Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>Introduction

In a recent TV interview (CNBC-TV18) Sunil Mittal, the CEO & MD, of Bharti Airtel was asked, “What the future holds for Bharti?” He replied,”We have out-played a good many and a good many will out-play us. How we keep them at bay is the challenge.” What he probably meant is - to devise and pursue a strategy that will keep Bharti Airtel ahead of it’s competitors.

TELE-COMMUNICATION SCENARIO IN INDIA

The Indian Telecommunications network is the third largest in the world and the secondlargest among the emerging economies of Asia. The telecommunication sector has emerged as one of the key sectors responsible for India’s resurgence and economic growth.

Growth

This rapid growth has been possible due to various proactive and positive decisions of theGovernment and contribution , both by the public and the private sector. The rapid stridesin the telecom sector have been facilitated by liberal policies of the Government that provideeasy market access for telecom equipment and a fair regulatory framework for offeringtelecom services to the Indian consumers at an affordable prices. There is a genuine commitment to creating a modern and efficient communications infrastructure that takes account of the convergence of telecom, IT and media..INDUSTRY OVERVIEW

Total Telephone Subscribers• The number of telephone subscribers in India increased to 846.32

Million at the end of March 2011 from 826.25 Million at the end of February 2011, thereby registering a growth rate of 2.43%. The share of Urban Subscriber has declined to 66.65% from 66.72% where as share of Rural Subscribers has increased from 33.28% to 33.35%. With this, the overall Tele-density in India reaches 70.89.

• Subscription in Urban Areas grew from 551.27 million in February 2011 to 564.08 million at the end of March 2011. Rural subscription increased from 274.98 million to 282.23 million. The growth of Rural Subscription (2.64%) is higher than the Urban Subscription (2.32%). The overall Urban teledensity has increased from 154.01 to 157.32 and Rural teledensity increased from 32.95 to 33.35.

Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>Wireless Segment (GSM, CDMA & FWP)• Total Wireless subscriber base increased from 791.38 Million in February

2011 to 811.59 Million at the end of March 2011, registering a growth of 2.55%. The share of Urban Subscriber has declined to 66.30% from 66.36% where as share of Rural Subscribers has increased from 33.64% to 33.70%. The overall wireless Tele-density in India reaches 67.98.

• Wireless subscription in Urban Areas increased from 525.17 million in February 2011 to 538.05 million at the end of March 2011. Rural subscription increased from 266.21 million to 273.54 million. This shows higher growth in Rural Subscription (2.75%) than Urban Subscription (2.45%). The Urban wireless teledensity has increased from 146.72 to 150.06 and Rural teledensity increased from 31.90 to 32.75.

• Private operators hold 88.01% of the wireless market share where as BSNL and MTNL, two PSU operators hold only 11.99% market share. The graphical presentations of market shares and shares in net additions of all the service providers during the month of March 2011 are given below

About Bharti airtel

Bharti Airtel was established as Bharti Tele-Ventures Limited in 1985. It is a joint stock holding enterprise headquartered in New Delhi. Bharti Airtel Limited, commonly

Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>known as Airtel, is an Indian telecommunications company that operates in 19 countries across South Asia, Africa and the Channel Islands. It operates a GSM network in all countries, providing 2G or 3G services depending upon the country of operation. Airtel is the fifth largest telecom operator in the world with over 207.8 million subscribers across 19 countries at the end of 2010. Airtel is the 3rd largest in-country mobile operator by subscriber base, behind China Mobile and China Unicom.

Coverage map of Bharti Airtel across 19 countries

Airtel is the 5th largest mobile operator in the world in terms of subscriber base and has a commercial presence in 19 countries and the Channel Islands.

Its area of operations include:

The Indian Subcontinent: o Airtel Bangla , in Bangladesh o Airtel, in India o Airtel Sri Lanka , in Sri Lanka

Airtel Africa , which operates in 16 African countries: o Burkina Faso , Chad, Democratic Republic of the Congo, Republic of the

Congo, Gabon, Ghana, Kenya, Madagascar, Malawi, Niger, Nigeria, Seychelles, Sierra Leone, Tanzania, Uganda and Zambia.

