CONSOLIDATED FINANCIAL STATEMENTS FOR PAST FIVE QUARTERS - BHARTI AIRTEL LIMITED

[AS PER INDIAN ACCOUNTING STANDARDS (Ind-AS)]

Schedule INDEX

Financial Indicators
1.0 Consolidated Statements of Operations as per Indian Accounting Standards (Ind-AS)

2.0 Consolidated Balance Sheet as per Indian Accounting Standards (Ind-AS)

3.0 Consolidated Statement of Cash Flows as per Indian Accounting Standards (Ind-AS)

4.0 Consolidated Summarised Statement of Operations (net of inter segment eliminations)

5.0 Schedules to Financial Statements

Operational Indicators
6.0 Operational Performance

Page 1 of 13
INDEX CONSOLIDATED FINANCIAL STATEMENTS - BHARTI AIRTEL LIMITED

1.0 Consolidated Statement of Operations as per Indian Accounting Standards (Ind-AS)

1.1 Consolidated Summarized Statement of Income Net of Inter Segment Eliminations

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Income
Revenue 206,022 202,311 201,477 197,992 193,945
Other income 546 675 694 997 753
Total 206,568 202,986 202,171 198,989 194,698
Expenses
Network operating expenses 59,622 57,539 56,062 50,677 48,071
Access Charges 24,410 24,462 23,294 21,355 20,288
License fee / spectrum charges (revenue share) 17,288 17,469 17,697 16,972 17,476
Employee benefits 9,429 9,530 9,360 9,656 9,949
Sales and marketing expenses 10,408 10,561 10,164 10,144 11,720
Other expenses 18,549 20,570 22,465 21,930 17,142
Total 139,706 140,131 139,043 130,733 124,646

Profit from operating activities before depreciation, amortization and 66,862 62,855 63,128 68,256 70,052
exceptional items
Depreciation and amortisation 54,934 54,723 52,366 51,452 48,991
Finance costs 29,156 28,381 33,034 25,498 23,902
Finance income (3,833) (8,933) (3,177) (4,232) (5,609)
Non-operating income / expenses, (net) 59 721 1,074 40 188
Share of results of joint ventures and associates (368) 98 (1,633) (1,653) (1,836)
Profit before exceptional items and tax (13,086) (12,135) (18,535) (2,850) 4,416
Exceptional items (20,221) (14,137) 1,449 3,621 3,247
Profit before tax 7,135 2,002 (19,984) (6,471) 1,169
Tax expense
Current tax 3,034 5,331 3,850 7,176 1,622
Deferred tax (1,660) (7,155) (26,326) (18,443) (4,643)
Profit for the period 5,761 3,826 2,492 4,796 4,190

Consolidated Statement of Comprehensive Income

Amount in Rs Mn, except ratios

Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18
Profit for the period 5,761 3,826 2,492 4,796 4,190
Other comprehensive income ('OCI'):
Items to be reclassified subsequently to profit or loss :
Net gains / (losses) due to foreign currency translation differences (2,028) (5,431) (2,271) (6,009) (3,306)
Gains / (losses) on net investments hedge 1,289 2,781 (4,328) (1,496) (3,525)
Gains / (Losses) on cash flow hedge 45 (223) (148) (507) 599
Gains / (losses) on fair value through OCI investments (11) 10 (20) (24) 102
Tax credit / (charge) 670 4,231 364 163 (121)
(35) 1,368 (6,403) (7,873) (6,251)
Items not to be reclassified to profit or loss :
Re-measurement gains / (losses) on defined benefit plans (43) (51) 55 86 13
Share of joint ventures and associates (3) (9) (0) (1) (17)
Tax credit / (charge) 0 9 (16) (55) 23
(46) (51) 39 30 19
Other comprehensive income / (loss) for the period (81) 1,317 (6,364) (7,843) (6,232)
Total comprehensive income / (loss) for the period 5,680 5,143 (3,873) (3,047) (2,042)
Profit for the period Attributable to: 5,761 3,826 2,492 4,796 4,190
Owners of the Parent 1,072 862 1,188 973 829
Non-controlling interests 4,689 2,964 1,304 3,823 3,361

Other comprehensive income / (loss) for the period attributable to : (81) 1,317 (6,364) (7,843) (6,232)
Owners of the Parent 982 3,201 (7,356) (7,043) (5,750)
Non-controlling interests (1,063) (1,883) 992 (800) (482)

