Tanay Roy Exclusive: Bharti Airtel LTD

Tanay Roy Exclusive
COMPANY FINALYTICS
Bharti Airtel Ltd
Exclusive Financial Analysis of Indian Companies
Prepared and Edited By-
Tanay Roy, CFA

Peu Karak, MBA
Disclaimer
The information, opinions, estimates and forecasts contained in this document have been arrived at or obtained from public sources
believed to be reliable and in good faith which has not been independently verified and no warranty, express or implied, is made as to
their accuracy, completeness or correctness.
For more information about this sample and our other services, please write to tanay.roy2008@gmail.com
Tuesday, September 13, 2011
Description
Page
Summary
Latest Result
Valuation Matrix
ROE Analysis
Income Statement
Balance Sheet
Cashflow Statement
Quarterly Result
Growth Analysis
Comparative Analysis
Income Statement
Balance Sheet
8
8
8
Index Analysis
9
9
9
Income Statement
Balance Sheet
Ratio Analysis
Annual
Quarterly
CONTENT
3
3
3
3
10
10
11
TTM Analysis
11
Technical Analysis
12
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Page 2
Summary
At a Glance
Latest Results
Yearly
March ' 11
Latest Results
Quarterly
Growth
June ' 11
TTM
Growth
June ' 11
Industry
Telecommunications - Service
Business Group
Bharti Group
Face Value
Number of Equity shares
37975.30
Price
400.35
Market Cap(Rs. In Cr)
75903.72
Growth
EBDITA
Reported Net
Profit
13557.70
(3.62)
3213.80
9.46
13141.50
(1.52)
7716.90
(18.13)
1432.30
(31.80)
7218.30
(6.46)
Adjusted PAT
7641.80
8.22
1432.30
(31.80)
NA
NA
Valuation Matrix
Annual
March ' 11
Particulars
Share Holding
TTM Ratio
March ' 11
Reported P/E
19.70
19.70
Price/Sales Per Share
4.00
4.00
Price/ Book Value
3.45
NA
Dividend Yield
0.00
NA
Earning Yield
0.05
Market Cap(Rs. In Cr)
FII
18%
General
Other Public
4%
1%
BFI
5%
MF
4%
0.05
Promote
r
68%
75903.72
ROE Analysis
ROE
March ' 07
Particulars
March ' 08
March ' 09
March ' 10
40%
March ' 11
Reported PAT / PBT
0.88
0.88
0.81
0.97
0.89
30%
Adjusted PAT / PBT
0.88
0.91
0.97
0.88
0.88
20%
PBT / PBIT
0.94
0.95
0.96
0.97
0.97
10%
PBIT / Sales
0.27
0.29
0.29
0.28
0.24
0%
Sales / Total Assets
0.64
0.63
0.68
0.64
0.52
Total Assets / Net Worth
2.43
2.03
1.80
1.51
1.65
Reported ROE
35%
31%
28%
25%
18%
Adjusted ROE
35%
32%
33%
23%
18%
March ' March ' March ' March ' March '
07
08
09
10
11
Reported ROE
Adjusted ROE
ROE Factors
40%
3.00
35%
2.50
30%
2.00
25%
20%
1.50
15%
1.00
10%
0.50
5%
0%
0.00
March ' 07
March ' 08
March ' 09
March ' 10
March ' 11
Reported ROE
Reported PAT / PBT
PBT / PBIT
PBIT / Sales
Sales / Total Assets
Total Assets / Net Worth
Page 3
Income Statement
March ' 07
March ' 08
March ' 09
March ' 10
March ' 11
17851.61
25761.11
34048.32
35609.54
38015.80
22.08
33.85
281.65
313.63
244.10
Manufacturing Expenses
5017.27
7339.01
8627.13
11882.41
14204.20
Personnel Expenses
1076.95
1297.88
1397.54
1401.66
1304.50
Selling Expenses
1126.34
1842.51
2210.43
2404.91
3180.20
Adminstrative Expenses
3351.31
4588.53
8608.03
5982.64
5680.00
0.00
0.00
(269.25)
(293.31)
Total Operating Expenses
10593.95
15101.78
20855.53
21691.94
24613.00
Operating Profit
7257.66
10659.33
13192.79
13917.60
13402.80
101.70
266.91
235.99
148.98
154.90
7359.36
10926.24
13428.78
14066.58
13557.70
2353.30
137.80
3166.58
266.07
3206.28
178.82
3890.08
207.84
4193.70
417.90
10000.00
4868.26
7493.59
10043.68
9968.66
8946.10
0.00
282.07
393.43
434.16
283.35
296.70
EBT
4586.19
7100.16
9609.52
9685.31
8649.40
566.79
632.43
321.78
1177.87
1007.60
Adjusted PAT
4019.40
6467.73
9287.74
8507.44
7641.80
969.48
63.30
(50.78)
11.80
Particulars (Rs. In Cr)

