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 17
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
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Income
Revenue from operations 246,515 255,465 249,596 240,659 238,357
Other income 200 264 235 375 162
Total Income 246,715 255,729 249,831 241,034 238,519
Expenses
Network operating expenses 53,935 56,786 53,744 53,550 52,864
Access Charges 28,598 27,041 26,948 27,144 27,912
License fee / spectrum charges (revenue share) 24,143 25,499 25,049 23,506 23,272
Employee benefits 10,858 11,144 12,405 12,175 12,460
Sales and marketing expenses 20,372 22,923 23,358 24,303 23,516
Other expenses 14,207 16,591 16,972 15,843 15,993
Total Expenses 152,113 159,984 158,476 156,521 156,017

Profit from operating activities before depreciation, amortization and 94,602 95,745 91,355 84,513 82,502
exceptional items
Share of results of joint ventures and associates (2,697) (2,548) (2,915) (2,721) (2,625)
Depreciation and amortisation 49,560 50,402 48,163 43,541 42,390
Finance costs 24,626 25,136 27,517 19,028 29,861
Finance Income (5,569) (5,737) (10,507) (4,861) (11,109)
Non Operating Expense 1,329 25 21 60 858
Profit before exceptional items and tax 27,353 28,467 29,076 29,466 23,127
Exceptional items 66 3,536 2,999 3,405 (6,761)
Profit before tax 27,287 24,931 26,077 26,061 29,888
Tax expenses
Current tax 11,027 12,636 9,973 11,550 9,880
Deffered tax 109 (2,547) 816 1,973 3,514
Profit for the period 16,151 14,842 15,288 12,538 16,494

Consolidated Statement of Comprehensive Income

Amount in Rs Mn, except ratios

Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
Profit for the period 16,151 14,842 15,288 12,538 16,494
Other comprehensive income ('OCI'):
Items
Nettogains
be reclassified subsequently
/ (losses) due to profit or loss :
to foreign currency
translation differences (5,924) (31,246) 5,121 (2,357) (10,317)
Net gains / (losses) on net investments hedge (2,206) (10,660) (2,230) 2,517 (3,930)
Gains / (Losses) on cash flow hedge (56) 281 (735) 227 (55)
Gains / (losses) on fair value through OCI 58 30 8 (5) 6
investments
Income tax charge 34 (276) (46) (158) 786
(8,094) (41,871) 2,118 224 (13,510)
Items not to be reclassified to profit or loss :
Re-measurement gains / (losses) on defined benefit plans (114) (73) 5 47 20
Income tax charge 27 20 (1) (11) (14)
(87) (53) 4 36 6
Other comprehensive income / (loss) for the period (8,181) (41,924) 2,122 260 (13,504)
Total comprehensive gains / (losses) for the period 7,970 (27,082) 17,410 12,798 2,990
Profit for the period Attributable to: 16,151 14,842 15,288 12,538 16,494
Owners of the Parent 14,607 14,620 13,193 11,081 15,361
Non-controlling interests 1,544 222 2,095 1,457 1,133

Total comprehensive gains / (losses) for the 7,970 (27,082) 17,410 12,798 2,990
period attributable to :
Owners of the Parent 6,526 (24,552) 15,333 11,477 2,233
Non-controlling interests 1,444 (2,530) 2,077 1,321 757

Earnings per share (In Rupees) 3.66 3.66 3.30 2.77 3.84
Basic 3.65 3.66 3.30 2.77 3.84
Diluted

Page 2 of 17
INDEX CONSOLIDATED FINANCIAL STATEMENTS - BHARTI AIRTEL LIMITED

2.0 Consolidated Summarised Balance Sheet (As per Ind AS)

Amount in Rs Mn
As at As at As at As at As at
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
Assets

Non-current assets
Property, plant and equipment 595,048 592,300 610,508 576,367 562,438
Capital work-in-progress 48,279 49,768 47,304 61,069 54,923
Goodwill 361,949 383,665 428,381 422,732 419,925
Other intangible assets 718,905 727,853 684,039 611,320 483,982
Intangible assets under development 68,065 45,237 9,716 37,319 32,460
Investment in joint ventures and associates 54,147 51,775 60,990 58,540 56,211
Financial Assets
- Investments 57,957 29,282 28,622 27,837 28,007
- Derivative instruments 16,286 19,236 13,999 5,662 8,800
- Loans and security deposits 8,207 10,145 9,948 9,687 9,146
- Others 20,856 17,342 17,502 18,346 16,466
Deferred tax assets (net) 41,341 42,987 46,738 47,971 49,980
Other non-current assets 40,864 35,193 70,933 91,070 136,151
2,031,904 2,004,783 2,028,680 1,967,920 1,858,489
Current assets
Inventories 1,483 1,623 1,692 1,814 1,571
Financial Assets
- Investments 15,580 47,181 16,159 15,788 16,197
- Derivative instruments 2,729 2,258 4,765 2,185 4,866
- Trade receivables 68,252 67,446 65,767 67,495 67,500
- Cash and cash equivalents 21,677 20,477 37,087 21,339 21,637
- Bank deposits 1,384 15,676 13,900 22,114 55,302
- Receivable from sale of tower assets - - - - 22,845
- Others 20,402 17,789 21,782 20,957 17,142
Current tax assets 8,175 7,477 11,570 11,903 7,876
Other current assets 47,967 55,250 48,827 54,744 47,693
Assets-held-for-sale 3,022 11,312 7,002 3,737 5,906
190,671 246,489 228,551 222,076 268,535

