Bharti Airtel reports Q4 FY11 NPAT at Rs 1400.7 crore

Earnings Results – QuickTakeSegmental Performance:Mobility Services:The revenues for the quarter ended March 31, 2011 for mobile services stood at Rs 9494.8 crore, a growth of 14.2%over the corresponding quarter last year.The PBIT of this segment stood at Rs 2057.6 crore as against Rs 2149.2 crore, down by 4.26%. The EBITDA marginof the company for the mobility segment stood at 36%, declined by 400 bps.As at the end of the quarter the company had 16.22 crore GSM mobile customers on its network, which accounted fora market share of 20.0% of the all India mobile market. During the quarter, Bharti’s share of net additions was 16.3%of all India wireless subscriber net additions. The average monthly churn for the quarter ended March 31, 2011 was7.6%.During the quarter blended ARPU was Rs 194 per month as compared to Rs 198 per month in the quarter ended Dec31, 2010. The blended monthly usage per customer, during the quarter was at 449 minutes. The Average rate perminute (ARPU) during the quarter was Rs 0.43. Non voice revenue such as Voice Mail Service, Call Management,Airtel Talkies and other value added services like Hello Tunes, Music on Demand and Airtel Live contributed toapproximately 15.0% of the total revenues of the segment. For the 31 th March'11 quarter company incurred thecapital expenditure of Rs 2148.2 crore on the mobile segmentTelemedia Services:The Telemedia segment of the company which contributed 7.85% of the company total revenue stood at Rs 917.8crore as against Rs 851 crore in the last year and the PBIT of this segment stood at Rs 216.1 crore as against Rs179 crore, up by 20.73%. The EBITDA margin for this segment was 45.2% for the quarter ended March 31, 2011.At the end of the quarter ended March 31, 2011, the company had its Telemedia operations in 87 cities. During thequarter, the company added 38576 customers on its Telemedia networks with 3.3 million customers as on March 31,2011. The company had approximately 1.42 million customers (43.1%) of the total customer base subscribing tobroadband (DSL) services. The ARPU for the quarter was Rs 934 per month. The company incurred the capitalexpenditure of Rs 232.2 crore on its Telemedia services.Enterprises Services:The revenue for the quarter ended March 31, 2011 for Enterprise segment stood at Rs 1017.9 crore as against Rs1076.8 crore last year quarter, a decline of 5.5% over last year and the PBIT of this segment stood at Rs 143.3 croreas against Rs 232.6 crore, down by 38.39%. The EBITDA margin of the company for the Enterprises segment was25.7%. During the quarter ended March 31, 2011, the company incurred a capital expenditure of Rs 106.2 crore onits Enterprise Services.Passive Infrastructure Services:The Passive Infrastructure segment of the company which contributed 13.11% of the company’s total revenue stoodat Rs 2201 crore as against Rs 1945.9 crore on 31th Mar’10 and the PBIT of this segment stood at Rs 267.1 crore asagainst Rs 244.9 crore, up by 9.06%. The EBITDA margin for the quarter ended March 31, 2011 was 37.0%.. For theMarch’11 quarter the company incurred the capital expenditure of Rs 571.6 crore on its passive Infrastructuresegment.Thursday, May 05, 2011 Page 2 of 4www.nirmalbang.com

Earnings Results – QuickTakeAs at the end of the quarter, the company had 32,792 towers in its Infratel tower business and 108,586 towers in itsIndus towers business. The sharing factor for the quarter ended March 31, 2011 was 1.73 times in its Infratel towerbusiness and it was 1.83 times in its Indus tower businessMobile Services – Africa:The total revenue from the Mobile services from Africa was Rs 4181.5 crore and the PBIT stood at Rs 245 crore. TheEBITDA margin stood at 26.4% from the date of its acquisition. The capital expenditure was at $382 million on itsAfrican operation. As at the end of the quarter the company had 44.2 million GSM mobile customers on its network.During the quarter, the company added 2.1 million customersShare PerformanceCurrently, Bharti Airtel Limited is trading at 358.9 down by 2.93% from its previous close. The stock hit a high of Rs369.45 and a low of Rs 352.20 so far during the day. The volume of the Stock stood at 6,159,508 shares on NSE at14:43 hrs IST.Thursday, May 05, 2011 Page 3 of 4www.nirmalbang.com

Earnings Results – QuickTakeDisclaimerThis Document has been prepared by Nirmal Bang Research (A Division of Nirmal Bang Securities PVT LTD). The information,analysis and estimates contained herein are based on Nirmal Bang Research assessment and have been obtained from sourcesbelieved to be reliable. This document is meant for the use of the intended recipient only. This document, at best, represents NirmalBang Research opinion and is meant for general information only. Nirmal Bang Research, its directors, officers or employees shallnot in anyway be responsible for the contents stated herein. Nirmal Bang Research expressly disclaims any and all liabilities thatmay arise from information, errors or omissions in this connection. This document is not to be considered as an offer to sell or asolicitation to buy any securities. Nirmal Bang Research, its affiliates and their employees may from time to time hold positions insecurities referred to herein. Nirmal Bang Research or its affiliates may from time to time solicit from or perform investment bankingor other services for any company mentioned in this document.About Nirmal BangFounded in 1986 by Shri Nirmal Bang, the Nirmal bang Group is recognized as one of the largest retail broking houses in India,providing an array of financial products and services. Our retail and institutional clients have access to products such as equities,derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS. Throughout ourhistory, we have fostered one overriding purpose – to provide each client with personal service and quality of work. By adhering tothis principle, we have grown to become a successful and well-respected firm of highly qualified professionals.The Group is headed by Mr. Dilip Bang and Mr. Kishore Bang who bring forward industry expertise, insight and most importantly,create an environment of unmatched commitment to clients.We are registered members of the Bombay Stock Exchange Limited (BSE), National Stock Exchange of India Limited (NSE), MultiCommodity Exchange of India Limited (MCX), National Commodity & Derivatives Exchange Limited (NCDEX), National MultiCommodity Exchange of India Limited (NMCE) and MCX Stock Exchange Limited and are also depository participants of NSDL andCDSL.Thursday, May 05, 2011 Page 4 of 4www.nirmalbang.com