOVR SDVVHG LQ RXU IDYRXU %61/
WKHOHY\RI*HQHUDO6DOHV7D[RQLWVWHOHFRPVHUYLFHVDQG has challenged the same in Honble Supreme Court.
WRZDUGVZKLFKWKH&RPSDQ\KDVUHFHLYHGDVWD\IURP +RZHYHUQRVWD\KDVEHHQJUDQWHG
WKH+RQEOH- .+LJK&RXUW7KHGHPDQGVUHFHLYHGWR
,QDQRWKHUSURFHHGLQJZLWKUHVSHFWWR'LVWDQFH%DVHG
date have been disclosed under contingent liabilities.
&DUULDJH&KDUJHVWKH+RQEOH7'6$7LQLWVRUGHUGDWHG
7KH VHUYLFH WD[ GHPDQGV DV RI 0DUFK DQG 0D\DOORZHG%61/DSSHDOSUD\LQJWRUHFRYHU
0DUFK UHODWH WR FHQYDW FODLPHG RQ WRZHU GLVWDQFHEDVHGFDUULDJHFKDUJHV2QOLQJRIDSSHDOE\
DQG UHODWHG PDWHULDO OHY\ RI VHUYLFH WD[ RQ 6,0 FDUGV WKH7HOHFRP2SHUDWRUV+RQEOH6XSUHPH&RXUWDVNHG
FHQYDW FUHGLW GLVDOORZHG IRU SURFHGXUDO ODSVHV DQG WKH 7HOHFRP 2SHUDWRUV WR IXUQLVK GHWDLOV RI GLVWDQFH
LQDGPLVVLELOLW\ RI FUHGLW GLVDOORZDQFH RI FHQYDW FUHGLW EDVHGFDUULDJHFKDUJHVRZHGE\WKHPWR%61/)XUWKHU

LQ D VXEVHTXHQW KHDULQJ KHOG RQ $XJXVW GLHUHQFH RI LQWHUSUHWDWLRQ RI $GMXVWHG *URVV
+RQEOH6XSUHPH&RXUWVRXJKWWKHTXDQWXPRIDPRXQW 5HYHQXH $*5 EHWZHHQ *URXS DQG 'R7 DQG
LQGLVSXWHIURPDOOWKHRSHUDWRUVDVZHOODV%61/DQG LQWHUHVW WKHUHRQ ZKLFK WKH *URXS KDV REWDLQHG
GLUHFWHG ERWK %61/ DQG 3ULYDWH WHOHFRP RSHUDWRUV WR VWD\ IURP DSSURSULDWH +RQEOH +LJK &RXUWV DQG
IXUQLVK &DOO 'DWD 5HFRUGV &'5V WR 75$, 7KH &'5V 7'6$77'6$7KDVSURQRXQFHGLWVMXGJHPHQWRQ
KDYHEHHQIXUQLVKHGWR75$, $SULOWKHUHE\VHWWLQJDVLGHWKHLPSXJQHG
GHPDQGVUDLVHGE\'R7DQGGLUHFWHGWRUHZRUNWKH
,QDQRWKHULVVXHZLWKUHVSHFWWR3RUW&KDUJHVLQ
OLFHQVHIHHVSD\DEOHLQOLJKWRIWKHMXGJHPHQWDQG
75$, KDG SUHVFULEHG VODE EDVHG UDWH RI SRUW FKDUJHV
WR LVVXH IUHVK GHPDQGV 3XUVXDQW WKHUHWR 8QLRQ
SD\DEOHE\SULYDWHRSHUDWRUVZKLFKZHUHVXEVHTXHQWO\
RI,QGLD82,DQGWKH*URXSRQOLPLWHGKHDGVRI
UHGXFHG LQ WKH\HDU E\ 75$, 2Q %61/V DSSHDO
UHYHQXHDORQJZLWKYDULRXVRWKHURSHUDWRUVKDYH
7'6$7 SDVVHG LWV MXGJHPHQW LQ IDYRXU RI %61/ DQG
OHG DSSHDOVFURVV DSSHDOV EHIRUH WKH +RQEOH
KHOG WKDW WKH SUH UDWHV VKDOO EH DSSOLFDEOH
6XSUHPH &RXUW RI ,QGLD 7KH +RQEOH 6XSUHPH
SURVSHFWLYHO\ IURP WK 0D\ 7KH UDWHV ZHUH
IXUWKHUUHYLVHGGRZQZDUGVE\75$,LQ2Q%61/V &RXUW RI ,QGLD LVVXHG QRWLFH LQ WKH DSSHDOV DQG
DSSHDO7'6$7GHFOLQHGWRVWD\WKHUHYLVHG5HJXODWLRQ KDVGHFOLQHGWRJUDQWDQ\LQWHULPUHOLHIWR82,7KH
DSSHDOVWDJJHGWRJHWKHUFDPHXSIRUKHDULQJRQ
Further, the Honble Supreme Court vide its judgement )HEUXDU\DQGWKH6XSUHPH&RXUWDOORZHG
GDWHG 'HFHPEHU SDVVHG LQ DQRWKHU PDWWHU 'R7 WR UDLVH GHPDQGV DV SHU LWV XQGHUVWDQGLQJ
KHOG WKDW 75$, LV HPSRZHUHG WR LVVXH UHJXODWLRQV RQ ZLWKWKHFRQGLWLRQWKDWWKHGHPDQGVUDLVHGZLOOQRW
DQ\PDWWHUXQGHU6HFWLRQERI75$,$FWDQGWKH EHHQIRUFHGWLOOWKHQDOGHFLVLRQRIWKH6XSUHPH
VDPHFDQQRWEHFKDOOHQJHGEHIRUH7'6$7$FFRUGLQJO\ &RXUW7KHPDWWHULVOLNHO\WREHOLVWHGIRUKHDULQJ
DOO PDWWHUV UDLVHG EHIRUH 7'6$7 ZKHUHLQ 7'6$7 KDG DIWHUZHHNVIURPWKHGDWHRIODVWKHDULQJ,QWKH
LQWHUIHUHG LQ $SSHDO DQG SDVVHG MXGJHPHQWV GR PHDQZKLOH 'R7 IXUWKHU KDG LVVXHG /) GHPDQG
QRW KDYH DQ\ VLJQLFDQFH +RZHYHU SDUWLHV FDQ OH FXP VKRZ FDXVH QRWLFH IRU )< GDWHG
:ULW 3HWLWLRQV EHIRUH +LJK &RXUW FKDOOHQJLQJ VXFK -XQHZKLFKKDVEHHQFKDOOHQJHGEHIRUH
regulations. 7'6$77'6$7YLGHDQLQWHULPRUGHUGDWHG$XJXVW
7KH&RPSDQ\EHOLHYHVWKDWWKHDERYHVDLGMXGJHPHQW KDGGLUHFWHG'R7QRWWRLQYRNHDQ\EDQN
KDVIXUWKHUVWUHQJWKHQHGWKHSRVLWLRQRIWKH&RPSDQ\ JXDUDQWHHV IRU UHDOLVDWLRQ RI LPSXJQHG GHPDQG
RQPDQ\LVVXHVZLWKUHVSHFWWR5HJXODWLRQVZKLFKKDG amounting to `0QDQGYLGHLWVRUGHUGDWHG
EHHQLQLWVIDYRXUDQGLPSXJQHGEHIRUH7'6$7 1RYHPEHU 7'6$7 KDV GLVSRVHG RI WKH
PDWWHUDIWHUUHFRUGLQJWKHVWDWHPHQWPDGHE\82,
d) Customs Duty that the demand notice should be construed as
7KH FXVWRP DXWKRULWLHV LQ VRPH VWDWHV GHPDQGHG DQDGYDQFHQRWLFHZKLFKWKH'R7GRHVQRWLQWHQG
FXVWRP GXW\ IRU WKH LPSRUWV RI VSHFLDO VRIWZDUH RQ WRHQIRUFHXQWLOWKHDSSHDOVDJDLQVW7ULEXQDOV$*5
WKH JURXQG WKDW WKLV ZRXOG IRUP SDUW RI WKH KDUGZDUH MXGJHPHQW SHQGLQJ EHIRUH WKH +RQEOH 6XSUHPH
DORQJ ZLWK ZKLFK WKH VDPH KDV EHHQ LPSRUWHG 7KH &RXUWLVQDOO\GLVSRVHGR
YLHZ RI WKH &RPSDQ\ LV WKDW VXFK LPSRUWV VKRXOG QRW
EHVXEMHFWWRDQ\FXVWRPGXW\DVLWZRXOGEHRSHUDWLQJ LLL 'R7 GHPDQGV DOVR LQFOXGH WKH FRQWHQWLRXV
VRIWZDUH H[HPSW IURP DQ\ FXVWRP GXW\ ,Q UHVSRQVH PDWWHUV LQ UHVSHFW RI VXEVFULEHU YHULFDWLRQ
WR WKH DSSOLFDWLRQ OHG E\ WKH &RPSDQ\ WKH +RQEOH QRUPVDQGUHJXODWLRQVLQFOXGLQJYDOLGLW\RIFHUWDLQ
&(67$7 KDV SDVVHG DQ RUGHU LQ IDYRXU RI WKH FXVWRP GRFXPHQWVDOORZHGDV3URRIRI$GGUHVV,GHQWLW\
DXWKRULWLHV 7KH &RPSDQ\ KDV OHG DQ DSSHDO ZLWK in mobility circles.
+RQEOH6XSUHPH&RXUWDJDLQVWWKH&(67$7RUGHU LY 'R7 GHPDQGV DOVR LQFOXGH SHQDOW\ IRU DOOHJHG
e) Entry Tax IDLOXUH WR PHHW WKH SURFHGXUDO UHTXLUHPHQW IRU
,Q FHUWDLQ VWDWHV DQ HQWU\ WD[ LV OHYLHG RQ UHFHLSW RI VXEPLVVLRQRI(0)UDGLDWLRQVHOIFHUWLFDWLRQ
PDWHULDOIURPRXWVLGHWKHVWDWH7KLVSRVLWLRQKDVEHHQ 7KH PDWWHUV VWDWHG DERYH DUH EHLQJ FRQWHVWHG E\ WKH
challenged by the Company in the respective states, Company and based on legal advice, the Company believes
RQWKHJURXQGVWKDWWKHVSHFLFHQWU\WD[LVXOWUDYLUHV WKDW LW KDV FRPSOLHG ZLWK DOO OLFHQVH UHODWHG UHJXODWLRQV DV
WKH &RQVWLWXWLRQ &ODVVLFDWLRQ LVVXHV KDYH DOVR EHHQ DQGZKHQSUHVFULEHGDQGGRHVQRWH[SHFWDQ\ORVVUHODWLQJ
UDLVHG ZKHUHE\ LQYLHZ RI WKH &RPSDQ\ WKH PDWHULDO to these matters.
SURSRVHGWREHWD[HGLVQRWFRYHUHGXQGHUWKHVSHFLF
category. In addition to the amounts disclosed in the table above, the
FRQWLQJHQWOLDELOLW\RQ'R7PDWWHUVLQFOXGHVWKHIROORZLQJ
f) Department of Telecommunications (DoT)
Demands Y 3RVW WKH +RQEOH 6XSUHPH &RXUW -XGJHPHQW RQ
L 'R7 GHPDQGV LQFOXGH GHPDQGV UDLVHG IRU 2FWREHU RQ FRPSRQHQWV RI $GMXVWHG
FRQWHQWLRXV PDWWHUV UHODWLQJ WR FRPSXWDWLRQ RI *URVV 5HYHQXH IRU FRPSXWDWLRQ RI OLFHQVH IHH
OLFHQVHIHHVDQGVSHFWUXPFKDUJHV based on the legal advice, the Company believes
WKDWWKHUHDOLVHGDQGXQUHDOLVHGIRUHLJQH[FKDQJH
LL 'R7 GHPDQGV LQFOXGH DOOHJHG VKRUW SD\PHQW gain should not be included in Adjusted Gross
RI OLFHQVH IHH IRU )< DQG )< GXH WR 5HYHQXH $*5 IRU FRPSXWDWLRQ RI OLFHQVH IHH

