MIRA
INFORM REPORT
|
Report Date : |
28.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
BHARTI AIRTEL LIMITED (w.e.f. 24.04.2006) |
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|
|
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Formerly Known
As : |
BHARTI
TELE-VENTURES LIMITED |
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Registered
Office : |
Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase II, New
Delhi – 110070, India |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
07.07.1995 |
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|
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Com. Reg. No.: |
55-070609 |
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Capital
Investment / Paid-up Capital : |
Rs.18988.000 Millions |
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|
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CIN No.: [Company Identification
No.] |
L74899DL1995PLC070609 |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELB04730F |
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Legal Form : |
A Public Limited
Liability Company. The Company’s
shares are listed on the Stock Exchanges. |
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Line of Business
: |
Subject
is engaged in providing telecommunication systems and services. |
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No. of Employees
: |
24538
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 2165848000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having good track record. There appears some dip in the profit of the company. However, Financial
position of the company is strong and healthy. Directors are reported as
experienced and respectable businessmen. Trade relations are fair. Business is active. Payment terms are
reported as per commitment. The company can be considered good for normal business dealing at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from January
1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a
119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA+ = Long Term Rating |
|
Rating Explanation |
High credit quality and low credit risk |
|
Date |
24.01.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ = Short Term Rating |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk |
|
Date |
24.01.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office / Corporate Office : |
|
|
Tel. No.: |
91-11-46666100 /
42666500 |
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Fax No.: |
91-11-41666137 |
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E-Mail : |
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Website : |
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Branch Office : |
Located At:
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Circle Offices : |
Located at ·
Assam ·
Andhra
Pradesh ·
Bihar ·
Delhi ·
Gujarat ·
Haryana ·
Punjab ·
Himachal
Pradesh ·
Jammu
and Kashmir ·
Karnataka ·
Madhya
Pradesh ·
Chattisgarh ·
Maharashtra ·
Rajasthan ·
Tamil
Nadu and Kerala ·
Uttar
Pradesh and Uttaranchal ·
West Bengal
and Orissa |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Sunil Bharti Mittal |
|
Designation : |
Chairman and Managing Director |
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|
Name : |
Mr. Manoj Kohli |
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Designation : |
CEO (International) and Joint Managing Director |
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|
Name : |
Mr. Gopal Vittal |
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Designation : |
Joint Managing Director and CEO (India) |
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Name : |
Mr. Ajay Lal |
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Designation : |
Non-Executive Director |
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Date of Birth / Age : |
08.08.1961 |
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Qualification : |
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Experience : |
Management, Private Equity, Project Finance and Corporate Banking |
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Name : |
Ms. Chua Sock Koong |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Craig Edward Enrich |
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Designation : |
Non-Executive Director |
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Date of Birth / Age : |
14.05.1955 |
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Qualification : |
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Name : |
Mr. Manish Kejriwal |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Nilesh Arora |
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Designation : |
Non-Executive Director |
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Date of Birth / Age : |
09.02.1968 |
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Qualification : |
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Name : |
Ms. Obiageli Ezekwesili |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Pulak Prasad |
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Designation : |
Non-Executive Director |
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|
Name : |
Mr. Rajan Bharti Mittal |
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Designation : |
Non-Executive Director |
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Date Of Birth : |
05.01.1960 |
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Qualification : |
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|
Name : |
Ms. Tan Yong Choo |
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Designation : |
Non-Executive Director |
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|
Name : |
Mr. Tsun-yan
Hsieh |
|
Designation : |
Non-Executive
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Kapoor |
|
Designation : |
CEO ( |
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|
|
|
Name : |
Mr. Mukesh
Bhavnani |
|
Designation : |
Group General
Counsel and Company Secretary |
SHAREHOLDING PATTERNS
As on 30.09.2013
|
Category
of Shareholder |
No. of Shares |
% of
Holding |
|
|
|
|
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
1741830892 |
43.57 |
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|
1741830892 |
43.57 |
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|
|
|
|
|
857180286 |
21.44 |
|
|
8493000 |
0.21 |
|
|
8493000 |
0.21 |
|
|
865673286 |
21.66 |
|
Total
shareholding of Promoter and Promoter Group (A) |
2607504178 |
65.23 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
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|
115136811 |
2.88 |
|
|
2286664 |
0.06 |
|
|
208977575 |
5.23 |
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|
649103321 |
16.24 |
|
|
975504371 |
24.40 |
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|
|
|
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|
148984742 |
3.73 |
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|
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Individual shareholders
holding nominal share capital up to Rs.0.100 Million |
38656364 |
0.97 |
|
Individual shareholders
holding nominal share capital in excess of Rs.0.100 Million |
10097407 |
0.25 |
|
|
216653040 |
5.42 |
|
|
55 |
0.00 |
|
|
204952716 |
5.13 |
|
|
2928186 |
0.07 |
|
|
4317529 |
0.11 |
|
|
4454554 |
0.11 |
|
|
414391553 |
10.37 |
|
Total
Public shareholding (B) |
1389895924 |
34.77 |
|
Total
(A)+(B) |
3997400102 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
3997400102 |
0.00 |
(1) Indian
Bodies Corporate
Any OtherBUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in providing telecommunication systems and services. |
GENERAL INFORMATION
|
No. of Employees : |
24538 (Approximately) |
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Bankers : |
·
Axis Bank Limited ·
ICICI Bank Limited |
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Facilities : |
a.