The British Crown Dependency islands of Jersey and Guernsey, under the brand name Airtel-Vodafone, through an agreement with Vodafone

It is the largest cellular service provider in India, with over 164.61 million subscribers at the end of 2011 April and a presence in all the 23 telecom circles. The company offers mobile voice and data services, fixed line, high speed broadband Internet access(DSL)in 96 cities in India, IPtv, dth and turnkey telecom solutions for enterprises. It also acts as a carrier for national and international long distance communication services. The company has a submarine cable landing station at Chennai, the submarine cable connecting Chennai and Singapore.

Vision of Bharti Airtel – By 2015, airtel will be the most loved brand, enriching the lives of million.

Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>Bharti airtel’s businesses can be categorised broadly under three strategic business units (SBU’s)

1. Mobile telephony2. Telemedia 3. Enterprises

The mobile business is the major revenue earner(star) where as the other two SBUs are in different stages of their business cycles.

Figure 1

Mar

ket

Gro

wth

Rat

e

Market ShareLOWHIGH

HIG

HLO W

GROUP 7

Mobile ServicesDTH & IPTV

Broad Band

Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>VALUE CHAIN ANALYSIS OF AIRTEL

Airtel is the first telecom company in the world to outsource everything except marketing , sales and finance. Its network (base stations, microwave links, etc.) are maintained by Ericsson, Nokia Siemens Network and Huawei, business support by IBM and transmission towers by another company (Bharti Infratel Ltd. in India). Ericsson agreed for the first time, to be paid by the minute for installation and maintenance of their equipment rather than being paid up front. This enabled the company to provide pan-India phone call rates of Rs. 1/minute (U$0.02/minute). Call rates have come down much further. In the year 2009-10, Bharti has roped in a strategic partner Alcatel-Lucent to manage the network infrastructure for the Telemedia Business.

Value chain of Bharti Airtel

Pricing and Payment Pricing linked to capacity Increased sharing of Enhanced & consistentAs a % of revenues, + passive infrastructure customer experiencethus reducing fixed cost. Payments linked to uses

& network quality Reduced Capex spend Common platform acrossService level agreement (assured network quality) the groupFor quality & deployment

Service level agreement Scalable business modelDeliver service delivery to met business needsPlatform enabling delivery Of content to end user WP was instrumental inDevices like mobiles, PCs Providing support at theetc. Early stage

Singtel had 50:50 JV inChennai landing station

Value Chain

Information Technology(IBM) Network

Outsourcing & Maintenance(Ericsson, Nokia-Siemens)

Passive Infrastructure(Bharti Infratel, INDUS Power)

Call Centre Outsourcing(IBM DAKSH, Mphasis, Nortel)

Strategic investor(Temasek, Voda fone, Warburg pincus, Singtel)

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Analysis of Bharti Airtel

Resources & Capabilities:

NORTEL

NOKIAERRICSONHUAWEI

CISCO

BHARTIINFRATELINDUS TOWERS

IBM

INFOSYS

ON MOBILEINDIA TIMES

HUNGA MOBILE

MAUJONE 97

IMI MOBILE

AIRTEL

---

CORPORATE SUBSCRIBER

NI SI

AFFLE

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Industry Analysis ( Porter’s Five force model)

Remove B. Sevies...............................

THREAT FROM COMPETITION1. Market Coverage

Core Competencies

Product Innovation

VAS

Marketing and Branding

Pricing

MANTRA : Focus on Core Competencies and Outsource the rest!

Marketing and Branding

Threat from Competition Customer Power

Threat of Substitutes

Supplier Power

Threat of New Entrants

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As compared to its nearest competitor, Reliance & Vodafone the market share of three companies in wireless telecom as on 31.03.2009 to 31.03.2011 is given below:

FY ending on Bharti Airtel Reliance Vodafone

31.03.2009 23.97% 18.55% 17.55%

31.03.2010 21.84% 17.53% 17.26%

31.03.2011 19.99% 16.72% 16.58%

Set graph Data below

Best OP Margins & Net Profit Margins among Peers

HIGH

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  OP Profit Margin Net Profit Margin

Company Mar-10 Mar-11 Mar-10 Mar-11

Bharti 25.04% 16.41% 21.45% 10.17%

Rcom33.30% 37.05% 21.03% 5.82%

Vodafone21.32% 12.20% 19.38% 17.15%

2. Declining MoUs in India

Declining ARPU in India

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Customer Power

Market Scenario

Suppliers Bargaining Power

Lack of

differentiation

among Service

Providers

Cut throat

Competition

Low Switching

Costs

Number

Portability will

have –Ve

Impact

Businesses &

Consumers

HIGH

Postpaid Vs Prepaid Customers & Market Share

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Threat of Substitutes

Threat of New Entrants

LOW

Landline

CDMA

Video Conferencing

VOIP - Skype, Gtalk, Yahoo Messenger

e-Mail & Social Networking Websites

BROADBAND SERVICES

DIMINISHING MARKET

HIGH

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Analysis of competitive Advantage