126-355
WKHUHRQ $FFRUGLQJO\ WKH OLFHQVH IHH RQ VXFK YLLL 7KH &RPSDQ\ KDV QRW EHHQ DEOH WR PHHW LWV UROO
IRUHLJQ H[FKDQJH JDLQ KDV QRW EHHQ SURYLGHG LQ RXWREOLJDWLRQVIXOO\GXHWRFHUWDLQQRQFRQWUROODEOH
WKHVHQDQFLDOVWDWHPHQWV$OVRGXHWRDPELJXLW\ IDFWRUV OLNH 7HOHFRPPXQLFDWLRQ (QJLQHHULQJ
RILQWHUSUHWDWLRQRIIRUHLJQH[FKDQJHGLHUHQFHV Center testing, Standing Advisory Committee
WKH OLFHQVH IHH LPSDFW RQ VXFK H[FKDQJH RI 5DGLR )UHTXHQF\ $OORFDWLRQV FOHDUDQFH QRQ
GLHUHQFHV LV QRW TXDQWLDEOH DQG KDV QRW EHHQ DYDLODELOLW\ RI VSHFWUXP HWF 7KH &RPSDQ\ KDV
included in the table above. Further, as per the UHFHLYHGVKRZFDXVHQRWLFHVIURP'R7IRURILWV
2UGHUGDWHG-XQHRIWKH+RQEOH.HUDOD FLUFOHVIRUQRQIXOOOPHQWRILWVUROORXWREOLJDWLRQV
+LJK &RXUW VWD\ KDV EHHQ REWDLQHG ZKHUHLQ WKH DQGWKHVHKDYHEHHQUHSOLHGWR'R7KDVUHYLHZHG
OLFHQVHH FDQ FRQWLQXH PDNLQJ WKH SD\PHQW DV and revised the criteria and there has been no
ZDVEHLQJGRQHWKURXJKRXWWKHSHULRGRIOLFHQVH IXUWKHUGHYHORSPHQWRQWKLVPDWWHUVLQFHWKHQ
on telecom activities. Further as stated in point
LLLDERYH7'6$7KDVSURQRXQFHGLWVMXGJHPHQW J $LUWHO1HWZRUNV/LPLWHG2ZQHUVKLS
RQ$SULOZKHUHLQLWKDVVWDWHGWKDWDQ\ $LUWHO 1HWZRUNV /LPLWHG $LUWHO 1HWZRUNV IRUPHUO\
JDLQ RU ORVV GXH WR IRUHLJQ H[FKDQJH XFWXDWLRQ NQRZQDV&HOWHO1LJHULD/LPLWHGZDVLQFRUSRUDWHGRQ
GRHVQRWKDYHDQ\EHDULQJRQWKHOLFHQVHIHHVDQG 'HFHPEHUDV(FRQHW:LUHOHVV1LJHULD/LPLWHG
GLUHFWLQJ'R7WRUHZRUNDQGLVVXHIUHVKGHPDQGV DQGLVDVXEVLGLDU\RI%KDUWL$LUWHO1LJHULD%9%$1%9
WRWKHRSHUDWRUV7KHQH[WGDWHRIKHDULQJLV[HG IRUPHUO\&HOWHO1LJHULD%9ZKLFKLQWXUQLVDQLQGLUHFW
IRU-XQHDW.HUDOD+LJK&RXUW VXEVLGLDU\ RI %KDUWL $LUWHO ,QWHUQDWLRQDO 1HWKHUODQGV
%9DVXEVLGLDU\RI%KDUWL$LUWHO/LPLWHG
YL 2Q-DQXDU\'R7LVVXHGDGHPDQGRQWKH
&RPSDQ\DQGRQHRILWVVXEVLGLDULHVIRU` $LUWHO1HWZRUNVDQGRU%$1%9DUHGHIHQGDQWVLQFDVHV
0QWRZDUGVOHY\RIRQHWLPHVSHFWUXPFKDUJH7KH OHG E\ (FRQHW :LUHOHVV /LPLWHG (:/ ZKHUH (:/
GHPDQGLQFOXGHVDUHWURVSHFWLYHFKDUJHRI` LV FODLPLQJ DPRQJVW RWKHUV D EUHDFK RI LWV DOOHJHG
0Q IRU KROGLQJ *60 6SHFWUXP EH\RQG 0K] SUHHPSWLRQ ULJKWV DJDLQVW HUVWZKLOH DQG FXUUHQW
IRUWKHSHULRGIURP-XO\WR'HFHPEHU shareholders.
DQGDOVRDSURVSHFWLYHFKDUJHRI`
8QGHUWKHWUDQVDFWLRQWRDFTXLUHFRQWUROOLQJVWDNH
0QIRU*60VSHFWUXPKHOGEH\RQG0K]IRUWKH
LQ$LUWHO1HWZRUNV/LPLWHGLQWKHHUVWZKLOHVHOOLQJ
SHULRGIURP-DQXDU\WLOOWKHH[SLU\RIWKH
VKDUHKROGHUVZHUHREOLJHGXQGHUWKHSUHHPSWLRQULJKW
LQLWLDOWHUPVRIWKHUHVSHFWLYHOLFHQVHV
provision contained in the shareholders agreement
,QWKHRSLQLRQRIWKH&RPSDQ\LQWHUDOLDWKHDERYH GDWHG$SULOWKH6KDUHKROGHUV$JUHHPHQW
GHPDQGDPRXQWVWRDOWHUDWLRQRIQDQFLDOWHUPVRI WR UVW RHU WKH VKDUHV WR HDFK RWKHU EHIRUH RHULQJ
WKHOLFHQVHVLVVXHGLQWKHSDVW%DVHGRQDSHWLWLRQ WKHVKDUHVWRDWKLUGSDUW\7KHVHOOHUVZDLYHGWKHSUH
OHG E\ WKH &RPSDQ\ WKH +RQEOH +LJK &RXUW RI emption rights amongst themselves and the shares
%RPED\ YLGH LWV RUGHU GDWHG -DQXDU\ ZHUH RHUHG WR (:/ GHVSLWH WKH IDFW WKDW (:/V
KDVGLUHFWHGWKH'R7WRUHVSRQGDQGQRWWRWDNH VWDWXVDVDVKDUHKROGHULWVHOIZDVLQGLVSXWH+RZHYHU
DQ\FRHUFLYHDFWLRQXQWLOWKHQH[WGDWHRIKHDULQJ WKH RHU WR (:/ ODSVHG VLQFH (:/ GLG QRW PHHW LWV
7KH 'R7 KDV OHG LWV UHSO\ DQG WKH QH[W GDWH RI SD\PHQW REOLJDWLRQV WR SD\ IRU WKH VKDUHV ZLWKLQ WKH
KHDULQJLVDZDLWHG GD\V GHDGOLQH DV VSHFLHG LQ WKH VKDUHKROGHUV
YLL 7KH 'HSDUWPHQW RI 7HOHFRPPXQLFDWLRQV 'R7 DJUHHPHQW DQG WKH VKDUHV ZHUH DFTXLUHG E\ &HOWHO
KDG LVVXHG QRWLFHV WR WKH &RPSDQ\ DV ZHOO DV 1LJHULD %9 QRZ %KDUWL $LUWHO 1LJHULD %9 LQ
YDULRXV RWKHU 7HOHFRP 6HUYLFH 3URYLGHUV WR VWRS (:/KDVLQWHUDOLDFRPPHQFHGDUELWUDOSURFHHGLQJVLQ
SURYLVLRQRIVHUYLFHVXQGHU*,QWUD&LUFOH5RDPLQJ 1LJHULDFRQWHVWLQJWKHDFTXLVLWLRQ%$1%9ZKLFKLVWKH
,&5 DUUDQJHPHQWV LQ WKH VHUYLFH DUHDV ZKHUH FXUUHQW RZQHU RI DSSUR[LPDWHO\ LQFUHDVHG
VXFKVHUYLFHSURYLGHUVKDGQRWEHHQDOORFDWHG* IURPWRLQ0DUFKRIWKHHTXLW\
6SHFWUXP 'R7 DOVR OHYLHG D QDQFLDO SHQDOW\ RI LQ $LUWHO 1HWZRUNV /LPLWHG KDV EHHQ GHIHQGLQJ WKHVH
`0Q7KH&RPSDQ\FRQWHVWHGWKHQRWLFHV FDVHVDQGWKHDUELWUDWLRQVLQFHLWZDVFRPPHQFHG
DQGXSRQYDULRXVURXQGVRIOLWLJDWLRQVXOWLPDWHO\ 2Q'HFHPEHUWKH7ULEXQDOLQWKH$UELWUDWLRQ
WKH 7'6$7 YLGH LWV MXGJHPHQW GDWHG $SULO FRPPHQFHGE\(:/LVVXHGD3DUWLDO)LQDO$ZDUGVWDWLQJ
KHOG*,&5DUUDQJHPHQWVWREHFRPSHWHQW amongst others, that the Shareholders Agreement had
DQG FRPSOLDQW ZLWK WKH OLFHQVLQJ FRQGLWLRQV DQG
EHHQ EUHDFKHG E\ WKH HUVWZKLOH VKDUHKROGHUV DQG
TXDVKHG WKH QRWLFH LPSRVLQJ SHQDOW\ 7KH 'R7
DFFRUGLQJO\WKHDFTXLVLWLRQZDVQXOODQGYRLG+RZHYHU
KDV FKDOOHQJHG WKH RUGHU RI 7'6$7 LQ DQ DSSHDO
WKH 7ULEXQDO KDV UHMHFWHG (:/V FODLP IRU UHYHUVDO RI
OHGEHIRUHWKH+RQEOH6XSUHPH&RXUWZKLFKKDV
WKH WUDQVDFWLRQ ,QVWHDG WKH 7ULEXQDO RUGHUHG D
EHHQDGPLWWHG+RZHYHU+RQEOH6XSUHPH&RXUW
damages hearing.
KDVUHIXVHGWRJUDQWDQ\LQWHULPRUGHUGXULQJWKH
SHQGHQF\RIWKHDSSHDO7KHFDVHLV\HWWREHOLVWHG 2Q)HEUXDU\%$1%9OHGDQDSSOLFDWLRQEHIRUH
IRUKHDULQJLQWKH+RQEOH6XSUHPH&RXUW WKH/DJRV6WDWH+LJK&RXUWWRVHWDVLGHWKH3DUWLDO)LQDO

$ZDUG ,Q DGGLWLRQ %$1%9 OHG DQ DSSOLFDWLRQ IRU DQ ,Q WKH +DDUOHP 'LVWULFW &RXUW ZKHUH (:/ LV SXUVXLQJ
LQMXQFWLRQWRUHVWUDLQWKHSDUWLHVWRWKH$UELWUDWLRQIURP LWV FODLP IRU FRPSHQVDWLRQ DJDLQVW %$1%9V SDUHQW
IXUWKHU FRQYHQLQJ WKH DUELWUDWLRQ IRU WKH SXUSRVHV RI %KDUWL $LUWHO 1LJHULD +ROGLQJV ,, %9 DQG *UDQGSDUHQW
FRQVLGHULQJ WKH TXDQWXP RI GDPDJHV WKDW FRXOG EH %KDUWL$LUWHO$IULFD%9WRJHWKHUWKH%KDUWL'HIHQGDQWV
DZDUGHG WR (:/ XQWLO WKH FRQFOXVLRQ RI WKH PDWWHU WR FODLPLQJ WKDW WKHVH HQWLWLHV DFWHG XQODZIXOO\ DQG
VHWDVLGHWKH3DUWLDO)LQDO$ZDUG7KHDSSOLFDWLRQWRVHW LQGXFHGEUHDFKRIFRQWUDFWE\WKH6HOOLQJ6KDUHKROGHUV
DVLGH WKH 3DUWLDO )LQDO $ZDUG ZDV KHDUG E\ WKH /DJRV RI WKH 91/ VKDUHV ZLWK WKH LQWHQW RI LPSHQGLQJ (:/
6WDWH+LJK&RXUWRQ-XQHDQGE\D-XGJHPHQW LQ WKH H[HUFLVH RI LWV ULJKWV LQ RUGHU WR QDOLVH LWV RZQ
GHOLYHUHG RQ 2FWREHU WKH /DJRV 6WDWH +LJK
VKDUH VDOH WUDQVDFWLRQ ZLWK WKH 6HOOLQJ 6KDUHKROGHUV
&RXUW GLVPLVVHG %$1%9V DSSOLFDWLRQ WR VHW DVLGH
the pleadings are complete.
WKH 3DUWLDO )LQDO $ZDUG DJDLQVW ZKLFK %$1%9 ORGJHG
DQ DSSHDO DW WKH &RXUW RI $SSHDO LQ /DJRV 1LJHULD %DVHG RQ &RPSDQ\V DVVHVVPHQW DQG LQGHPQLWLHV
7KH DSSHDO ZDV GLVPLVVHG E\ WKH &RXUW RI $SSHDO XQGHUWKH6KDUH6DOH$JUHHPHQWZLWK=DLQ*URXSWKLV
RQ )HEUXDU\ %$1%9 QRW VDWLVHG ZLWK WKH $ZDUGLVQRWOLNHO\WRKDYHDQ\PDWHULDODGYHUVHHHFW
MXGJHPHQWRIWKH&RXUWRI$SSHDO/DJRVRQ0DUFK RQWKH&RPSDQ\VFRQVROLGDWHGQDQFLDOSRVLWLRQDVRI
KDV OHG LWV DSSHDO ZLWK WKH 6XSUHPH &RXUW RI 0DUFK
1LJHULD
,Q DGGLWLRQ $LUWHO 1HWZRUNV /LPLWHG LV D GHIHQGDQW LQ
:LWKRXWSUHMXGLFHWRWKHDSSOLFDWLRQE\%$1%9EHIRUH DQ DFWLRQ ZKHUH (:/ LV FODLPLQJ HQWLWOHPHQW WR
WKH 1LJHULDQ FRXUWV WR VHW DVLGH WKH 3DUWLDO )LQDO RI WKH LVVXHG VKDUH FDSLWDO RI $LUWHO 1HWZRUNV /LPLWHG
$ZDUG WKH 7ULEXQDO KDV WDNHQ VWHSV LQ UHODWLRQ WR WKH 7KLV FDVH ZDV FRPPHQFHG E\ (:/ LQ SULRU WR
GDPDJHV KHDULQJ LQ WKH $UELWUDWLRQ 7KH GDPDJHV
WKH 9HH 1HWZRUNV /LPLWHG DFTXLVLWLRQ LQ 7KH
FODLPZDVKHDUGE\WKH7ULEXQDOGXULQJ2FWREHU
&RXUW DW UVW LQVWDQFH RQ -DQXDU\ KHOG
and the parties submitted their closing arguments on
WKDW (:/ VKRXOG EH UHLQVWDWHG DV D VKDUHKROGHU
'HFHPEHU
LQ $LUWHO 1HWZRUNV /LPLWHG 'HVSLWH WKH IDFW WKDW WKH
7KH7ULEXQDOLVVXHGLWV)LQDO$ZDUGRQGDPDJHVGDWHG VKDUHV FODLPHG E\ (:/ KDG EHHQ VHW DVLGH LQ
-XQHRQ-XO\7KH7ULEXQDOIRXQGWKDW HVFURZ VLQFH DQG WKHUHIRUH ZLOO QRW LPSDFW WKH
(:/KDVVXHUHGORVVHVDVDUHVXOWRIEUHDFKHVRIWKH SUHVHQW RZQHUVKLS RI %$1%9 RQ D IXOO\ GLOXWHG EDVLV
Shareholders Agreement and calculated the losses LQ$LUWHO1HWZRUNV/LPLWHGWKHFRPSDQ\EHOLHYHGWKDW
DJDLQVW%$1%9WREHDQDPRXQWRI86'0QDQG WKHUH ZHUH JRRG JURXQGV WR DSSHDO WKH UVW LQVWDQFH
FRVWVRI86'0QWRWDOLQJ86'0Q MXGJHPHQWDQGDFFRUGLQJO\OHGD1RWLFHRI$SSHDODQG
7KH&RPSDQ\KDVOHGDQDSSOLFDWLRQIRUVHWWLQJDVLGH PDGHDSSOLFDWLRQVEHIRUHWKH)HGHUDO+LJK&RXUWIRUD
RI WKH )LQDO $ZDUG EHIRUH WKH +LJK &RXUW LQ 1LJHULD VWD\RIH[HFXWLRQRIMXGJHPHQWSHQGLQJDSSHDODQGD
2Q WKH RWKHU KDQG (:/ KDV OHG DSSOLFDWLRQV EHIRUH PRWLRQIRULQMXQFWLRQ7KHVHDSSOLFDWLRQVZHUHKHDUGRQ
WKH +LJK &RXUW LQ 1LJHULD WR VHHN WR HQIRUFH ERWK WKH 0DUFKDQGRQ0D\WKH+LJK&RXUW
)LQDO$ZDUGDQGWKH3DUWLDO)LQDO$ZDUG7KH&RPSDQ\ KHOG WKDW WKH FRPSDQ\ KDG IDLOHG WR PDNH RXW D FDVH
LV FRQWHVWLQJ WKHVH HQIRUFHPHQW DSSOLFDWLRQV 7KHVH IRU WKH &RXUW WR H[HUFLVH LWV GLVFUHWLRQ LQ LWV IDYRXU RI
PDWWHUVDUHFXUUHQWO\DGMRXUQHGWR0D\ JUDQWLQJWKHDSSOLFDWLRQDQGDFFRUGLQJO\UHIXVHGLW
,Q DGGLWLRQ (:/ KDV OHG FRQVHUYDWRU\ DWWDFKPHQW ,PPHGLDWHO\DVLPLODUDSSOLFDWLRQIRULQMXQFWLRQDQGVWD\
SURFHHGLQJV DQG SURFHHGLQJV IRU HQIRUFHPHQW RI RIH[HFXWLRQZHUHOHGDWWKH&RXUWRI$SSHDO.DGXQD
WKH )LQDO $ZDUG LQWHU DOLD DJDLQVW %$1%9 LQ WKH RQ 0D\ $IWHU VHYHUDO DGMRXUQPHQWV WKH
1HWKHUODQGV 2Q -DQXDU\ WKH $PVWHUGDP VXEVWDQWLYHDSSHDOZDVKHDUGRQ2FWREHUDQG
'LVWULFW&RXUWJUDQWHGDVWD\LQWKHSURFHHGLQJVUHODWHG RQ 1RYHPEHU WKH &RXUW RI $SSHDO GLVPLVVHG
WRWKHHQIRUFHPHQWRIWKHQDODZDUGDQGGHQLHG(:/V the appeal.
UHTXHVW WKDW %$1%9 SURYLGH VHFXULW\ DV D FRQGLWLRQ
RIWKHVWD\(:/KDVDSSHDOHGWKHODWWHUGHFLVLRQDQG 2Q-XQHWKH&RPSDQ\OHGLWVDSSHDOWRWKH
WKH $PVWHUGDP &RXUW RI $SSHDOV GHFLVLRQ LV DZDLWHG 6XSUHPH&RXUWRI1LJHULDWRJHWKHUZLWKDQDSSOLFDWLRQ
0HDQZKLOHWKH$PVWHUGDP'LVWULFW&RXUWKHOGWKDWWKH IRULQMXQFWLRQDQGVWD\RIH[HFXWLRQRIWKHMXGJHPHQWRI
SURFHHGLQJV EHIRUH LW VWDQG VXVSHQGHG SHQGLQJ WKH WKH&RXUWRI$SSHDO7KH$SSHDODQGWKH$SSOLFDWLRQV
RXWFRPHRI(:/VDSSHDOEHIRUHWKH$PVWHUGDP&RXUW DUHSHQGLQJEHIRUHWKH6XSUHPH&RXUW7KHGDWHIRUWKH
RI$SSHDO KHDULQJKDVQRW\HWEHHQ[HG