Others under secured loans represent vehicle
loans from banks which are secured by hypothecation of vehicles of the Company. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S. R. Batliboi And Associates Chartered Accountants |
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Internal Auditors 1 : |
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Name : |
Price Waterhouse Coopers Private Limited Chartered Accountants |
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Internal Auditors 2 : |
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Name : |
ANB Consulting Private Limited Chartered Accountants |
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Entities where control exist – Subsidiary/
Subsidiaries of Subsidiary : |
·
Bharti Hexacom Limited ·
Bharti Airtel Services Limited ·
Bharti Telemedia Limited ·
Bharti Airtel (USA) Limited ·
Bharti Airtel Lanka (Private) Limited ·
Bharti Airtel (UK) Limited ·
Bharti Airtel (Canada) Limited ·
Bharti Airtel (Hongkong) Limited ·
Bharti Infratel Limited ·
Network i2i Limited ·
Bharti Airtel Holdings (Singapore) Pte Limited ·
Bharti Infratel Lanka (Private) Limited
(subsidiary of Bharti Airtel Lanka (Private) Limited) ·
Bharti Infratel Ventures Limited (subsidiary of
Bharti Infratel Limited) ·
Airtel M Commerce Services Limited ·
Bharti Airtel (Japan) Kabushiki Kaisha
(subsidiary of Bharti Airtel Holdings (Singapore) Pte Limited) ·
Bharti Airtel (France) SAS (subsidiary of Bharti
Airtel Holdings (Singapore) Pte Limited) ·
Bharti Airtel International (Mauritius) Limited ·
Bharti International (Singapore) Pte Limited ·
Airtel Bangladesh Limited (subsidiary of Bharti
Airtel Holdings (Singapore) Pte Limited) ·
Bharti Airtel International (Netherlands) B.V. ·
Bangladesh Infratel Networks Limited (subsidiary
of Airtel Bangladesh Limited) ·
Bharti Airtel Africa B.V. (subsidiary of Bharti
Airtel International (Netherlands) B.V.) Telesonic Networks Limited (earlier
known as Alcatel-Lucent Network Management Services India Limited) (effective
from February 5, 2013) |
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|
|
|
Other subsidiaries of Bharti Airtel Africa B.V.: |
·
Africa Towers N.V. ·
Africa Towers Services Limited ·
Airtel Ghana Limited ·
Airtel (SL) Limited ·
Airtel Burkina Faso S.A. # ·
Airtel Congo S.A. # ·
Airtel Direct to Home Services (Kenya) (dissolved
on January 8, 2013) ·
Airtel DTH Services (SL) Limited ·
Airtel DTH Services Burkina Faso S.A. ·
Airtel DTH Services Congo (RDC) S.p.r.l ·
Airtel DTH Services Congo S.A. ·
Airtel DTH Services Gabon S.A ·
Airtel DTH Services Ghana Limited ·
Airtel DTH Services Madagascar S.A. (dissolved on
October 5, 2012) ·
Airtel DTH Services Malawi Limited ·
Airtel DTH Services Niger S.A. (dissolved on
November 14, 2012) ·
Airtel DTH Services Nigeria Limited ·
Airtel DTH Services T.Chad S.A. (dissolved on
November 6, 2012) ·
Airtel DTH Services Tanzania Limited ·
Airtel DTH Services Uganda Limited ·
Bharti DTH Services Zambia Limited ·
Airtel Madagascar S.A. ·
Airtel Malawi Limited ·
Airtel Mobile Commerce (SL) Limited ·
Airtel Mobile Commerce B.V. ·
Airtel Mobile Commerce Burkina Faso S.A. ·
Airtel Mobile Commerce (Ghana) Limited ·
Airtel Mobile Commerce Holdings B.V. ·
Airtel Mobile Commerce Madagascar (S.A.) ·
Airtel Mobile Commerce Limited ·
Airtel Mobile Commerce (Tanzania) Limited ·
Airtel Mobile Commerce Tchad SARL ·
Airtel Mobile Commerce Uganda Limited ·
Airtel Mobile Commerce Rwanda Limited ·
Airtel Mobile Commerce (Kenya) Limited ·
Airtel Money Niger S.A. ·
Airtel Money (RDC) S.p.r.l ·
Airtel Networks Kenya Limited # ·
Airtel Networks Limited ·
Airtel Rwanda Limited ·
Airtel Tanzania Limited # ·
Airtel Towers (Ghana) Limited ·
Airtel Towers (S.L.) Company Limited ·
Airtel Uganda Limited ·
Airtel (Seychelles) Limited ·
Bharti Airtel Acquisition Holdings B.V. ·
Bharti Airtel Burkina Faso Holdings B.V. ·
Bharti Airtel Cameroon B.V. ·
Bharti Airtel Chad Holdings B.V. ·
Bharti Airtel Congo Holdings B.V. ·
Bharti Airtel Developers Forum Limited ·
Bharti Airtel DTH Holdings B.V. ·
Bharti Airtel Gabon Holdings B.V. # ·
Bharti Airtel Ghana Holdings B.V. # ·
Bharti Airtel Kenya B.V. # ·
Bharti Airtel Kenya Holdings B.V. ·
Bharti Airtel Madagascar Holdings B.V. # ·