5,680 5,143 (3,873) (3,047) (2,042)

Total comprehensive income / (loss) for the period attributable to :
Owners of the Parent 2,054 4,062 (6,167) (6,070) (4,921)
Non-controlling interests 3,626 1,081 2,296 3,023 2,879

Earnings per share (Face value : Rs. 5/- each) (In Rupees)
Basic 0.27 0.22 0.30 0.24 0.21
Diluted 0.27 0.22 0.30 0.24 0.21

Page 2 of 13
INDEX CONSOLIDATED FINANCIAL STATEMENTS - BHARTI AIRTEL LIMITED

2.0 Consolidated Summarized Balance Sheet (As per Ind AS)

Amount in Rs Mn
As at As at As at As at As at
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18
Assets
Non-current assets
Property, plant and equipment (Incl CWIP) 903,661 880,811 869,810 815,142 758,168
Intangible assets 1,200,996 1,212,330 1,227,126 1,225,491 1,211,348
Investment in joint ventures and associates 88,937 89,250 79,251 76,073 86,839
Financial Assets
- Investments 21,941 21,645 6,176 5,893 5,769
- Others 22,784 17,286 18,515 18,681 17,548
Income & Deferred tax assets (net) 107,073 100,567 101,884 76,516 54,835
Other non-current assets 77,526 53,647 50,293 44,547 36,319
2,422,918 2,375,536 2,353,055 2,262,343 2,170,826
Current assets

Financial Assets
- Investments 46,232 38,189 56,744 72,249 68,978
- Trade receivables 43,006 48,955 50,480 51,563 58,830
- Cash and bank balance 62,121 43,458 41,671 52,269 49,552
- Bank deposits 18,934 21,461 19,715 17,934 17,154
- Others 20,769 20,493 29,631 38,241 36,403
Other current assets 137,995 147,022 139,207 123,937 104,073
329,057 319,578 337,448 356,193 334,990

Total Assets 2,751,975 2,695,114 2,690,503 2,618,536 2,505,816

Equity and liabilities

Equity attributable to owners of the Parent 714,222 711,097 688,804 693,876 695,344
Non-controlling interests ('NCI') 135,258 120,962 75,192 91,011 88,139
849,480 832,059 763,996 784,887 783,483
Non-current liabilities
Financial Liabilities
- Borrowings 872,454 901,513 923,230 878,989 849,420
- Others 62,957 49,761 56,587 53,486 49,956
Deferred tax liabilities (net) 11,297 8,190 5,292 6,783 10,606
Other non-current liabilities 25,238 25,803 28,115 29,084 29,952
971,946 985,267 1,013,224 968,342 939,934
Current liabilities
Financial Liabilities
- Borrowings 381,829 308,955 349,456 313,602 263,915
- Trade Payables 280,031 297,379 306,509 285,372 268,537
- Others 172,548 165,861 152,210 148,626 140,888
Current tax liabilities (net) 8,228 8,345 9,564 10,597 11,058
Other current liabilities 87,913 97,248 95,544 107,111 98,002
930,549 877,788 913,283 865,307 782,399

Total liabilities 1,902,495 1,863,055 1,926,507 1,833,649 1,722,333

Total equity and liabilities 2,751,975 2,695,114 2,690,503 2,618,536 2,505,816

Page 3 of 13
INDEX CONSOLIDATED FINANCIAL STATEMENTS - BHARTI AIRTEL LIMITED

3.0 Consolidated Statement of Cash Flows

Amount in Rs Mn
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18
Cash flows from operating activities

Profit before tax 7,135 2,002 (19,984) (6,471) 1,169

Adjustments for -
Depreciation and amortisation 54,934 54,723 52,366 51,452 48,991
Finance costs 29,156 28,381 33,034 25,498 23,902
Finance income (3,833) (8,933) (3,177) (4,232) (5,609)
Other non-cash items (18,005) (15,140) 3,882 4,994 (612)
Operating cash flow before changes in working capital 69,387 61,034 66,121 71,241 67,841
Changes in working capital -
Trade receivables 5,667 (1,984) 182 4,562 (5,945)
Trade payables 4,657 11,057 2,363 3,503 (29,019)
Other assets and liabilities (25,064) (16,168) (21,551) (25,420) 30,754
Net cash generated from operations before tax and dividend 54,647 53,938 47,115 53,886 63,631