126-355
38. Earnings Per Share
7KHIROORZLQJLVDUHFRQFLOLDWLRQRIWKHHTXLW\VKDUHVXVHGLQWKHFRPSXWDWLRQRIEDVLFDQGGLOXWHGHDUQLQJVSHUHTXLW\
VKDUH
(Shares in Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Weighted average shares outstanding- Basic
(HFWRIGLOXWLYHVHFXULWLHVRQDFFRXQWRI(623 1 2
Weighted average shares outstanding- diluted 3,997 3,998
1HWSURWDYDLODEOHWRHTXLW\KROGHUVRIWKH3DUHQWXVHGLQWKHEDVLFDQGGLOXWHGHDUQLQJVSHUVKDUHZDVGHWHUPLQHG
DVIROORZV
(` Millions)
Particulars
March 31, 2016 March 31, 2015
1HWSURWDYDLODEOHWRHTXLW\KROGHUVRIWKH3DUHQW
(HFWRQDFFRXQWRI(623RQSURWVIRUWKH\HDU - -
1HWSURWDYDLODEOHIRUFRPSXWLQJGLOXWHGHDUQLQJVSHUVKDUH
Basic Earnings per Share 13.72 12.97
Diluted Earnings per Share 13.72 12.97
7KHQXPEHURIVKDUHVXVHGLQFRPSXWLQJEDVLF(36LVWKHZHLJKWHGDYHUDJHQXPEHURIVKDUHVRXWVWDQGLQJGXULQJWKH
\HDU7KHGLOXWHG(36LVFDOFXODWHGRQWKHVDPHEDVLVDVEDVLF(36DIWHUDGMXVWLQJIRUWKHHHFWVRISRWHQWLDOGLOXWLYH
equity shares unless the impact is anti-dilutive.
39. Financial Risk Management Objectives and 7KH%RDUGRI'LUHFWRUVUHYLHZVDQGDJUHHVSROLFLHVIRU

Policies PDQDJLQJ HDFK RI WKHVH ULVNV ZKLFK DUH VXPPDULVHG
EHORZ
7KH *URXSV SULQFLSDO QDQFLDO OLDELOLWLHV RWKHU WKDQ
GHULYDWLYHV FRPSULVH ERUURZLQJV WUDGH DQG RWKHU Market Risk
SD\DEOHV DQG QDQFLDO JXDUDQWHH FRQWUDFWV 7KH 0
DUNHWULVNLVWKHULVNWKDWWKHIDLUYDOXHRUIXWXUH
PDLQSXUSRVHRIWKHVHQDQFLDOOLDELOLWLHVLVWRPDQDJH FDVK RZV RI D QDQFLDO LQVWUXPHQW ZLOO XFWXDWH
QDQFHVIRUWKH*URXSVRSHUDWLRQV7KH*URXSKDVORDQ EHFDXVH RI FKDQJHV LQ PDUNHW SULFHV 0DUNHW
and other receivables, trade and other receivables, and SULFHVFRPSULVHWKUHHW\SHVRIULVNFXUUHQF\UDWH
FDVK DQG VKRUWWHUP GHSRVLWV WKDW DULVH GLUHFWO\ IURP ULVN LQWHUHVW UDWH ULVN DQG RWKHU SULFH ULVNV VXFK
DV HTXLW\ ULVN )LQDQFLDO LQVWUXPHQWV DHFWHG E\
LWV RSHUDWLRQV 7KH *URXS DOVR HQWHUV LQWR GHULYDWLYH
PDUNHWULVNLQFOXGHORDQVDQGERUURZLQJVGHSRVLWV
transactions.
LQYHVWPHQWVDQGGHULYDWLYHQDQFLDOLQVWUXPHQWV
7KH *URXS LV H[SRVHG WR PDUNHW ULVN FUHGLW ULVN DQG
7
KHVHQVLWLYLW\DQDO\VLVKDYHEHHQSUHSDUHGRQWKH
OLTXLGLW\ULVN
EDVLVWKDWWKHDPRXQWRIQHWGHEWWKHUDWLRRI[HG
7KH *URXSV VHQLRU PDQDJHPHQW RYHUVHHV WKH WRRDWLQJLQWHUHVWUDWHVRIWKHGHEWDQGGHULYDWLYHV
PDQDJHPHQW RI WKHVH ULVNV 7KH VHQLRU SURIHVVLRQDOV DQG WKH SURSRUWLRQ RI QDQFLDO LQVWUXPHQWV LQ
ZRUNLQJ WR PDQDJH WKH QDQFLDO ULVNV DQG WKH IRUHLJQFXUUHQFLHVDUHDOOFRQVWDQW
DSSURSULDWH QDQFLDO ULVN JRYHUQDQFH IUDPHZRUN 7
KH DQDO\VLV H[FOXGHV WKH LPSDFW RI PRYHPHQWV
IRU WKH *URXS DUH DFFRXQWDEOH WR WKH %RDUG RI LQPDUNHWYDULDEOHVRQWKHFDUU\LQJYDOXHRISRVW
'LUHFWRUVDQG$XGLW&RPPLWWHH7KLVSURFHVVSURYLGHV HPSOR\PHQWEHQHWREOLJDWLRQVSURYLVLRQVDQGRQ
assurance to the Groups senior management that the WKHQRQQDQFLDODVVHWVDQGOLDELOLWLHV
*URXSV QDQFLDO ULVNWDNLQJ DFWLYLWLHV DUH JRYHUQHG
7
KH VHQVLWLYLW\ RI WKH UHOHYDQW LQFRPH VWDWHPHQW
by appropriate policies and procedures and that
LWHP LV WKH HHFW RI WKH DVVXPHG FKDQJHV LQ
QDQFLDO ULVNV DUH LGHQWLHG PHDVXUHG DQG PDQDJHG WKH UHVSHFWLYH PDUNHW ULVNV 7KLV LV EDVHG RQ WKH
LQ DFFRUGDQFH ZLWK *URXS SROLFLHV DQG *URXS ULVN QDQFLDO DVVHWV DQG QDQFLDO OLDELOLWLHV KHOG DV RI
DSSHWLWH $OO GHULYDWLYH DFWLYLWLHV IRU ULVN PDQDJHPHQW 0DUFKDQG0DUFK
purposes are carried out by specialist teams that have
WKH DSSURSULDWH VNLOOV H[SHULHQFH DQG VXSHUYLVLRQ ,W 7
KH *URXSV DFWLYLWLHV H[SRVH LW WR D YDULHW\ RI
LV WKH *URXSV SROLF\ WKDW QR WUDGLQJ LQ GHULYDWLYHV IRU QDQFLDOULVNVLQFOXGLQJWKHHHFWVRIFKDQJHVLQ
VSHFXODWLYHSXUSRVHVVKDOOEHXQGHUWDNHQ IRUHLJQFXUUHQF\H[FKDQJHUDWHVDQGLQWHUHVWUDWHV

7KH *URXS XVHV GHULYDWLYH QDQFLDO LQVWUXPHQWV varying depending upon the primary host contract
VXFK DV IRUHLJQ H[FKDQJH IRUZDUG FRQWUDFWV UHTXLUHPHQWDQGULVNPDQDJHPHQWVWUDWHJ\RIWKH
RSWLRQV FXUUHQF\ VZDSV DQG LQWHUHVW UDWH VZDSV company.
RSWLRQV WR PDQDJH LWV H[SRVXUHV WR IRUHLJQ 7
KH *URXS PDQDJHV LWV IRUHLJQ FXUUHQF\ ULVN E\
H[FKDQJHXFWXDWLRQVDQGLQWHUHVWUDWH KHGJLQJ DSSURSULDWH SHUFHQWDJH RI LWV IRUHLJQ
Foreign Currency Risk FXUUHQF\ H[SRVXUH DV DSSURYHG E\ %RDUG DV SHU
)
RUHLJQFXUUHQF\ULVNLVWKHULVNWKDWWKHIDLUYDOXH HVWDEOLVKHGULVNPDQDJHPHQWSROLF\
RUIXWXUHFDVKRZVRIDQDQFLDOLQVWUXPHQWZLOO Foreign Currency Sensitivity
XFWXDWHEHFDXVHRIFKDQJHVLQIRUHLJQH[FKDQJH 7KHIROORZLQJWDEOHGHPRQVWUDWHVWKHVHQVLWLYLW\LQWKH86'
UDWHV 7KH *URXS WUDQVDFWV EXVLQHVV LQ ORFDO (XUR&+)DQGRWKHUFXUUHQFLHVWRWKHIXQFWLRQDOFXUUHQF\RI
FXUUHQF\ DQG LQ IRUHLJQ FXUUHQF\ SULPDULO\ 86 WKHUHVSHFWLYHHQWLW\ZLWKDOORWKHUYDULDEOHVKHOGFRQVWDQW
GROODUV7KH*URXSKDVREWDLQHGIRUHLJQFXUUHQF\ 7KHLPSDFWRQWKH*URXSVSURWEHIRUHWD[LVGXHWRFKDQJHV
ORDQV DQG KDV IRUHLJQ FXUUHQF\ WUDGH SD\DEOHV LQWKHIDLUYDOXHRIPRQHWDU\DVVHWVDQGOLDELOLWLHVLQFOXGLQJ
DQG UHFHLYDEOHV DQG LV WKHUHIRUH H[SRVHG WR IRUHLJQFXUUHQF\GHULYDWLYHVH[FOXGLQJRSWLRQVDQGFXUUHQF\
IRUHLJQH[FKDQJHULVN7KH*URXSPD\XVHIRUHLJQ VZDSV7KHLPSDFWRQ*URXSVHTXLW\LVGXHWRFKDQJHLQ
H[FKDQJH RSWLRQV FXUUHQF\ VZDSV RU IRUZDUG WKH IDLUYDOXH RI LQWUDJURXS PRQHWDU\ LWHPV WKDW IRUP SDUW
FRQWUDFWV WRZDUGV KHGJLQJ ULVN UHVXOWLQJ IURP RI QHW LQYHVWPHQW LQ IRUHLJQ RSHUDWLRQ DQG RWKHU IRUHLJQ
FKDQJHV DQG XFWXDWLRQV LQ IRUHLJQ FXUUHQF\ FXUUHQF\PRQHWDU\LWHPVGHVLJQDWHGDVDKHGJHRIWKHQHW
H[FKDQJHUDWH7KHVHIRUHLJQH[FKDQJHFRQWUDFWV LQYHVWPHQW LQ IRUHLJQ RSHUDWLRQV RU FDVK RZ KHGJH RI D
FDUULHG DW IDLUYDOXH PD\ KDYHYDU\LQJ PDWXULWLHV KLJKO\SUREDEOHIRUHFDVWWUDQVDFWLRQ
(` Millions)
Particular Change in currency (HFWRQSURW (HFWRQHTXLW\
exchange rate before tax (OCI)
US Dollars +5%
-5%
Euro +5%
-5%
CHF +5% (174) -
-5% 174 -
Others +5% 16 -
-5% (16) -
US Dollars +5%
-5%
Euro +5% (642)
-5% 642
CHF +5% -
-5% -
Others +5% (1) -
-5% 1 -
Interest Rate Risk

,QWHUHVWUDWHULVNLVWKHULVNWKDWWKHIDLUYDOXHRUIXWXUH UDWHV RI ERUURZLQJ 7R PDQDJH WKLV WKH *URXS PD\
FDVK RZV RI D QDQFLDO LQVWUXPHQW ZLOO XFWXDWH HQWHULQWRLQWHUHVWUDWHGHULYDWLYHVOLNHVZDSDQGRSWLRQ
EHFDXVH RI FKDQJHV LQ PDUNHW LQWHUHVW UDWHV 7KH FRQWUDFWV7KHPDQDJHPHQWDOVRPDLQWDLQVDSRUWIROLR
*URXSV H[SRVXUH WR WKH ULVN RI FKDQJHV LQ PDUNHW PL[ RI RDWLQJ DQG [HG UDWH GHEW $V RI 0DUFK
interest rates relates primarily to the Groups debt DIWHU WDNLQJ LQWR DFFRXQW WKH HHFW RI LQWHUHVW
interest obligations. Further, the Group engages in UDWH VZDSV DSSUR[LPDWHO\ RI WKH *URXSV
QDQFLQJDFWLYLWLHVDWPDUNHWOLQNHGUDWHVDQ\FKDQJHV ERUURZLQJV DUH DW D [HG UDWH RI LQWHUHVW 0DUFK
LQ WKH LQWHUHVW UDWHV HQYLURQPHQW PD\ LPSDFW IXWXUH

126-355
,QWHUHVW5DWH6HQVLWLYLW\RI%RUURZLQJV
:LWK DOO RWKHUYDULDEOHV KHOG FRQVWDQW WKH IROORZLQJ WDEOH GHPRQVWUDWHV WKH VHQVLWLYLW\ WR D UHDVRQDEO\ SRVVLEOH FKDQJH LQ
LQWHUHVWUDWHVRQRDWLQJUDWHSRUWLRQRIORDQVDQGERUURZLQJVDIWHUFRQVLGHULQJWKHLPSDFWRILQWHUHVWUDWHVZDSV
(` Millions)
Interest rate sensitivity Increase / decrease (HFWRQSURW
in basis points before tax
INR - borrowings +100 (224)
-100 224
US Dollar -borrowings +100
-100
Euro - borrowings +100 (688)
-100 688
Nigerian Naira - borrowings +100 (65)
-100 65
Other Currency -borrowings +100 (63)
-100 63
INR - borrowings +100 (352)
-100 352
US Dollar -borrowings +100
-100
Euro - borrowings +100 (757)
-100 757
Nigerian Naira - borrowings +100 (314)
-100 314
Other Currency -borrowings +100 (32)
-100 32
The assumed movement in basis points for interest rate sensitivity analysis is based on the currently observable market
environment.
Price Risk VXFK LQYHVWPHQWV KDYLQJ QHJDWLYH PDUNHG WR PDUNHW

