Bharti Financial Analysis

7/27/2019 Bharti Financial Analysis

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bharti airtelincome statement particulars 2007 2008 2009 2010 2011

Revenue services 184152 269004 367411indefeasible right of use sales 436 436 436Equipment 607 810 1768Total Revenue 185196 270250 369615growth % 45.9% 36.8% 14.55% 17.24%

Total Revenue 185196 270250 369615 423394 496387

Opperat ing Expendature Acess & Interconnect Charges 48330 68011 91167 92723 107716 (% of Total Revenue) 26.1% 25.2% 24.7% 21.9% 21.7% Network Operation Cost 21100 33001 59355 76634 87861 (% of Total Revenue) 11.4% 12.2% 16.1% 18.1% 17.7%

Employee Cost 12489 14768 16992 19900 23330 (% of Total Revenue) 6.7% 5.5% 4.6% 4.7% 4.7% Cost of Equipment Sales 589 661 1449 423 496 (% of Total Revenue) 0.3% 0.2% 0.4% 0.1% 0.1% SG&A Expence 28416 40094 48973 56311 65523 (% of Total Revenue) 15.3% 14.8% 13.2% 13.3% 13.2% Pre Operating Cost 9 0 0 0 0(% of Total Revenue) 0% 0% 0% 0.0% 0.0% Total Operat ing Expence 110933 156535 217936 245992 284926 322(% of Total Revenue) 59.9% 57.9% 59.0% 58.1% 57.4% ebitda 74263 113715 151679 177402 211461 ebitda margin 40.1% 42.1% 41.0% 41.9% 42.6%

Depreciation 24973 37260 47581 As % prior net PPE 17.5% 17.7% 15.2%

(% of Total Revenue) 13.5% 13.8% 12.9%Depreciation 24973 37260 47581

Interest Expence 3044 4054 27618Necessary To FinanceShort Term DebtLong Term DebtInterest Expence 3044 4054 27618

Interest Income 1606 1713 16005Surplus FundCashShort Term InvestmentInterest Income 1606 1713 16005

Other Income 1064 2740 1522(% of Total Revenue) 0.6% 1.0% 0.4%Other Income 1064 2740 1522

joint venture 2 1 713Non Operating Expence 54 317 220

PBT 48860 76536 93074Income Tax Expence 5822 8378 6615Effective Tax Rate 11.9% 10.9% 7.1% 15.0% 18.0%

PAT 43038 68158 86459(Profit)/loss to minority shareholder 467 1151 1759

Adj PAT 42571 67007 84700

Dividendspayout ratio 5.0% 10.0%

DividendsNet to Retained Earnings



BALANCE SHEET 2007 2008 2009 2010 2011 AssetsSurplus FundsInterest Rate %Interest Income

Cash(% of Total Revenue)CashInterest Rate %Interest Income

Short Term Investment(% of Total Revenue)Short Term Investment

Interest Rate %Interest Income

Account Recevable(% of Total Revenue)Days of revenue

Account Recevable

Inventory(% of Total Revenue)Days of COGSInventory

Other Current Assets(% of Total Revenue)

Other Current AssetsTotal Current Assets



2019 2020

4.02% 3.02%

974473 1003902

194895 20078020.0% 20.0%

163711 16865616.8% 16.8%

45800 471834.7% 4.7%

974 10040.1% 0.1%

113039 11444511.6% 11.4%

0 00.0% 0.0%

518420 532068 53.2% 53.0%

456053 47183446.8% 47.0%

32.0% 32.0%

30.0% 30.0%



BALANCE SHEET2005 2005% 2006 2006% 2007

ASSETSCash 3087 1.91% 2649 1.22% 7464

Account receivable 7308 4.52% 10574 4.87% 13092Unbilled Receviable 2790 1.73% 3629 1.67% 4889Inventories 545 0.34% 381 1.16% 912Short term investment 4992 3.09% 2527 0.72% 2003Deffered taxes on income 2441 1.51% 1562 0.24% 1178Derivative financial instrument 422 0.26% 531 0.09% 729Restricted cash 168 0.10% 189 0.09% 134Prepaid expences and other current assets 4676 2.89% 9589 4.41% 13711Due from Related Parties 167 0.10% 675 0.31% 728Total Current Assets 26596 16.46% 32306 14.87% 44840

NPP&E 92597 57.32% 142411 65.55% 210604 Acquired Intangible Asset net 15964 9.88% 14873 6.85% 14116Goodwil 23247 14.39% 23687 10.90% 23683Investment in joint ventures 159 0.10% 190 0.09% 182Investment 511 0.32% 500 0.23% 500Resticted cash, noncurrent 70 0.04% 56 0.03% 54

deffered taxes on income non current 0 0.00% 0 0.00% 19Other assets 2400 1.49% 3218 1.48% 3889Total Assets 161544 100.00% 217241 100.00% 297887

