Bharti Airtel Limited (“Bharti Airtel” or “the Company”) today announced its audited consolidated IFRS results for the fourth quarter and full year ended March 31, 2011.
Highlights for the fourth quarter ended March 31, 2011• Overall customer base stands at 220.9 million, across 19 countries• Total minutes on network at 240.2 billion; up by 6{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} (13 billion) over Q3 FY11• Total revenues at ` 16,265 crore, up by 51.3{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} Y-o-Y• Consolidated EBITDA of ` 5,450 crore, up by 33.5{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} Y-o-Y• India & South Asia revenue growth at 12.7{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} Y-o-Y• Africa revenues at $ 924 million; continues growth trend with improvement in marginsHighlights for the full year ended March 31, 2011• Successful African acquisition and integration of operations• Successful launch of the new airtel brand across 19 countries• Total revenues at ` 59,467 crore, up by 42.1{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} Y-o-Y• India & South Asia revenue growth accelerates at 11.0{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} Y-o-Y. Full year revenue crosses $ 10 billion
The consolidated total revenues for the fourth quarter ended March 31, 2011 of ` 16,265 crore grew by 51.3{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} over last year. Africa continued its upward trend with revenues of $ 924 million (Q3 FY11: $ 911 million). India & South Asia sustained double digit revenue growth (Y-o-Y 12.7{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3}). Consolidated EBITDA margin for the quarter at 33.5{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} improved from 31.6{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} in Q3 FY11. The net income for Q4 FY 11 was at ` 1,401 crore, improved by 7.5{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} from ` 1,303 crore in Q3 FY11.
The consolidated total revenues for the full year ended March 31, 2011 of ` 59,467 crore grew by 42.1{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} Y-o-Y lifted by the African operations. India and South Asia revenues grew by 11.0{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} in an intensely competitive market.
The consolidated EBITDA margin for the year was at 33.6{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} declined by 6.5{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} over the previous year. This is equally attributable to pricing pressure in India and South Asia and the lower margins in African operations acquired during the year. The net income at ` 6,047 crore declined by 32.6{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} from ` 8,977 crore in the previous year due to increase in net interest outgo (` 1,480 crore), forex restatement losses (` 683 crore), re-branding expenses (` 340 crore) and increase in spectrum charges in India (` 265 crore). The Consolidated Operating Free Cash Flow for the full year was healthy at ` 5,704 crore ($ 1.3 billion). The Net Debt – Equity ratio as at March 31, 2011 stands at 1.23 and Net Debt – EBITDA ratio is 2.83.
In a statement, Mr. Sunil Bharti Mittal, Chairman & Managing Director, Bharti Airtel Limited, said “Bharti Airtel exhibited strong performance this year. The new airtel brand has been a tremendous success in all our 19 countries. In India, we have been focusing on building a robust 3G network to meet the increasing data needs of a young population. In Africa, we are rapidly expanding our network coverage, improving distribution width and increasing our efficiency and productivity standards.”