Income tax paid (5,593) 6,372 (5,175) (7,310) (4,372)

Net cash generated from operating activities (a) 49,054 60,310 41,940 46,576 59,259
Cash flows from investing activities
Net (Purchase) / proceeds from sale of PPE (47,619) (53,366) (92,057) (66,704) (62,089)
Purchase of intangible assets, spectrum- DPL (11,304) (13,430) (5,910) (14,881) (18,470)
Net movement in current investments (9,801) 14,350 16,277 (2,668) (33,227)
Net (Purchase) / Sale of non-current investments 2,442 (14,694) 161 0 29,333
Consideration
Cash acquired/on
advance for combination
business acquisitions, net of cash acquired (4,800) (811) (6,403) 6,931 (1,266)
- - - - -
Sale of tower assets - 78 2,870 103 1,079
Investment in joint venture / associate - - (60) - (60)
Dividend received 53 54 55 11,331 80
Interest received 342 2,608 911 932 1,798

Net cash (used in) / generated from investing activities (b) (70,687) (65,210) (84,156) (64,956) (82,822)
Cash flows from financing activities
Net Proceeds / (Repayments) from borrowings (4,180) (62,549) 33,763 40,748 143,965
Net (repayment of) / proceeds from short-term borrowings 65,391 11,863 16,347 4,500 (48,836)
Repayment of finance lease liabilities and proceeds from sale and finance (1,329) (2,029) 651 (682) (191)
leaseback of towers
Purchase of treasury shares and proceeds from exercise of share options 2 (42) (146) (52) (180)
Interest and other finance charges paid (26,620) (12,801) (5,763) (30,987) (16,467)
Dividend paid (including tax) 0 (19,820) (26,700) (97) (13,836)
Proceeds from issuance of equity shares to non-controlling interests 13,993 89,751 597 - 21
Sale of interest in a subsidiary - - 16,238 - 27
Purchase of shares from NCI (20) (23) (5,366) - -
Net cash (used in) / generated from financing activities (c) 47,237 4,350 29,621 13,430 64,503

Net increase / (decrease) in cash and cash equivalents during the period
25,604 (551) (12,595) (4,950) 40,940
(a+b+c)
Effect of exchange rate on cash and cash equivalents (531) (1,221) 2,104 987 580

Cash and cash equivalents as at beginning of the period 12,242 14,014 24,505 28,468 (13,052)
Cash and cash equivalents as at end of the period 37,315 12,242 14,014 24,505 28,468

Page 4 of 13
INDEX

4.0 Consolidated Summarised Statement of Operations as per Ind-AS (net of inter segment eliminations)
Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Total revenues 206,022 202,310 201,477 197,992 193,945

EBITDA 68,064 63,069 63,433 68,370 70,341
EBITDA / Total revenues 33.0% 31.2% 31.5% 34.5% 36.3%
EBIT 11,932 8,132 10,764 16,801 21,061
Finance cost (net) 25,322 19,448 29,858 21,265 18,293
Share of results of Joint Ventures / Associates 368 (97) 1,633 1,653 1,836
Profit before Tax (13,086) (12,135) (18,535) (2,850) 4,416
Income tax expense (5,852) (5,790) (10,889) (2,490) (172)
Profit after tax (before exceptional items) (7,235) (6,344) (7,645) (360) 4,588
Non Controlling Interest 4,647 4,064 2,004 2,643 3,754
Net income (before exceptional items) (11,881) (10,408) (9,650) (3,004) 834
Exceptional Items (net of tax) (12,996) (10,170) (10,137) (5,156) 398
Profit after tax (after exceptional items) 5,761 3,826 2,492 4,796 4,190
Non Controlling Interest 4,689 2,964 1,304 3,823 3,361
Net income 1,072 862 1,188 973 829
Capex 62,735 65,679 76,845 82,167 62,824
Operating Free Cash Flow 5,329 (2,609) (13,412) (13,797) 7,517
Cumulative Investments 3,473,673 3,401,022 3,348,001 3,251,595 3,119,402

Region and Segment wise summarised statement of operations as per Ind-AS:

4.1 India South Asia- Summarised Statement of Operations as per Ind-AS (net of inter segment eliminations)
Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Total revenues 153,433 148,713 150,223 150,278 148,984