Net Sales
Operating Expenses
Material Consumed
Expenses Capitalised
Other Income
EBDITA
Depreciation
Other Write offs
EBIT
Interest
Income Tax
Non Recurring Items
3.92
(162.87)
(1497.74)
Other Non Cash adjustments
9.92
(60.67)
(46.15)
Reported Net Profit

Equity Dividend
Preference Dividend
Dividend Tax
Retained Earnings
Operating Income
40000.00
35000.00
0.00
4033.24
6244.19
7743.85
9426.14
7716.90
0.00
0.00
0.00
4033.24
0.00
0.00
0.00
6244.19
379.65
0.00
64.52
7299.68
379.79
0.00
64.55
8981.80
379.80
0.00
60.10
7277.00
30000.00
25000.00
20000.00
15000.00
5000.00
Net Sales
Profit Levels
Operating Profit
Total Income Break-up
16000.00
Depreciation
14000.00
Other Write offs
Interest
12000.00
Income Tax
Adjusted PAT
10000.00
8000.00
20%
6000.00
4000.00
3%
1%
1%
2000.00
11%
0.00
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Operating Profit
EBDITA
EBT
Adjusted PAT
EBIT
Page 4
64%
EBDITA
Balance Sheet
March ' 07
March ' 08
March ' 09
March ' 10
March ' 11
1895.93
30.00
0.00
9515.21
11441.14
1897.91
57.63
0.00
18283.82
20239.36
1898.24
116.22
0.00
25627.38
27641.84
1898.77
186.09
0.00
34650.19
36735.05
1898.80
278.60
0.00
41932.10
44109.50
266.45
5044.36
5310.81
52.42
6517.92
6570.34
51.73
7661.92
7713.65
39.43
4999.49
5038.92
17.10
11880.40
11897.50
16751.95
26809.70
35355.49
41773.97
56007.00
SOURCES OF FUNDS
Owner's Fund
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves & Surplus
Total Owners fund
Loan Funds
Secured Loans
Unsecured Loans
Total Loan fund
Total
Capital Structure
50000.00
USES OF FUNDS
Fixed Assets
Gross Block
Less : Revaluation Reserve
Less : Accumulated
Depreciation
Net Block
Capital Work-in-progress
Investments
Net Current Assets
Current Assets, Loans &
Advances
Less : Current Liabilities &
Provisions
Total Net Current Assets
Miscellaneous expenses not
written
Total
45000.00
26509.93
2.13
28115.65
2.13
37266.70
2.13
44212.53
2.13
61437.50
2.10
40000.00
35000.00
7204.30
19303.50
2375.82
9085.00
19028.52
2751.08
12253.34
25011.23
2566.67
16187.56
28022.84
1594.74
20736.70
40698.70
6497.60
30000.00
20000.00
25000.00
705.82
10952.85
11777.76
15773.32
11813.00
5406.81
8439.38
10466.63
10021.38
13730.10
10000.00
11042.67
(5635.86)
14362.33
(5922.95)
14466.89
(4000.26)
13638.30
(3616.92)
16732.40
(3002.30)
5000.00
2.66
16751.94
0.20
26809.70
0.09
35355.49
0.00
41773.98
0.00
56007.00
15000.00
0.00
March March March March March
' 07
' 08
' 09
' 10
' 11
Note :
Book Value of Unquoted
Total Owners fund
Investments
Market Value of Quoted
580.43
9379.62
9898.56
11619.95
11708.00
Investments
Contingent liabilities
Number of Equity shares
outstanding (in Lacs)
125.85
7615.04
1574.29
7140.59
1887.76
4104.25
4216.67
3921.50
105.10
49771.40
18959.34
18979.07
18982.40
37975.30
37975.30
Total Net
Current
Assets
-5%
Sources of Capital
Total Loan
fund
21%
Total Loan fund
Application of capital
Investments
19%
Net Block
66%
Total Owners
fund
79%
Capital Workin-progress
10%
Page 5
Cash Flow Statement