Current LiabiltiesSTD & Current Portion of LTD 11237 6.96% 12892 5.93% 10925Trade Payable 7209 4.46% 14129 6.50% 16877Equipment Supply Payable 17106 10.59% 25041 11.53% 42633

Accured Expence 5974 3.70% 8313 3.83% 12523Unearned Income 5956 3.69% 12690 5.84% 17035Unearned Income-iru 290 0.18% 336 0.15% 336Derivative financial statement 1672 1.04% 1583 0.73% 1981Due to related parties 57 0.04% 50 0.02% 30Other Current Liabilties 1860 1.15% 3361 1.55% 4295Deffered Taxes on income 131 0.08% 0 0.00% 14Total Current Liabilties 51492 31.87% 78395 36.09% 106649

LTD,net on current portion 37803 23.40% 34502 15.88% 41535Deffered Taxes on income 3493 2.16% 3508 1.61% 3616Unearned Income- IRU 3951 2.45% 4136 1.90% 3800Other liabilties 2991 1.85% 3565 1.64% 4933Total Liabilties 99730 61.74% 124106 57.13% 160533

Minority Interest 749 0.46% 957 0.44% 1801

Shareholder EquityCommon Stock Par Value 18534 11.47% 18939 8.72% 18959

Addition Paid In Capital 47987 29.71% 56363 25.94% 56645deffered stock based compensation -69 -0.04% -419 -0.19% 0Treasury Stock -331 -0.20% -216 -0.10% -134Retained Earning/(deficit) -5056 -3.13% 17511 8.06% 60083

Accumulated other comprehensive incomeTotal Shareholder equity 61065 37.80% 92178 42.43% 135553Total Shareholder equity and Liabilties 161544 100.00% 217241 100.00% 297887



2007% 2008 2008% 2009 2009%

2.51% 6777 1.43% 11145 1.85%4.39% 15985 3.38% 18262 3.02%1.64% 12075 2.55% 10266 1.70%0.31% 1142 0.24% 963 0.16%0.67% 48085 10.17% 37925 6.28%0.40% 2770 0.59% 8810 1.46%0.24% 2992 0.02% 11545 1.91%0.04% 85 4.98% 84 0.01%4.60% 23524 0.07% 29957 4.96%0.24% 346 0.07% 15122 2.50%

15.05% 113781 24.07% 144079 23.86%

70.70% 313407 66.31% 409136 67.74%4.74% 13204 2.79% 13309 2.20%7.95% 27043 5.72% 27054 4.48%0.06% 108 0.02% 128 0.02%0.17% 0 0.00% 0 0.00%0.02% 58 0.01% 12 0.00%

0.01% 0 0.00% 0 0.00%1.31% 5042 1.07% 10230 1.69%

100.00% 472643 100.00% 603948 100.00%

3.67% 19348 4.09% 64808 10.73%5.67% 18749 3.97% 18771 3.11%

14.31% 61069 12.92% 62360 10.33%4.20% 19543 4.13% 31358 5.19%5.72% 25080 5.31% 30911 5.12%0.11% 336 0.07% 291 0.05%0.67% 3184 0.67% 498 0.08%0.01% 0 0.00% 40 0.01%1.44% 6826 1.44% 8148 1.35%0.00% 0 0.00% 0 0.00%

35.80% 154135 32.61% 217185 35.96%

13.94% 77715 16.44% 53992 8.94%1.21% 5301 1.12% 7556 1.25%1.28% 3464 0.73% 3330 0.55%1.66% 6430 1.36% 7234 1.20%

53.89% 247045 52.27% 289297 47.90%

0.60% 8556 1.81% 10704 1.77%

6.36% 18979 4.02% 18982 3.14%

19.02% 72212 15.28% 74105 12.27%0.00% 0 0.00% 0 0.00%

-0.04% -119 26.65% -107 -0.02%20.17% 125967 26.65% 210666 34.88%

3 0.00% 301 0.05%45.50% 217042 45.92% 303947 50.33%

100.00% 472643 100.00% 603948 100.00%





sales(y) x x-x^ (x-x^)^2 (y-y^)*(x-x^)80028 0.60% -0.0002 0.00000004 24.84656 0.51%

116215 0.50% -0.0012 0.00000144 105.655185196 0.60% -0.0002 0.00000004 3.81296270250 1.00% 0.0038 0.00001444 250.759

369615 0.40% -0.0022 0.00000484 -363.7791021304 3.10% 0.0000208 21.2942

204260.8 0.62%

cov(x,y) 5.32355var x 0.0000052b1 1023759.6b0 197913

22.0%

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Bharti Financial Analysis