7KH *URXS LQYHVWV LWV VXUSOXV IXQGV LQ YDULRXV GHEW YDOXHWKHRYHUDOOUHDOLVHG\LHOGRYHUWKHHQWLUHWHQRURI
LQVWUXPHQWV DQG GHEW PXWXDO IXQGV 7KHVH FRPSULVH the investment shall turn out to be positive.
RI PDLQO\ OLTXLG VFKHPHV RI PXWXDO IXQGV OLTXLG Credit Risk
LQYHVWPHQWV VKRUW WHUP GHEW IXQGV LQFRPH IXQGV
&UHGLWULVNLVWKHULVNWKDWDFRXQWHUSDUW\ZLOOQRWPHHW
GXUDWLRQLQYHVWPHQWVDQG[HGGHSRVLWV
LWVREOLJDWLRQVXQGHUDQDQFLDOLQVWUXPHQWRUFXVWRPHU
0XWXDO IXQG LQYHVWPHQWV DUH VXVFHSWLEOH WR PDUNHW FRQWUDFW OHDGLQJ WR D QDQFLDO ORVV 7KH *URXS LV
SULFH ULVN PDLQO\ DULVLQJ IURP FKDQJHV LQ WKH LQWHUHVW H[SRVHG WR FUHGLW ULVN IURP LWV RSHUDWLQJ DFWLYLWLHV
UDWHV RU PDUNHW \LHOGV ZKLFK PD\ LPSDFW WKH UHWXUQ SULPDULO\ WUDGH UHFHLYDEOHV DQG IURP LWV QDQFLQJ
DQG YDOXH RI VXFK LQYHVWPHQWV +RZHYHU GXH WR WKH DFWLYLWLHVLQFOXGLQJGHSRVLWVZLWKEDQNVPXWXDOIXQGV
YHU\VKRUWWHQRURIWKHXQGHUO\LQJSRUWIROLRLQWKHOLTXLG DQGQDQFLDOLQVWLWXWLRQVIRUHLJQH[FKDQJHWUDQVDFWLRQV
VFKHPHVWKHVHGRQRWSRVHDQ\VLJQLFDQWSULFHULVN DQGRWKHUQDQFLDOLQVWUXPHQWV
2Q WKH GXUDWLRQ LQYHVWPHQW EDODQFH DQ LQFUHDVH 1) Trade receivables
GHFUHDVH RI EDVLV SRLQWV LQ PDUNHW \LHOGV SDUDOOHO &XVWRPHU FUHGLW ULVN LV PDQDJHG E\ HDFK EXVLQHVV
VKLIWRIWKH\LHOGFXUYHVZLOOUHVXOWLQGHFUHDVHLQFUHDVH unit subject to the Groups established policy,
LQ WKH PDUNHG WR PDUNHW YDOXH RI WKH LQYHVWPHQWV E\ procedures and control relating to customer credit
` 0Q DQG ` 0Q DV RQ 0DUFK DQG ULVN PDQDJHPHQW 7UDGH UHFHLYDEOHV DUH QRQLQWHUHVW
0DUFK UHVSHFWLYHO\ 7KH DGYHUVH PDUNHG WR EHDULQJ DQG DUH JHQHUDOO\ RQ GD\V WR GD\V
PDUNHW PRYHPHQW RQ WKHVH VFKHPHV LV QRWLRQDO DQG FUHGLWWHUPH[FHSWLQFDVHRIEDODQFHVGXHIURPWUDGH
JHWV UHFRXSHG WKURXJK WKH [HG FRXSRQ DFFUXDOV UHFHLYDEOHV LQ $LUWHO %XVLQHVV 6HJPHQW ZKLFK DUH
RQ WKH XQGHUO\LQJ SRUWIROLR VLQFH VRPH RI WKH DVVHW JHQHUDOO\RQGD\VWRGD\VFUHGLWWHUPV&UHGLWOLPLWV
PDQDJHPHQWFRPSDQLHVKDYHDGRSWHGWKHVWUDWHJ\RI DUH HVWDEOLVKHG IRU DOO FXVWRPHUV EDVHG RQ LQWHUQDO
holding the underlying securities to maturity to ensure rating criteria. Outstanding customer receivables are
VWDELOLW\RIDFWXDOUHDOLVHGUHWXUQVZLWKRXWUHDOLVLQJDQ\ UHJXODUO\ PRQLWRUHG 7KH *URXS KDV QR FRQFHQWUDWLRQ
DGYHUVHPDUNHGWRPDUNHWPRYHPHQWRQWKHXQGHUO\LQJ RIFUHGLWULVNDVWKHFXVWRPHUEDVHLVZLGHO\GLVWULEXWHG
asset. Accordingly, in case the Group continues to hold both economically and geographically.

7KHDJHLQJDQDO\VLVRIWUDGHUHFHLYDEOHVDVRIWKHUHSRUWLQJGDWHLVDVIROORZV
(` Millions)
Particular Neither past due nor Past due but not impaired Total
impaired (including Less Than 30 to 60 60 to 90 Above 90
unbilled) 30 days days days days
Trade Receivables as

of March 31, 2016
Trade Receivables as

RI0DUFK
The requirement for impairment is analysed at each reporting date. Refer Note 22 for details on the impairment of
trade receivables.
2) Financial instruments and cash deposits JXDUDQWHHV 7KH *URXSV PD[LPXP H[SRVXUH IRU
&UHGLW ULVN IURP EDODQFHV ZLWK EDQNV DQG QDQFLDO QDQFLDOJXDUDQWHHVLVJLYHQLQ1RWH
institutions is managed by Groups treasury in Liquidity Risk
DFFRUGDQFHZLWKWKH%RDUGDSSURYHGSROLF\,QYHVWPHQWV /LTXLGLW\ULVNLVWKHULVNWKDWWKH*URXSPD\QRWEHDEOHWR
RI VXUSOXV IXQGV DUH PDGH RQO\ ZLWK DSSURYHG PHHWLWVSUHVHQWDQGIXWXUHFDVKDQGFROODWHUDOREOLJDWLRQV
FRXQWHUSDUWLHV ZKR PHHW WKH PLQLPXP WKUHVKROG ZLWKRXW LQFXUULQJ XQDFFHSWDEOH ORVVHV 7KH *URXSV
UHTXLUHPHQWVXQGHUWKHFRXQWHUSDUW\ULVNDVVHVVPHQW REMHFWLYH LV WR DW DOO WLPHV PDLQWDLQ RSWLPXP OHYHOV RI
SURFHVV 7KH *URXS PRQLWRUV UDWLQJV FUHGLW VSUHDGV OLTXLGLW\WRPHHWLWVFDVKDQGFROODWHUDOUHTXLUHPHQWV7KH
DQG QDQFLDO VWUHQJWK RI LWV FRXQWHU SDUWLHV %DVHG Group closely monitors its liquidity position and deploys a
RQ LWV RQJRLQJ DVVHVVPHQW RI FRXQWHUSDUW\ ULVN WKH robust cash management system. It maintains adequate
Group adjusts its exposure to various counterparties. VRXUFHVRIQDQFLQJLQFOXGLQJELODWHUDOORDQVGHEWDQG
7KH *URXSV PD[LPXP H[SRVXUH WR FUHGLW ULVN IRU WKH RYHUGUDIW IURP ERWK GRPHVWLF DQG LQWHUQDWLRQDO EDQNV
FRPSRQHQWV RI WKH VWDWHPHQW RI QDQFLDO SRVLWLRQ DV at an optimised cost. It also enjoys strong access to
RI0DUFKDQG0DUFKLVWKHFDUU\LQJ GRPHVWLFDQGLQWHUQDWLRQDOFDSLWDOPDUNHWVDFURVVGHEW
DPRXQWV DV GLVFORVHG LQ 1RWH H[FHSW IRU QDQFLDO equity and hybrids.
7KH WDEOH EHORZ VXPPDULVHV WKH PDWXULW\ SUROH RI WKH *URXSV QDQFLDO OLDELOLWLHV EDVHG RQ FRQWUDFWXDO XQGLVFRXQWHG
SD\PHQWV
(` Millions)
As of March 31 , 2016
Particular Carrying On Demand Less than 6 to 12 1 to 2 >2 Total
amount 6 months months years years
Interest bearing borrowings*#
Financial derivatives - 144 3 5
'HHUHG3D\PHQW/DLELOLW\ - -
2WKHUQDQFLDOOLDELOLWLHV - - -
Trade and other payables# - - -
1,413,525 19,452 446,478 55,074 117,313 1,163,579 1,801,896
$VRI0DUFK
Particular Carrying Less than 6 to 12 1 to 2 >2
On Demand Total
amount 6 months months years years
Interest bearing borrowings*#
Financial derivatives 792 - 545 83 153 11 792
'HHUHG3D\PHQW/DLELOLW\ - - -
2WKHUQDQFLDOOLDELOLWLHV - - -
Trade and other payables# - 818 - -

,QFOXGHVFRQWUDFWXDOLQWHUHVWSD\PHQWEDVHGRQLQWHUHVWUDWHSUHYDLOLQJDWWKHHQGRIWKHUHSRUWLQJSHULRGDIWHUDGMXVWPHQWIRUWKHLPSDFWRILQWHUHVWUDWHVZDSV
RYHUWKHWHQRURIWKHERUURZLQJV
,QWHUHVWDFFUXHGEXWQRWGXHRI`0QDQG`0QDVRI0DUFKDQG0DUFKUHVSHFWLYHO\KDVEHHQLQFOXGHGLQLQWHUHVWEHDULQJ
ERUURZLQJVDQGH[FOXGHGIURPWUDGHDQGRWKHUSD\DEOHV
7KHGHULYDWLYHQDQFLDOLQVWUXPHQWVGLVFORVHGLQWKHDERYHWDEOHUHSUHVHQWIDLUYDOXHVRIWKHLQVWUXPHQW+RZHYHUWKRVHDPRXQWV
may be settled gross or net.

126-355
Capital Management dividend payment to shareholders, return capital to
Capital includes equity attributable to the equity holders VKDUHKROGHUVRULVVXHQHZVKDUHV
RIWKH3DUHQW7KHSULPDU\REMHFWLYHRIWKH*URXSVFDSLWDO
1R FKDQJHV ZHUH PDGH LQ WKH REMHFWLYHV SROLFLHV RU
PDQDJHPHQWLVWRHQVXUHWKDWLWPDLQWDLQVDQHFLHQW
capital structure and healthy capital ratios in order to SURFHVVHVGXULQJWKH\HDUHQGHG0DUFKDQG
support its business and maximise shareholder value. 0DUFK
7KH *URXS PDQDJHV LWV FDSLWDO VWUXFWXUH DQG PDNHV 7KH*URXSPRQLWRUVFDSLWDOXVLQJDJHDULQJUDWLRZKLFK

DGMXVWPHQWV WR LW LQ OLJKW RI FKDQJHV LQ HFRQRPLF LV QHW GHEW GLYLGHG E\ WRWDO FDSLWDO SOXV QHW GHEW 1HW
FRQGLWLRQVRULWVEXVLQHVVUHTXLUHPHQWV7RPDLQWDLQRU GHEW LV FDOFXODWHG DV ORDQV DQG ERUURZLQJV OHVV FDVK
adjust the capital structure, the Group may adjust the and cash equivalents.
(` Millions)
As of As of
Particulars
March 31, 2016 March 31, 2015
Loans & Borrowings
/HVV&DVKDQG&DVK(TXLYDOHQWV
Net Debt 571,919 651,953
Equity
Total Capital 656,301 619,564
Capital and Net Debt 1,228,220 1,271,517
Gearing Ratio 46.6% 51.3%
1HZ'HYHORSPHQWV %XUNLQD)DVR&KDG&RQJR%UD]]DYLOOHDQG6LHUUD

D 7KH 6FKHPH RI $UUDQJHPHQW 6FKHPH XQGHU /HRQH 2Q -DQXDU\ WKH *URXS KDV
6HFWLRQV WR RI WKH &RPSDQLHV $FW HQWHUHG LQWR GHQLWLYH DJUHHPHQW WR VHOO JURXSV
ZLWK UHVSHFW WR WKH DPDOJDPDWLRQ RI $LUWHO RSHUDWLRQVLQ%XUNLQD)DVRDQG6LHUUD/HRQHDQG
%URDGEDQG6HUYLFHV3ULYDWH/LPLWHG$%63/ZLWK WKH H[FOXVLYH DJUHHPHQW IRU WKH UHPDLQLQJ WZR
FRXQWULHVKDYHODSVHG7KHWUDQVDFWLRQLVVXEMHFW
WKH&RPSDQ\ZDVDSSURYHGE\WKH+RQEOH+LJK
to certain customary regulatory approvals and
&RXUWRI%RPED\RQ$SULO7KH&RPSDQ\
other closing conditions.
KDVOHGWKH6FKHPHZLWK5HJLVWUDURI&RPSDQLHV
52&RQ$SULOZKLFKLVWKHHHFWLYHGDWH F 'XULQJWKH\HDUHQGHG0DUFKWKH*URXS
DQG DSSRLQWHG GDWH RI PHUJHU )URP WKH OLQJ RI KDV HQWHUHG LQWR DQ H[FOXVLYH GLVFXVVLRQ ZLWK
WKHVDLG6FKHPHZLWKWKH52&$%63/KDVFHDVHG $[LDWD *URXS %HUKDG WR H[SORUH WKH SRVVLELOLW\
WRH[LVWDQGKDYHPHUJHGZLWKWKH&RPSDQ\ZLWK RI FRPELQLQJ WKH EXVLQHVV RSHUDWLRQV RI WKHLU
HHFWIURP$SULO WHOHFRPPXQLFDWLRQ VXEVLGLDULHV LQ %DQJODGHVK
2Q-DQXDU\WKH*URXSKDVHQWHUHGLQWR
'
R7 YLGH LWV OHWWHU GDWHG )HEUXDU\ KDV GHQLWLYH DJUHHPHQW ZKLFK LV VXEMHFW WR FHUWDLQ
JLYHQLWVDSSURYDOIRUWDNLQJRQUHFRUGWKHPHUJHU customary regulatory approvals and other closing
RI $%63/ ZLWK WKH &RPSDQ\ VXEMHFW WR FHUWDLQ conditions.
FRQGLWLRQV DV VWLSXODWHG LQ WKH OHWWHU 2QH RI WKH
G 'XULQJ WKH \HDU HQGHG 0DUFK WKH
FRQGLWLRQVRIPHUJHUUHTXLUHVSD\PHQWRI`
*URXS KDV SXUFKDVHG VWDNH LQ $XJHUH
0Q HTXDO WR WKH GLHUHQFH EHWZHHQ WKH HQWU\
:LUHOHVV%URDGEDQG3ULYDWH/LPLWHG$:%3/7KH
IHH IRU 8QLHG $FFHVV 6HUYLFH /LFHQVH DQG HQWU\
FRQVXPPDWLRQRIWKHVDLGWUDQVDFWLRQLVVXEMHFWWR
IHHV SDLG IRU ,QWHUQHW 6HUYLFH 3URYLGHU OLFHQVH WKHDSSURYDOIURPVWDWXWRU\DXWKRULWLHV
7KH +RQEOH 7HOHFRP 'LVSXWHV 6HWWOHPHQW DQG
$SSHOODWH 7ULEXQDO 7'6$7 YLGH LWV LQWHULP RUGHU H 'XULQJ WKH \HDU HQGHG 0DUFK WKH
GDWHG)HEUXDU\KDVDOORZHGWKH&RPSDQ\ *URXS KDV HQWHUHG LQWR D GHQLWLYH DJUHHPHQW
WRRSHUDWLRQDOLVHWKHVSHFWUXPVXEMHFWWROLQJDQ ZLWK 9LGHRFRQ 7HOHFRPPXQLFDWLRQV /LPLWHG
XQGHUWDNLQJ WKDW LQ FDVH WKH SHWLWLRQ IDLOV LW VKDOO 97/ WR DFTXLUH ULJKWV WR XVH VSHFWUXP LQ WKH
SD\WKHVXPRI`0QDORQJZLWKLQWHUHVWDV 0K]EDQGIRUVL[FLUFOHV7KHFORVLQJRIWKH
PD\ EH GHWHUPLQHG E\ WKH 7ULEXQDO ZLWKLQ HLJKW said transaction is subject to certain customary
regulatory approvals and other closing conditions.
ZHHNVIURPWKHGDWHRIMXGJHPHQW7KH&RPSDQ\
KDVOHGDQXQGHUWDNLQJEHIRUH+RQEOH7'6$7IRU I 6XEVHTXHQWWRWKHEDODQFHVKHHWGDWHWKH*URXS
the same. KDVHQWHUHGLQWRDGHQLWLYHDJUHHPHQWZLWK$LUFHO
/LPLWHG DQG LWV VXEVLGLDULHV 'LVKQHW :LUHOHVV
E 'XULQJ WKH \HDU HQGHG 0DUFK %KDUWL /LPLWHGDQG$LUFHOFHOOXODU/LPLWHGWRDFTXLUHULJKWV
$LUWHO ,QWHUQDWLRQDO 1HWKHUODQGV %9 D VXEVLGLDU\ WRXVHVSHFWUXPLQWKH0K]EDQGIRUHLJKW
RI WKH &RPSDQ\ KDV HQWHUHG LQWR QRQELQGLQJ FLUFOHV7KHFORVLQJRIWKHWUDQVDFWLRQLVVXEMHFWWR
EXW H[FOXVLYH DJUHHPHQW ZLWK 2UDQJH WR H[SORUH certain customary regulatory approvals and other
WKHSRVVLEOHDFTXLVLWLRQRI*URXSVVXEVLGLDULHVLQ closing conditions.