Net revenue 132,532 127,562 129,624 131,473 131,367
EBITDA 46,510 41,194 42,512 49,144 52,490
EBITDA / Total revenues 30.3% 27.7% 28.3% 32.7% 35.2%
EBIT (1,120) (5,489) (2,771) 4,956 9,863
Profit before Tax (19,757) (15,918) (27,958) (13,482) (863)
Profit after Tax (before exceptional items) (10,843) (7,925) (15,498) (7,725) 1,841
Non Controlling Interest 2,213 2,305 1,438 2,100 2,039
Net income (before exceptional items) (13,056) (10,230) (16,936) (9,825) (198)
Capex 41,239 53,481 69,459 78,871 46,534
Operating Free Cash Flow 5,271 -12,287 -26,947 -29,728 5,956
Cumulative Investments 2,840,219 2,779,596 2,714,118 2,648,951 2,532,197

4.1.1 India - Summarised Statement of Operations as per Ind-AS (net of inter segment eliminations)
Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Total revenues 152,408 147,683 149,198 149,300 148,043

Net revenue 131,570 126,592 128,632 130,535 130,445
EBITDA 46,466 41,152 42,487 49,133 52,422
EBITDA / Total revenues 30.5% 27.9% 28.5% 32.9% 35.4%
EBIT (898) (5,241) (2,495) 5,287 10,133
Profit before Tax (19,538) (15,413) (27,492) (13,067) (483)
Profit after Tax (before exceptional items) (10,618) (7,414) (15,027) (7,304) 2,226
Non Controlling Interest 2,213 2,305 1,438 2,100 2,039
Net income (before exceptional items) (12,831) (9,719) (16,464) (9,404) 186
Capex 41,075 53,091 69,036 78,664 46,233
Operating Free Cash Flow 5,390 -11,939 -26,549 -29,530 6,189
Cumulative Investments 2,825,696 2,765,673 2,698,914 2,634,026 2,517,948

B2C Services

4.1.1.1 Mobile Services India - Comprises of consolidated operations of Mobile Services India
Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Total revenues 106,322 101,894 102,521 104,803 103,532

EBITDA 25,657 19,498 21,468 27,603 29,428
EBITDA / Total revenues 24.1% 19.1% 20.9% 26.3% 28.4%
EBIT (13,778) (19,032) (15,919) (8,782) (4,820)
Capex 34,632 36,971 59,638 69,350 33,554
Operating Free Cash Flow -8,975 -17,474 -38,170 -41,747 -4,126
Cumulative Investments 2,319,107 2,266,463 2,226,885 2,170,373 2,051,570

Page 5 of 13
4.1.1.2 Homes Services - Comprises of operations of Homes Services.
Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Total revenues 5,536 5,503 5,607 5,745 6,042

EBITDA 2,450 2,583 2,932 2,859 3,001
EBITDA / Total revenues 44.3% 46.9% 52.3% 49.8% 49.7%
EBIT 487 734 1,083 1,026 1,149
Capex 1,431 2,372 1,930 1,923 1,290
Operating Free Cash Flow 1,019 211 1,003 936 1,711
Cumulative Investments 75,782 75,237 73,087 74,031 72,097

4.1.1.3 Digital TV Services - Comprises of operations of Digital TV Services.

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Total revenues 10,506 10,330 10,242 9,924 9,585

EBITDA 3,926 3,826 3,960 4,010 3,701
EBITDA / Total revenues 37.4% 37.0% 38.7% 40.4% 38.6%
EBIT 1,853 1,568 1,905 2,084 1,538
Capex 1,917 3,268 1,797 1,809 2,064
Operating Free Cash Flow 2,009 558 2,163 2,202 1,637
Cumulative Investments 88,570 86,765 83,514 81,686 80,057

B2B Services

4.1.1.4 Airtel Business

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Total revenues 30,040 31,116 33,458 29,923 28,282

EBITDA 9,587 9,874 10,759 10,425 11,468
EBITDA / Total revenues 31.9% 31.7% 32.2% 34.8% 40.5%
EBIT 5,623 6,667 7,741 7,435 8,401
Capex 1,385 8,603 3,085 1,396 4,221
Operating Free Cash Flow 8,201 1,271 7,674 9,030 7,247
Cumulative Investments 129,829 126,988 119,146 114,751 99,282

