Stock Idea – Bharti Airtel Ltd.
1
Bajaj Capital Centre for Investment Research
Vol. 6 / 11-12 June 18, 2011
Buy CMP: 380.35 Target: 450.0
BHARTI AIRTEL LTD. Upside: 18.3 % Horizon: 12 M
Analyst: Atul Kanwar
Phone: +91 11 66272300 Ext: 651
Email: [email protected]
Head of Research: Alok Agarwala
E-mail: [email protected]
Key Data
Sector Telecom Services
Face value (Rs.) 5.0
52-week high/low (Rs.) 400.1 / 259.5
Market cap (Rs. cr.) 144439.1
Book value (Rs.) 124.8
Price / book value 3.0
PE ratio (TTM) 24.5
Market cap / sales 2.4
Dividend (%) 20
Average daily volume (1 Y) 5579290
Beta 0.8
1 year return (%) 42.4
Shareholding Pattern
Source: BSE. As on Mar 31, 2010
Stock Performance
About the Company
Bharti Airtel is the largest wireless service provider in our country and the 5th largest integrated
telecom operator in the world. It has presence in all the 22 telecom circles in India and operations
in Srilanka, Bangladesh and Africa. The company provides its wireless services under the GSM
(Global System for Mobile Communication) technology. It also offers broadband, IPTV (Internet
Protocol Television) & Digital TV services. The company had an aggregate of 220.9 million
subscribers as of March 31, 2011 including 211.9 million mobile services customers. Bharti Airtel
gives an integrated suite of telecom solutions to its enterprise customers, in addition to providing
long distance connectivity both nationally and internationally. All these services are rendered
under a unified brand ‘Airtel’. The company also deploys, owns and manages passive
infrastructure pertaining to telecom operations under its subsidiary Bharti Infratel Ltd that also
owns 42% of Indus Towers Ltd.
Investment Rationale
India is the world’s fastest growing mobile telecom services market
India is the fastest growing wireless market in the world and has the second largest mobile services
connections after China. In India, the customer base of the mobile telecom service providers
increased by 20.2 million in March 2011, taking the total number of mobile subscriptions to more
than 811.6 million. This includes 66.3% urban and 33.7% rural subscribers. The total telecom
customer base has increased to 846.3 million and the overall tele-density in the country has
reached 70.9. The industry is expected to reach a size of Rs 344,921 cr by 2012 at a growth rate of
over 26%. India is expected to have 1.16 billion mobile subscribers by 2013 and it is expected to
overtake China.
3G services to be a growth driver
Bharti Airtel had bagged 3G spectrum in 13 out of the 22 telecom circles through an auction held
last year, for Rs 12,295 cr. These 13 circles have 65-70% of the company’s 2G subscriber base.
The company has already launched 3G services in many cities. The initial response has been
overwhelming and Airtel is the market leader with 3 million 3G customers out of the total 9
million users of this service. The company plans to offer services like video call, live streaming of
video, high speed internet, mobile TV etc.in the beginning. This service, a premium offering is
expected to stabilize the company’s ARPU (Average Revenue Per User) though the voice
telephony and SMS are being provided by the company at prices that are at par with 2G. The non-
voice revenue contributes ~12% to the total revenues in India, compared to 25-30% in developed
markets and it is expected to grow in the years going forward. For Bharti Airtel, the share of value
added revenues in the total revenues increased to 15.0% in Q4FY11 compared to 13.8% in
Q3FY11. 3G services would further increase the Value Added Services (VAS) share in mobility
revenue. The company plans to generate one fourth of its sales from non voice revenues over the
next two or three years. This shift to non-voice and also non-SMS revenues is already visible as
SMS services that used to contribute 3/4th to the non voice revenue a year back, just contributes
1/4th now.
68.3%
17.2%
8.7%
5.8%
Promoter FII DII Others
80
90
100
110
120
130
140
150
Bharti Airtel NSE
Stock Idea – Bharti Airtel Ltd.