March ' 07

Profit Before Tax
March ' 08
March ' 09
March ' 10
March ' 11
4601.37
10699.25
8161.54
6972.54
8725.80
Net CashFlow-Operating
Activity
8107.95
12692.63
11853.15
10459.85
13215.40
Net Cash Used In Investing

Activity
(7975.05)
(10601.66)
(10894.38)
(11648.41)
(19075.00)
340.13
(2539.32)
(672.00)
898.03
5646.50
473.03
(448.35)
286.77
(290.53)
(213.10)
307.43
789.88
503.31
793.47
341.50
780.46
341.53
790.08
502.94
128.40
NetCash Used in Fin. Activity

Net Inc/Dec In Cash And
Equivlnt
Cash And Equivalnt Begin of
Year
Cash And Equivalnt End Of
Year
Net Cash Flow

340.13
898.03
8107.95 12692.63 11853.15 10459.85
5646.50
13215.40
(7975.05 (10601.6 (10894.3 (11648.4 (19075.0

6)
8)
)
1)
0)
(2539.32
(672.00)
)
Net CashFlow-Operating Activity
Net Cash Used In Investing Activity
NetCash Used in Fin. Activity
Quarterly Result
December '
10
March ' 11
9,828.50
0.00
9,828.50
9,563.70
0.00
9,563.70
9,299.90
0.00
9,299.90
10,180.00
0.00
10,180.00
50.00
28.10
14.90
19.90
19.00
9,373.70
9,856.60
9,578.60
9,319.80
10,199.00
0.00
0.00
0.00
0.00
0.00
Raw Material
0.00
Power And Fuel
0.00
Employee Expenses
353.40
Admin And Selling Expenses
663.20
Research And Devlopment Expenses
0.00
0.00
Other Expeses
4,940.40
0.00
0.00
352.10
1,408.50
0.00
0.00
4,709.90
0.00
0.00
359.80
931.10
0.00
0.00
5,064.40
0.00
0.00
385.90
717.90
0.00
0.00
4,897.70
0.00
0.00
387.00
781.50
0.00
0.00
5,816.70
June ' 10
Sales
Less: Excise
Net Sales
9,323.70
0.00
9,323.70
Other Income
Total Income
Stock Adjustment
September '
10
June ' 11
Total Expenses
5,957.00
6,470.50
6,355.30
6,001.50
6,985.20
EBDITA
3,416.70
3,386.10
3,223.30
3,318.30
3,213.80
Provisions Made
Depreciation
0.00
1,066.70
0.00
1,226.80
0.00
1,128.10
0.00
1,066.20
0.00
1,170.70
EBIT
2,350.00
2,159.30
2,095.20
2,252.10
2,043.10
144.60
76.50
55.70
2,205.40
2,082.80
2,039.50
2,398.10
274.50
244.90
191.70
297.80
407.50
Net Profit / Loss
1,930.90
1,837.90
1,847.80
2,100.30
1,432.30
Extra Ordinary Item