Total Assets 2,222,575 2,251,272 2,257,231 2,189,996 2,127,024

Equity and liabilities

Equity
Share capital 19,987 19,987 19,987 19,987 19,987
Other Equity 621,401 622,899 647,706 632,142 620,944
Equity attributable to owners of the Parent 641,388 642,886 667,693 652,129 640,931
Non-controlling interests (NCI) 44,908 52,296 54,981 52,561 51,379
686,296 695,182 722,674 704,690 692,310

Non-current liabilities
Financial Liabilities
- Borrowings 879,836 886,746 892,686 861,369 776,151
- Derivative instruments 118 79 8 256 81
- Others 19,862 20,328 20,576 19,851 19,100
Deferred revenue 23,457 17,647 17,787 16,948 17,522
Provisions 7,110 7,012 7,350 7,704 7,721
Deferred tax liabilities (net) 9,850 9,654 12,512 13,031 13,012
Other non-current liabilities 669 1,524 1,527 1,528 1,500
940,902 942,990 952,446 920,687 835,087
Current liabilities
Financial Liabilities
- Borrowings 56,156 77,473 57,238 55,301 101,276
- Current maturities of long term borrowings 52,143 53,289 54,601 28,654 35,526
- Derivative instruments 711 670 1,931 1,114 702
- Trade Payables 278,731 270,748 255,806 260,415 250,872

Page 3 of 17
 - Others 112,332 119,642 126,688 127,944 126,464
Deferred revenue 48,641 48,846 51,336 51,600 48,565
Provisions 2,603 2,419 2,332 2,362 2,322
Current tax liabilities (net) 8,904 7,671 9,296 8,958 6,475
Other current liabilities 34,288 30,897 21,844 28,079 27,098
Liabilities-held-for-sale 868 1,445 1,039 192 327

595,377 613,100 582,111 564,619 599,627

Total liabilities 1,536,279 1,556,090 1,534,557 1,485,306 1,434,714

Total equity and liabilities 2,222,575 2,251,272 2,257,231 2,189,996 2,127,024

Page 4 of 17
INDEX CONSOLIDATED FINANCIAL STATEMENTS - BHARTI AIRTEL LIMITED

3.0 Consolidated Statement of Cash Flows

Amount in Rs Mn
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
Cash flows from operating activities

Profit before tax 27,287 24,931 26,077 26,061 29,888

Adjustments for -
Depreciation and amortisation 49,560 50,402 48,163 43,541 42,390
Finance costs 24,626 25,136 27,517 19,028 29,861
Finance income (5,569) (5,737) (10,507) (4,861) (11,109)
Share of results of joint ventures and associates (2,697) (2,548) (2,915) (2,721) (2,625)
Exceptional items (313) 2,465 1,064 1,056 (9,461)
Employee share-based payment expenses 78 97 97 98 32
Other non-cash items (30) 115 134 (84) (69)
Operating cash flow before changes in working capital 92,942 94,861 89,630 82,118 78,907
Changes in working capital -
Trade receivables (770) 1,119 5,773 2,001 8,180
Trade payables 5,294 10,080 (16,790) 1,413 (3,264)
Inventories (32) 15 128 (206) (361)
Provisions 221 130 498 18 (22)
Other financial and non financial liabilities (2,468) 11,340 (5,720) (120) 939
Other financial and non financial assets (3,947) (11,759) 3,816 (7,116) (10,746)
Net cash generated from operations before tax and dividend 91,240 105,786 77,335 78,108 73,633
Dividend received 0 9,510 - - -
Income tax paid (10,844) (6,676) (8,972) (11,902) (15,663)
Net cash generated from operating activities (a) 80,396 108,620 68,363 66,206 57,970
Cash flows from investing activities
Purchase of property, plant and equipment (44,926) (59,577) (55,219) (49,316) (44,716)
Proceeds from sale of property, plant and equipment 410 1,688 1,464 1,588 359
Purchase of intangible assets (26,520) (47,099) (3,333) (1,643) (8,859)
Net movement in current investments 33,475 (32,195) 8,339 33,417 17,710
Purchase of non-current investments (14,736) 0 (203) (1,002) (2,013)
Sale of non-current investments 1,415 0 0 1,100 3,450
Investment in subsidiary, net of cash acquired - (283) - - (135)
Sale of subsidiary 20,419 39,611 - - -
Sale of tower assets 5,290 120 454 12,723 36,298
Proceeds from sale of interest in associate and joint venture 447 - 55 - -
Loan to joint venture / associate 0 0 - (19) 0
Loan repayment received from joint venture / associate 0 0 - 14 0
Dividend received 62 61 59 59 0
Interest received 539 1,365 501 1,774 976
Net cash (used in) / generated from investing activities (b) (24,125) (96,309) (47,883) (1,305) 3,070
Cash flows from financing activities
Proceeds from borrowings 21,489 44,646 37,305 12,675 60,963
Repayment of borrowings (60,004) (71,180) (21,225) (72,652) (156,486)
Net proceeds from short term borrowings (4,042) 8,691 1,587 (8,709) 9,639
Proceeds from sale and finance leaseback of towers 5,025 92 205 12,099 31,048 ###
Repayment of finance lease liabilities (987) (844) (955) (873) (708)
Purchase of treasury shares - - - - (514)
Interest and other finance charges paid (6,411) (9,744) (6,864) (8,953) (7,841)
Proceeds from exercise of share options 16 2 11 15 176
Dividend paid (including tax) (9,145) (23) - - (15,304)
Proceeds from issuance of equity shares to non-controlling interests 250 - 984 - -
Buy back of shares from NCI (7,632) 0 - - -
Net cash (used in) / generated from financing activities (c) (61,441) (28,360) 11,048 (66,398) (79,027)