41. Companies in the Group, Joint Ventures and Associates
7KH*URXSFRQGXFWVLWVEXVLQHVVWKURXJK%KDUWL$LUWHODQGLWVGLUHFWO\DQGLQGLUHFWO\KHOGVXEVLGLDULHVMRLQWYHQWXUHVDQG
DVVRFLDWHV,QIRUPDWLRQDERXWWKHFRPSRVLWLRQRIWKH*URXSLVDVIROORZV
S. Principal activity Principal place of 1XPEHURIZKROO\RZQHGVXEVLGLDULHV

No. operation / country
of incorporation
As of As of
March 31, 2016 March 31, 2015
1 Telecommunication services Africa 10 10
2 Telecommunication services India 3 4
3 Telecommunication services South Asia 2 2
4 Telecommunication services Other 6 7
5 Mobile commerce services Africa 16 17
6 Mobile commerce services India - 1
7 Infrastructure services Africa 6 9
8 Infrastructure services South Asia 2 2
9 Investment company Africa 2 3
10 Investment company Netherlands 25 25
11 Investment company Mauritius 6 6
12 Investment company Other 2 2
13 Direct to Home services Africa 2 3
14 Submarine cable system Mauritius 1 1
+ROGLQJQDQFHVHUYLFHVDQG
15 Netherlands 1 1
management services
16 Other India 1 1
85 94
S. No. Principal Activity Principal place of 1XPEHURI1RQZKROO\RZQHG

operation / country subsidiaries
of incorporation
As of As of
March 31, 2016 March 31, 2015
1 Telecommunication services Africa 8 9
2 Telecommunication services India 2 1
3 Infrastructure services India 2 2
4 Infrastructure services Africa 5 7
5 Mobile commerce services Africa 2 -
6 Mobile commerce services India 1 -
7 Investment company Africa 1 -
8 Direct to Home services India 1 1
9 Uplinking channels for broadcasters India 1 -
23 20

126-355
$GGLWLRQDOO\WKH*URXSDOVRFRQWUROVWKHWUXVWVDVPHQWLRQHGLQ1RWHEEHORZ
,QIRUPDWLRQRI*URXSVGLUHFWO\DQGLQGLUHFWO\KHOGVXEVLGLDULHVMRLQWYHQWXUHVDQGDVVRFLDWHVLVDVIROORZV
(a) Details of Subsidiaries:-
S. Name of subsidiary Principal place Principal activities Percentage of
no of operation RZQHUVKLSLQWHUHVW
/ country of DQGYRWLQJSRZHU
incorporation (direct / indirect) -
HHFWLYHVKDUHKROGLQJ
held by the Group
As of As of
March 31, March 31,
2016 2015
% %
Airtel Bangladesh Limited (refer
1 Bangladesh Telecommunication services 100 100
Note 40(c))
2 Airtel M Commerce Services Limited India Mobile commerce services 80.10 100
Bangladesh Infratel Networks Passive infrastructure
3 Bangladesh 100 100
Limited# Services
4 Bharti Airtel (Canada) Limited## Canada Telecommunication services - 100
5 Bharti Airtel (France) SAS France Telecommunication services 100 100
6 Bharti Airtel (Hongkong) Limited Hongkong Telecommunication services 100 100
%KDUWL$LUWHO-DSDQ.DEXVKLNL
7 -DSDQ Telecommunication services 100 100
.DLVKD
Administrative support to
8 Bharti Airtel Services Limited India Group companies and trading 100 100
activities
9 %KDUWL$LUWHO8./LPLWHG 8QLWHG.LQJGRP Telecommunication services 100 100
United States of
10 Bharti Airtel (USA) Limited Telecommunication services 100 100
America
Bharti Airtel Holdings (Singapore)
11 Singapore Investment Company 100 100
Pte Ltd
Bharti Airtel International (Mauritius)
12 Mauritius Investment Company 100 100
Limited
Bharti Airtel International +ROGLQJ)LQDQFH6HUYLFHVDQG
13 Netherlands 100 100
1HWKHUODQGV%9 Management Services
14 Bharti Airtel Lanka (Private) Limited Sri Lanka Telecommunication services 100 100
15 Bharti Hexacom Limited India Telecommunication services 70 70
Indo Teleports Limited (formerly Uplinking channels for
16 India 95 -
known as Bharti Teleports Limited) @ broadcasters
Bharti Infratel Lanka (Private) Passive infrastructure
17 Sri Lanka 100 100
Limited# Services
Passive infrastructure
18 Bharti Infratel Limited India 71.76 71.88
Services
Passive infrastructure
19 Bharti Infratel Services Limited* # India 71.76 71.88
Services
Smartx Services Limited (subsidiary
20 India Telecommunication services 71.76 -
ZHI6HSWHPEHU
Bharti International (Singapore) Pte.
21 Singapore Telecommunication services 100 100
Ltd
22 Bharti Telemedia Limited India Direct To Home services 95 95
23 Network i2i Limited Mauritius Submarine Cable System 100 100
24 Telesonic Networks Limited India Network Services 100 100
Airtel Broadband Services Private
25 Limited (Merged with Bharti Airtel India Telecommunication services - 100
/LPLWHGZHI$SULO

HHFWLYHVKDUHKROGLQJ
held by the Group
As of As of
March 31, March 31,
2016 2015
% %
Data Center and Managed
26 Nxtra Data Limited India 100 100
Services
Content Procurement and
27 Wynk Limited India 100 100
Selling
28 $IULFD7RZHUV19 Netherlands Investment Company 100 100
29 Africa Towers Services Limited .HQ\D Infrastructure sharing services 100 100
30 Airtel Ghana Limited^ Ghana Telecommunication services 75 75
31 Airtel (Seychelles) Limited Seychelles Telecommunication services 100 100
32 Airtel (SL) Limited Sierra Leone Telecommunication services 100 100
33 Airtel Burkina Faso S.A. Burkina Faso Telecommunication services 100 100
Congo
34 Airtel Congo S.A. Telecommunication services 90 90
%UD]]DYLOH
35 Airtel DTH Services (SL) Limited^^ Sierra Leone Direct To Home services 100 100
Democratic
Airtel DTH Services Congo (RDC)
36 Republic of Direct To Home services - 100
S.p.r.l.##
Congo
37 Airtel DTH Services Nigeria Limited# Nigeria Direct To Home services 100 100
38 Airtel Gabon S.A. Gabon Telecommunication services 90 90
39 Airtel Madagascar S.A. Madagascar Telecommunication services 100 100
40 Airtel Malawi Limited Malawi Telecommunication services 100 100
Airtel Mobile Commerce (SL)
41 Sierra Leone Mobile commerce services 100 100
Limited
42 $LUWHO0RELOH&RPPHUFH%9 Netherlands Investment Company 100 100
Airtel Mobile Commerce Burkina
43 Burkina Faso Mobile commerce services 100 100
Faso S.A.
Airtel Mobile Commerce (Ghana)
44 Ghana Mobile commerce services 75 100
Limited
Airtel Mobile Commerce Holdings
45 Netherlands Investment Company 100 100
%9
$LUWHO0RELOH&RPPHUFH.HQ\D
46 .HQ\D Mobile commerce services 100 100
Limited
47 Airtel Mobile Commerce Limited Malawi Mobile commerce services 100 100
Airtel Mobile Commerce
48 Madagascar Mobile commerce services 100 100
Madagascar S.A.
Airtel Mobile Commerce Rwanda
49 Rwanda Mobile commerce services 100 100
Limited
Airtel Mobile Commerce
50 Seychelles Mobile commerce services 100 100
(Seychelles) Limited
$LUWHO0RELOH&RPPHUFH7DQ]DQLD
51 7DQ]DQLD Mobile commerce services 100 100
Limited
52 Airtel Mobile Commerce Tchad S.a.r.l. Chad Mobile commerce services 100 100
Airtel Mobile Commerce Uganda
53 Uganda Mobile commerce services 100 100
Limited
Airtel Mobile Commerce Zambia
54 Zambia Mobile commerce services 100 100
Limited

126-355
HHFWLYHVKDUHKROGLQJ
held by the Group
As of As of
March 31, March 31,
2016 2015
% %
Democratic
55 Airtel Money (RDC) S.A. Republic of Mobile commerce services 100 100
Congo
56 Airtel Money Niger S.A. Niger Mobile commerce services 90 100
57 Airtel Money S.A. (Gabon) Gabon Mobile commerce services 100 100
58 $LUWHO1HWZRUNV.HQ\D/LPLWHGA .HQ\D Telecommunication services 100 100
59 Airtel Networks Limited Nigeria Telecommunication services 79.059 79.059
60 Airtel Networks Zambia Plc Zambia Telecommunication services 96.36 96.36
61 Airtel Rwanda Limited Rwanda Telecommunication services 100 100
62 $LUWHO7DQ]DQLD/LPLWHG 7DQ]DQLD Telecommunication services 60 60
63 Airtel Tchad S.A. Chad Telecommunication services 100 100
64 Airtel Towers (Ghana) Limited Ghana Infrastructure sharing services 75 75
65 Airtel Towers (SL) Company Limited Sierra Leone Infrastructure sharing services 100 100
66 Airtel Uganda Limited^ Uganda Telecommunication services 100 100
67 %KDUWL$LUWHO$IULFD%9 Netherlands Investment Company 100 100
Bharti Airtel Burkina Faso Holdings
%9
69 %KDUWL$LUWHO&KDG+ROGLQJV%9 Netherlands Investment Company 100 100
70 %KDUWL$LUWHO&RQJR+ROGLQJV%9 Netherlands Investment Company 100 100
Bharti Airtel Developers Forum
71 Zambia Investment Company 96.36 100
Limited
72 %KDUWL$LUWHO'7++ROGLQJV%9 Netherlands Investment Company 100 100
73 %KDUWL$LUWHO*DERQ+ROGLQJV%9 Netherlands Investment Company 100 100
74 %KDUWL$LUWHO*KDQD+ROGLQJV%9 Netherlands Investment Company 100 100
75 %KDUWL$LUWHO.HQ\D%9 Netherlands Investment Company 100 100
76 %KDUWL$LUWHO.HQ\D+ROGLQJV%9 Netherlands Investment Company 100 100
Bharti Airtel Madagascar Holdings
%9
78 %KDUWL$LUWHO0DODZL+ROGLQJV%9 Netherlands Investment Company 100 100
79 %KDUWL$LUWHO0DOL+ROGLQJV%9 Netherlands Investment Company 100 100
80 %KDUWL$LUWHO1LJHU+ROGLQJV%9 Netherlands Investment Company 100 100
81 %KDUWL$LUWHO1LJHULD%9 Netherlands Investment Company 100 100
82 %KDUWL$LUWHO1LJHULD+ROGLQJV%9# Netherlands Investment Company 100 100
83 %KDUWL$LUWHO1LJHULD+ROGLQJV,,%9 Netherlands Investment Company 100 100
84 %KDUWL$LUWHO5'&+ROGLQJV%9 Netherlands Investment Company 100 100
85 %KDUWL$LUWHO6HUYLFHV%9 Netherlands Investment Company 100 100
Bharti Airtel Sierra Leone Holdings
%9
87 %KDUWL$LUWHO7DQ]DQLD%9 Netherlands Investment Company 100 100
88 %KDUWL$LUWHO8JDQGD+ROGLQJV%9 Netherlands Investment Company 100 100
89 %KDUWL$LUWHO=DPELD+ROGLQJV%9 Netherlands Investment Company 100 100
90 Burkina Faso Towers S.A.## Burkina Faso Infrastructure sharing services - 100
91 Celtel (Mauritius) Holdings Limited Mauritius Investment Company 100 100
Democratic
Airtel Congo (RDC) S.A. (formerly
92 Republic of Telecommunication services 98.5 98.5
known as Celtel Congo (RDC) S.a.r.l.)
Congo