Bharti Airtel Malawi Holdings B.V. # ·
Bharti Airtel Mali Holdings B.V. ·
Bharti Airtel Niger Holdings B.V. # ·
Bharti Airtel Nigeria B.V. # ·
Bharti Airtel Nigeria Holdings B.V. ·
Bharti Airtel Nigeria Holdings II B.V. ·
Bharti Airtel Cameroon Holding B.V. (dissolved on
March 27, 2013) ·
Bharti Airtel RDC Holdings B.V. ·
Bharti Airtel Services B.V. ·
Bharti Airtel Sierra Leone Holdings B.V. # ·
Bharti Airtel Tanzania B.V. # ·
Bharti Airtel Uganda Holdings B.V. # ·
Bharti Airtel Zambia Holdings B.V. # ·
Burkina Faso Towers S.A. ·
Celtel (Mauritius) Holdings Limited ·
Celtel Cameroon SA (dissolved on March 26, 2013) ·
Celtel Congo (RDC) S.a.r.l. # ·
Airtel Gabon S.A. (formerly Celtel Gabon S.A
w.e.f.July 11, 2012) ·
Celtel Niger S.A. ·
Airtel Tchad S.A. (formerly Celter Tchad
S.A.w.e.f. June 1, 2012) # ·
Celtel Zambia plc ·
Channel Sea Management Company (Mauritius)
Limited ·
Congo (RDC) Towers S.p.r.l. ·
Congo Towers S.A. ·
Gabon Towers S.A. ·
Indian Ocean Telecom Limited ·
Kenya Towers Limited ·
Madagascar Towers S.A. ·
Malawi Towers Limited ·
Mobile Commerce Congo S.A. ·
Airtel Money S.A. (Gabon) (formerly Mobile
Commerce Gabon S.A w.e.f. June 25, 2012) ·
Montana International ·
MSI-Celtel Nigeria Limited ·
Niger Towers S.A. ·
Partnership Investments Sprl ·
Rwanda Towers Limited ·
Société Malgache de Telephonie Cellulaire SA ·
Tanzania Towers Limited ·
Tchad Towers S.A. ·
Towers Support Nigeria Limited ·
Uganda Towers Limited ·
Zambian Towers Limited ·
Zap Trust Company Nigeria Limited ·
Zebrano (Mauritius) Limited ·
ZMP Limited |
|
|
|
|
Associates/Associate
of Subsidiary : |
·
Bharti Teleports Limited ·
Tanzania Telecommunications Company Limited ·
(Associate of Bharti Airtel Tanzania B.V.) ·
Telesonic Networks Limited (earlier known as
Alcatel-Lucent Network Management Services India Limited) (till February 4,
2013) ·
Seychelles Cable Systems Company Limited (Associate
of Airtel (Seychelles) Limited) |
|
|
|
|
Joint
Ventures/Joint Venture of Subsidiary : |
·
Forum I Aviation Limited (Joint Venture of Bharti
Airtel Services Limited) ·
Indus Towers Limited (Joint Venture of Bharti
Infratel Limited) ·
Bridge Mobile Pte Limited ·
Wireless Broadband Business Services (Delhi)
Private Limited (acquired on May 24, 2012)* ·
Wireless Broadband Business Services (Haryana)
Private Limited (acquired on May 24, 2012)* ·
Wireless Broadband Business Services (Kerala)
Private Limited (acquired on May 24, 2012)* ·
Wireless Business Services Private Limited
(acquired on May 24, 2012)* |
|
|
|
|
Entities where Key Management Personnel and their
relatives exercise significant influence/Group Companies : |
·
Beetel Teletech Limited ·
Bharti Airtel Employees Welfare Trust ·
Bharti Axa General Insurance Company Limited ·
Bharti Axa Life Insurance Company Limited ·
Bharti Enterprises Limited ·
Bharti Foundation ·
Bharti Realty Holdings Limited ·
Bharti Realty Limited ·
Bharti Retail Limited ·
Bharti Softbank Holdings Pte Limited ·
Bharti Wal-Mart Private Limited ·
Centum Learning Limited ·
Comviva Technologies Limited (till December 13,
2012) ·
Fieldfresh Foods Private Limited ·
Guernsey Airtel Limited ·
Indian Continent Investment Limited ·
Jersey Airtel Limited ·
Nile Tech Limited ·
Mehrauli Realty and Consultants Limited |
|
|
|
|
Entities having significant influence over the
Company : |
·
Singapore Telecommunications Limited ·
Pastel Limited ·
Bharti Telecom Limited |
Note :
# Transactions of similar
nature with such subsidiaries have been clubbed and shown under the head ‘Other
African Subsidiaries’ as their contribution to total transaction value is less
than 10%.
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
Rs. 5/- each |
Rs. 25000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3797530096 |
Equity Shares |
Rs. 5/- each |
Rs. 18988.000 Millions |
Note: 21474527 Equity shares of Rs.10 each are
alloted as fully paid-up shares upon the conversion of Foreign Currency
Convertible Bonds (FCCBs) (42949054 equity shares post share split of one equity
share of Rs.10 each into 2 equity shares of Rs.5 each).
a)
Reconciliation of
the number of shares outstanding at the beginning and at the end of the
reporting period
|
Equity Shares |
No.
of Shares |
Rs.