Net (decrease) / increase in cash and cash equivalents during the period
(5,170) (16,049) 31,528 (1,497) (17,987)
(a+b+c)
Effect of exchange rate on cash and cash equivalents (157) (821) (147) 64 (312)

Cash and cash equivalents as at beginning of the period 765 17,635 (13,748) (12,315) 5,984
Cash and cash equivalents as at end of the period (4,562) 765 17,633 (13,748) (12,315)

Page 5 of 17
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
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Total revenues 246,515 255,465 249,596 240,659 238,357

EBITDA 94,662 95,913 91,881 84,749 82,653
EBITDA / Total revenues 38.4% 37.5% 36.8% 35.2% 34.7%
EBIT 45,042 45,343 43,193 40,972 40,112
Finance cost (net) 19,057 19,399 17,010 14,166 18,753
Share of results of Joint Ventures / Associates 2,697 2,548 2,915 2,722 2,625
Profit before Tax 27,353 28,467 29,076 29,466 23,127
Income tax expense 12,073 12,331 11,412 13,951 14,405
Net income 14,607 14,620 13,192 11,082 15,361
Capex 52,875 49,252 60,574 55,082 50,343
Operating Free Cash Flow 41,786 46,661 31,308 29,667 32,310
Cumulative Investments 2,712,477 2,693,396 2,735,034 2,654,062 2,500,646

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
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Total revenues 196,149 195,451 187,424 180,837 178,276

Net revenue 172,894 174,820 167,207 159,826 156,216
EBITDA 82,415 81,932 77,637 71,488 69,930
EBITDA / Total revenues 42.0% 41.9% 41.4% 39.5% 39.2%
EBIT 43,940 43,385 42,195 39,050 38,867
Profit before Tax 31,875 30,192 30,502 31,239 29,029
Net Income 18,723 18,008 19,429 19,062 15,690
Capex 46,094 41,748 41,906 42,983 39,677
Operating Free Cash Flow 36,322 40,184 35,731 28,505 30,252
Cumulative Investments 2,139,440 2,075,646 1,976,779 1,917,449 1,782,033

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
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Total revenues 192,188 191,547 183,281 176,937 174,522

Net revenue 169,403 171,377 163,567 156,545 152,927
EBITDA 82,206 81,958 77,349 71,884 70,172
EBITDA / Total revenues 42.8% 42.8% 42.2% 40.6% 40.2%
EBIT 45,208 44,960 43,275 40,939 40,475
Profit before Tax 34,084 32,610 32,511 34,068 31,512
Net Income 20,959 20,513 21,451 21,943 18,183
Capex 45,804 41,217 41,441 42,436 38,360
Operating Free Cash Flow 36,402 40,740 35,908 29,448 31,811
Cumulative Investments 2,064,316 1,999,608 1,902,777 1,843,776 1,708,722

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
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Total revenues 147,353 150,526 146,525 139,750 136,556

EBITDA 62,492 63,875 58,616 54,362 52,624
EBITDA / Total revenues 42.4% 42.4% 40.0% 38.9% 38.5%
EBIT 33,103 34,436 32,433 30,987 30,676
Capex 37,055 31,941 33,794 32,800 31,058
Operating Free Cash Flow 25,437 31,935 24,822 21,562 21,567
Cumulative Investments 1,651,470 1,595,444 1,497,155 1,444,429 1,319,136

Page 6 of 17
4.1.1.2 Homes Services - Comprises of operations of Homes Services.
Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Total revenues 7,063 6,644 6,587 6,343 6,149

EBITDA 3,347 2,914 2,798 2,711 2,618
EBITDA / Total revenues 47.4% 43.9% 42.5% 42.7% 42.6%
EBIT 1,634 1,614 1,532 1,397 1,386
Capex 2,162 2,571 617 1,782 946
Operating Free Cash Flow 1,186 343 2,180 929 1,672
Cumulative Investments 62,344 60,257 58,462 58,504 57,525

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

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Total revenues 8,545 8,369 7,840 7,422 7,068