2
Bajaj Capital Centre for Investment Research
In Q4FY11, Telemedia services subscribers
have grown to 3.3 million and those of Digital
TV services to 5.7 million, a growth of 1%
and 15% QoQ respectively. Airtel’s
subscriber base in Bangladesh and Srilanka
grew ~10% QoQ to 5.5 million as on Mar 31,
2011.
The total number of towers under Bharti
Infratel has grown by 7.3% in the last one
year.
The revenues from passive infrastructure
services were Rs 2201.0 cr in Q4FY11, as
compared to Rs 1945.9 cr. in Q4FY10, a
growth of 13.1% YoY. The operating profit
showed a growth of 12.9% at Rs 815.3 cr, up
from Rs 722.4 cr for the same period.
Airtel’s fast growing customer base
Bharti Airtel crossed the significant milestone of 200 million customers for all territories during
the quarter ended December, 2010. The company’s total subscriber base has grown by 65.8% in
the last calendar year. For March 2011, the company led other mobile service providers to add 3.2
million users in India, taking its mobile service subscriber base to 162.2 million in India.
Subscriber base: quarterly growth
The advantage of passive infrastructure services
Bharti Infratel: Bharti Infratel, the company’s subsidiary has 32,792 towers across 18 states and
11 telecom circles at the end of Q4FY11. The sharing factor for Bharti Infratel’s towers for the
latest quarter was 1.73 times.
Bharti Infratel (standalone): number of towers & sharing factor
Source: Company
Indus Towers: Indus Towers is a joint venture between Bharti Infratel, Vodafone and Idea It
provides infrastructure services in 16 service areas. Sharing factor for Indus in Q4FY11 was 1.83
times. Indus benefits from assured tenancy from its promoters while Bharti Airtel benefits from the
reduced capital expenditure, revenue maximization and the embedded value of the shareholding.
Indus Towers has recently achieved a significant milestone of 200,000 tenancies. Further,
Vodafone Essar is contemplating selling around 7,000 towers with at least one tenant each to
Bharti Infratel or Indus Towers for a price between Rs 3200-3500 cr.
137.0
183.4 194.8
207.8 220.9
9.3%
33.9%
6.2% 6.7% 6.3%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
0.0
50.0
100.0
150.0
200.0
250.0
Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11
Subscriber base (in millions) % Growth (QoQ)
29,806
30,568
31,196
31,831
32,424
32,792
1.57
1.62
1.65 1.65
1.68
1.73
1.56
1.58
1.60
1.62
1.64
1.66
1.68
1.70
1.72
1.74
28,000
28,500
29,000
29,500
30,000
30,500
31,000
31,500
32,000
32,500
33,000
33,500
Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11
Total number of towers Sharing factor
Stock Idea – Bharti Airtel Ltd.
3
Bajaj Capital Centre for Investment Research
Indus is the largest independent tower
company in the world having about 108,586
towers under its management as on Mar 31,
2011.
The total number of towers under Indus has
grown by 5.5% in the last one year.
The broadband connectivity has found the
pride of place in the government’s to-do list
because studies have shown that for every
10% increase in internet penetration, GDP
climbs by 1.38%.
Indus Towers: shareholding
Source: Company
Indus Towers: number of towers & sharing factor
Source: Company
Opportunities in the telemedia services
Bharti Airtel has a large presence in the telemedia services that include fixed line, broadband & the
newly introduced IPTV. Telemedia services had a customer base of 3.3 million as of March 31,
2011. Total net additions in subscriber base was ~39,000 in Q4FY11. ARPU for telemedia services
was Rs 934 per month. These services contributed Rs 917.8 cr in Q4FY11 to the overall revenues
of the company and had an EBITDA margin of 45.2%. Airtel Fixed line and DSL (Digital
Subscriber Line) was available in 87 top cities in India as on Dec 31, 2011. Broadband penetration
in India is approximately 1% with a mere 11.9 million broadband connections. Airtel is expected
to benefit from the expected high growth in the telemedia services in the coming years as the
broadband revolution is forecasted to follow the wireless revolution in India.