In Millions |
|
At the beginning of the year |
3797530096 |
18988.000 |
|
Issued during the year |
- |
- |
|
Outstanding at the end of the year |
3797530096 |
18988.000 |
b)
Terms / rights
attached to the equity Shares / Global depository shares (GDS)
The Company has only
one class of equity shares having par value of Rs.5 per share. Each holder of
equity shares is entitled to one vote per share. The Company declares and pays
dividend in Indian rupees. The dividend proposed by the Board of Directors is
subject to approval of the shareholders in the ensuing Annual General Meeting.
During the year
ended March 31, 2013, the Board of Directors has proposed dividend of Rs.1 per
share of Rs.5 each (March 31, 2012 Re. 1.00).
c)
Details of shareholders (as per the register of shareholders)
holding more than 5% shares in the Company
|
Equity shares of Rs.5 each fully paid up |
No.
of Shares |
%
of Shares |
|
Bharti Telecom Limited |
1737558892 |
45.75% |
|
Pastel Limited |
591319300 |
15.57% |
|
Indian Continent Investment Limited |
26577860986 |
7.00% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
18988.000 |
18988.000 |
18988.000 |
|
(b) Reserves & Surplus |
522474.000 |
475308.000 |
422128.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
541462.000 |
494296.000 |
441116.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
98408.000 |
82338.000 |
74687.000 |
|
(b) Deferred tax liabilities (Net) |
11503.000 |
8367.000 |
5276.000 |
|
(c) Other long term liabilities |
31708.000 |
25184.000 |
25132.000 |
|
(d) long-term provisions |
1494.000 |
1405.000 |
1002.000 |
|
Total Non-current Liabilities (3) |
143113.000 |
117294.000 |
106097.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
31390.000 |
58956.000 |
27644.000 |
|
(b) Trade payables |
51372.000 |
45121.000 |
49598.000 |
|
(c) Other current
liabilities |
106034.000 |
82000.000 |
86097.000 |
|
(d) Short-term provisions |
5461.000 |
5570.000 |
5274.000 |
|
Total Current Liabilities (4) |
194257.000 |
191647.000 |
168613.000 |
|
|
|
|
|
|
TOTAL |
878832.000 |
803237.000 |
715826.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
264362.000 |
263782.000 |
274776.000 |
|
(ii) Intangible Assets |
167464.000 |
140626.000 |
132231.000 |
|
(iii) Capital
work-in-progress |
10308.000 |
9230.000 |
14320.000 |
|
(iv)
Intangible assets under development |
0.000 |
35435.000 |
50472.000 |
|
(b) Non-current Investments |
271191.000 |
118041.000 |
117051.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
89358.000 |
84817.000 |
70812.000 |
|
(e) Other Non-current assets |
14111.000 |
10924.000 |
3059.000 |
|
Total Non-Current Assets |
816794.000 |
662855.000 |
662721.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
10800.000 |
5337.000 |
1079.000 |
|
(b) Inventories |
21.000 |
321.000 |
344.000 |
|
(c) Trade receivables |
22468.000 |
21345.000 |
14619.000 |
|
(d) Cash and cash
equivalents |
3627.000 |
4812.000 |
1332.000 |
|
(e) Short-term loans and
advances |
14133.000 |
98047.000 |
25464.000 |
|
(f) Other current assets |
10989.000 |
10520.000 |
10267.000 |
|
Total Current Assets |
62038.000 |
140382.000 |
53105.000 |
|
|
|
|
|
|
TOTAL |
878832.000 |
803237.000 |
715826.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
453509.000 |
416038.000 |
380177.000 |
|
|
|
Other Income |
14631.000 |
6247.000 |
3212.000 |
|
|
|
TOTAL |
468140.000 |
422285.000 |
383389.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Access charges |
74212.000 |
58086.000 |
49872.000 |
|
|
|
License fee and spectrum charges (revenue share) |
48815.000 |
46942.000 |
72903.000 |
|
|
|
Cost of goods sold |
19.000 |
183.000 |
161.000 |
|
|
|
Employee benefits expenses |
15113.000 |
13915.000 |
14512.000 |
|
|
|
Power and fuel |
35699.000 |
29727.000 |
25233.000 |
|
|
|
Rent |
52225.000 |
47714.000 |
43337.000 |
|
|
|
Other expenses |
92424.000 |
82702.000 |
70466.000 |
|
|
|
TOTAL |
318507.000 |
279269.000 |
276484.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
149633.000 |
143016.000 |
136905.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
16523.000 |
13962.000 |
3241.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
133110.000 |
129054.000 |
133664.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
68267.000 |
59160.000 |
46116.000 |
|
|
|
|
|
|
|
|
|
Less |
CHARITY AND DONATION (RS. NIL MN (2011-12 RS. 20
MN) PAID TO SATYA ELECTORAL TRUST FOR POLITICAL PURPOSE) |
295.000 |
332.000 |
290.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
64548.000 |
69562.000 |
87258.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
13585.000 |
12262.000 |
10089.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
50963.000 |
57300.000 |
77169.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service Revenue |
23737.000 |
20048.000 |
17935.000 |
|
|
|
Management Charges |
87.000 |
74.000 |
221.000 |
|
|
TOTAL EARNINGS |
23824.000 |
20122.000 |
18156.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
25516.000 |
17628.000 |
19105.000 |
|
|
TOTAL IMPORTS |
25516.000 |
17628.000 |
19105.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.42 |
15.09 |
20.32 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
10.89
|
13.57
|
20.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.23
|
16.72
|
22.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
39.00
|
29.46
|
86.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.14
|
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.24
|
0.29
|
0.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.32
|
0.73
|
0.31 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS:
IN THE HIGH COURT OF DELHI AT NEW DELHI
CO.PET. 396/2013
CORE INTEGRA CONSULTING
SERVICES PRIVATE LIMITED..... Petitioner
Through Mr. Anshuman Srivastava, Adv.
