Professional Documents
Culture Documents
NSE Code:
BHARTIAIRTEL
BHARTI AIRTEL
Company Overview:
Shareholding Pattern
Others; 6%
MFs, FIs and banks;
8%
Promoters
- Indian; 45%
FIIs; 18%
PromotersForeign; 22%
Bharti Airtel, the giant of the Indian Telecom industry, is the flagship
company of the Bharti Group. Indias first private telecom service
provider; it currently operates in all the 23 telecom circles. It is the largest
wireless services provider in the country. Bharti Airtels businesses have
been structured into 3 strategic business units Mobile Services,
Telemedia Services and Enterprise Services. Under its Mobile services, it
uses the GSM technology to provide mobile and fixed wireless services
across all the 23 circles to around 100 million customers. Around 2.9
million customers use Airtel Telemedia services either for broadband and
internet services, or the recently launched DTH and IPTV services. The
Enterprise Services provide an integrated set of telecom services to
corporate customers, national and international long distance services to
carriers and passive infrastructure services pertaining to telecom
operations.
2005
81,558
116,64
1
184,20
2
270,122
373,521
EBITDA
30,658
41,636
74,407
114,018
152,858
PBT
15,832
23,455
46,784
73,115
85,910
PAT
12,116
20,279
40,621
63,954
78,590
61.92%
43.02%
57.92%
46.64%
38.28%
217,244
291,279
53,200
73,624
114,88
4
Net Debt
41,171
84,022
94,371
42,867
157,75
1
40,886
Capital Employed
41,738
115,36
2
258,130
375,301
35,097
(34,343
)
48,699
(51,666
)
84663
(93,940
)
123,244
(218,043
)
137,115
(166,944
)
754
(2,967)
(9,277)
(94,799)
(29,829)
EBITDA Margin
37.60%
35.70%
40.40%
42.20%
40.90%
15.70%
21.50%
31.60%
33.30%
30.70%
9.65
17.45
26.47
29.51
30.38
0.77
0.57
0.37
0.19
0.29
EPS (Basic)
6.53
10.78
21.43
34.23
41.4
The companys revenues have witnesses a CAGR of 46.3% over the past
five years despite the consistent fall in tariffs witnessed in the industry, a
BHARTI AIRTEL
clear result of the large number of new customers added by the company
every year. In fact, over the last 1 year, the company witnessed a 51.52%
increase in the number of customers. The companys EBITDA has also
grown at a CAGR of 49.43%.
Segment-wise share of revenue
Passive Infrastructure
100%
90%
80%
70%
60% Enterprises Services Carriers
50%
40%
30%
20%
10% Mobile Services
0%
2008
2009
Telemedia Services
20%
0%
Mobile Services
2008
Lines of Business:
Telemedia Services
80%
The company has had negative free cash flows over the past 4 years
despite having strong cash flows from operations due to the large capital
expenditure undertaken by it. The same has been financed through an
increase in shareholders equity and net debt.
2009
The Mobile Services segment contributes the largest portion (over 70%) to
the companys revenues as well as profits. The company uses GSM
technology to offer mobile services and has a 24% market share in this
segment. It registered a Y-o-Y growth of 39% in gross revenue.
The company provides broadband and telephone services in 15 circles
under the Telemedia Services segment. The company focuses on cities
with high revenue potential under this segment. It registered a Y-o-Y
growth of 17% in gross revenue.
The Enterprise Services Carriers segment provides long distance
wholesale voice and data services to carrier customers. It contributes
around 14% to the companys revenues and 23% to the companys net
income. Other business units of Airtel are also serviced by this segment.
The Enterprise Services Corporate segment provides a complete suite of
telecom services to corporate in various industry segments like BFSI, IT,
ITES, etc. The services offered include internet, MPLS-VPN, Audio and
Video Conferencing, Toll free services, etc.
The Passive Infrastructure Services segment provides services to all
telecom operators in India. It operates in this segment through its
subsidiary Bharti Infratel. Bharti Infratel owns 27,548 towers in 11 circles.
It also owns a 42% share in Indus Towers (a joint venture between Bharti
Infratel, Vodafone and Idea Cellular).
BHARTI AIRTEL
Recent M&As
(13.57%)
55.59%
(69.16%)
Bharti Airtel currently plans to acquire a 100% stake in Luxembourgbased Millicoms operations in Sri Lanka.
Bharti Airtel
NIFTY
Customers:
As on 31st March, 2009, the company had a customer base of 92,923,248
mobile and 2,726,239 telemedia customers. It also has large corporate
from various industries like IT, BFSI, Telecom, etc. as its customers.