New greenfield entrants facing significant challenge
Greenfield telecom service providers are facing a tough time with operators like Uninor, Sistema
Shyam, EtisalatDB, Videocon, Stel and Loop Telecom garnering a miniscule subscriber market
share. It looks inevitable that in the long run, merger with the larger companies remains the most
probable outcome for most of these operators. Bharti is likely to benefit from tapering competitive
pressure on the domestic front, though it is tough to put an exact timeline to the occurrence of this
event.
42%
42%
16%
Bharti Infratel Vodafone Idea
102,696 102,938
104,901
106,438
107,789 108,586
1.66 1.71
1.75
1.78
1.80
1.83
1.64
1.66
1.68
1.70
1.72
1.74
1.76
1.78
1.80
1.82
1.84
99,000
100,000
101,000
102,000
103,000
104,000
105,000
106,000
107,000
108,000
109,000
110,000
Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11
Total number of towers Sharing factor
Stock Idea – Bharti Airtel Ltd.
4
Bajaj Capital Centre for Investment Research
The total subscriber base in Africa grew 4.9%
to 44.206 million in Q4FY11 from 42.124
million in Q3FY11.
Airtel only covers 16 countries and ~44% of
Africa’s population.
Only one out of three persons owns a mobile
in Africa, compared with seven out of ten in
India.
The Africa opportunity
The acquisition of Zain’s African business has given geographical diversification to Bharti Airtel.
Bharti is targeting 100 million subscribers by the end of FY2013, from its business in this
continent. It plans to increase its revenues to US$ 5 billion and EBITDA to US$ 2 billion by the
end of the next financial year. The rest of the African countries apart from that covered by Zain,
are presently untouched by Airtel and present a huge opportunity in the future. The turnaround in
Bharti’s Africa business has begun. Despite being involved in a price war in several African
countries, revenues from Africa operations stood at US$ 924 million for Q4FY11 up 1.4% QoQ.
The EBITDA stood at US$ 224 million. The EBITDA margin was at 24.2%. The net profit stood
at US$ -92 million. The operating free cash flows were at US$ -158 million. The company has
increased its market share marginally in Africa in the March 2011 quarter. The ARPU came down
from US$ 7.3 to US$ 7.2 for the same period and the Average Minutes of Usage per user went
down from 120 to 115. Bharti Airtel also has 3G licenses in 9 out of the 16 African countries it
operates in and offers this service in 8 countries. Airtel Zambia intends to launch 3G network in
the near future. The company is expecting more licenses in Africa in the next 6 months.
Airtel’s Africa coverage – population in million (2009)
Source: Company
Comparison: Airtel’s India & Africa business
Particulars India Africa
Mobile Penetration 70.9% 45%
Average Competitors 10 to 12 3 to 5
Business Model High usage, low pricing Low usage, high pricing
Minutes of Usage 449 115
ARPU (US$) ~ $ 4.3 ~ $ 7.2
ARPM (US cents) ~1 cent 6.2 cents
Source: BCCIR, Company
575
450
Airtel Africa
Non Airtel Africa
Stock Idea – Bharti Airtel Ltd.
5
Bajaj Capital Centre for Investment Research
The total minutes on network have increased
by 32% in Q4FY11 compared to Q4FY10.
The national average of active subscribers for
mobile service operators stands at 70.3%.
Airtel has ~20% more subscribers than its
closest competitors, Reliance Communication
& Vodafone. However, in CY2010 while
Bharti’s Indian mobile subscriber base grew
by 28.3%, Aircel showed a growth of 61.7%,
Tata’s mobile business grew by 46.9%, Idea
by 42%, Vodafone by 36% and Reliance
Communications by 34%. The total industry
growth was 35.3%.