Versus
BHARTI AIRTEL LIMITED..... Respondent
Through: Mr. JUSTICE R.V.EASWAR
O R D E R
07.11.2013
The learned counsel for the respondent seek
and is allowed 4 weeks tone to file the reply. Along with the reply, the
Managing Director of the respondent-company shall file an affidavit setting-out
details of the moveable and immovable assets of the company together with the
profit and loss accounts, balance sheet and bank statement for the past 3
years. Rejoinder, if any, before the next date of hearing.
Renotify on 27.03.2014
R.V.EASWAR, J
November 07, 2013
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Term Loans |
|
|
|
From Banks |
71059.000 |
51275.000 |
|
From Others |
39714.000 |
42754.000 |
|
Less: Current maturities
(payable within 1 year) |
|
|
|
From Banks |
(8294.000) |
(5642.000) |
|
From Others |
(4091.000) |
(6078.000) |
|
Short Term Borrowings |
|
|
|
(Unsecured unless stated otherwise) |
|
|
|
Loans |
|
|
|
From banks |
8395.000 |
43383.000 |
|
From others |
0.000 |
2000.000 |
|
Loans repayable on demand |
|
|
|
Cash Credit |
5.000 |
314.000 |
|
Loans from related parties |
22990.000 |
13259.000 |
|
Total |
129778.000 |
141265.000 |
Note:
Long Term Borrowing
The borrowings of
Rs.110793.000 Millions outstanding as of March 31, 2013 is repayable in total
315 half yearly installments (borrowings of Rs.94058 Millions outstanding as of
March 31, 2012 is repayable in total 388 half yearly installments).
Short Term Borrowings
a.
Details on analysis of borrowings i.e. interest
rate and currency of borrowings
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
||
|
|
Rate of Interest (Weighted average) |
Amount outstanding |
Rate of Interest (Weighted average) |
Amount outstanding |
|
INR |
10.30% |
3500.000 |
10.72% |
28400.000 |
|
USD |
3.28% |
4895.000 |
3.64% |
16983.000 |
|
|
13.58% |
8395.000 |
14.36% |
45383.000 |
b.
The borrowings of Rs.8395.000 Millions outstanding
as of March 31, 2013 is repayable in 4 bullet installments (borrowings of
Rs.45383.000 Millions outstanding as of March 31, 2012 is repayable in 12
bullet installments).
CORPORATE
INFORMATION
The Company
incorporated in India on July 7, 1995, is a company promoted by a company
incorporated under the laws of India. The Company’s shares are publicly traded
on the National Stock Exchange (‘NSE’) and the Bombay Stock Exchange (‘BSE’),
India. The Registered office of the Company is situated at Bharti Crescent, 1,
Nelson Mandela Road, Vasant Kunj, Phase – II, New Delhi – 110070.
The Company is a
leading telecommunication service provider in India providing telecommunication
systems and services.
COMPANY OVERVIEW
Subject continued
to be among the top four mobile service providers globally with presence in 20
countries, including India, Sri Lanka, Bangladesh and 17 countries in the African
continent. The Company’s diversified service
range includes mobile, voice and data solutions using 2G, 3G and 4G
technologies. Its service portfolio also comprises an integrated suite of
telecom solutions to its customers, besides providing long-distance
connectivity in India, Africa and rest of the world. The Company also offers
Digital TV and IPTV services in India.
All these services
are rendered under a unified brand ‘airtel’, either directly or through
subsidiary companies. The Company also deploys, owns and manages passive
infrastructure pertaining to telecom operations through its subsidiary, Bharti
Infratel Limited, which owns 42% of Indus Towers Limited. Together, Bharti
Infratel and Indus Towers are the largest passive infrastructure service
providers in India.
OUTLOOK
Subject launched
India’s first GSM service in 1995. That’s how the Company’s journey began. The
Company has just turned 18 in 2013 and interestingly, its target audience is
the aspirational 18-year-old, who has the potential to shape the future. The
Company wants to partner the aspiration of the young adult to emerge as a
positive global force, especially in South Asia and Africa. It is a young
Company, serving the younger part of the world.