EBITDA 3,030 3,011 2,750 2,474 2,343
EBITDA / Total revenues 35.5% 36.0% 35.1% 33.3% 33.1%
EBIT 699 1,219 720 538 170
Capex 2,541 2,030 2,943 3,422 2,501
Operating Free Cash Flow 488 981 (193) (948) (158)
Cumulative Investments 69,453 66,936 64,906 61,770 58,653

B2B Services

4.1.1.4 Airtel Business

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Total revenues 29,816 26,793 23,666 24,043 25,004

EBITDA 8,440 7,733 8,043 7,511 7,880
EBITDA / Total revenues 28.3% 28.9% 34.0% 31.2% 31.5%
EBIT 6,114 4,695 5,104 4,645 5,035
Capex 1,507 1,937 1,608 2,029 1,132
Operating Free Cash Flow 6,934 5,796 6,435 5,482 6,749
Cumulative Investments 87,874 87,680 85,914 83,607 81,855

4.1.1.5 Tower Infrastructure services

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Total revenues 14,962 14,557 14,148 13,979 13,724

EBITDA 7,106 6,838 7,088 6,590 6,126
EBITDA / Total revenues 47.5% 47.0% 50.1% 47.1% 44.6%
EBIT 4,200 3,826 3,927 3,681 3,255
Share of results of Joint Ventures / Associates 2,866 2,771 3,059 2,844 2,732
Capex 2,128 2,054 2,093 2,389 2,478
Operating Free Cash Flow 4,978 4,784 4,995 4,202 3,648
Cumulative Investments 186,877 183,331 191,110 190,496 186,435

Page 7 of 17
 Others

4.1.1.6 Others - includes Corporate Office

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Total revenues 728 771 785 792 672

EBITDA (73) (471) (478) (400) (190)
EBIT (76) (474) (481) (404) (194)
Capex 412 685 447 14 220
Operating Free Cash Flow (485) (1,157) (925) (414) (410)
Cumulative Investments 6,297 5,960 5,229 4,971 5,117

4.1.1.7 South Asia - Comprises of Bangladesh and Sri Lanka

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Total revenues 4,169 4,143 4,388 4,135 4,045

Net revenue 3,497 3,468 3,663 3,335 3,324
EBITDA 210 (26) 287 (371) (242)
EBITDA / Total revenues 5.0% -0.6% 6.6% -9.0% -6.0%
EBIT (1,271) (1,580) (1,085) (1,868) (1,612)
Profit before Tax (2,212) (2,423) (2,015) (2,808) (2,488)
Net Income (2,240) (2,510) (2,028) (2,861) (2,498)
Capex 290 531 465 547 1,317
Operating Free Cash Flow (80) (557) (177) (917) (1,559)
Cumulative Investments 75,124 76,038 74,003 73,673 73,311

4.2 Africa - Comprises of 15 country operations in Africa.

In INR: (15 Countries) Amount in Rs Mn, except ratios

Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Total revenues 52,726 57,647 59,247 57,750 58,149

Net revenue 44,078 48,304 49,383 48,181 48,585
EBITDA 12,126 12,316 11,620 11,527 11,086
EBITDA / Total revenues 23.0% 21.4% 19.6% 20.0% 19.1%
EBIT 1,125 941 (755) 784 328
Profit before Tax (6,299) (690) (2,829) (2,517) (9,617)
Net Income (6,227) (4,174) (4,942) (4,982) (10,941)
Capex 6,875 7,240 18,085 10,903 10,359
Operating Free Cash Flow 5,251 5,075 (6,465) 624 727
Cumulative Investments 573,154 595,185 694,966 675,905 661,498
Note: During the current financial year, Bharti Airtel had divested 2 country telecom operations (Burkina Faso & Sierra Leone) in Africa. For the above table,
financials and operational parameters have been shown for remaining 15 countries and the historical periods have been re-instated to make them
comparable.

In INR: Amount in Rs Mn, except ratios

Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Total revenues 53,048 62,493 64,511 62,506 62,721

Net revenue 44,363 52,758 54,170 52,533 52,719
EBITDA 12,247 13,998 14,233 13,287 12,695
EBITDA / Total revenues 23.1% 22.4% 22.1% 21.3% 20.2%
EBIT 1,103 1,975 986 1,947 1,216
Profit before Tax (6,158) (2,472) (1,238) (1,300) (9,590)
Net Income (6,099) (5,204) (3,839) (4,870) (11,027)
Capex 6,781 7,504 18,668 12,099 10,665
Operating Free Cash Flow 5,466 6,495 (4,435) 1,188 2,030
Cumulative Investments 573,037 617,751 758,254 736,614 718,613
Note: Above table reflects the INR reported numbers.