Increasing Total Minutes on Network
Total minutes on network (million minutes)
Source: Company
Maximum number of active customers
According to a recent TRAI report, Bharti Airtel has 91.8% active customers. Idea cellular has
90% active subscribers followed by Vodafone Essar at 76%, 66-68% for Reliance
Communications, 57% for BSNL, 49.7% for Tata’s GSM business and 46.5% for their CDMA
business. New telecom service providers such as EtisalatDB, Stel, Uninor and Sistema Shyam
have less than 50% active customers. MTNL is at the bottom of the list with 35.6% active
subscribers in GSM and 27% in CDMA.
Focus on rural demand
Bharti Airtel has shifted focus to the rural demand in India. Revenue growth going forward for the
company, apart from 3G and Africa, would be driven by the rural demand in India. Rural India
constitutes 33.7% of India’s overall wireless subscriber base. Rural penetration remains low in
India at less than 25%. Bharti Airtel at present has a high rural market share of ~25%.
Peer Analysis
Telecom service providers: mobile subscriber base (million) – March 2011
Source: TRAI
Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11
182,001
206,213 216,373
227,262 240,245
162.2
135.7 134.5
91.6 89.5 89.1
54.8 54.2
Stock Idea – Bharti Airtel Ltd.
6
Bajaj Capital Centre for Investment Research
One out of every five mobile customer is a
Airtel subscriber.
ARPU of the mobile service providers has
been declining steadily.
Bharti Airtel has shown a steady decline in
ARPM due to the tariff wars in the mobile
services industry.
Mobile service providers: customer market share (%) – March 2011
Source: TRAI
Mobile service providers: ARPU (Rs) comparison
Source: Respective Company
20.0%
16.7% 16.6%
11.3% 11.0% 11.0%
6.8% 6.6%
Q1FY11 Q2FY11 Q3FY11 Q4FY11
215 202 198 194
182 167 168
161
130 122
111 107
Airtel Idea RelCom
Stock Idea – Bharti Airtel Ltd.
7
Bajaj Capital Centre for Investment Research
Multiple SIM usage has impacted the MOU’s
of the players in the wireless telecom industry.
Bharti Airtel enjoys far superior PBIDT &
APAT margins than its peers. It also has a
much higher RONW than its competitors.
Mobile number portability is both a concern
and an opportunity for the company.
Mobile service providers: MOU (min) comparison
Source: Respective Company
Telecom service providers: comparison (consolidated financials in Rs cr.)
Company
Net
Sales APAT PBIDTM% APATM% PE P/BV P/S
Mkt
Cap
Bharti Airtel 59467.2 5904.9 33.9 9.9 24.5 3.0 2.4 144439.1
Reliance Comm. 22430.4 1505.8 40.5 6.7 13.0 0.4 0.9 19628.9
Idea Cellular 15503.2 898.7 24.5 5.8 28.5 2.1 1.7 25651.5
Tata Comm. 11932.0 -775.2 12.0 -6.5 0.0 1.7 0.5 5855.3
Tata Tele (Mah) 2303.1 80.2 50.8 3.5 38.8 -4.5 1.4 3111.4 P/E, P/BV, P/S & Mkt Cap figures are as on June 17, 2011. Net Sales, APAT, PBIDTM (%), APATM (%) statistics are for FY2011.
Key Concerns
Mobile Number Portability (MNP)
While some subscibers of the company can migrate to other telecom service providers attracted by
lower prices, others can get attracted to the company due to its record of providing excellent
service. MNP service that was launched in Haryana on Nov 25, 2010 is available throughout India
since Jan 20, 2011.
Temporary setback to telecom tower business
Telecom towers which act as emitting points for cell phone signals, have not been getting added
tenancy. Launch of 3G services and expansion plans of new telecom operators like Uninor,
Videocon, Loop Telecom, Etisalat etc. were expected to create a surge in tower tenancy. But
uncertainty over license conditions for new operators has put network rollouts on hold, thus
affecting the growth of the tower business temporarily.