HHFWLYHVKDUHKROGLQJ
held by the Group
As of As of
March 31, March 31,
2016 2015
% %
93 Celtel Niger S.A. Niger Telecommunication services 90 90
Channel Sea Management Company
(Mauritius) Limited
Democratic
95 Congo RDC Towers S.A. Republic of Infrastructure sharing services 100 100
Congo
Congo
96 Congo Towers S.A.^^ Infrastructure sharing services 90 90
%UD]]DYLOH
97 Gabon Towers S.A. # Gabon Infrastructure sharing services 90 90
98 Indian Ocean Telecom Limited -HUVH\ Investment Company 100 100
.HQ\D7RZHUV/LPLWHGUHIHU1RWH
99 .HQ\D Infrastructure sharing services - 100
43)
100 Madagascar Towers S.A. Madagascar Infrastructure sharing services 100 100
101 Malawi Towers Limited Malawi Infrastructure sharing services 100 100
Congo
102 Mobile Commerce Congo S.A. Mobile commerce services 100 100
%UD]]DYLOH
103 Montana International Mauritius Investment Company 100 100
104 MSI-Celtel Nigeria Limited# Nigeria Investment Company 100 100
105 Niger Towers S.A.## Niger Infrastructure sharing services - 90
Democratic
106 Partnership Investments S.a.r.l. Republic of Investment Company 100 100
Congo
Socit Malgache de Tlphone
Cellulaire S.A.
108 7DQ]DQLD7RZHUV/LPLWHG 7DQ]DQLD Infrastructure sharing services 60 60
109 Tchad Towers S.A. Chad Infrastructure sharing services 100 100
110 Towers Support Nigeria Limited# Nigeria Infrastructure sharing services 79.059 79.059
Uganda Towers Limited (refer Note
111 Uganda Infrastructure sharing services - 100
43)
Warid Telecom Uganda Limited (in
112 process of Amalgamation with Airtel Uganda Telecommunication services 100 100
Uganda Limited)
Warid Congo S.A. (Merged with
Congo
113 $LUWHO&RQJR6$ZHI1RYHPEHU Telecommunication services - 90
%UD]]DYLOH
2015)
Zambian Towers Limited (refer Note
114 Zambia Infrastructure sharing services - 96.36
43)
115 Zap Trust Company Nigeria Limited# Nigeria Mobile commerce services 100 100
Airtel Money Transfer Limited
116 .HQ\D Mobile commerce services 100 -
VXEVLGLDU\ZHI-XO\
Bharti Airtel Rwanda Holdings
117 Limited (formerly known as Zebrano Mauritius Investment Company 100 100
(Mauritius) Limited)
A7KH*URXSDOVRKROGVSUHIHUHQFHVKDUHKROGLQJLQWKHVHFRPSDQLHV7KHSUHIHUHQFHVKDUHVGRHVQRWFDUU\DQ\YRWLQJULJKWV
AA'LVVROYHGVXEVHTXHQWWRWKHEDODQFHVKHHWGDWHRQ$SULO
8QGHU/LTXLGDWLRQ
'LVVROYHGGXULQJWKH\HDUHQGHG0DUFK
1RWH$XJHUH:LUHOHVV%URDGEDQG3ULYDWH/LPLWHGKDVQRWEHHQFRQVLGHUHGDVDVXEVLGLDU\5HIHUQRWHG

126-355
(b) Details of Controlled Trust:
S.no Name of trust Principal place of operation / country of
incorporation
1 Bharti Airtel Employees Welfare Trust India
2 Bharti Infratel Employees Welfare Trust India
(c) Details of Joint ventures:

Percentage of
RZQHUVKLSLQWHUHVW
DQGYRWLQJSRZHU
Principal place (direct / indirect) -
of operation HHFWLYHVKDUHKROGLQJ
S.no Name of joint ventures Principal activities held by the Group
/ country of
incorporation As of As of
March 31, March 31,
2016 2015
% %
1 Indus Towers Limited * India Passive infrastructure services 30.14 30.19
Provision of regional mobile
2 Bridge Mobile Pte Limited Singapore 10 10
services
3 Forum I Aviation Ltd India Aircraft chartering services - 16.67
4 FireFly Networks Limited India Telecommunication services 50 50
%KDUWL,QIUDWHO/LPLWHG%,/LQZKLFKWKH*URXSKDVHTXLW\LQWHUHVWDVRI0DUFKRZQVRI%KDUWL,QIUDWHO6HUYLFHV
/LPLWHGRI6PDUW[6HUYLFHV/LPLWHGDQGRI,QGXV7RZHUV/LPLWHGRI%KDUWL,QIUDWHO6HUYLFHV/LPLWHGDQGRI,QGXV7RZHUV/LPLWHG
DVRI0DUFK
(d) Details of Associates:

Percentage of
RZQHUVKLSLQWHUHVW
DQGYRWLQJSRZHU
Principal place (direct / indirect) -
of operation HHFWLYHVKDUHKROGLQJ
S.no Name of associates Principal activities held by the Group
/ country of
incorporation As of As of
March 31, March 31,
2016 2015
% %
Indo Teleports Limited
Uplinking channels for
1 (formerly known as Bharti India - 49
broadcasters
Teleports Limited) @
7DQ]DQLD
2 Telecommunications 7DQ]DQLD Telecommunication services 35 35
Company Limited
Seychelles Cable Systems
3 Seychelles Submarine Cable System 26 26
Company Limited

2WKHU6LJQLFDQW0DWWHU DSSUR[LPDWHO\ WHOHFRP WRZHUV LQ 1LJHULD WR
7KH&RPSDQ\0V-70RELOHV/LPLWHGVXEVHTXHQWO\ $PHULFDQ7RZHUV&RRSHUDWLRQLWVVXEVLGLDULHV$7&
PHUJHG ZLWK WKH &RPSDQ\ ZDV DZDUGHG OLFHQVH E\ DSSUR[LPDWHO\ WHOHFRP WRZHUV LQ =DPELD DQG
'R7WRRSHUDWHFHOOXODUVHUYLFHVLQWKH6WDWHRI3XQMDE 5ZDQGDWR,+6
LQ 'HFHPEHU 2Q $SULO WKH &RPSDQ\
REWDLQHG WKH SHUPLVVLRQ IURP 'R7 WR RSHUDWH WKH DSSUR[LPDWHO\ WHOHFRP WRZHUV LQ VL[ FRXQWULHV
3XQMDE OLFHQVH WKURXJK LWV ZKROO\ RZQHG VXEVLGLDU\ %XUNLQD )DVR *KDQD .HQ\D 0DODZL 1LJHU DQG
(YHUJURZWK7HOHFRP/LPLWHG(7/,Q'HFHPEHU 8JDQGD WR (DWRQ 7RZHUV /LPLWHG LWV VXEVLGLDULHV
'R7 UDLVHG DUJXPHQW WKDW WKH SHUPLVVLRQ GDWHG $SULO (DWRQDQG
KDV QRW EHFRPH HHFWLYH DQG FDQFHOOHG DSSUR[LPDWHO\ WHOHFRP WRZHUV LQ IRXU FRXQWULHV
WKH SHUPLVVLRQ WR RSHUDWH ZKLFK ZDV VXEVHTXHQWO\ 7DQ]DQLD &RQJR %UD]]DYLOH 'HPRFUDWLF 5HSXEOLF
UHLQVWDWHGRQ0DUFKWKHSHULRGIURP$SULO RI &RQJR DQG &KDG WR +HOLRV 7RZHUV $IULFD LWV
WR0DUFKKDVEHHQKHUHLQDIWHUUHIHUUHG subsidiaries (Helios).
WRDVEODFNRXWSHULRG2Q-XO\OLFHQVHZDV
WHUPLQDWHGGXHWRDOOHJHGQRQSD\PHQWRIOLFHQVHIHHV XUWKHU GXULQJ WKH \HDU HQGHG 0DUFK DIWHU
)
liquidated damages and related penal interest relating FDQFHOODWLRQRIWRZHUVDOHDJUHHPHQWZLWK+HOLRVLQ7DQ]DQLD
WREODFNRXWSHULRG WKH*URXSKDVHQWHUHGLQWRDQDJUHHPHQWZLWK$7&WRVDOH
DQGOHDVHEDFNDGHGLFDWLRQSRUWLRQRIWRZHUVLQ7DQ]DQLD
,Q6HSWHPEHULQUHVSRQVHWRWKHGHPDQGUDLVHG
E\'R7WKH&RPSDQ\KDGSDLG`0QWR'R7XQGHU E 7KH*URXSRQWKHEDVLVRIDSSURYDOE\%RDUGRI'LUHFWRUV
SURWHVW VXEMHFW WR UHVROXWLRQ RI WKH GLVSXWH WKURXJK RI UHVSHFWLYH VXEVLGLDULHV%$,1 FRQVLGHUV WKDW WKH
DUELWUDWLRQ &RQVHTXHQWO\ WKH OLFHQVH ZDV UHVWRUHG FULWHULD VWDWHG E\ ,)56 1RQFXUUHQW $VVHWV +HOG IRU
DQG DQ DUELWUDWRU ZDV DSSRLQWHG IRU VHWWOHPHQW RI WKH 6DOHDQG'LVFRQWLQXHG2SHUDWLRQVKDYHEHHQPHWDQG
GLVSXWH $UELWUDWRU DZDUGHG DQ XQIDYRXUDEOH RUGHU DFFRUGLQJO\ KDV FODVVLHG WKH DVVHWV DQG DVVRFLDWHG
ZKLFKZDVFKDOOHQJHGE\WKH&RPSDQ\EHIRUH+RQEOH OLDELOLWLHV FROOHFWLYHO\ UHIHUUHG WR DV GLVSRVDO JURXS
'HOKL+LJK&RXUW WKDWDUHSDUWRIWKHVDOHDQGZLOOQRWEHOHDVHGEDFNDV
DVVHWVRIGLVSRVDOJURXSFODVVLHGDVKHOGIRUVDOHDQG
2Q 6HSWHPEHU +RQEOH 'HOKL +LJK &RXUW OLDELOLWLHVRIGLVSRVDOJURXSFODVVLHGDVKHOGIRUVDOH
SDVVHG DQ RUGHU VHWWLQJ DVLGH WKH DZDUG SDVVHG E\ LQWKHVWDWHPHQWRIQDQFLDOSRVLWLRQ7KHVHDVVHWVDQG
WKH DUELWUDWRU 'R7 LQ WKH PHDQZKLOH KDV SUHIHUUHG DQ OLDELOLWLHV DUH LQFOXGHG XQGHU 0RELOH 6HUYLFHV $IULFD
$SSHDOLQFOXGLQJFRQGRQDWLRQRIGHOD\LQOLQJRIDSSHDO segment in Segment Reporting.
ZKLFK LV SUHVHQWO\ SHQGLQJ EHIRUH WKH 'LYLVLRQ %HQFK
RIWKH+RQEOH'HOKL+LJK&RXUW7KH$SSHDORI'R7RQ 7KH *URXS KDV FHDVHG GHSUHFLDWLRQ DQG DPRUWLVDWLRQ
WKHLVVXHRIFRQGRQDWLRQRIGHOD\ZDVDOORZHGRQ-XO\ RQ WKH WHOHFRP WRZHU DVVHWV WR WKH H[WHQW LW KDV
7KH QH[W GDWH RI KHDULQJ LV 0D\ HVWLPDWHG VXFK DVVHWV ZRXOG QRW EH OHDVHG EDFN
+RZHYHUWKH&RPSDQ\RQ2FWREHUKDVOHG IURP WKH UHVSHFWLYH GDWHV RI FODVVLFDWLRQ DV KHOG IRU
:ULW 3HWLWLRQ IRU UHFRYHU\ LQ +RQEOH 'HOKL +LJK &RXUW sale. Had the Group not decided to sell these assets,
QRWLFHLVVXHGE\+LJK&RXUW7KHPDWWHUZDVOLVWHGRQ GHSUHFLDWLRQDQGDPRUWLVDWLRQZRXOGKDYHEHHQKLJKHU
1RYHPEHUDQGLVUHVHUYHGIRUMXGJHPHQW by ` 0Q DQG ` 0Q IRU WKH \HDU HQGHG
43. Non-current Assets held for Sale
D 'XULQJ WKH \HDU HQGHG 0DUFK WKH *URXS 7KHFRPSOHWLRQRIWKHWUDQVDFWLRQVLVVXEMHFWWRFHUWDLQ
GHFLGHG WR VHOO DQG OHDVH EDFN D GHGLFDWHG SRUWLRQ RI customary closing conditions and is expected to be
WRZHUVXQGHUORQJWHUPOHDVHFRQWUDFWVFRQVLGHUHGDV FRPSOHWHGZLWKLQDSHULRGRIRQH\HDUIURPWKHGDWHRI
QDQFHOHDVHLQIROORZLQJFRXQWULHV FODVVLFDWLRQDVKHOGIRUVDOH

126-355
F 7KHPDMRUFODVVHVRIDVVHWVDQGOLDELOLWLHVFODVVLHGDVKHOGIRUVDOHDVRI0DUFKDUHDVIROORZV
(` Millions)
As of As of
$VVHWVRIGLVSRVDOJURXSFODVVLHGDVKHOGIRUVDOH
March 31, 2016 March 31, 2015
Non current assets
Other current assets 132
7,002 45,645
(` Millions)
As of As of
/LDELOLWLHVRIGLVSRVDOJURXSFODVVLHGDVKHOGIRUVDOH
March 31, 2016 March 31, 2015
Non current liabilities
Current liabilities -
(1,039) (5,445)
G 'XULQJ WKH \HDU HQGHG 0DUFK WKH WKHGHGLFDWHGSDUWRIWKHWRZHUVRQZKLFK&RPSDQ\V
DJUHHPHQW IRU VDOH RI WRZHU DVVHWV LQ 7DQ]DQLD &KDG equipment are located, has been retained at the carrying
DQG'HPRFUDWLF5HSXEOLFRI&RQJRZLWK+HOLRV7RZHUV YDOXHRI`0QDQG`0QUHVSHFWLYHO\GXULQJ
$IULFD DQG LQ 0DODZL ZLWK (DWRQ 7RZHUV /LPLWHG KDYH WKH\HDU HQGHG 0DUFK DQG 0DUFK
ODSVHG DQG WKHUHIRUH VWDQG WHUPLQDWHG WKHUHE\ DQGWKHQDQFHOHDVHREOLJDWLRQKDVEHHQUHFRUGHGDW
Accordingly, assets and the related liabilities have been ` 0Q DQG ` 0Q UHVSHFWLYHO\ GXULQJ WKH
UHFODVVLHGIURPKHOGIRUVDOHWRLWVHDUOLHUFODVVLFDWLRQ \HDUHQGHG0DUFKDQG0DUFKEHLQJ
and the Group has recorded and presented the related WKH IDLU YDOXH RI WKH OHDVHG EDFN SRUWLRQ $FFRUGLQJO\
GHSUHFLDWLRQ FKDUJH RI ` 0Q SHUWDLQLQJ WR WKH JDLQ RQ WKH SRUWLRQ VROG DQG QRW OHDVHG EDFN
SUHYLRXV SHULRGV DV DQ H[FHSWLRQDO LWHP IRU WKH \HDU amounting to `0QDQG`0QUHVSHFWLYHO\
HQGHG0DUFK GXULQJWKH\HDUHQGHG0DUFKDQG0DUFK
KDV EHHQ UHFRJQLVHG LQ WKH LQFRPH VWDWHPHQW
H 'XULQJWKH\HDUHQGHG0DUFKDQG0DUFK
and disclosed as an exceptional item.
VDOH DQG OHDVH EDFN RI WRZHUV LQ &RQJR
*KDQD 8JDQGD 1LJHULD =DPELD .HQ\D DQG %XUNLQD 44. 3UHYLRXV \HDUV JXUHV LQ WKH FRQVROLGDWHG QDQFLDO
)DVR DQG WRZHUV LQ 5ZDQGD ZDV FRPSOHWHG IRU statements, including the notes thereto, have been
D FRQVLGHUDWLRQ RI ` 0Q DQG ` 0Q UHFODVVLHGZKHUHYHUUHTXLUHGWRFRQIRUPWRWKHFXUUHQW
UHVSHFWLYHO\ 7KH SRUWLRQ OHDVHG EDFN FODVVLHG DV \HDUV SUHVHQWDWLRQFODVVLFDWLRQ 7KHVH GR QRW DHFW
QDQFH OHDVH UHSUHVHQWLQJ WKH WHFKQLFDO FDSDFLWLHV RI WKHSUHYLRXVO\UHSRUWHGQHWSURWRUHTXLW\