The world’s
economic centre of gravity is fast shifting towards Asia and Africa, continents
of energy, optimism and potential for growth. The Company is contributing to
this energy and optimism with growing enthusiasm. The 20 countries where the
Company operates have more than 1.8 Bn people, representing over ¼th of the
global population. India, home to 1.22 Bn people, is the world’s second most
populous nation. It is projected to surpass China by 2025. Bangladesh, with a
population density of 1,034 (people per sq km), has the world’s third largest
population density. Besides, population growth (2.5% annually) in Sub-Saharan
Africa is one of the world’s highest. Home to 170 Millions people – with a
median age of 19.2 years, according to UN studies – Nigeria will have almost
400 Millions people by 2050, making it the world’s fourth populous country.
With its significant presence in these geographies, Bharti Airtel is well
poised to capitalise on these demographic trends.
With India’s
median age at around 26 years, and that of Sub-Saharan Africa at less than 20
years, the opportunities for doing and growing business in the youth segment
will be attractive for many years to come. These are already evident in the
continuing strong growth in mobile internet. Coupled with development of the smartphone
ecosystem and affordable data-enabled handsets, the telecom sector is poised
for the next round of growth.
Bharti Airtel has
made significant investments in growth drivers, such as 3G and 4G networks in
India, presence in South Asia and a large network across Africa. The airtel
brand evokes youthfulness, dynamism and integrity. Airtel money services are now offered in 18
countries, and these are helping to increase customer loyalty. The Company’s
unique business model of elasticity and affordability is driving a virtuous
cycle of profitable growth.
NOTE: NO CHARGES EXIST FOR COMPANY
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER
2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Six Month Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
|
|
|
|
1.
Income from operations |
122434 |
122244.000 |
244678.000 |
|
|
|
|
|
|
2.Expenditure |
|
|
|
|
Access charges |
17760.000 |
19026.000 |
36786.000 |
|
Employee benefit
expenses |
4201.000 |
4294.000 |
8496.000 |
|
Cost of goods
sold |
0.000 |
0.000 |
0.000 |
|
Power and fuel |
10404.000 |
10426.000 |
20830.000 |
|
Rent |
14226.000 |
14010.000 |
28236.000 |
|
License
fee and spectrum charges (revenue share) |
13685.000 |
13211.000 |
26796.000 |
|
Depreciation
and amortization charges |
17877.000 |
18147.000 |
36124.000 |
|
Other
accounting expenses |
24979.000 |
26354.000 |
50333.000 |
|
Total expenses |
103132.000 |
105468.000 |
207601.000 |
|
|
|
|
|
|
3. Profit from operations before other income and
financial costs |
19302.000 |
17776.000 |
37078.000 |
|
4. Other income |
5390.000 |
830.000 |
6220.000 |
|
5. Profit from ordinary activities before finance costs |
24692.000 |
18606.000 |
43298.000 |
|
6. Finance costs |
2682.000 |
4597.000 |
7279.000 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
22010.000 |
14009.000 |
36019.000 |
|
8. Exceptional item |
0.000 |
2299.000 |
2299.000 |
|
9. Profit from ordinary activities before tax
Expense: |
22010.000 |
11710.000 |
33720.000 |
|
10.Tax expenses |
4166.000 |
2122.000 |
6288.000 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
17844.000 |
9588.000 |
27432.000 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
17844.000 |
9588.000 |
27432.000 |
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
19987.000 |
19987.000 |
19987.000 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
617137.000 |
598932.000 |
617137.000 |
|
16.i) Earnings per share (before extraordinary
items) of Re. 1/- each) (not annualised): |
|
|
|
|
(a) Basic |
4.464 |
2.506 |
7.010 |
|
(b) Diluted |
4.464 |
2.506 |
7.010 |
|
Particulars |
Quarter Ended ( Unaudited) |
Six Month Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
1389895924 |
1389895924 |
1389895924 |
|
- Percentage of shareholding |
34.77% |
34.77% |
34.77% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
2607504178 |
2607504178 |
2607504178 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100% |
100% |
100% |
|
Percentage of shares (as a % of total share capital of the
company) |
65.23% |
65.23% |
65.23% |
|
|
|
|
|
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
Nil |
||
|
Receiving during the quarter |
7 |
||
|
Disposed of during the quarter |
7 |
||
|
Remaining unreserved at the end of the quarter |
Nil |
||
SEGMENT REPORTING – PREPARED AS PER INDIAN GAAP (AS STANDALONE
ONLY)
(Rs. In Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
Six
Month Ended (
Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Segment Revenue |
|
|
|
|
Net sales/income from each segment |
|
|
|
|
a)
Mobile Services India |
106022.000 |
107895.000 |
213917.000 |
|
b) Telemedia Services |
9286.000 |
9012.000 |
18298.000 |
|
c)
Airtel Business |
15705.000 |
13172.000 |
28877.000 |
|
d) Unallocated |
0.000 |
0.000 |
0.000 |
|
Total |
131013.000 |
13079.000 |
261092.000 |
|
Less: Inter Segment Eliminations |
8579.000 |
7836.000 |
216414.000 |
|
Net
Sales/ Income |
122434.000 |
122244.000 |
244678.000 |
|
2.