Prior Year Adjustments
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Interest
EBT
Taxation
(146.00)
Page 6
Profit Levels
203.30
1,839.80
EBDITA
EBIT
EBT
Net Profit / Loss
Growth Analysis
March ' 08
Particulars (%)
Net Sales
44.31
March ' 09
32.17
March ' 10
4.59
March ' 11
Average
Growth
6.76
14.95
Operating Expenses
5 year CAGR
16.32
0.00
0.00
Material Consumed
53.31
732.05
11.35
(22.17)
146.28
61.70
46.27
17.55
37.73
19.54
27.27
23.14
Personnel Expenses
20.51
7.68
0.29
(6.93)
0.90
3.91
Selling Expenses
63.58
19.97
8.80
32.24
25.89
23.07
36.92
87.60
(30.50)
(5.06)
10.04
11.13
0.00
0.00
(8.94)
100.00
37.32
0.00
42.55
38.10
4.01
13.47
18.47
18.36
13.05
Operating Profit
Other Income
EBDITA
Depreciation
Other Write offs
EBIT
Interest
EBT
Income Tax
Adjusted PAT
Non Recurring Items
46.87
23.77
5.49
(3.70)
9.61
162.45
(11.58)
(36.87)
3.97
4.46
8.78
48.47
22.90
4.75
(3.62)
9.40
13.00
34.56
93.08
1.25
(32.79)
21.33
16.23
7.80
101.07
13.23
48.05
12.25
24.84
53.93
34.03
(0.75)
(10.26)
7.87
12.94
39.48
10.35
(34.74)
4.71
(2.52)
1.02
54.82
35.34
0.79
(10.70)
8.51
13.53
11.58
(49.12)
266.05
(14.46)
65.37
12.19
8.22
13.71
60.91
43.60
(8.40)
(10.18)
(4254.85)
(819.59)
164.73
(93.47)
(577.37)
(711.59)
23.93
(10.03)
123.24
(20.09)
3.53
Reported Net Profit
54.82
24.02
21.72
(18.13)
9.55
13.86
0.00
0.00
0.00
54.82
0.00
0.00
0.00
16.90
0.04
0.00
0.05
23.04
0.00
0.00
(6.89)
(18.98)
0.01
0.00
(2.74)
8.18
0.00
0.00
0.00
12.53
Equity Dividend
Preference Dividend
Dividend Tax
Retained Earnings
Growth Factors
5 Year CAGR
70.00
20.00
60.00
18.00
16.00
50.00
14.00
40.00
12.00
30.00
10.00
8.00
20.00
6.00
10.00
4.00
0.00
(10.00)
2.00
March ' 08
March ' 09
March ' 10
74.43
March ' 11
0.00
(20.00)
Net Sales
EBDITA
EBT
Adjusted PAT
Page 7
Comparative Analysis
Income Statement
March ' 07
March ' 08
March ' 09
March ' 10
March ' 11
Net Sales
100.00
100.00
100.00
100.00
Material Consumed
0.12
0.13
0.83
0.88
0.64
28.11
28.49
25.34
33.37
37.36
Personnel Expenses
6.03
5.04
4.10
3.94
3.43
Selling Expenses
6.31
7.15
6.49
6.75
8.37
18.77
17.81
25.28
16.80
14.94
100.00
0.00
0.00
(0.79)
(0.82)
0.00
59.34
58.62
61.25
60.92
64.74
Operating Profit
40.66
41.38
38.75
39.08
35.26
Other Income
0.57
1.04
0.69
0.42
0.41
41.23
42.41
39.44
39.50
35.66
13.18
0.77
12.29
1.03
9.42
0.53
10.92
0.58
11.03
1.10
27.27
29.09
29.50
27.99
23.53
1.58
1.53
1.28
0.80
0.78
EBT
25.69
27.56
28.22
27.20
22.75
3.18
2.45
0.95
3.31
2.65
Adjusted PAT
22.52
25.11
27.28
23.89
20.10
Non Recurring Items
0.02
(0.63)
(4.40)
2.72
0.17
0.06
(0.24)
(0.14)
(0.14)
0.03
Reported Net Profit
22.59
24.24
22.74
26.47
20.30
EBDITA
Depreciation
Other Write offs
EBIT
Interest
Income Tax
Comparative Net Sales
March '
07
March '
08
March '
09
March '
10
March '
11