In USD: (15 Countries) Amount in US$ Mn, except ratios

Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Total revenues 785 863 876 877 896

Net revenue 657 723 730 732 749
EBITDA 181 184 172 175 170
EBITDA / Total revenues 23.0% 21.3% 19.6% 19.9% 19.0%
EBIT 17 14 (11) 12 5
Profit before Tax (93) (11) (42) (38) (149)
Net Income (92) (63) (73) (76) (169)
Capex 102 108 267 166 160
Operating Free Cash Flow 78 76 (95) 9 11
Cumulative Investments 8,604 8,814 10,489 10,210 10,062

Page 8 of 17
Note: During the current financial year, Bharti Airtel had divested 2 country telecom operations (Burkina Faso & Sierra Leone) in Africa. For the above table,
financials and operational parameters have been shown for remaining 15 countries and the historical periods have been re-instated to make them
comparable.

Page 9 of 17
In USD: Amount in US$ Mn, except ratios
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Total revenues 790 936 953 949 967

Net revenue 661 790 801 798 813
EBITDA 182 209 210 202 195
EBITDA / Total revenues 23.1% 22.4% 22.0% 21.2% 20.2%
EBIT 16 29 14 29 18
Profit before Tax (91) (37) (19) (20) (148)
Net Income (91) (78) (57) (74) (170)
Capex 102 112 276 184 162
Operating Free Cash Flow 80 97 (66) 18 33
Cumulative Investments 8,604 9,149 11,444 11,127 10,931
Note: Above table reflects the USD reported numbers.

In USD: Constant Currency (15 Countries) Amount in US$ Mn, except ratios
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Total revenues 898 864 872 871 866

Net revenue 739 723 727 727 722
EBITDA 211 185 171 174 163
EBITDA / Total revenues 23.5% 21.4% 19.6% 20.0% 18.9%
EBIT 28 15 (11) 12 2
Profit before Tax (14) (22) (44) (30) (40)
Capex 102 108 267 166 160
Operating Free Cash Flow 108 77 (96) 8 4
Cumulative Investments 8,604 8,814 10,489 10,210 10,062
Note: Above nos in 1st Mar'16 closing constant currency except Capex, OFCF & Cumulative Investments.
Note: During the current financial year, Bharti Airtel had divested 2 country telecom operations (Burkina Faso & Sierra Leone) in Africa. For the above table,
financials and operational parameters have been shown for remaining 15 countries and the historical periods have been re-instated to make them
comparable.

In USD: Constant Currency Amount in US$ Mn, except ratios

Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Total revenues 904 935 949 945 937

Net revenue 745 788 797 794 786
EBITDA 213 210 209 201 189
EBITDA / Total revenues 23.6% 22.4% 22.0% 21.3% 20.1%
EBIT 27 30 14 30 16
Profit before Tax (15) (11) (23) (16) (29)
Capex 102 112 276 184 162
Operating Free Cash Flow 111 97 (67) 17 27
Cumulative Investments 8,604 9,149 11,444 11,127 10,931
Note: Above nos in 1st Mar'16 closing constant currency except Capex, OFCF & Cumulative Investments.
Note : Above table reflects the USD reported numbers translated to constant currency.

Page 10 of 17
INDEX

5.0 Schedules to Financial Statements

5.1 India

5.1.1 Operating Expenses

Amount in Rs Mn
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Access charges 22,401 19,769 18,963 19,658 20,678

20,690 21,374 20,910 19,293 19,155

Licence fees, revenue share & spectrum charges
Network operations costs 41,313 41,170 39,416 39,428 38,285
Cost of good sold 385 401 751 734 918
Employee costs 6,184 5,863 6,617 5,928 5,951
Selling, general and adminstration expense 19,393 21,519 20,132 20,685 19,785
Operating Expenses 110,365 110,096 106,789 105,725 104,771

5.1.2 Depreciation and Amortisation

Amount in Rs Mn
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Depreciation 25,953 26,257 24,376 23,053 22,927

Amortization 10,998 10,606 9,189 7,682 6,645
Depreciation and Amortisation 36,951 36,863 33,565 30,735 29,572

5.1.3 Income Tax

Amount in Rs Mn
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Current tax expense 10,055 7,807 7,648 7,480 7,663

Deferred tax expense / (income) (83) 1,154 147 1,972 2,761
Dividend distribution tax (DDT) 482 468 517 480 461
Income tax expense 10,453 9,429 8,311 9,932 10,885

5.2 South Asia

5.2.1 Operating Expenses

Amount in Rs Mn
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
Access charges 644 657 718 764 681

419 420 436 529 402

Licence fees, revenue share & spectrum charges
Network operations costs 1,460 1,470 1,433 1,465 1,339
Cost of good sold 29 17 7 37 41
Employee costs 324 350 339 329 344
Selling, general and adminstration expense 1,084 1,254 1,168 1,382 1,481
Operating Expenses 3,960 4,169 4,100 4,506 4,287

5.2.2 Depreciation and Amortisation

Amount in Rs Mn
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
Depreciation 1,217 1,290 1,109 1,232 1,107
Amortization 264 264 264 266 263
Depreciation and Amortisation 1,481 1,554 1,372 1,497 1,370

Page 11 of 17
5.3 Africa

5.3.1 Operating Expenses (In Constant Currency) - (15 Countries)

Amount in US$ Mn
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
Access charges 151 133 135 134 135

47 49 50 51 51
Licence fees, revenue share & spectrum charges
Network operations costs 189 202 184 181 188
Cost of good sold 8 9 11 11 9
Employee costs 75 76 84 91 94
Selling, general and adminstration expense 217 210 236 230 223
Operating Expenses 686 679 700 697 701
Note: During the current financial year, Bharti Airtel had divested 2 country telecom operations (Burkina Faso & Sierra Leone) in Africa. For the above table,
financials and operational parameters have been shown for remaining 15 countries and the historical periods have been re-instated to make them comparable.