TRAI recommendation for additional 2G spectrum payment
Telecom Regulatory Authority of India (TRAI) has issued a recommendation that companies
holding over 6.2 MHz of spectrum or radio frequencies would have to pay for the additional
spectrum from April 2010 onwards. Accordingly Airtel would be required to pay Rs 4,000 cr. if
these recommendations are accepted by the government.
Q1FY11 Q2FY11 Q3FY11 Q4FY11
480 454 449 449
415 394 401 397
295 276 251 241
Airtel Idea RelCom
Stock Idea – Bharti Airtel Ltd.
8
Bajaj Capital Centre for Investment Research
Due to the new telecom service providers
offering rock bottom rates in order to entice
customers from the established players, all
the entrenched players except Tata
Teleservices have lost market share in the
last one year period.
Decline in ARPU’s is mainly because of the
intense competition, resulting in steep fall in
mobile rates and also due to the company’s
thrust on the rural customers. In Q4FY11,
Bharti Airtel India’s Average MOU (Minutes
of Use) per user was 449 minutes, down -4%
YoY from 468 minutes in Q4FY10. ARPM
(Average Rate Per Minute) was at 43.1 paise,
down -8% from 47 paise in the last quarter of
FY10. ARPM is expected to improve going
forward due to the increased use of 3G
services and the industry players hiking the
low unsustainable 2G tariffs.
Bharti Airtel has already launched 3G
services in many cities including Delhi &
Mumbai garnering ~3 million 3G subscribers.
The company is a market leader in this
segment also. This represents a market share
of appox. 30.0% out of a total ~10 mn 3G
subscribers in India.
Decline in India Customer Market Share (CMS)
Decline in customer market share (in million)
Source: Company
Decline in ARPU’s (India)
ARPU (Average Revenue Per User) - Rs
Source: Company
Conclusion
India is the fastest growing telecom market in the world. The mobile subscriber base of Bharti
Airtel in India is growing at a scorching pace of ~3 million subscribers per month. The company
also has the largest number of active customers (~92%) among all mobile telecom operators. The
company is all set to exploit the 3G opportunity in India, as it launches these premium services
across all 13 circles that it had bagged in the auction. This is expected to accelerate the increase in
company’s non voice revenue. Bharti’s Africa operations have been stabilizing with subscribers
growing steadily and its market share in the continent improving. The company is also focusing on
rural customers. While one out of every 5 subscriber nationally is a Airtel customer, in case of
rural customers this ratio is one out of four. 3G, Africa operations and the rural markets in India
are going to be the growth drivers for the company going ahead. The mobile rates have already
reached rock bottom with the new players running out of steam. This presents acquisition
opportunities for Bharti in the near future. The expected broadband revolution is set to boost the
revenues of the company’s telemedia services arm, going further. Though Bharti’s ARPU’s have
been declining, they are expected to stabilize at the present levels.
Bharti Airtel has a market capitalization of Rs 144439.1 cr. and is trading at a share price of Rs.
380.35. The consolidated TTM EPS is Rs. 15.6 translating into a TTM PE of 24.5. The price to
book value stands at 3.0. The stock is an attractive buy considering the growth prospects of the
industry as well as the company.
We recommend a “BUY” on the stock with an investment horizon of 12 months and target
price of Rs. 450.
Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11
22.7% 21.8% 21.5% 20.8% 20.3% 20.0%
Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11
230 220
215
202 198 194
Stock Idea – Bharti Airtel Ltd.
9
Bajaj Capital Centre for Investment Research
A Snapshot of Airtel’s World
Sno. Country Remarks
1. India Airtel is the largest telecom service provider in India with 220.9 million subscribers at the end of March 2011.
2. Bangladesh Airtel Bangladesh had about 3.2 million customers as on Dec 31, 2010.
3. Sri Lanka Airtel Lanka that had started operations on Jan 12, 2009, had ~1.8 million customers at the end of last year.