Other Income
Depreciation
Other Write offs
Interest
Income Tax
Balance Sheet
March ' 07
March ' 08
March ' 09
March ' 10
March ' 11
SOURCES OF FUNDS
Reserves & Surplus
Total Owners fund
11.32
0.18
0.00
56.80
68.30
7.08
0.21
0.00
68.20
75.49
5.37
0.33
0.00
72.48
78.18
4.55
0.45
0.00
82.95
87.94
3.39
0.50
0.00
74.87
78.76
Secured Loans
Unsecured Loans
Total Loan fund
1.59
30.11
31.70
0.20
24.31
24.51
0.15
21.67
21.82
0.09
11.97
12.06
0.03
21.21
21.24
100.00
100.00
100.00
100.00
100.00
Total
Comparative Analysis-Source of
Fund
74.87
21.21
USES OF FUNDS
Fixed Assets
Gross Block
Less : Accumulated
Depreciation
Net Block
Investments
Net Current Assets
Provisions
written
Total
3.39 0.50
0.00
158.25
0.01
104.87
0.01
105.41
0.01
105.84
0.01
109.70
0.00
43.01
115.23
14.18
33.89
70.98
10.26
34.66
70.74
7.26
38.75
67.08
3.82
37.03
72.67
11.60
4.21
40.85
33.31
37.76
21.09
32.28
31.48
29.60
23.99
24.51
65.92
(33.64)
53.57
(22.09)
40.92
(11.31)
32.65
(8.66)
29.88
(5.36)
0.02
100.00
0.00
100.00
0.00
100.00
0.00
100.00
Page 8
0.00
100.00
0.03
Index Analysis
Income Statement
March ' 07
Particulars
Net Sales
March ' 08
March ' 09
March ' 10
March ' 11
100.00
144.31
190.73
199.48
212.95
Material Consumed
100.00
153.31
1275.59
1420.43
1105.53
100.00
146.27
171.95
236.83
283.11
Personnel Expenses
100.00
120.51
129.77
130.15
121.13
Selling Expenses
100.00
163.58
196.25
213.52
282.35
100.00
136.92
256.86
178.52
169.49
Operating Expenses
0.00
0.00
0.00
0.00
0.00
100.00
142.55
196.86
204.76
232.33
Operating Profit
100.00
146.87
181.78
191.76
184.67
100.00
262.45
232.05
146.49
152.31
100.00
148.47
182.47
191.14
184.22
100.00
100.00
134.56
193.08
136.25
129.77
165.30
150.83
178.21
303.27
100.00
153.93
206.31
204.77
183.76
100.00
139.48
153.92
100.45
105.19
100.00
154.82
209.53
211.18
188.60
100.00
111.58
56.77
207.81
177.77
100.00
160.91
231.07
211.66
190.12
Non Recurring Items
100.00
(4154.85)
(38207.65)
24731.63
1614.80
100.00
(611.59)
(465.22)
(511.90)
118.95
Reported Net Profit
100.00
154.82
192.00
233.71
191.33
Other Income
EBDITA
Depreciation
Other Write offs
EBIT
Interest
EBT
Income Tax
Adjusted PAT
Profit Index
March '
07
March '
08
March '
09
March '
10
March '
11
EBIT
EBT
Balance Sheet
March ' 07
Particulars
March ' 08
March ' 09
March ' 10
March ' 11
SOURCES OF FUNDS
Reserves & Surplus
Total Owners fund
100.00
100.00
0.00
100.00
100.00
100.10
192.10
0.00
192.15
176.90
100.12
387.40
0.00
269.33
241.60
100.15
620.30
0.00
364.16
321.08
100.15
928.67
0.00
440.68
385.53
Loan Funds
Secured Loans
Unsecured Loans
Total Loan fund
100.00
100.00
100.00
19.67
129.21
123.72
19.41
151.89
145.24
14.80
99.11
94.88
6.42
235.52
224.02
100.00
160.04
211.05
249.37
334.33
Total
USES OF FUNDS
Fixed Assets
Gross Block
Liability Index
07
08
09
10
11
100.00
106.06
140.58
166.78
231.75
Total Owners fund
100.00
100.00
100.00
100.00
100.00
126.11
98.58
115.79
100.00
170.08
129.57
108.03
100.00
224.69
145.17
67.12
98.59
287.84
210.84
273.49
Total Loan fund
100.00
1551.79
1668.66
2234.75
1673.66
Net Current Assets

Advances
100.00
156.09
193.58
185.35
253.94

Provisions
100.00
130.06
131.01
123.51
151.52
100.00
105.09
70.98
64.18
53.27
100.00
100.00
7.52
160.04
3.38
211.05
0.00
249.37
0.00
334.33
Less : Accumulated
Net Block
Investments

written
Total
Page 9
Ratio Analysis
Particulars(Yearly)
March ' 07
March ' 08
March ' 09
March ' 10
March ' 11
PER SHARE RATIOS

Adjusted E P S (Rs.)
Adjusted Cash EPS (Rs.)
Reported EPS (Rs.)
Reported Cash EPS (Rs.)
Dividend Per Share
21.20
34.34
21.27
34.41
0.00
34.08
52.16
32.90
50.99
0.00
48.93
66.76
40.79
58.63
2.00
22.40
33.19
24.82
35.61
1.00
20.12
32.27
20.32
32.46
1.00
Operating Profit Per Share