Segment Results |
|
|
|
|
Profit/(Loss) before tax and net Finance
Charges from each segment |
|
|
|
|
a) Mobile
Services India |
18496.000 |
16469.000 |
34965.000 |
|
b) Telemedia
Services |
1322.000 |
1608.000 |
2830.000 |
|
c)
Airtel Business |
1185.000 |
1455.000 |
2640.000 |
|
d) Unallocated# |
(1406.000) |
(1404.000) |
(2811.000) |
|
Total |
19597.000 |
18028.000 |
37624.000 |
|
Less: Inter Segment Eliminations |
0.000 |
0.000 |
0.000 |
|
Total
profit/loss) before tax and Net Finance |
19597.000 |
18028.000 |
37624.000 |
|
Less : |
|
|
|
|
Net Finance Charges (including exchange
fluctuation) |
(2413.000) |
4019.000 |
1605.000 |
|
Exceptional Items |
0.000 |
2299.000 |
2299.000 |
|
Total Profit Before
Tax |
22010.000 |
11710.000 |
33720.000 |
|
3.
Capital Employed |
|
|
|
|
(Segment assets - Segment
liabilities)* |
|
|
|
|
a)
Mobile Services India |
261442.000 |
259369.000 |
261442.000 |
|
b) Telemedia
Services |
22462.000 |
24261.000 |
22462.000 |
|
c)
Airtel Business |
9622.000 |
13823.000 |
9622.000 |
|
d) Unallocated** |
319751.000 |
296664.000 |
319751.000 |
|
Total |
613277.000 |
594117.000 |
613277.000 |
Note:
*Excludes inter
segment assets and liabilities.
**Includes
borrowing for 3G and BWE licenses of Rs.45700.000 Millions, Rs.54750.000 Millions,
as at June 30, 2013 and June 31, 2013 and June 30, 2012 respectively.
#Includes foreign
exchange fluctuations in respect of loans given to subsidiaries
· Notes to the consolidated financial statements form part of the notes to the standalone financial results.
· Reserves and Surplus as at September 30, 2013 include Rs.2446.000 Millions for the company, towards employee stock option outstanding account (net of the related deferred cost) of the company.
· On January 8, 2013, the department of Telecommunication (DoT) issued a demand on the company for Rs.51353.000 Millions towards levy of one time spectrum charge. Based on a petition filed by the company, the Hon’ble High Court of Bombay through its order dated January 28, 2013, has directed the Dot to respond and not to take any coercive action until the next date of hearing. The company, based on independent legal opinions, has given effect for the one time spectrum charge in these financial results.
· Audited statement of assets and liabilities as per IGAAP (as a standalone entity) in terms of clause 41 of the listing agreement is as follow:
Statement of Assets and Liabilities
|
SOURCES OF FUNDS |
|
|
30.09.2013 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
19987.000 |
|
(b) Reserves & Surplus |
|
|
617158.000 |
|
|
|
|
637145.000 |
|
|
|
|
|
|
(2)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
64981.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
8868.000 |
|
(c) Other long term liabilities |
|
|
33129.000 |
|
(d) long-term provisions |
|
|
2008.000 |
|
|
|
|
108986.000 |
|
|
|
|
|
|
(3) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
8069.000 |
|
(b) Trade payables |
|
|
62102.000 |
|
(c) Other current
liabilities |
|
|
105815.000 |
|
(d) Short-term provisions |
|
|
1161.000 |
|
|
|
|
177147.000 |
|
|
|
|
|
|
TOTAL |
|
|
923278.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
419239.000 |
|
(b) Non-current Investments |
|
|
326860.000 |
|
(c) Long-term Loan and Advances |
|
|
87752.000 |
|
(d) Other non-current assets |
|
|
15225.000 |
|
|
|
|
849076.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investment |
|
|
9659.000 |
|
(b) ) Inventories |
|
|
29.000 |
|
(c) Trade receivables |
|
|
22374.000 |
|
(d) Cash and cash
equivalents |
|
|
4837.000 |
|
(e) Short-term loans and
advances |
|
|
26215.000 |
|
(f) Other current assets |
|
|
11088.000 |
|
|
|
|
74202.000 |
|
|
|
|
|
|
TOTAL |
|
|
923278.000 |
Previous year/s periods figures have been
regrouped / rearranged, wherever required.
FIXED ASSETS:
·
Leasehold Land
·
Building
·
Building ns Leased Land
·
Leasehold Improvement
·
Plant and Machinery
·
Computer
·
Office Equipment
·
Furniture and Fixture
·
Vehicles
MEDIA RELEASE
BHARTI AIRTEL LIMITED
MOBILE INTERNET REVENUES
DOUBLE Y-O-Y, CROSSES ₹
15000.000 MILLIONS
REVENUE GROWTH OF 10% TO ₹ 213240.000 MILLIONS
Bharti Airtel announces consolidated IFRS results
for the second quarter ended
September 30,
2013
Highlights for the second quarter ended September
30, 2013
~ Consolidated total revenues up by 10% Y-o-Y
~ India up 6.1%; Africa up 16.1% (INR terms)
~ Consolidated EBITDA up by 15.1%, EBITDA margin up 1.4%
~ Consolidated EBIT up 28.7%
~ Consolidated Mobile Data revenue and traffic have doubled; growth
across geographies
~ India EBITDA up 13.2%; margin up 2.2%
~ Africa net revenues (USD terms) up 5.6% Q-o-Q and 6.2% Y-o-Y.
~ Consolidated Operating Free Cash Flow at ₹ 46930.000 Millions,
up 117.1%
New Delhi, India, October 30, 2013: Bharti Airtel Limited (“Bharti Airtel” or
“the Company”) today announced its audited consolidated IFRS results for the
quarter ended September 30, 2013.