4.1.1.5 Tower Infrastructure services

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Total revenues 16,705 17,325 17,206 16,949 16,739

EBITDA 8,167 8,510 7,968 7,815 8,144
EBITDA / Total revenues 48.9% 49.1% 46.3% 46.1% 48.7%
EBIT 5,193 5,829 5,196 5,038 5,149
Share of results of Joint Ventures / Associates 2,639 2,177 2,390 2,966 3,287
Capex 1,710 1,876 2,587 2,934 2,670
Operating Free Cash Flow 6,457 6,633 5,381 4,881 5,474
Cumulative Investments 201,760 198,872 195,888 193,101 201,998

Page 6 of 13
4.1.1.6 South Asia - Comprises of Sri Lanka
Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Total revenues 1,124 1,130 1,122 1,060 1,033

Net revenue 979 983 1,008 946 932
EBITDA 45 42 30 10 67
EBITDA / Total revenues 4.0% 3.7% 2.7% 0.9% 6.5%
EBIT (220) (248) (271) (331) (272)
Profit before Tax (218) (506) (460) (415) (381)
Profit after Tax (before exceptional items) (224) (511) (466) (421) (386)
Non Controlling Interest 0 0 0 0 0
Net income (before exceptional items) (224) (511) (466) (421) (386)
Capex 163.9 389.4 423.5 207.9 300.6
Operating Free Cash Flow (119.3) (347.6) (393.4) (197.9) (233.7)
Cumulative Investments 14,523 13,923 15,203 14,925 14,249

4.2 Africa - Comprises of 14 country operations in Africa.

In INR: Amount in Rs Mn, except ratios

Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Total revenues 55,115 56,154 53,725 50,033 47,314

Net revenue 46,868 47,781 45,928 42,510 40,186
EBITDA 21,608 21,868 20,934 19,221 17,861
EBITDA / Total revenues 39.2% 38.9% 39.0% 38.4% 37.8%
EBIT 13,107 13,614 13,548 11,839 11,208
Profit before Tax 9,203 9,506 4,053 7,552 3,559
Profit after Tax (before exceptional items) 6,808 7,251 2,845 4,445 905
Non Controlling Interest 2,466 1,734 522 506 1,660
Net income (before exceptional items) 4,342 5,518 2,323 3,939 (755)
Capex 21,496 12,198 7,386 3,296 16,060
Operating Free Cash Flow 112 9,670 13,548 15,925 1,801
Cumulative Investments 607,892 593,875 603,147 573,800 559,042

In USD: Amount in US$ Mn, except ratios

Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Total revenues 781 783 769 745 736

Net revenue 664 666 657 633 625
EBITDA 306 305 299 286 277
EBITDA / Total revenues 39.2% 39.0% 38.9% 38.4% 37.7%
EBIT 186 190 193 176 174
Profit before Tax 131 134 58 111 54
Profit after Tax (before exceptional items) 97 102 40 65 13
Non Controlling Interest 35 25 7 7 26
Net income (before exceptional items) 62 77 33 58 (13)
Capex 305 170 106 49 250
Operating Free Cash Flow 2 135 194 237 28
Cumulative Investments 8,791 8,491 8,321 8,380 8,578

Page 7 of 13
In USD: Constant Currency Amount in US$ Mn, except ratios
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Total revenues 807 812 784 751 735

Net revenue 686 691 670 639 624
EBITDA 316 317 305 289 277
EBITDA / Total revenues 39.2% 39.1% 39.0% 38.5% 37.7%
EBIT 192 198 197 178 173
Profit before Tax 134 120 121 113 69
Capex 305 170 106 49 250
Operating Free Cash Flow 12 147 200 240 27
Cumulative Investments 8,791 8,491 8,321 8,380 8,578
Note: Above nos have been re-instated to 1st Mar'18 closing constant currency except Capex, OFCF & Cumulative Investments. Accordingly previous
quarter nos. have been re-instated for like to like comparisons.