4. Burkina Faso Airtel Burkina Faso is the dominant player with 1.43 million customers and a 50% market share.
5. Chad Airtel Chad is the market leader with 69% market share.
6. Democratic Republic of Congo -
7. Gabon Airtel Gabon has 829,000 customers and it the leader with a market share of 61%.
8. Ghana Airtel Ghana had about 1.76 million customers at the end of CY2010.
9. Kenya Airtel Kenya is the second largest operator in the country with 4 million customers.
10. Madagascar Airtel is the second largest telecom service provider with 1.4 million customers and a 39% market share.
11. Malawi Airtel Malawi is the largest operator with a 72% market share.
12. Niger Airtel Niger is the market leader with a 68% market share.
13. Nigeria Airtel Nigeria is the no. 3 player in the country with 15.8 million subscribers.
14. Republic of Congo Airtel Congo is the market leader with 55% market share.
15. Seychelles Airtel is the leading player with over 55% market share.
16. Sierra Leone Airtel Sierra Leone is the leading mobile service operator in the country.
17. Tanzania Airtel Tanzania is the market leader with a 38% market share.
18. Uganda Airtel Uganda is the no. 2 player with a market share of 38%.
19. Zambia Bharti Airtel controlled Celtel Zambia is the top mobile phone company with a 70% market share.
Stock Idea – Bharti Airtel Ltd.
10
Bajaj Capital Centre for Investment Research
SWOT Analysis
Strengths
• Largest telecom opeartor in India: Bharti Airtel is the largest telecom service provider in India and the 5th largest integrated telecom operator in the world.
• Strong customer base growth: Bharti Airtel's subscriber base has grown from 137.0 mn in Mar 2010 to 220.9 mn in Mar 2011, a phenomenal growth of 61.2%.
• 3G service launch: The telecom operator has bagged 3G spectrum in 13 out of the 22 circles in India and plans to offer these services in all these circles (covering 65-70% of its subscriber base) by the end of March 2011.
• Large passive infrastructure: Bharti has 32,792 towers under Bharti Infratel and 108,586 towers unders Indus at the end of FY2011.
• Increase in total minutes on network: The total minutes on network have increased from 182,001 million minutes in Q4FY10 to 240,245 mn mins in Q4FY11.
• Maximum number of active customers: Bharti Airtel has ~92% active customers, the maximum in the industry.
• Focus on rural sales: The company enjoys one-fourth of the rural market share and is focused on increasing it further.
Weaknesses
• Decline in customer market share: Bharti Airtel's customer market share has declined to 20.0% in March 2011 compared to 21.8% in March 2010. However, all the major telecom service providers except Tata Teleservices have taken a hit on their market share during this period due to the new greenfield operators offering rock bottom prices
• Decline in ARPU's: Due to the company's focus on the rural markets, ARPU's have declined from Rs 220 in Q4FY10 to Rs 194 in Q4FY11.
Opportunities
• India is the fastest growth mobile services market in the world: The mobile connections in India increased by ~20 million in March 2011 to reach 811.6 million. The high growth is expected to continue, going further.
• New subcriber additions through MNP: Bharti Airtel has the opportunity of attracting subscribers of other telecom service providers after the launch of Mobile Number Portability (MNP) recently, as the company has a reputation of providing excellent services.
• Future potential of telemedia services: The government has a huge stake in the growth of these services as a 10% growth in the broadband services results in ~1.38% growth in the GDP of the country. This presents a good opportunity for Airtel in the coming years.
• Opportunities in Africa: Airtel is the dominant player is most of the 16 Afrcan countries that it operates in. The remaining countries in the continent, where the company has no presence provide an opportunity for the future.
• Possibilty of acquistions: The new greenfield operators have not been successful in acquiring a decent revenue and customer market share, inspite of offering lower prices. This may lead to an opportunity for the bigger plaerys like Bharti to acquire these businesses in the future.