1. Cost leadership Advantage

A firm gains cost leadership in an industry when its cost of production is lower than that of its competitors. Airtel has gain cost leadership by managing its processes and resources efficiently and effectively. By bringing down its operational costs, Airtel offers its products and services at lower prices compared to it’s competitors. It also earns higher profits because either the profit margins are greater or the sales volume has increased.

Operational margin

NET MARGIN

2. Differentiation Advantage

The differentiation strategy adopted by the firms needs to possess sufficient skills and abilities to differentiate the product from that of the competitors based on some attributes that allow the consumers to perceive the product as different from that of the competition. Firms that adopt the differentiation strategy successfully have access to advanced scientific research, a highly skilled labour force, effective customer communication strategies, etc.

Huge License Fees to be

paid upfront & High

gestation period

Entry of MVNOs & WiMAX

operators

Spectrum Availability &

Regulatory Issues

Infrastructure Setup Cost -

High

Rapidly changing

technology

LOW

Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>Airtel is providing free digital EPABX with free leased lines (no connectivity charges).So the firm is providing latest EPABX to the customer which is costing approx Rs 50,000.

Best service provider, good call center service esp. in local languages, good service even in the remote areas, emphasis on “barriers break when people speak”, new initiatives like google search on airtel live, downloads etc

3. Focus strategy

A firm pursuing a focus strategy tends to serve a specific segment instead of catering to the entire market. This segment may be a special group of customers, a specific geographic area, or a particular product or service line. The customers will also be loyal to the company and therefore, the entry of a new competitor into that area becomes difficult.

Airtel is focusing on the customers who is having more than Rs10000 monthly landline billing. Airtel is offering landline services which consist of PRI (Primary Rated Interface). Airtel can provide its service to a specific geographic area i.e. from Dahisar to Churchgate in western region & Thane to Panvel in eastern region.

Of late, Airtel has extended it’s focus to the rural customers having much less ARPU.

GrowthFactors

Infrastructure Sharing

Managed Services

Enterprise Telecom

Rural Telephony

Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>PESTEL

P Political

E Economic

S Social

T Technological

E Environmental

L Legal

SWOT(put it in 2x2 matrix)

Business Strength

StrengthsLargest Telecom Player in India - ~80Mn, 22.6%Strategic Alliance with other stakeholders in Bharti Airtel include Sony-Ericsson, Nokia - and Sing TelPan India PresenceStrong Financials

WeaknessOutsourcing of Core SystemsLack of emerging market investment opportunityOpportunities

Bharti Infratel – Cutting Down cost in Rural areaMatch Box Strategy – Scale of PenetrationCurrent Tele-Density – 30.6 is still low among developing countriesLow Broadband Penetration, Rural Telephoney

ThreatsIndia centric – Major revenues from IndiaFalling ARPU & AMOUIntense Competition & Shortage of Bandwidth

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dummy

dummy

dummy

dummy

dummy

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Business Strategy of Airtel

New market Existing Market

Enterprise business Tele media business

Rural Telephony, African Venture

ANOFF’s Matrix

Rural strategy of airtel As the urban Tele density about to reach its point of saturation, Bharti Airtel, a pioneer its own field, looked to rural India as its next growth engine.

Serving rural India was a challenge in itself. Rural users low income, widely dispersed population, less than ideal public infrastructure were some of the deterentes. With an ARPU of less than $2 per month, profitability of Rural operations was always under a Question mark.

On the other hand, with 70% of the Indian populace in rural India (1.1 Bn) and a tele density of only 18.5% as of September 2009, it had a huge potential for growth.

To counter this challenges, Bharti Airtel adopted a slew of strategies-

a) Alliance / Partnership

Current market share Brand image Brand equity Production capacity Corporate image Profit margins relative to competitors R & D performance Managerial personal Promotional effectiveness

New Product

Existing Product

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To extend its reach to rural India, Bharti Airtel is focusing on innovative initiatives, including efficient infrastructure deployments, expanding its distribution network via partnerships and customized content and tarrifs.