Operating Expenses (In Constant Currency)

Amount in US$ Mn
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
Access charges 152 138 141 140 141

48 54 54 55 55
Licence fees, revenue share & spectrum charges
Network operations costs 190 214 192 193 201
Cost of good sold 8 9 11 11 10
Employee costs 75 81 88 97 100
Selling, general and adminstration expense 218 229 252 247 240
Operating Expenses 690 725 739 743 747
Note : Above table reflects the USD reported numbers translated to constant currency.

5.3.2 Depreciation and Amortisation (In Constant Currency) - (15 Countries)

Amount in US$ Mn
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
Depreciation 148 136 149 129 128
Amortization 35 34 33 32 34
Depreciation and Amortisation 183 170 182 161 161
Note: During the current financial year, Bharti Airtel had divested 2 country telecom operations (Burkina Faso & Sierra Leone) in Africa. For the above table,
financials and operational parameters have been shown for remaining 15 countries and the historical periods have been re-instated to make them comparable.

Depreciation and Amortisation (In Constant Currency) - (17 Countries)

Amount in US$ Mn
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
Depreciation 149 143 159 136 137
Amortization 37 36 35 34 36
Depreciation and Amortisation 186 179 195 170 173
Note : Above table reflects the USD reported numbers translated to constant currency.

5.3.3 Income Tax - (15 Countries)

Amount in US$ Mn
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
Current tax expense (5) 18 24 45 13
Withholding taxes (WHT) 9 9 8 8 7
Deferred tax expense / (income) 19 30 8 (6) 20
Income tax expense 23 57 39 46 40
Note: During the current financial year, Bharti Airtel had divested 2 country telecom operations (Burkina Faso & Sierra Leone) in Africa. For the above table,
financials and operational parameters have been shown for remaining 15 countries and the historical periods have been re-instated to make them comparable.

Income Tax - (17 Countries)

Amount in US$ Mn
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
Current tax expense (6) 16 31 50 15
Withholding taxes (WHT) 9 9 8 8 7
Deferred tax expense / (income) 19 21 8 5 20
Income tax expense 23 46 46 63 42
Note: Above table reflects the USD reported numbers.

Page 12 of 17
5.4 Schedule of Consolidated Net Debt

In INR Amount in Rs Mn
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
Long term debt, net of current portion 474,252 494,182 523,564 506,808 524,144
Short-term borrowings and current portion of long-
term debt 76,406 99,189 81,665 80,008 132,936
Deferred payment liability 378,648 369,613 341,424 301,588 202,278
Less:
Cash and Cash Equivalents 21,677 20,477 37,087 21,339 21,637
Restricted Cash 2,340 2,247 2,577 2,953 2,567
Investments & Receivables1 90,486 105,345 71,883 79,597 131,257
Net Debt 814,803 834,915 835,106 784,515 703,896
Note: Investment & Receivables include interest bearing notes and Tower CO sale proceeds receivables.

In USD Amount in US$ Mn

Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
Long term debt, net of current portion 7,119 7,319 7,902 7,655 7,973
Short-term borrowings and current portion of long-
term debt 1,147 1,469 1,233 1,209 2,022
Deferred payment liability 5,684 5,474 5,153 4,556 3,077
Less:
Cash and Cash Equivalents 325 303 560 322 329
Restricted Cash 35 33 39 45 39
Investments & Receivables1 1,358 1,560 1,085 1,202 1,997
Net Debt 12,232 12,365 12,604 11,850 10,707
Note: Investment & Receivables include interest bearing notes and Tower CO sale proceeds receivables.

5.5 Schedule of Consolidated Finance Cost

Amount in Rs Mn
Quarter Ended
Particulars
Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
Interest on borrowings & Finance charges 18,135 17,215 15,905 13,499 13,012
Interest on Finance Lease Obligation 1,284 1,458 1,447 1,332 999
Derivatives and exchange fluctuation 3,023 3,093 1,771 570 8,219
Investment Income (3,386) (2,367) (2,112) (1,235) (3,478)
Finance cost (net) 19,057 19,399 17,010 14,166 18,753

Page 13 of 17
INDEX 1000

6.1 Operational Performance - INDIA

Parameters Unit Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Total Customers Base 000's 276,143 271,615 266,626 257,993 249,311

Mobile Services
Customer Base 000's 259,941 255,735 251,237 243,289 235,212
VLR % 97.4% 97.5% 97.0% 96.0% 96.2%
Net Additions 000's 4,206 4,497 7,948 8,078 4,550
Pre-Paid (as % of total Customer Base) % 93.7% 93.9% 94.0% 94.1% 94.2%
Monthly Churn % 3.7% 3.6% 3.3% 3.4% 3.5%