(Rs.)
38.28
56.16
69.50
36.65
35.29
Book Value (Excl Rev Res) Per

Share (Rs.)
60.35
106.64
145.62
96.73
116.15
60.36
106.65
145.63
96.74
116.16
100.00
94.16
49.88
135.73
83.18
179.37
121.78
93.77
84.64
100.11
103.84
0.00
40.65
27.47
22.46
36.26
41.37
29.08
23.99
38.03
38.74
29.33
22.58
36.96
39.08
28.15
26.36
35.25
35.25
24.22
20.21
32.10
35.23
32.04
33.74
23.27
17.43
35.35
30.94
28.13
25.79
17.60
29.83
28.52
29.01
24.36
16.89
0.43
0.46
0.30
0.32
0.25
0.28
0.11
0.13
0.20
0.27
68.24
0.74
75.43
1.03
78.11
0.99
87.88
0.87
78.65
0.82
0.48
0.47
0.47
373.35
0.58
0.56
0.55
453.06
0.72
0.69
0.64
547.83
0.73
0.70
0.67
1307.05
0.82
0.70
0.77
1105.11
Book Value (Incl Rev Res) Per

Share (Rs.)
Net Operating Income Per
Share (Rs.)
Free Reserves Per Share (Rs.)
Per Share Ratio

500.00
400.00
300.00
200.00
07
08
09
10
11
PROFITABILITY RATIOS
Operating Margin (%)
Gross Profit Margin (%)
Net Profit Margin (%)
Adjusted Cash Margin (%)
Adjusted Return On Net
Worth (%)
Reported Return On Net
Worth (%)
Return On long Term Funds
(%)
Net Operating Income Per Share (Rs.)

Adjusted E P S (Rs.)
Adjusted Cash EPS (Rs.)
LEVERAGE RATIOS
Long Term Debt / Equity
Total Debt/Equity
Owners fund as % of total
Source
Fixed Assets Turnover Ratio
Profit Margin
LIQUIDITY RATIOS
Current Ratio
Current Ratio (Inc. ST Loans)
Quick Ratio
Inventory Turnover Ratio
Dividend payout Ratio (Cash

Profit)
Earning Retention Ratio
Cash Earnings Retention
120.00
100.00
80.00
60.00
40.00
20.00
0.00
07
08
09
10
11
PAYOUT RATIOS
Dividend payout Ratio (Net
Profit)
140.00
0.00
0.00
5.73
4.71
5.70
0.00
100.00
100.00
0.00
100.00
100.00
3.99
95.22
96.50
3.28
94.78
96.48
3.56
94.25
96.41
0.81
0.66
0.60
0.39
0.97
26.09
27.77
30.93
49.64
45.69
24.13
25.60
26.63
48.73
42.55
0.29
0.16
0.84
0.78
0.66
6.30
7.15
6.49
6.75
8.36
8.82
6.00
5.31
5.03
4.77
0.00
0.00
0.00
0.00
0.00
0.78
0.77
0.77
0.80
0.76
82.61
82.53
82.51
82.49
82.49
Net Profit Margin (%)

Operating Margin (%)
Adjusted Return On Net Worth (%)
Return On long Term Funds (%)
COVERAGE RATIOS
Adjusted Cash Flow Time
Total Debt
Financial Charges Coverage
Ratio
Fin. Charges Cov.Ratio (Post
Tax)
Liquidity Ratio
COMPONENT RATIOS
Material Cost Component(%
earnings)
Selling Cost Component
Exports as percent of Total
Sales
Import Comp. in Raw Mat.
Consumed
Long term assets / Total
Assets
Bonus Component In Equity
Capital (%)
Page 10
07
08
09
10
11
Current Ratio
Quick Ratio
Ratio Analysis
Particulars(Quarterly)
June ' 10
September '
10
December '
10
March ' 11
June ' 11
Quarterly Profit Margin
PER SHARE RATIOS