Bharti entered into an aggrement with Nokia and SKS Microfinance. Under these partnerships, Bharti provides subsidised tariffs and SIM cards to rural users, Nokia provides subsidised Hand Sets and SKS offers Micro financing.

To expand coverage in to rural areas, Bharti Airtel is sharing passive infrastructure services with vodafone and Idea through its joint venture INDUS towers. INDUS towers will control more than 60% of India’s network towers. By sharing infrastructure cost and usage between multipleoperators, Bharti Airtel was able to reduce its operating and capital expenses.

Bharti also formed a joint venture with IFFCO (named IFFCO Kishan sanchar) and thus benefiting from IFFCO,s rural presence (80% of Indian villages) and appeal among the rural agricultural community to market and distribute Bharti’s products.

IFFCO Kisan Sanchar provides subsidized handsets and connections at competitive rates in rural areas. It also helps Bharti Airtel to identify and acquire suitable locations for deploying its cell sites. In addition, it offers tailored services including voice-based updates on crop prices, farming techniques, rural health initiatives, and “help line” services.

b) Airtel approach

Bharti Airtel first studies the commercial viability of a rural community (and the surrounding villages) based on parameters such as source of livelihood, average income, and involvement in frequent commercial transactions or travels. The company has developed a prioritized deployment strategy based on the specified criteria. Qualifying villages are first to receive a base station, which also caters to nearby communities. To help ensure efficient usage and profitability for each of these base stations, Bharti Airtel tracks the revenue generated per base station (instead of ARPU, which is considered less relevant in a rural context).

The following best practices have also been established:

● Bharti Airtel has adopted the strategy of direct communications to market its value proposition to rural customers. To make its services accessible, the company provides all of its marketing content in local

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languages. Vans are used to cover rural areas with staff who educate locals about mobile services and usage.

● The company has developed a shared phone service called Public Call Offices (PCOs) in rural regions to increase awareness about its brand and services.

● Bharti Airtel Service Centers have been set up in villages to address customer queries and complaints as well as act as sales and distribution points. These centers employ local people and offer sales and customer services using local dialects.

● Bharti Airtel has already established over 18,000 service centers in rural India, covering over 400 languages and local dialects. The company plans to expand this network.

Africa strategy (Existing Prod.- New market)

According to IMF the world economy grew by 5% in 2010, led by 7.1% growth of emerging economies and a 3% growth of advanced economies. With the morphing of the emerging economies (India, Africa, China etc.) from the worlds back office to nerve centre of activities. Both Africa and Asia are expected to be the fastest growing regions with 7% and 5.4% per annum growth respectively in real GDP between 2010 and 2050. The economic growth prospects in these geographies prompted Airtel to devise its “Look Africa” strategy.

Worldwide Presence (at the Beginning)

Airtel operates in the following countries:

Country Site Remarks

 Bangladesh

bd.airtel.comAirtel Bangladesh had about 3.2 million customers at the end of 2010.

 Burkina Faso

africa.airtel.com/burkina Airtel Burkina Faso is the dominant player with 1,433,000 customers

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representing 50% market share.

 Chad africa.airtel.com/chadAirtel Chad is the no. 1 operator with 69% market share.

 Democratic Republic of the Congo

africa.airtel.com/drcAirtel is the market leader with almost 5 million customers at the end of 2010.

 Gabon africa.airtel.com/gabonAirtel Gabon has 829,000 customers and its market share stood at 61%.

 Ghana africa.airtel.com/ghanaAirtel Ghana had about 1.76 million customers at the end of 2010.

 India airtel.inAirtel is the market leader with almost 152.5 million customers at the end of 2010.

 Kenya africa.airtel.com/kenyaAirtel Kenya is the second largest operator and has 4 million customers.

 Madagascar

africa.airtel.com/madagascar

Airtel holds second place in the mobile telecom market in Madagascar, has a 39% market share and over 1.4 million customers.

 Malawi africa.airtel.com/malawiAirtel Malawi is the market leader with a market share of 72%.

 Niger africa.airtel.com/nigerAirtel Niger is the market leader with a 68% market share.

 Nigeria ng.airtel.com

 Republic of the Congo

africa.airtel.com/congobAirtel Congo is the market leader with a 55% market share.