Average Revenue Per User (ARPU) Rs 188 196 194 192 193
Average Revenue Per User (ARPU) US 2.8 2.9 2.9 2.9 3.0
Revenue per site per month Rs 306,055 318,741 314,570 305,630 301,435

Voice
Total Revenues Rs Mn 147,352 150,526 146,525 139,750 136,556
Mobile Services Rs Mn 145,065 148,765 144,043 137,850 134,350
Others Rs Mn 2,287 1,760 2,482 1,900 2,206

Voice
Minutes on the network Mn 313,403 314,831 307,988 290,459 282,138
Voice Average Revenue Per User (ARPU) Rs 132 139 138 137 140
Voice Usage per customer min 406 414 415 405 404
Voice Realization per minute paisa 32.42 33.49 33.25 33.75 34.58

Non Voice Revenue

% of Mobile revenues % 30.0% 29.1% 28.9% 28.9% 27.4%

Of Which
Messaging & VAS as % of Mobile revenues % 4.9% 5.0% 5.2% 5.3% 5.4%
Data as % of Mobile revenues % 24.7% 23.7% 23.3% 23.1% 21.5%
Others as % of Mobile revenues % 0.4% 0.4% 0.4% 0.5% 0.4%

Data
Data Customer Base 000's 62,659 58,903 58,216 54,860 51,013
Of which Mobile Broadband costumers 000's 41,335 36,572 35,460 30,881 25,484
As % of customer base % 24.1% 23.0% 23.2% 22.5% 21.7%
Total MBs on the network Mn MBs 178,125 158,035 146,768 133,946 114,960
Data Average Revenue Per User (ARPU) Rs 201 202 196 200 193
Data Usage per customer MBs 1,000 904 859 843 765
Data Realization per MB paisa 20.08 22.31 22.87 23.77 25.17

Homes Services
Homes Customers 000's 2,083 2,020 1,949 1,874 1,790
Of which no. of Broadband (DSL) customers 000's 1,897 1,811 1,731 1,646 1,552
As % of Customer Base % 91.1% 89.7% 88.8% 87.8% 86.7%
Net Additions 000's 64 70 76 83 83
Average Revenue Per User (ARPU) Rs 1,143 1,118 1,148 1,153 1,173
Average Revenue Per User (ARPU) US 17.0 16.7 17.0 17.5 18.1
Non Voice Revenue as % of Homes Revenues % 86.7% 88.4% 86.5% 86.2% 84.8%

Digital TV Services
Digital TV Customers 000's 12,405 12,149 11,725 11,106 10,576
Net additions 000's 256 424 619 530 164
Average Revenue Per User (ARPU) Rs 232 233 229 229 224
Average Revenue Per User (ARPU) US 3.5 3.5 3.4 3.5 3.5
Monthly Churn % 1.2% 0.8% 0.8% 0.7% 1.3%

Airtel Business
Airtel Business Customer 000's 1,714 1,712 1,714 1,724 1,733

Minutes & Network Statistics

Parameters Unit Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Mobile Services Mn Min 313,403 314,831 307,988 290,459 282,138
Homes Services Mn Min 3,128 2,823 2,542 2,195 1,953
Airtel Business Mn Min 3,002 3,190 3,139 3,070 3,304
National Long Distance Services Mn Min 34,226 33,552 33,345 31,780 31,428
International Long Distance Services Mn Min 5,193 5,695 4,622 4,657 4,623
Total Minutes on Network (Gross) Mn Min 358,952 360,092 351,637 332,160 323,446
Eliminations Mn Min (34,258) (33,573) (33,354) (31,896) (31,545)

Page 14 of 17
Total Minutes on Network (Net) Mn Min 324,694 326,518 318,283 300,264 291,902

Page 15 of 17
Parameters Unit Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
Mobile Services
Census Towns Nos 7,889 7,885 7,885 7,884 5,138
Non-Census Towns & Villages Nos 781,679 781,484 779,919 778,725 525,456
Population Coverage % 95.1% 95.1% 95.6% 95.0% 94.2%
Optic Fibre Network R kms 218,799 214,031 210,155 205,901 201,953
Network towers Nos 158,934 157,055 154,097 151,200 149,518
Of which Mobile Broadband towers Nos 110,382 108,015 105,465 88,376 70,178
Total Mobile Broadband Base stations Nos 148,078 0 137,567 0 118,197 0 99,297 0 80,432 0
Homes Services - Cities covered Nos 87 0 87 0 87 0 87 0 87 0
Airtel Business - Submarine Cable System Nos 7 7 7 7 7
Digital TV Services
Districts Covered Nos 639 639 639 639 639
Coverage % 100% 100% 100% 100% 100%

Bharti Infratel Standalone

Parameters Unit Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
Total Towers No. 38,832 38,642 38,458 38,206 37,801
Total Co-locations No. 83,085 81,908 81,632 80,366 78,949
Key Indicators
Sharing Revenue per sharing operator per month Rs. 37,868 37,698 37,622 37,272 37,195
Average Sharing Factor Times 2.13 2.12 2.11 2.10 2.08