Page 8 of 13
INDEX

5.0 Schedules to Financial Statements

5.1 India

5.1.1 Operating Expenses

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Access charges 20,457 20,486 19,508 17,697 16,772

14,033 14,041 14,286 13,808 14,378

Licence fees, revenue share & spectrum charges
Network operations costs 46,643 44,641 43,686 39,472 37,109
Cost of good sold 382 604 1,058 1,067 825
Employee costs 5,305 5,256 5,580 5,335 6,012
Selling, general and adminstration expense 20,812 22,254 23,304 23,261 21,134
Operating Expenses 107,632 107,283 107,422 100,641 96,232

5.1.2 Depreciation and Amortisation

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Depreciation 31,338 31,493 29,936 29,008 28,309

Amortization 14,902 14,758 14,823 14,785 13,787
Depreciation and Amortisation 46,239 46,251 44,759 43,794 42,096

5.1.3 Income Tax

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Current tax expense 1,846 2,765 3,224 5,325 1,606

Deferred tax expense / (income) (10,766) (10,764) (15,690) (11,087) (4,316)
Income tax expense (8,920) (7,999) (12,465) (5,762) (2,709)

5.2 South Asia

5.2.1 Operating Expenses

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Access charges 145 146 113 114 101

105 139 141 137 129

Licence fees, revenue share & spectrum charges
Network operations costs 442 427 452 437 404
Cost of good sold 0 1 1 0 0
Employee costs 92 101 111 102 100
Selling, general and adminstration expense 295 275 274 260 233
Operating Expenses 1,080 1,088 1,092 1,050 966

5.2.2 Depreciation and Amortisation

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Depreciation 244 268 278 317 318

Amortization 20 21 23 24 21
Depreciation and Amortisation 265 289 301 341 339

5.3 Africa

5.3.1 Operating Expenses (In Constant Currency)

Amount in US$ Mn
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18
Access charges 90 89 87 86 85

46 48 48 45 46
Licence fees, revenue share & spectrum charges
Network operations costs 181 185 178 164 163
Cost of good sold 31 32 27 27 25
Employee costs 64 64 58 67 63
Selling, general and adminstration expense 84 84 88 85 83
Operating Expenses 496 501 485 474 465
Note: Above nos have been re-instated to 1st Mar'18 closing constant currency except Capex, OFCF & Cumulative Investments. Accordingly previous quarter nos.
have been re-instated for like to like comparisons.

Page 9 of 13
5.3.2 Depreciation and Amortisation (In Constant Currency) - (14 Countries)
Amount in US$ Mn
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18
Depreciation 103 97 88 90 83
Amortization 21 21 19 19 19
Depreciation and Amortisation 124 118 107 110 102
Note: Above nos have been re-instated to 1st Mar'18 closing constant currency except Capex, OFCF & Cumulative Investments. Accordingly previous quarter nos.
have been re-instated for like to like comparisons.

5.3.3 Income Tax - (14 Countries)

Amount in US$ Mn
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18
Current tax expense 15 32 30 28 17
Deferred tax expense / (income) 19 1 (12) 19 24
Income tax expense 34 33 18 47 41
Note: Above table reflects the USD reported numbers.

5.4 Schedule of Consolidated Net Debt

In INR Amount in Rs Mn, except ratios

Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18
Long term debt, net of current portion 407,938 432,029 454,574 412,264 405,021
Short-term borrowings and current portion of long-
term debt 360779 288549 331341 296026 234563
Deferred payment liability 440,853 445,905 446,242 444,532 433,294
Less:
Cash and Cash Equivalents 62,121 43,459 41,672 51,330 47,886
Restricted Cash 0 0 0 0 0
Investments & Receivables1 65,101 59,350 58,445 72,463 72,707
Net Debt excluding Finance Lease Obligations 1,082,346 1,063,674 1,132,042 1,029,028 952,285
Finance Lease Obligation 47,553 49,294 52,305 50,118 48,776

Net Debt including Finance Lease Obligations

1,129,899 1,112,968 1,184,347 1,079,146 1,001,060

In USD Amount in US$ Mn

Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18
Long term debt, net of current portion 5,899 6,177 6,271 6,021 6,214
Short-term borrowings and current portion of long-
term debt 5,217 4,125 4,571 4,323 3,599
Deferred payment liability 6,375 6,375 6,156 6,492 6,648
Less:
Cash and Cash Equivalents 898 621 575 750 735
Restricted Cash 0 0 0 0 0
Investments & Receivables1 941.4 848.5 806.3 1,058.3 1,115.6
Net Debt excluding Finance Lease Obligations 15,651 15,207 15,618 15,029 14,611
Finance Lease Obligation 688 705 722 732 748