 Seychelles

africa.airtel.com/seychelles

Airtel is the leading comprehensive telecommunications services providers with over 55% market share of mobile market in Seychelles.

 Sierra Leone

africa.airtel.com/sierra

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 Sri Lanka airtel.lkAirtel Lanka commenced operations on 12 January 2009. It had about 1.8 million mobile customers at the end of 2010.

 Tanzania africa.airtel.com/tanzaniaAirtel Tanzania is the market leader with a 38% market share.

 Uganda africa.airtel.com/ugandaAirtel Uganda stands as the no. 2 operator with a market share of 38%.

 Zambia africa.airtel.com/zambia

Channel Islands :  Jersey and

 Guernsey†

airtel-vodafone.jeAirtel operates in the Channel Islands under the brand name Airtel-Vodafone through an agreement with Vodafone.

†Jersey and Guernsey are British Crown Dependencies. They are not independent countries. Therefore, Airtel's countries of operation is considered to be 19.

Acquisitions and Mergers

Bharti Airtel aggressively pursued the to expand its base in markets which have less teledensity to maintain its strategic positioning. For this matter, Africa was a lucrative market where the company entered through mergers & acquisitions.

MTN

In May 2008, it emerged that Bharti Airtel was exploring the possibility of buying the MTN Group, a South Africa-based telecommunications company with coverage in 21 countries in Africa and the Middle East. The Financial Times reported that Bharti was considering offering US$45 billion for a 100% stake in MTN, which would be the largest overseas acquisition ever by an Indian firm. However, both sides emphasize the tentative nature of the talks, while The Economist magazine noted, "If anything, Bharti would be marrying up," as MTN has more subscribers, higher revenues and broader geographic coverage. However, the talks fell apart as MTN group tried to reverse the negotiations by making Bharti almost a subsidiary of the new company.

In May 2009, Bharti Airtel again confirmed that it is in Talks with MTN and companies have now agreed discuss the potential transaction exclusively by July 31, 2009. Bharti Airtel said in a statement "Bharti Airtel Ltd is pleased to announce that it has renewed its effort for a significant partnership with MTN Group".

Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>Talks eventually ended without agreement, due to the South African government opposition.

ZainIn March 2010, Bharti struck a deal to buy the Kuwait firm's mobile operations in 15 African countries, in India's second biggest overseas acquisition after Tata Steel's $13 billion buy of Corus in 2007. Bharti Airtel completed its $9 billion acquisition of African operations from Kuwait's Zain, making the firm the world's No. 5 wireless carrier by subscribers. Airtel has reported that its revenues for the fourth quarter of 2010 grew by 53% to US$3.2 billion compared to the previous year, newly acquired Zain Africa division contributed US$911 million to the total. However, net profits dropped by 41% from US$470 million last year to US$291 million this year due to a US$188 million increase in radio spectrum charges in India and an increase of US$106 million in debt interest. Economies of scale and efficient working capital management helped boost profit margin. Economies of scale help reduce the percentage cost of advertisement.

Product innovation remains a key driver of our market penetration strategy in Africa. We have successfully launched attractive propositions such as 2Good in Nigeria, Magic number in all theOpCos, Loba Nayo in DRC, MNP in Kenya to just mention a few. Besides working as smart penetration tools, the initiatives have helped us to keep our existing consumers excited and glued to our networks.As part of our innovative model we have also successfully set up the Tower Co, which will run as a separate business in our countries of operation and will be responsible for managing the end to end process and operations of our sites. This is another great opportunity, which will not only enable us roll out our network with great speed but also provide potential cost efficiencies arising from site sharing.

Bharti Airtel, which registered a 32.6 percent decrease in net profit in fiscal 2010-11 at $1,354 million from $1,989 million in the previous fiscal, has made up for it with its 51.3 percent increase in consolidated revenues, providing a total revenue of Rs 59,467 crore for the year ended March 31, 2011. The consolidated total revenues for the full year ended March 31, 2011 of $13,319 million grew by 42.1 percent y-o-y lifted by the African operations. Bharti Airtel which began its Africa operations last year, with the largest-ever Indian operator investment of $10.7 billion in Zain Africa, and later rebranded its logo to signify its international operations in 19 countries, has reaped the rewards of its investments this year.