Indus Towers
Parameters Unit Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
Total Towers No. 121,330 120,739 119,881 118,687 117,579
Total Co-locations No. 275,499 272,603 270,006 265,606 261,159
Average Sharing Factor Times 2.26 2.26 2.25 2.23 2.21

Bharti Infratel Consolidated

Parameters Unit Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
Total Towers No. 89,791 89,352 88,808 88,055 87,184
Total Co-locations No. 198,795 196,401 195,035 191,921 188,636
Average Sharing Factor Times 2.21 2.20 2.19 2.17 2.15

6.2 Operational Performance - South Asia

Parameters Unit Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Customer Base 000's 8,800 9,245 10,238 10,792 9,852
VLR % 96.5% 97.0% 90.4% 84.9% 85.4%
Net Additions 000's (444) (994) (554) 940 833
Pre-Paid (as % of total Customer Base) % 97.7% 97.8% 98.0% 98.2% 98.1%
Monthly Churn % 4.1% 6.4% 4.4% 3.9% 3.9%
Average Revenue Per User (ARPU) Rs 156 136 140 134 142
Revenue per site per month Rs 196,104 194,887 206,760 195,945 193,413

Voice
Minutes on the network Mn 8,819 9,427 10,102 10,066 9,480
Voice Average Revenue Per User (ARPU) Rs 105 97 101 101 108
Voice Usage per customer min 329 310 321 326 334
Voice Realization per minute paisa 32.01 31.21 31.48 30.85 32.25

Non Voice Revenue

% of Mobile revenues % 32.3% 29.0% 27.5% 24.9% 24.4%
Of Which
Messaging & VAS as % of Mobile revenues % 6.8% 6.2% 6.1% 5.5% 5.8%
Data as % of Mobile revenues % 21.5% 19.0% 17.9% 16.6% 16.0%
Others as % of Mobile revenues % 4.0% 3.8% 3.6% 2.8% 2.6%

Data
Data Customer Base 000's 2,742 2,749 2,941 2,957 2,885
As % of Customer Base % 31.2% 29.7% 28.7% 27.4% 29.3%
Total MBs on the network Mn MBs 9,075 8,189 7,704 7,258 6,254
Data Average Revenue Per User (ARPU) Rs 108 89 87 78 79
Data Usage per customer MBs 1,097 926 858 828 768
Data Realization per MB paisa 9.87 9.61 10.19 9.46 10.34

Parameters Unit Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Sites on Network Nos 7,085 7,089 7,083 7,065 7,003

Of which no. of 3G sites Nos 4,177 4,147 4,115 4,050 3,766

Page 16 of 17
6.3 Operational Performance - AFRICA (15 Countries)

Parameters Unit Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Customer Base 000's 78,145 75,769 74,675 76,346 75,436
VLR % 81.2% 81.8% 84.7% 82.3% 80.8%
Net Additions 000's 2,377 1,093 (1,670) 910 2,819
Pre-Paid (as % of total Customer Base) % 99.2% 99.2% 99.2% 99.3% 99.4%
Monthly Churn % 5.3% 4.9% 6.8% 6.0% 5.7%
Average Revenue Per User (ARPU) US 3.9 3.8 3.9 3.8 3.9
Revenue per site per month US 15,083 14,706 15,114 15,440 15,620

Voice
Minutes on the network Mn 36,570 34,191 33,771 32,610 33,488
Voice Average Revenue Per User (ARPU) US 2.7 2.6 2.7 2.8 2.8
Voice Usage per customer min 159 152 149 144 151
Voice Realization per minute US¢ 1.72 1.74 1.81 1.93 1.88

Non Voice Revenue

% of Mobile revenues % 29.7% 31.3% 29.8% 27.8% 27.4%
Of Which
Messaging & VAS as % of Mobile revenues % 10.3% 10.4% 10.0% 9.7% 9.9%
Data as % of Mobile revenues % 16.3% 16.8% 15.7% 14.2% 13.6%
Others as % of Mobile revenues % 3.1% 4.1% 4.0% 3.8% 3.9%

Data
Data Customer Base 000's 18,071 16,225 15,138 14,800 13,663
As % of Customer Base % 23.1% 21.4% 20.3% 19.4% 18.1%
Total MBs on the network Mn MBs 34,269 27,655 22,787 19,254 15,805
Data Average Revenue Per User (ARPU) US 2.9 3.1 3.1 2.9 3.0
Data Usage per customer MBs 670 591 509 454 405
Data Realization per MB US¢ 0.43 0.53 0.60 0.64 0.74

Parameters Unit Sep-16 Jun-16 Mar-16 Dec-15 Sep-15

Sites on Network Nos 19,866 19,551 19,254 18,777 18,396

Of which no. of 3G sites Nos 13,280 13,058 12,741 11,907 11,143

Note: During the current financial year, Bharti Airtel had divested 2 country telecom operations (Burkina Faso & Sierra Leone) in Africa. For the above table, financials and operational
parameters have been shown for remaining 15 countries and the historical periods have been re-instated to make them comparable.

Page 17 of 17