Net Debt including Finance Lease Obligations

16,339 15,912 16,339 15,761 15,360

5.5 Schedule of Consolidated Finance Cost

Amount in Rs Mn
Quarter Ended
Particulars
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18
Interest on borrowings & Finance charges 25,922 22,636 24,924 21,185 18,033
Interest on Finance Lease Obligation 1,312 1,380 1,393 1,325 1,221
Derivatives and exchange fluctuation (227) (1,046) 5,351 388 75
Investment Income (1,685) (3,523) (1,810) (1,632) (1,036)
Finance cost (net) 25,322 19,448 29,858 21,265 18,293

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INDEX 1000

6.1 Operational Performance - INDIA

Parameters Unit Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Total Customers Base 000's 302,206 303,268 351,539 363,165 322,292

Mobile Services
Customer Base 000's 282,640 284,224 332,764 344,564 304,192
Net Additions 000's (1,585) (48,539) (11,800) 40,372 14,079
Pre-Paid (as % of total Customer Base) % 93.5% 93.6% 94.4% 94.6% 93.9%
Monthly Churn % 2.8% 7.3% 4.1% 2.0% 2.8%

Average Revenue Per User (ARPU) Rs 123 104 100 105 116
Average Revenue Per User (ARPU) US 1.7 1.4 1.4 1.6 1.8
Revenue per site per month Rs 196,178 193,519 198,400 206,215 206,785

Revenues
Mobile Services # Rs Mn 104,870 100,532 100,704 103,036 102,221

Voice
Minutes on the network Mn 731,187 702,881 693,061 684,191 592,657
Voice Usage per customer min 858 726 686 700 670

Data
Data Customer Base 000's 115,147 107,511 97,666 94,783 86,077
Of which 4G data customers 000's 86,808 77,068 65,731 58,281 47,862
As % of customer base % 40.7% 37.8% 29.4% 27.5% 28.3%
Total MBs on the network Mn MBs 3,705,034 3,216,897 2,660,297 2,150,645 1,539,746
Data Usage per customer MBs 11,048 10,528 9,221 7,864 6,585

Homes Services
Homes Customers 000's 2,270 2,245 2,213 2,189 2,172
Net Additions 000's 25 33 24 16 8
Average Revenue Per User (ARPU) Rs 815 821 847 879 929
Average Revenue Per User (ARPU) US 11.5 11.4 12.1 13.1 14.5

Digital TV Services
Digital TV Customers 000's 15,392 15,001 14,779 14,646 14,168
Net additions 000's 391 222 133 479 230
Average Revenue Per User (ARPU) Rs 233 231 232 229 228
Average Revenue Per User (ARPU) US 3.3 3.2 3.3 3.4 3.5
Monthly Churn % 0.8% 1.3% 1.3% 0.7% 1.1%

#
- Excludes revenues from network groups building / providing fiber connectivity and group eliminations
Minutes & Network Statistics

Parameters Unit Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Mobile Services Mn Min 731,187 702,881 693,061 684,191 592,657
Homes Services Mn Min 3,752 3,698 3,451 2,841 2,831
Airtel Business Mn Min 3,015 2,744 2,865 3,065 2,714
National Long Distance Services Mn Min 99,285 97,933 93,191 89,398 78,732
International Long Distance Services Mn Min 3,544 4,423 5,213 5,109 5,085
Total Minutes on Network (Gross) Mn Min 840,782 811,679 797,780 784,605 682,019
Eliminations Mn Min (99,373) (98,024) (93,298) (89,091) (78,412)
Total Minutes on Network (Net) Mn Min 741,409 713,655 704,482 695,514 603,608

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Parameters Unit Mar-19 Dec-18 Sep-18 Jun-18 Mar-18
Mobile Services
Census Towns Nos 7,906 7,906 7,904 7,902 7,899
Non-Census Towns & Villages Nos 786,192 786,134 786,129 786,112 786,043
Population Coverage % 95.3% 95.3% 95.3% 95.3% 95.3%
Optic Fibre Network R kms 280,534 273,600 263,507 245,847 237,893
Network towers Nos 181,079 175,300 171,031 167,355 165,748
Of which Mobile Broadband towers Nos 172,627 164,859 154,531 146,428 144,708
Total Mobile Broadband Base stations Nos 417,613 0 371,562 0 347,642 0 320,204 0 298,014 0
Homes Services - Cities covered Nos 93 0 90 0 89 0 89 0 89 0
Airtel Business - Submarine Cable System Nos 7 7 7 7 7
Digital TV Services
Districts Covered Nos 639 639 639 639 639
Coverage % 99.8% 99.8% 99.8% 99.8% 99.8%

