Bharti Airtel Limited (“Bharti Airtel” or “the Company”) today announced its audited consolidated IFRS results for the first quarter ended June 30, 2011.
The consolidated total revenues for the first quarter ended June 30, 2011 of `16,975 crore grew by 38.6{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} over last year. Africa continued its upward trend with revenues of $979 million (Q4 FY11: $924 million), a growth of 6{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} over last quarter. India & South Asia sustained double digit revenue growth (Y-o-Y 11.9{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3}), while sequential revenue growth was 4{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3}. Consolidated EBITDA margin was maintained at 33.6{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3}.
Highlights for the first quarter ended June 30, 2011
- Overall customer base stands at 230.8 million, across 19 countries
- Total minutes on network at 252 billion, up by 5{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} (11.7 billion) over Q4 FY11
- Total revenues at `16,975 crore, up by 38.6{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} Y-o-Y
- Consolidated EBITDA of `5,706 crore, up by 28.3{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} Y-o-Y
- India & South Asia revenues at `12,631 crore, up by 11.9{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} Y-o-Y
- Africa revenues at $979 million, up by 6{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3} over Q4 FY11
The income before taxes for Q1 FY12 came in at `1,719 crore (Q1 FY11: `2,072 crore). On a Y-o-Y basis the income before taxes dropped mainly on account of: higher interest outgo (`344 crore) caused by the Africa acquisition and 3G investments in India, and 3G license fee amortization (`159 crore). The effective tax rate for Q1 increased to 29.9{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3}, mainly due to reduction in tax holiday benefits in India. Consequently, net income for the quarter came in at `1,215 crore (Q1 FY11: `1,682 crore).
The Consolidated Operating Free Cash Flow for the first three months was at `1,357 crore ($304 million). Continued robust cash generation has resulted in improvement of the Net Debt – Equity ratio to 1.20 (1.38 as on June 30, 2010) and Net Debt – EBITDA ratio to 2.77 (2.86 as on June 30, 2010).
In a statement, Mr. Sunil Bharti Mittal, Chairman & Managing Director, Bharti Airtel Limited, said “Bharti Airtel has started this fiscal year on a stable note. Revenue growth has been steady across all geographies, with Africa recording a healthy sequential growth of approximately 6{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3}, and annual growth of 21{af589cdba9d77786c8c861317dbad60bba1e2ebbf56e2ffab874a1b59fde9ce3}. In India, the Company’s efforts in the area of cost efficiencies have helped arrest the margin decline. The new customer facing organization in India will see more agile and responsive teams in action. This will also give a fillip to growth in value added services, broadband, digital TV and airtel money. Overall, 2011-12 promises to be an exciting year of transformation”.