6WDWHPHQW3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWUHODWLQJWRVXEVLGLDU\FRPSDQLHVIRUWKH\HDUHQGHG0DUFK
352
(` Millions)
Sr Name of the Subsidiary Note Country of Reporting Reporting Period Financial Year End Exchange Share Reserves Total Total Investments* Turnover 3URW Provision 3URW Capital Community % of
No. Registration Currency Rate as Capital Assets Liabilities (Loss) for (Loss) Proposed Expenditure Contribution ^ shareholding
of March Before Taxation After Dividend during the
31, 2016 Taxation Taxation reporting
period #
1 Airtel Bangladesh Limited a Bangladesh BDT Apr '15 to Mar '16 0DUFK 0.845 - 38 - 100%
2 Airtel Payments Bank Limited DM India INR Apr '15 to Mar '16 0DUFK 1.000 - 395 (346) - (346) 139 80.10%
3 Bangladesh Infratel Networks Limited EH Bangladesh BDT Apr '15 to Mar '16 0DUFK 0.845 0 (0) 0 0 - - (0) - (0) - 100%
4 Bharti Airtel (France) SAS b France EUR Apr '15 to Mar '16 0DUFK 75.447 1 32 340 307 272 77 97 (20) 183 100%
5 Bharti Airtel (Hongkong) Limited a Hongkong +.' Apr '15 to Mar '16 0DUFK 8.540 42 (225) 546 729 575 140 5 135 172 100%
6 %KDUWL$LUWHO-DSDQ.DEXVKLNL.DLVKD DG -DSDQ -3< Apr '15 to Mar '16 0DUFK 0.590 0 (6) 19 25 8 (18) (0) (18) - 100%

7 Bharti Airtel Services Limited a India INR Apr '15 to Mar '16 0DUFK 1.000 1 - (62) 3 (65) 183 100%
8 %KDUWL$LUWHO8./LPLWHG a 8QLWHG.LQJGRP GBP Apr '15 to Mar '16 0DUFK 95.411 32 498 (154) (30) (124) 150 100%
9 Bharti Airtel (USA) Limited DG United States of USD Apr '15 to Mar '16 0DUFK 66.255 - 219 292 (115) 407 97 100%
America
10 Bharti Airtel Holdings (Singapore) Pte Ltd a Singapore SGD Apr '15 to Mar '16 0DUFK 49.246 - 12 6 6 - 100%
11 Bharti International (Singapore) Pte Ltd a Singapore USD Apr '15 to Mar '16 0DUFK 66.255 618 183 435 710 100%
12 Bharti Airtel International (Mauritius) a Mauritius INR Apr '15 to Mar '16 0DUFK 1.000 31 4 - (2) - (2) - 100%
Limited
13 Bharti Airtel Lanka (Private) Limited a Sri Lanka /.5 Apr '15 to Mar '16 0DUFK 0.454 45 923 100%
14 Bharti Infratel Lanka (Private) Limited EH Sri Lanka /.5 Apr '15 to Mar '16 0DUFK 0.454 0 - - - - - - - - - - 100%
15 Bharti Hexacom Limited DJ India INR Apr '15 to Mar '16 0DUFK 1.000 105 70%
16 Indo Teleports Limited DK India INR Apr '15 to Mar '16 0DUFK 1.000 230 (589) 402 761 285 (78) - (78) 14 95%
17 Bharti Infratel Limited DJ India INR Apr '15 to Mar '16 0DUFK 1.000 209 71.76%
18 Smatrx Services Limited(subsidiary w.e.f. DL India INR Sep '15 to Mar '16 0DUFK 1.000 30 0 30 0 - 0 0 0 - 71.76%
6HSWHPEHU
19 Bharti Telemedia Limited a India INR Apr '15 to Mar '16 0DUFK 1.000 102 - - 95%
20 Network i2i Limited a Mauritius USD Apr '15 to Mar '16 0DUFK 66.255 - 121 786 100%
21 Telesonic Networks Limited a India INR Apr '15 to Mar '16 0DUFK 1.000 892 (776) 336 13 323 69 100%
22 Nxtra Data Limited a India INR Apr '15 to Mar '16 0DUFK 1.000 51 (67) 4 (71) (85) 14 576 100%
23 Wynk Limited a India INR -DQ
WR0DU
0DUFK 1.000 1 16 449 432 490 23 7 16 162 100%
24 Bharti Infratel Services Limited EH India INR Apr '15 to Mar '16 0DUFK 1.000 - - - - - (0) - (0) - 71.76%
25 Bharti Airtel International b Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 302 199 - 135 - 100%
1HWKHUODQGV%9
26 %KDUWL$LUWHO$IULFD%9 b Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 42 - - - - - - 100%
27 %KDUWL$LUWHO%XUNLQD)DVR+ROGLQJV%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 1 0 - - - - - - 100%
28 Airtel Burkina Faso S.A. a Burkina faso XOF -DQ
WR'HF
'HFHPEHU 0.115 288 - 731 1 100%
29 %KDUWL$LUWHO&KDG+ROGLQJV%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 1 329 - - 43 - 43 - - - 100%
30 Airtel Tchad S.A. a Chad XAF -DQ
WR'HF
'HFHPEHU 0.115 - 130 - 25 100%
31 %KDUWL$LUWHO*DERQ+ROGLQJV%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 1 77 - - 248 - 248 - - - 100%
32 Airtel Gabon S.A. a Gabon XAF -DQ
WR'HF
'HFHPEHU 0.115 690 - 114 - 23 90%
33 %KDUWL$LUWHO&RQJR+ROGLQJV%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 1 - - 296 - 296 - - - 100%
34 Airtel Congo S.A. c &RQJR%UD]]DYLOH XAF -DQ
WR'HF
'HFHPEHU 0.115 598 - 414 - 5 90%
35 %KDUWL$LUWHO5'&+ROGLQJV%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 1 - - - - - - 100%
36 Airtel Congo (RDC) S.A. (Formerly Celtel c Democratic CDF -DQ
WR'HF
'HFHPEHU 0.070 23 - 220 - 36 98.50%
Congo (RDC) S.a.r.l.) Republic of Congo
37 %KDUWL$LUWHO0DOL+ROGLQJV%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 1 236 658 421 - - - - - - - - 100%
38 %KDUWL$LUWHO.HQ\D+ROGLQJV%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 1 - - (105) - (105) - - - 100%
39 %KDUWL$LUWHO.HQ\D%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 2 - - - - - - 100%
40 $LUWHO1HWZRUNV.HQ\D/LPLWHG DI .HQ\D .(6 -DQ
WR'HF
'HFHPEHU 0.653 - 584 - 9 100%
41 %KDUWL$LUWHO0DODZL+ROGLQJV%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 1 308 - - (22) - (22) - - - 100%
42 Airtel Malawi Limited a Malawi 0:. -DQ
WR'HF
'HFHPEHU 0.098 0 522 - (37) (154) 117 - 31 100%
43 %KDUWL$LUWHO1LJHU+ROGLQJV%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 1 47 - - - - - - 100%
44 Celtel Niger S.A. a Niger XOF -DQ
WR'HF
'HFHPEHU 0.115 173 - 196 45 90%
7UDQVIRUPDWLRQDO1HWZRUN
(` Millions)
period #
45 %KDUWL$LUWHO6LHUUD/HRQH+ROGLQJV%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 1 177 - - 135 - 135 - - - 100%
46 Airtel (SL) Limited c Sierra Leone SLL -DQ
WR'HF
'HFHPEHU 0.017 133 (179) - 549 227 322 - 872 35 100%
47 Airtel Networks Zambia Plc a Zambia ZMW -DQ

WR'HF
'HFHPEHU 6.025 6 - (285) 940 10 96.36%
48 %KDUWL$LUWHO8JDQGD+ROGLQJV%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 1 - - (512) - (512) - - - 100%
49 Airtel Uganda Limited ## DI Uganda UGS -DQ
WR'HF
'HFHPEHU 0.020 247 - - - 13 100%
50 %KDUWL$LUWHO7DQ]DQLD%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 2 - - 428 - 428 - - - 100%
51 $LUWHO7DQ]DQLD/LPLWHG a 7DQ]DQLD TZS -DQ
WR'HF
'HFHPEHU 0.030 - - 20 60%
52 %KDUWL$LUWHO0DGDJDVFDU+ROGLQJV%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 1 (906) - - (196) - (196) - - - 100%
53 Channel Sea Management Company a Mauritius USD -DQ
WR'HF
'HFHPEHU 66.255 1 38 40 1 - - (2) - (2) - - - 100%
(Mauritius) Limited
54 Bharti Airtel Rwanda Holdings Limited a Mauritius USD -DQ
WR'HF
'HFHPEHU 66.255 3 185 - - (2) - (2) - - - 100%
(Formerly Zebrano (Mauritius) Limited)
55 Montana International a Mauritius USD -DQ
WR'HF
'HFHPEHU 66.255 0 (11) 3 14 - - (1) - (1) - - - 100%
56 Airtel Madagascar S.A. a Madagascar MGA -DQ
WR'HF
'HFHPEHU 0.021 61 - (288) - 7 100%
57 %KDUWL$LUWHO1LJHULD+ROGLQJV%9 EGH Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 - - - - - - - - - - - - 100%
58 MSI-Celtel Nigeria Limited e Nigeria NGN -DQ
WR'HF
'HFHPEHU 0.333 - - - - - - - - - - - - 100%
59 %KDUWL$LUWHO1LJHULD+ROGLQJV,,%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 1 (120) - - - - - - - - 100%
60 %KDUWL$LUWHO1LJHULD%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 1 - - - - - - 100%
61 %KDUWL$LUWHO*KDQD+ROGLQJV%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 1 - - - - - - 100%
62 Airtel Ghana Limited FI Ghana GHS -DQ
WR'HF
'HFHPEHU 17.251 - 194 - 5 75%
63 %KDUWL$LUWHO6HUYLFHV%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 1 327 417 89 - - - - - - 0 - 100%
64 Airtel Networks Limited a Nigeria NGN -DQ
WR'HF
'HFHPEHU 0.333 67 - - 41 79.06%
65 %KDUWL$LUWHO=DPELD+ROGLQJV%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 1 0 - - 991 - 991 - - - 100%
66 Airtel Mobile Commerce Limited a Malawi 0:. -DQ
WR'HF
'HFHPEHU 0.098 0 - 0 - - - - - - - - - 100%
67 $LUWHO0RELOH&RPPHUFH.HQ\D/LPLWHG a .HQ\D .(6 -DQ
WR'HF
'HFHPEHU 0.653 0 - 615 615 - - - - - - - - 100%
68 Airtel Mobile Commerce Ghana Limited a Ghana GHS -DQ
WR'HF
'HFHPEHU 17.251 1 - 583 582 - - - - - - - - 100%
69 Celtel (Mauritius) Holdings Limited a Mauritius USD -DQ
WR'HF
'HFHPEHU 66.255 1 - - 380 57 323 - - - 100%
70 Airtel Mobile Commerce Zambia Limited a Zambia ZMW -DQ
WR'HF
'HFHPEHU 6.025 12 (422) 210 620 - 67 (114) 1 (115) - 8 - 100%
(Formerly ZMP Limited)
71 Airtel Mobile Commerce (SL) Limited a Sierra Leone SLL -DQ
WR'HF
'HFHPEHU 0.017 0 - 203 203 - - - - - - - - 100%
72 Airtel Mobile Commerce Tchad S.a.r.l. a Chad XAF -DQ
WR'HF
'HFHPEHU 0.115 0 (0) 108 108 - - (0) 0 (0) - - - 100%
73 $LUWHO0RELOH&RPPHUFH%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 2 (26) 398 422 - - (8) - (8) - - - 100%
74 Airtel Money S.A. (Gabon) a Gabon XAF -DQ
WR'HF
'HFHPEHU 0.115 1 (405) 839 - 374 (107) 3 (110) - 86 - 100%
75 Malawi Towers Limited a Malawi 0:. -DQ
WR'HF
'HFHPEHU 0.098 1 - 948 (847) - (847) - 4 - 100%
76 Airtel Money Niger S.A. a Niger XOF -DQ
WR'HF
'HFHPEHU 0.115 1 0 454 453 - 1 0 0 0 - - - 100%
77 Socit Malgache de Tlphone Cellulaire a Mauritius USD -DQ

WR'HF
'HFHPEHU 66.255 3 150 169 16 - - (2) - (2) - - - 100%
S.A.
78 $LUWHO0RELOH&RPPHUFH+ROGLQJV%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 2 (0) 2 0 - - (0) - (0) - - - 100%
79 Indian Ocean Telecom Limited a -HUVH\ USD -DQ
WR'HF
'HFHPEHU 66.255 166 803 977 8 - - (2) - (2) - - - 100%
80 Airtel (Seychelles) Limited a Seychelles SCR -DQ
WR'HF
'HFHPEHU 4.911 5 292 186 263 175 88 - 365 6 100%
81 $LUWHO0RELOH&RPPHUFH7DQ]DQLD/LPLWHG a 7DQ]DQLD TZS -DQ
WR'HF
'HFHPEHU 0.030 0 - - - - - - - - - 100%
82 Airtel Mobile Commerce Uganda Limited a Uganda UGS -DQ
WR'HF
'HFHPEHU 0.020 0 - - - - - - - - - 100%
126-355
83 $IULFD7RZHUV19 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 4 (360) - - (282) - (282) - - - 100%
84 Airtel Towers Ghana Limited a Ghana GHS -DQ
WR'HF
'HFHPEHU 17.251 1 (16) 2 17 - - (6) - (6) - - - 75%
85 %KDUWL$LUWHO'7++ROGLQJV%9 EG Netherlands USD Apr '15 to Mar '16 0DUFK 66.255 2 (7) 1 6 - - (0) - (0) - - - 100%
86 Airtel DTH Services (SL) Limited GH Sierra Leone SLL -DQ
WR'HF
'HFHPEHU 0.017 - - - - - - - - - - - - 100%
87 Airtel DTH Services Nigeria Limited e Nigeria NGN -DQ
WR'HF
'HFHPEHU 0.333 - - - - - - - - - - - - 100%
6WDWHPHQW3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FW
88 Airtel Towers (SL) Company Limited a Sierra Leone SLL -DQ
WR'HF
'HFHPEHU 0.017 0 (17) 9 26 - 33 19 3 16 - - - 100%
90 Congo Towers S.A. DH &RQJR%UD]]DYLOH XAF -DQ