Bharti Infratel Standalone

Parameters Unit Mar-19 Dec-18 Sep-18 Jun-18 Mar-18
Total Towers No. 40,388 40,192 39,946 39,719 39,523
Total Co-locations No. 76,341 77,693 78,275 86,053 88,665
Key Indicators
Sharing Revenue per sharing operator per month Rs. 42,143 41,632 38,687 37,281 35,890
Average Sharing Factor Times 1.91 1.95 2.06 2.20 2.29

Indus Towers
Parameters Unit Mar-19 Dec-18 Sep-18 Jun-18 Mar-18
Total Towers No. 123,546 124,069 124,230 123,904 123,639
Total Co-locations No. 229,483 230,372 229,136 273,154 278,408
Average Sharing Factor Times 1.86 1.85 2.02 2.23 2.30

Bharti Infratel Consolidated

Parameters Unit Mar-19 Dec-18 Sep-18 Jun-18 Mar-18
Total Towers No. 92,277 92,301 92,123 91,759 91,451
Total Co-locations No. 172,724 174,449 174,512 200,778 205,596
Average Sharing Factor Times 1.88 1.89 2.04 2.22 2.30

6.2 Operational Performance - AFRICA

Parameters Unit Mar-19 Dec-18 Sep-18 Jun-18 Mar-18

Customer Base 000's 98,851 97,922 94,096 91,193 89,262
Net Additions 000's 929 3,827 2,903 1,930 5,133
Monthly Churn % 5.4% 4.7% 4.8% 4.9% 4.1%
Average Revenue Per User (ARPU) US 2.7 2.8 2.8 2.8 2.8

Voice
Voice Revenue $ Mn 497 500 491 473 473
Minutes on the network Mn 52,866 52,445 52,357 49,666 44,688
Voice Average Revenue Per User (ARPU) US$ 1.7 1.7 1.8 1.7 1.8
Voice Usage per customer min 179 183 189 183 172

Data
Data Revenue $ Mn 192 180 169 158 149
Data Customer Base 000's 30,024 29,264 27,113 26,376 24,941
As % of Customer Base % 30.4% 29.9% 28.8% 28.9% 27.9%
Total MBs on the network Mn MBs 120,674 105,338 88,808 77,811 69,705
Data Average Revenue Per User (ARPU) US$ 2.2 2.1 2.1 2.0 2.1
Data Usage per customer MBs 1,375 1,248 1,113 1,006 963

Airtel Money
Transaction Value US$ Mn 6,888 6,917 6,263 6,090 5,645
Transaction Value per Subs US$ 167 166 163 168 170
Airtel Money Revenue $ Mn 70 68 55 50 46
Active Customers 000's 14,216 13,805 12,943 11,816 11,465
Airtel Money ARPU US$ 1.7 1.6 1.4 1.4 1.4
Network & coverage
Network towers Nos 21,059 20,582 20,060 19,895 19,731
Owned towers Nos 4,422 4,441 4,449 4,377 4,397
Leased towers Nos 16,637 16,141 15,611 15,518 15,334
Of which Mobile Broadband towers Nos 16,426 15,734 15,280 14,653 13,725
Total Mobile Broadband Base stations Nos 32,501 29,650 26,338 23,754 20,093
Revenue Per site Per Month US$ 12,888 13,271 13,049 12,617 12,597
Human Resource Analysis
Total Employees Nos 3,352 3,334 3,338 3,480 3,530
Number of Customers per employee Nos 29,490 29,371 28,189 26,205 25,287
Personnel Cost per employee per month US$ 6,389 6,410 5,747 6,383 5,914

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Gross Revenue per employee per month US$ 80,244 81,136 78,246 71,981 69,390

Note: Above nos have been re-instated to 1st Mar'18 closing constant currency except Capex, OFCF & Cumulative Investments. Accordingly previous quarter nos. have been re-instated for
like to like comparisons.

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