Presented by

Md. Danish Ur Rahman

Md. Arshad Alam
Md. Nehal Ahmad
Shambhu Paul

Content
Introduction to Bharti Airtel
Financial Analysis
Ratio Analysis

History Of Airtel
Bharti Tele-Ventures was
incorporated on July 7, 1995 as a
company with limited liability under
the Companies Act, for promoting
telecommunications services. Bharti
Tele-Ventures received certificate for
commencement of business on
January 18, 1996.

Industry

Subscriber base- 330m

Wireless penetration- 14.7%
CAGR (wireless)- 68%
Second Largest Telecom Market
Lowest tariff charges in the world
Wireless Subscribers 315.3 Mn
Wireline Subscribers 38.4 Mn
Teledensity 30.6
Share in Asia Pacific mobile phone market- 6.4
Mobile subscriber base growth rate- 82.2%, 42% of the
population below 20
9 GSM and 5 CDMA players in 19 circles and 4 metro cities
connecting 2000 towns
Bharti Airtel largest player with presence in all 23 circles

FINANCIALS

Share Capital
Rs 8,340.15 million raised through the IPO
2002 Went Public
Shares in issue
1,898,101,604 as at September 30, 2008

Market Capitilization
Approx. Rs. 1,371 billion

P/E
19.98

EPS
36.16

Sources of Funds
2011

2010

2009

2008

2007

Equity share capital

1,898.80
1,898.77
1,898.24

1,897.91
1,895.93

2011

2010

2009

2008

2007

Share application money

278.60
186.09
116.22
57.63
30.00

Reserve & Surplus

Secure Loans

Unsecured Loans

Total

Fixed Assets

Less Accumulated
Depreciation

Investments

Net Current Asset

Current Liabilities &

Provisions

Total of C.A. & C.L.

Some Key highlights

Balance
Sheet
Total Share
Capital

Amount in
Rs. Cr
1897.91

Net Worth

20241.49

Total Debt

6570.34

Net Block

19030.65

Investments

10952.85

Net Current
Assets

-5922.94

Total Assets

26811.84

Income
Statemen (Sep '08) (Mar '08)
t

Net Sales
Other
Income
PBDIT
Net Profit

Quarterly

Annual

8274.37

25703.51

28.43

235.86

3151.06
1604.78

10736.89
6244.20

Per Share Ratios

Key Ratios - Airtel
Debt-Equity Ratio
Long Term Debt-Equity
Ratio
Adjusted EPS
Adjusted Cash EPS

Mar11
0.38

Mar10
0.54

Mar09 Mar-08 Mar-07

0.83
0.6
0.07

0.35
0.5
0.76
0.5
20.12 22.40 48.93 34.08
32.27 33.19 66.76 52.16

0.03
21.20
34.34

Key Ratios -

2011

2010 2009 2008 2007

Dividend Per share

1.00

1.00

2.00

---

---

Operating Profit Per Share 35.29 36.65 69.50 56.16 38.28

Net Operating Income Per
179.3 135.7
share
100.11 93.77
7
3
94.16
121.7
Free Reserve Per Share
103.84 84.64
8
83.18 49.88

Profitability Ratios
Profitability
Mar-08
Mar-07

Mar-11

Mar-10

Mar-09

Operating Margin
41.37
40.65

35.25

39.08

38.74

Profit Margin
29.08
27.47

24.22

28.15

29.33

Net Profit Margin

23.99
22.46

20.21

26.36

22.58

Adjusted Cash Margin

38.03
36.26

32.10

35.25

36.96

Return on Net Worth

30.94
35.35

17.60

25.79

28.13

Return on Funds
28.52
29.83

16.89

24.36

29.01

GROWTH!!!!!!!!!

Income and Expenditure(Rs.

Cr)

Operating Profit (Rs. Cr.)

Customer Growth across the

years
Year

Overall Subscriber Base

Airtel Subscriber
Base

Mar-07

2,61,54,405

42,16,317

16.12087

Mar-08

4,10,25,940

1,04,78,585

25.54136

Mar-09

6,91,93,321

1,95,79,208

28.29638

Mar-10

12,14,31,166

3,71,41,210

30.58623

Mar-11

18,44,13,702

6,19,84,721

33.61178

Market Share

Subscriber Growth
Group Company wise % market share - Nov'2008
Sr, No.

Name of Company

Total Sub Figures

% Market Share

Bharti Airtel

8,29,20,593

33.25%

Vodafone Essar

5,87,64,164

23.57%

BSNL

4,04,87,511

16.24%

IDEA

3,28,09,720

13.16%

Aircel

1,53,75,258

6.17%

Reliance Telecom

95,82,695

3.84%

Spice

37,05,894

1.49%

MTNL

38,21,277

1.53%

BPL

18,82,324

0.75%

All India

24,93,49,436

100.00%

Stock Movement

Share Price Competitors

Differentials
Company
Name

Last
Price

% Chg

52 wk
High

52 wk
Low

Market Cap
(Rs. cr)

Bharti Airtel

722.30

-2.69

1,063.00

484.00

137,107.31

Reliance
Comm

249.20

4.18

844.00

148.60

51,435.55

Idea Cellular

53.50

0.09

148.90

34.05

16,585.51

Tata Comm

495.15

0.53

783.00

320.00

14,111.78

MTNL

74.85

-2.54

219.45

51.75

4,715.55

TataTeleservic
e

20.15

2.03

65.00

12.50

3,822.84

Spice Comm

36.00

10.43

77.30

23.25

2,483.73

Tulip Telecom

501.20

15.66

1,225.00

385.00

1,453.48

HFCL Infotel

7.45

6.28

59.70

5.55

391.51

Net Profit(Rs. Cr)

For the current year

Conclusion

We analyze from
Financial Analysis and
Ratio Analysis that
Company is in the Profit
Stage and they are
Enhancing Day by Day.

Thank You!!!!!!!