WR'HF
'HFHPEHU 0.115 1 (8) 1 8 - - 40 - 40 - - - 90%
91 Madagascar Towers S.A. a Madagascar MGA -DQ
WR'HF
'HFHPEHU 0.021 0 434 - (312) (52) (260) - 338 - 100%
92 Mobile Commerce Congo S.A. a &RQJR%UD]]DYLOH XAF -DQ
WR'HF
'HFHPEHU 0.115 1 - 166 165 - - - - - - - - 100%
353
354
(` Millions)
period #
94 7DQ]DQLD7RZHUV/LPLWHG a 7DQ]DQLD TZS -DQ
WR'HF
'HFHPEHU 0.030 0 (30) - 30 - - 19 - 19 - - - 60%
95 Tchad Towers S.A. a Chad XAF -DQ
WR'HF
'HFHPEHU 0.115 1 (151) 1 151 - - (43) 0 (43) - - - 100%
96 Towers Support Nigeria Limited DH Nigeria NGN -DQ
WR'HF
'HFHPEHU 0.333 3 (5) 47 49 - 6 (1) 1 (2) - - - 79.06%
97 Airtel Money RDC S.A. a Democratic CDF -DQ
WR'HF
'HFHPEHU 0.070 160 - 352 (588) 4 (592) - 63 - 100%
Republic of Congo
98 Airtel Mobile Commerce Burkina Faso S.A. a Burkina Faso XOF -DQ
WR'HF
'HFHPEHU 0.115 1 (39) - 431 212 64 148 - 104 - 100%

100 Congo RDC Towers S.A. c Democratic CDF -DQ
WR'HF
'HFHPEHU 0.070 7 (840) - 411 605 (194) - - 100%
Republic of Congo
101 Gabon Towers S.A. DH Gabon XAF -DQ
WR'HF
'HFHPEHU 0.115 1 (5) 1 4 - - 28 0 28 - - - 90%
102 Airtel Mobile Commerce Madagascar S.A. a Madagascar MGA -DQ
WR'HF
'HFHPEHU 0.021 0 (328) 667 995 - 194 (156) (21) (135) - 0 - 100%
103 Airtel Rwanda Limited a Rwanda RWF -DQ
WR'HF
'HFHPEHU 0.089 - - - - 4 100%
104 Africa Towers Services Limited a .HQ\D .(6 -DQ
WR'HF
'HFHPEHU 0.653 0 5 822 817 - 187 34 13 21 - - - 100%
105 Airtel Mobile Commerce Rwanda Limited a Rwanda RWF -DQ
WR'HF
'HFHPEHU 0.089 1 - 241 240 - - - - - - - - 100%
106 Airtel Mobile Commerce (Seychelles) c Seychelles SCR -DQ
WR'HF
'HFHPEHU 4.911 5 (27) 7 29 - 0 (15) - (15) - - - 100%
Limited
107 Warid Telecom Uganda Limited (in process b Uganda UGS -DQ
WR'HF
'HFHPEHU 0.020 - - - - - - - - - - - - 100%
of amalgamation with Airtel Uganda
Limited) ##
* Investments exclude investments in subsidiaries

# Voluntary disclosure
7KHEXVLQHVVRI:DULG7HOHFRP8JDQGD/LPLWHGZDVDVVXPHGE\$LUWHO8JDQGD/WGGXULQJWKHQDQFLDO\HDU
^ Voluntary disclosure - Unaudited.
7KHJXUHVZKLFKDUHDSSHDULQJDVDUHUHVXOWRIURXQGLQJR
$LUWHO%URDGEDQG6HUYLFHV3ULYDWH/LPLWHGDZKROO\RZQHGVXEVLGLDU\KDVEHHQDPDOJDPDWHGZLWKWKH&RPSDQ\ZHI$SULODQGKHQFHQRWGLVFORVHGDERYH
1RWHV
D )LQDQFLDOLQIRUPDWLRQKDVEHHQH[WUDFWHGIURPWKHDXGLWHGVWDQGDORQHQDQFLDOVWDWHPHQWV
E )LQDQFLDOLQIRUPDWLRQKDVEHHQH[WUDFWHGIURPWKHXQDXGLWHGVWDQGDORQHQDQFLDOVWDWHPHQWV
F )LQDQFLDOLQIRUPDWLRQKDVEHHQH[WUDFWHGIURPWKHVXEPLVVLRQFRQVLGHUHGIRUWKHSXUSRVHRIFRQVROLGDWHGDXGLWHG,)56QDQFLDOVWDWHPHQWVIRUWKHUHVSHFWLYHQDQFLDO\HDUHQG
G7KHQDQFLDOVWDWHPHQWVIRUWKHVHVXEVLGLDULHVDUHQRWUHTXLUHGWREHSUHSDUHGDVSHUWKHORFDOODZVRIWKHFRXQWULHVZKHUHWKH\DUHLQFRUSRUDWHG
e) Subsidiaries are under liquidation.
I 6KDUHFDSLWDOLQFOXGHVSUHIHUHQFHVKDUHFDSLWDO
g) Proposed dividend includes dividend distribution tax.
K ,QGR7HOHSRUWV/LPLWHGIRUPHUO\NQRZQDV%KDUWL7HOHSRUWV/LPLWHGEHFDPHVXEVLGLDU\RI%KDUWL$LUWHO/LPLWHGZHI$XJXVW
i) Subsidiaries incorporated during the year
M $LUWHO0&RPPHUFH6HUYLFHV/LPLWHGLVQRZ$LUWHO3D\PHQWV%DQN/LPLWHGHHFWLYH0D\
Subsidiaries yet to commence operations

3DUWQHUVKLS,QYHVWPHQW6SUO
%KDUWL$LUWHO'HYHORSHUV)RUXP/LPLWHG
=DS7UXVW&RPSDQ\1LJHULD/LPLWHG
$LUWHO0RQH\7UDQVIHU/LPLWHG6XEVLGLDU\ZHI-XO\
Subsidiaries have been liquidated / sold during the year.

%KDUWL$LUWHO&DQDGD/LPLWHG
8JDQGD7RZHUV/LPLWHG
.HQ\D7RZHUV/LPLWHG
=DPELDQ7RZHUV/LPLWHG
%XUNLQD)DVR7RZHUV6$
1LJHU7RZHUV6$
$LUWHO'7+6HUYLFHV&RQJR'5&6$5/
:DULG&RQJR6$0HUJHGZLWK$LUWHO&RQJR6$RQWK2FWREHUGLVVROYHGRQWK1RYHPEHU
(` Millions)
Share of Associates / Joint Ventures held by the Description Net Worth 3URW/RVVIRUWKH\HDUHQGHG
company as of March 31, 2016 RIKRZWKHUH attributable to March 31, 2016
Number of Amount of Extent of LVVLJQLFDQW shareholders Considered in Not Considered in
Latest Audited
Sr. Name of the Associate / shares Investment holding % LQXHQFH as per latest consolidation consolidation
Balance Sheet
No. Joint Venture in Associate / audited

Date
Joint Venture Balance Sheet
1 Bridge Mobile Pte Limited 0DUFK 34 10% % of share 441 10 -

capital
2 Indus Towers Limited* 0DUFK 30.14% % of share -
capital
3 FireFly Networks Limited 0DUFK 10 50% % of share (4.3) - (1)
capital
4 7DQ]DQLD 'HFHPEHU - 35% % of share - (161)
Telecommunications capital
Company Limited
5 Seychelles Cable Systems -XQH 260 186 26% % of share 114 - (45)
Company Limited capital
3URWVORVVHVFRQVLGHUHGIRUFRQVROLGDWLRQLVEDVHGRQGLUHFWVKDUHKROGLQJRI%KDUWL,QIUDWHO/LPLWHGDVDJDLQVWHHFWLYHVKDUHKROGLQJRIWKH&RPSDQ\
Notes:
$PRXQWRILQYHVWPHQWLQMRLQWYHQWXUHDVVRFLDWHLVEDVHGRQWKHFDUU\LQJYDOXHRILQYHVWPHQWVLQWKHVWDQGDORQHQDQFLDOVWDWHPHQWVRIYHQWXUHULQYHVWRU
Joint Ventures / Associates that are no more held as such during the year.
)RUXP$YLDWLRQ/LPLWHGZDVGLVSRVHGRGXULQJWKH\HDU
,QGR7HOHSRUWV/LPLWHGIRUPHUO\NQRZQDV%KDUWL7HOHSRUWV/LPLWHGEHFDPHVXEVLGLDU\RI%KDUWL$LUWHO/LPLWHGZHI$XJXVW
126-355
6WDWHPHQW3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FW
355
&LUFOH2FHV
Andhra Pradesh Haryana, Punjab, Mumbai

6SOHQGLG7RZHUV Himachal and J&K th th Floor,
2SS%HJXPSHW3ROLFH6WDWLRQ 3ORW1R5DMLY*DQGKL ,QWHUIDFH%XLOGLQJ1R
%HJXPSHW &KDQGLJDUK7HFKQRORJ\3DUN 0LQGVSDFH0DODG/LQN5RDG
+\GHUDEDG &KDQGLJDUK 0DODG:0XPEDL
7HODQJDQD 0DKDUDVKWUD
Assam & North East Karnataka Rajasthan

States 'LY\DVUHH7RZHUV .6XQQ\+RXVH
%KDUWL+RXVH6L[0LOH %DQQHUJKDWWD0DLQ5RDG 0DOYL\D0DUJ&6FKHPH
Khanapara, G.S. Road, %DQJDOXUX -DLSXU
*XZDKDWL .DUQDWDND Rajasthan
Assam
Bihar & Jharkhand Kerala & Tamil Nadu Uttar Pradesh &
$LUWHO&DPSXV3ORW1R 2FHDQLF7RZHU Uttaranchal
Patliputra Industrial Area, 6DQWKRPH+LJK5RDG 7&*9LEKXWL.KDQG
3DWQD 6DQWKRPH&KHQQDL *RPWL1DJDU
%LKDr 7DPLO1DGX /XFNQRZ
Uttar Pradesh
Delhi NCR Madhya Pradesh & West Bengal & Odisha

3ORW1R1+ Chhattisgarh ,QQLW\%XLOGLQJ
Udyog Vihar, Phase-IV, rd th)ORRU6FKHPH1R 6DOW/DNH(OHFWURQLFV&RPSOH[
*XUJDRQ 0HWUR7RZHU$%5RDG %ORFN*36HFWRU9
Haryana ,QGRUH .RONDWD
0DGK\D3UDGHVK :HVW%HQJDO
Gujarat Maharashtra & Goa

nd th)ORRU=RGLDF6TXDUH 9HJD&HQWUH$%XLOGLQJ
6*5RDG2SS*XUXGZDUD nd)ORRU6KDQNDUVKHWK5RDG
$KPHGDEDG 1H[WWR,QFRPHWD[RFH
Gujarat 6ZDUJDWH3XQH
0DKDUDVKWUD

Registered & Corporate Office
Vasant Kunj, Phase II, New Delhi - 110 070, India.
CIN No.: L74899DL1995PLC070609
Telephone No.: +91 11 46666100
Fax No.: +91 11 46666137
Email: compliance.officer@bharti.in
Website: www.airtel.com

Annual Report 2015 16

Enviado por

Dados do documento

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Annual Report 2015 16

Enviado por

Direitos autorais:

Formatos disponíveis

Transformational

Network ENRICHING EXPERIENCE.

Bharti Airtel Limited | Annual Report 2015-16

Airtel became the first company in India to receive a

Telecommunication today reflects majestic

We have also had the honour of being Indias

Our Winning Strategy

Win with a brilliant network experience

Win with valuable customers

Win with a war on waste

Win with people

4 Annual Report 2015-16

Large residual Significant scale and

2x 435,000 Highest Leader

Financial flexibility, strong balance sheet

Global talent pool Strength of our team:

Our huge talent pool helps us create differentiated

Our Winning Strategy 5

Imagine Our Network of Possibilities

Our multi-layered and multi-technology network is a

Airtel has pioneered a customer We provide telecom services under

6 Annual Report 2015-16

Mobile Telemedia Digital TV

519,636 44,325 24,759

8% Y-o-Y 7% Y-o-Y 18% Y-o-Y

3,935 67,130 54,282

3% Y-o-Y 16% Y-o-Y 3% Y-o-Y

India & Africa

55.5% 24.2% 7.5% 5.4% 4.6% 2.8%

Imagine Our Network of Possibilities | Product Portfolio 7

Financial Year Ended March 31

Operating Highlights Units 2012 2013 2014 2015 2016

Total Customer Base 000s 251,646 271,227 295,948 324,368 357,428

Mobile Services 000s 241,148 259,844 283,580 310,884 342,040

Digital TV Services 000s 7,228 8,100 9,012 10,073 11,725

Based on Consolidated Income Statement

EBITDA (before exceptional items) ` Mn 222,533 233,340 278,430 314,517 341,902

Net Profit ` Mn 42,594 22,757 27,727 51,835 54,842

Based on Consolidated Statement of Financial Position

Net Debt ` Mn 618,442 583,567 605,416 668,417 838,883

Capital Employed ` Mn 1,124,555 1,086,784 1,202,976 1,287,981 1,495,184

Opex Productivity % 43.84 45.43 45.20 43.79 42.98

EBITDA Margin % 32.57 30.34 32.47 34.17 35.42

EBIT Margin % 13.97 11.08 14.22 17.23 17.24

Return on Shareholder's Equity % 8.57 4.51 5.04 8.52 8.60

Return on Capital Employed % 7.06 5.68 6.65 8.05 8.89

Net Debt to EBITDA Times 2.60 2.51 2.19 2.08 2.47

Interest Coverage Ratio Times 9.11 6.79 7.58 8.43 7.04

Earnings Per Share (Basic) ` 11.22 6.00 7.02 12.97 13.72

Contribution to Exchequer (India)

8 Annual Report 2015-16

5% Y-o-Y 9% Y-o-Y 361 bps Y-o-Y

81 bps Y-o-Y 736 bps Y-o-Y

125 bps Y-o-Y 5 bps Y-o-Y

Market Share Growth

Announced the launch of first

In collaboration with the

15 May June July August September

Airtel becomes the third Introduced new range of

Entered into strategic

10 Annual Report 2015-16

Became the first mobile

Announced Project Leap - Airtel Rwanda received the

October November January February March 16

Announced the launch of first

In collaboration with the

Airtel becomes the third Introduced new range of

Entered into strategic

Became the first mobile

Announced Project Leap - Airtel Rwanda received the

Launched high speed 4G Entered into an exclusive Entered into a definitive

Entered into agreement

Launched self-service Value

Airtel signed a three-year global Network Transformation Tower Co-transition: We divested

Bharti Airtel was ranked among

Bharti Airtels e-Shakti (Madhya

Bharti Airtel was recognised for

Bharti Airtel has been recognised

Bharti Airtel honoured with Bharti Airtel was recognised

Bharti Airtel won the Top

Bharti Airtel won the Data Security

Bharti Airtel honoured with

Bharti Airtel was recognised

Bharti Airtel was awarded

Bharti Airtel won the Aegis Airtel Zambia won four

a) It touches all aspects of

he schools provide quality education