 Africa continued its upward trend with revenues of $924 million, contributing to a total net income of $314 million for Q4 FY 11 for Bharti Airtel, which is an improvement of 7.5 percent from its last quarter, which stood at $289 million. Speaking about its success in Africa, Sunil Bharti Mittal, chairman and MD, Bharty

Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>Airtel said, "In Africa, we are rapidly expanding our network coverage, improving distribution width and increasing our efficiency and productivity standards".  

Last year, the company had completed the acquisition of Zain's African operations in 16 countries for an enterprise value of $10.7 billion. For FY'12, Airtel Africa will make a capital expenditure in the range of $1-1.2 billion. The Government regulations are stringent but are now going down, the company said. Further, Kohli admitted that the company is having supply constraints in Africa but assures that it will be taken care of. He added that the company expected operating margins of the African arm to increase in the coming quarters. During the quarter ended March 31, 2011, Airtel incurred a capital expenditure of $382 million on its African arm.

Tele media strategy(Existing market- new product)

Bharti airtel forayed into television space. With the launch of its DTH satellite television service offering 175 channel across the country. The service is available to customers through 21000 retail points including Airtel relationship centre in 62 cities.

DTH service is the culmination of airtel’s “three screens” strategy, that is, to be present across Mobile phone, computer and TV screen.........................................

On march 14th 2011, it launched airtel broadband TV enabling the customers to watch live TV on their computers or Laptops, indicating a shift in strategy from three screen to multi screen convergence. Airtel broad band TV also works on Wi-Fi, giving the customers freedom to watch TV anywhere in their homes. Besides, while watching one can multi task like browsing the Net or working on the laptop/computer.

Enterprise business

Enterprise services delivers end-to-end telecom solutions to large Indian and global corporates by serving as the single

point of contact for all telecommunication needs across data, voice, network-integration and managed services

requirement. Enterprise services owns a state-of-the art national and international long distance network infrastructure,

enabling it to provide connectivity services both within India and connecting India to the world. The international

infrastructure includes ownership of the i2i submarine cable system connecting Chennai to Singapore, consortium

ownership of theSMW4 submarine cable system connecting Chennai and Mumbai to Singapore and Europe,

andinvestments in new cable systems such as Asia America Gateway (AAG), India Middle East andWestern Europe

(IMEWE), Unity North, EIG (Europe India Gateway) and East Africa SubmarineSystem (EASSy) expanding the

Company’s global network to over 225,000 Rkms, covering50 countries across 5 continents. Revenues from enterprise services for the financial yearended March 31, 2011 were Rs. 41,292 Mn and represented a year on year decline of 8%.

Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>Key financial results for the year ended March 31, 2011

Particulars Financial Year

2010-11 2009-10 Y-o-Y Growth

Gross revenues (Rs Mn) 41,292 44,798 -8%

EBIT (Rs Mn ) 5,536 9,328 -41%

While the Indian economy has been relatively insulated from the global economicslowdown, large corporates did

however exercised caution in IT and Telecom spends whichhad its impact in FY11. Additionally, this segment witnessed

the entry of some of theestablished mobile players in this segment resulting in increased competition andaggressive

pricing.

All this had attributed to the decline in revenues in FY11. With clear signs of revivalworld wide and the Company’s

growing focus of being global network solution provider,the segment is well placed to be back on the growth trajectory.

Conclusion

With the 3G auction gone and the tariff already bottomed-out, there is very limited downside, in financial terms, for Airtel. Consolidation/ M&A of smaller players in the telecom industry is more or less a certainty. This might present a unique opportunity for Airtel. With it’s networking competency, Cost advantage, customer support and satisfaction; backed by dynamic management and clear vision; Airtel is well poised to retain it’s leader status in future.

NOTE: NOT FOR PRINTING

In 2005, we created a vision to be the most admired brand in India, Loved by more customers, Targeted by top talent, and benchmarked by more businesses. In 2010, we are pleased to have realised this vision and perhaps gone well beyond on many of the parameters.

Remove retail and insuranceCash cows:- mobile servicesStars- ??????- problem child check---->>

“In 200 “In 2005, we created a vision to be the Most Admired Brand in

India, Loved by More Customers, Targeted by Top Talent andBenchmarked by More Businesses. In 2010, we are pleased tohave realised this vision and perhaps gone well beyond onmany of the parameters 5, we created a vision to be the Most Admired Brand inIndia, Loved by More Customers, Targeted by Top Talent andBenchmarked by More Businesses. In 2010, we are pleased tohave realised this vision and perhaps gone well beyond onmany of the parameters