Threats
• MNP can be a double edged sword: Other telecom service providers, especillay the new greenfield entrants could try to entice Airtel's customers through rock bottom prices.
• Temperory setback to telecom tower growth: Due to the uncertainty faced by the new operators over license conditions, the new operators have put their network rollout on hold, thus affecting the tower business.
• TRAI recommendation: Airtel would have to pay Rs 4,000 cr. extra, if the TRAI recommendation of charging those telecom companies that hold more 2G spectrum than 6.2 Mhz (from April 2010 onwards), are accepted.
Stock Idea – Bharti Airtel Ltd.
11
Bajaj Capital Centre for Investment Research
Financials
Income Statement (Quarterly): Standalone
Rs. Cr.
Particulars Q4FY11 Q3FY11 Q4FY10 QoQ (%) YoY (%)
Net Sales 16265.4 15756.0 10749.1 3.2 51.3
Total Income 16304.2 15781.8 10806.1 3.3 50.9
Total Expenditure 10821.2 10774.6 6568.8 0.4 64.7
PBIDT 5483.0 5007.2 4237.3 9.5 29.4
PBIDT Margin % 33.7 31.8 39.4
Interest 682.6 747.0 0.0 -8.6 -
Depreciation 2970.2 2710.7 1695.3 9.6 75.2
Tax 499.6 336.6 341.5 48.4 46.3
APAT 1330.6 1212.9 2102.9 9.7 -36.7
APATM (%) 8.2 7.7 19.6
Financials (Annual): Standalone
Rs. Cr.
Particulars 201103 201003 200903 200803 200703 200603
5 yr CAGR
%
Share Capital 1898.8 1898.8 1898.2 1897.9 1895.9 1893.9
Networth 39614.8 28984.8 21664.4 11453.6 7340.2
Capital Employed
53020.5 43872.6 32338.0 16964.3 12234.3
Debt 10288.1 13517.1 9601.7 5285.9 4772.8
CWIP
2435.9 4143.7 3570.0 2470.9 2436.5
Inventory 48.4 96.3 114.2 91.2 38.1
Sundry Debtors
3182.5 2899.8 2839.8 1871.2 1114.0
Cash & Bank Balance 2578.6 2766.0 703.4 852.1 351.1
Revenues 59467.2 41829.5 37352.1 27012.2 18420.2 11664.1 38.5
Total Income 59601.8 43100.3 37949.6 27372.3 18598.7 11771.9 38.3
Total Expenditure 39431.8 25369.0 24182.7 16203.3 11192.3 7714.9 38.6
PBIDT 20170.0 17731.4 13766.8 11168.9 7406.4 4057.0 37.8
Interest 2181.3 636.5 503.1 386.0 279.4 229.6 56.9
Depreciation 10206.6 6199.4 4672.8 3471.4 2448.7 1481.9 47.1
PAT 5904.9 9361.5 8044.2 6495.4 4110.3 2054.6 23.5
Cash Flow from Operating Activities 15456.5 13711.6 12324.4 8466.4 4869.9
Cash Flow from Investing Activities
-14703.1 -15175.4 -18432.7 -8342.5 -5302.9
Cash Flow from Financing Activities -1374.9 2064.8 5998.7 377.1 369.8
Free Cash Flows
2797.4 -3389.6 -5109.8 -3096.5 -2473.3
Dividend % 20.0 20.0 20.0 0.0 0.0 0.0
EPS - Adjusted (Rs.) 15.9 24.1 20.7 16.8 10.7 5.4
Debt-Equity Ratio 0.3 0.5 0.4 0.5 0.8
RoNW %
27.3 31.8 39.2 43.7 34.8
Asset Turnover Ratio 0.9 1.0 1.1 1.3 1.1
PBIDT Margin % 33.9 42.4 36.9 41.3 40.2 34.8
PAT Margin % 9.9 22.4 21.5 24.0 22.3 17.6
Stock Idea – Bharti Airtel Ltd.
12
Bajaj Capital Centre for Investment Research
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