Operating Income Per
Share(Rs.)
Operating Profit Per
Share(Rs.)
Adjusted EPS(Rs.)
24.55
25.88
25.18
24.49
26.81
9.00
5.08
8.92
4.84
8.49
4.87
8.74
5.53
8.46
3.77
36.10
34.90
20.59
35.46
37.17
22.53
33.54
33.06
19.29
34.16
33.57
18.64
31.38
29.51
14.04
PROFITABILITY RATIOS
OPM(%)
GPM(%)
NPM(%)
OPM(%)
TTM Analysis
March ' 11
Sales
Less: Excise
Net Sales
38015.80
0.00
38015.80
100.00
0.00
100.00
38872.10
0.00
38872.10
100.00
0.00
100.00
2.25
NA
2.25
112.90
0.30
81.90
0.21
(27.46)
Other Income
Total Income
% of Sales
June ' 11
% of Sales
100.30
38954.00
100.21
0.00
0.00
0.00
0.00
NA
Raw Material
0.00
Power And Fuel
0.00
Employee Expenses
1451.20
Admin And Selling Expenses
3720.70
Research And Devlopment Expenses
0.00
0.00
Other Expeses
19612.40
0.00
0.00
3.82
9.79
0.00
0.00
51.59
0.00
0.00
1484.80
3839.00
0.00
0.00
20488.70
0.00
0.00
3.82
9.88
0.00
0.00
52.71
NA
NA
2.32
3.18
NA
NA
4.47
24784.30
65.19
25812.50
66.40
4.15
EBDITA
13344.40
35.10
13141.50
33.81
(1.52)
Provisions Made
Depreciation
4487.80
11.81
4591.80
11.81
2.32
EBIT
8856.60
23.30
8549.70
21.99
(3.47)
130.80
0.34
189.50
0.49
44.88
EBT
8725.80
22.95
8360.20
21.51
(4.19)
Taxation
1008.90
2.65
1141.90
2.94
13.18
Net Profit / Loss
7716.90
20.30
7218.30
18.57
(6.46)
Extra Ordinary Item

Prior Year Adjustments
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
NA
NA
TTM EPS
TTM SPS
20.32
100.1
19.01
102.36
TTM Growth (%)

4.15
2.16
Total Expenses
Interest
NPM(%)
Growth(%)
38128.70
Stock Adjustment
GPM(%)
2.25
(1.52)
(3.47)
(4.19)
(6.46)
TTM EPS & SPS(%)
-0.02
0.01
March ' 11
Page 11
June ' 11
Technical Analysis
Price Chart
500.00
6000000.00
450.00
5000000.00
400.00
350.00
4000000.00
300.00
250.00
3000000.00
200.00
2000000.00
150.00
100.00
50.00
1000000.00
0.00
0.00
19-May
28-Jul
Volume
Close
EMA(200)
20.00
15.00
10.00
5.00
0.00
MACD
Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price
400.35
AS On:
EMA(13)
402.26
ADX
16
EMA(26)
399.36
DX
22
EMA(50)
388.90
+DI
14
EMA(200)
357.63
-DI
22
55.65
%K(Fast)
67
2.90
%K(Slow)
67.53
-33.00
%d(Slow)
68.9
RSI(14)
MACD
William(%R)
09/09/2011
Page 12
EMA(50)

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Tanay Roy Exclusive

Bharti Airtel Ltd

Exclusive Financial Analysis of Indian Companies

Prepared and Edited By-

Tanay Roy, CFA

Tuesday, September 13, 2011

About Tanay & Peu

Contact Us: tanay.roy2008@gmail.com

Number of Equity shares

Market Cap(Rs. In Cr)

Price/Sales Per Share

Price/ Book Value

Market Cap(Rs. In Cr)

Reported PAT / PBT

Adjusted PAT / PBT

Sales / Total Assets

Total Assets / Net Worth

Reported PAT / PBT

Sales / Total Assets

Total Assets / Net Worth

Total Operating Expenses

Particulars (Rs. In Cr)

Non Recurring Items

Other Non Cash adjustments

Reported Net Profit

Total Income Break-up

Total Operating Expenses

Other Write offs

Total Owners fund

Total Loan fund

Cash Flow Statement

Particulars (Rs. In Cr)

Net Cash Used In Investing

NetCash Used in Fin. Activity

Net Cash Flow

8107.95 12692.63 11853.15 10459.85

(7975.05 (10601.6 (10894.3 (11648.4 (19075.0

Particulars (Rs. In Cr)

Net Profit / Loss

Extra Ordinary Item

Net Profit / Loss

Other Non Cash adjustments

Reported Net Profit

Total Operating Expenses

Total Operating Expenses

Non Recurring Items

Other Non Cash adjustments

Reported Net Profit

Comparative Net Sales

Total Operating Expenses

Total Operating Expenses

Non Recurring Items

Other Non Cash adjustments

Reported Net Profit

Total Owners fund

Total Loan fund

Net Current Assets

Less : Current Liabilities &

Total Net Current Assets

PER SHARE RATIOS

Operating Profit Per Share

Book Value (Excl Rev Res) Per

Book Value (Incl Rev Res) Per