The consolidated revenues for Q2‟14 at ₹ 213240.000 Millions grew by 10% over the corresponding
quarter last year. Mobile internet revenues at ₹ 15030.000 Millions grew
more than 100% Y-o-Y, accounting for 39.1% of the overall incremental revenue.
Revenues were also enhanced by strong growths of 28.8% in Digital TV,
20.8% in „airtel business‟ (B2B), and 54.4%
in South Asia.
Mobile voice realisation in India improved
by 1.31 p on a Y-o-Y basis (36.74 p in Q2‟14 vs 35.43 p in
Q2‟13), together with an increase in voice
usage per customer by 20 minutes per month (up from 417 mins in Q2‟13 to 437 mins per subs in Q2‟14). Data usage
per customer has gone up by 98 MBs (from 133 MBs in Q2‟13 to 231 MBs per customer in Q2‟14). Consequently,
ARPU has moved up by ₹ 15 to ₹ 192 in Q2‟14.
International revenues grew by 17.9% Y-o-Y
and 18.3% Q-o-Q in INR terms with Africa growing by 16.1% Y-o-Y & 18.5%
Q-o-Q while South Asia grew by 54.4% Y-o-Y & 16.0% Q-o-Q. Africa revenue in
constant USD terms grew by 5.4% on sequential quarter basis led by a strong
28.2% increase in Data revenues. Mobile voice pricing in Africa remained stable
at 3.30 cents per minute. Net Revenue in Africa (after interconnect costs and
cost of goods sold) has grown by 20.7% Y-o-Y in INR terms.
Consolidated EBITDA grew by 15.1% Y-o-Y at ₹
68320.000 Millions with margin expanding to 32.0% from 30.6% in the
corresponding quarter last year, driven by India EBITDA margin improvement from
32.6% to 34.8%. The much improved operational performance is reflected in EBIT
of ₹ 28930.000 Millions, representing a 28.7% Y-o-Y growth and 2.0% EBIT
margin improvement.
The continued depreciation of the Indian
Rupee has resulted in forex restatement and derivative losses of ₹
3420.000 Millions (vs. ₹ 250.000 Millions loss for Q2‟13). Consequently, the consolidated net income came in at ₹
5120.000 Millions, as against ₹ 7210.000 Millions in the corresponding
quarter last year. Consolidated Operating Free Cash Flows for the quarter were
at ₹ 46930.000 Millions, reflecting a robust growth of 117.1% Y-o-Y.
The company‟s consolidated net
debt has reduced to $ 9,697 Mn resulting in the Net Debt to EBITDA ratio (USD
terms) improving to 2.18 times as compared to 2.59 times at the end of the same
quarter last year.
In a statement, Mr. Sunil Bharti Mittal, Chairman, Bharti Airtel Limited, said:
“Mobile internet is now a major engine of
growth for Airtel across all geographies. Our sustained investment in this
segment will further enhance customer experience and seamless coverage. The
revenue growth in Africa reflects the inherent potential in the world‟s most promising continent. I am also pleased to see the evolution of
Airtel Money into a significant service in geographies which are relatively
under-banked.”
Summary of the Consolidated Statement of Income – represents
consolidated Statement of Income as per International Financial Reporting
Standards (IFRS)
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Y-o-Y Growth |
Half Year Ended |
Y-o-Y Growth |
||
|
|
Sep 2013 |
Sep 2012 |
|
Sep 2013 |
Sep 2012 |
|
|
Total revenues |
21324.000 |
19400.000 |
9.9% |
41588.000 |
37960.000 |
9.6% |
|
EBITDA |
6832.000 |
5937.000 |
15.1% |
1377.000 |
11423.000 |
17.1% |
|
EBITDA/
Total revenues |
32.0% |
30.6% |
|
32.2% |
30.1% |
|
|
Profit before tax |
1447.000 |
1421.000 |
1.8% |
3059.000 |
2650.000 |
15.4% |
|
Net Income |
512.000 |
721.000 |
-29.0% |
1201.000 |
1483.000 |
-19.0% |
|
Operating free cash flow |
4693.000 |
2162.000 |
117.1% |
8942.000 |
4278.000 |
109.01% |
Customer Base
(Figures in nos, except ratios)
|
Parameters |
Unit |
Jun 2013 |
Mar 2013 |
Q-o-Q Growth |
Jun 2012 |
Y-o-Y Growth |
|
Mobile Services |
000's |
268,177 |
263,176 |
1.9% |
251,825 |
6.5 % |
|
India |
000's |
193,457 |
190,948 |
1.3% |
185,922 |
4.1 % |
|
Africa |
000's |
66,378 |
64,203 |
3.4% |
58,667 |
13.1 % |
|
South Asia |
000's |
8,342 |
8,025 |
4.0% |
7,236 |
15.3 % |
|
Telemedia Services |
000's |
3,338 |
3,289 |
1.5% |
3,275 |
1.9 % |
|
Digital TV Services |
000's |
8,572 |
8,452 |
1.4% |
7,455 |
15.0 % |
|
Total |
|
280,087 |
274,917 |
1.9% |
262,555 |
6.7% |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
68 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.