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3G/HSPA

Bharti Airtel Profits Up on Data, Customer Growth

NEW DELHI, India -- Bharti Airtel Limited (“Bharti Airtel” or “the Company”) today announced its audited consolidated IFRS results for the fourth quarter and the full year ended March 31, 2015.

Q4 Performance:
The consolidated revenues for Q4’15 at Rs 23,016 crore grew by 3.6% over the corresponding quarter last year. Consolidated Mobile data revenues at Rs 3,085 crore grew by 59.1% Y-o-Y, uplifted by higher data usage and robust customer growth.

India revenues registered a growth of 11.8% Y-o-Y across segments, led by 11.0% in Mobile, 10.2% in Telemedia and 17.2% in Digital TV. Mobile Data revenue at Rs 2,324 crore registered a growth of 70.4% Y-o- Y in India, uplifted by increase in usage per customer by 41.2% and Data customer base by 30.3%. Data ARPU has moved up by Rs 43 to Rs 176 in Q4’15. Mobile Data revenues contribute to 17.6% of Mobile India revenues vis-à-vis 11.5% in the corresponding quarter last year.

Africa revenues grew by 3.4% Y-o-Y in constant currency terms, but the reported revenues were down by 12.6% due to significant currency movements in last 12 months. Reported data revenues stood at $ 115 Mn with growth of 55.4% Y-o-Y in constant currency terms, led by increase in Data customer base by 36.2% and higher usage per customer by 34.5%. Data revenues contribute to 11.5% of overall Africa revenues vis-à-vis 7.7% in the corresponding quarter last year.

Consolidated EBITDA at Rs 8,051 crore grew by 10.0% Y-o-Y with EBITDA margin expanding by 2.0% to 35.0%, driven by India’s margin expansion by 3.8% Y-o-Y. The resultant consolidated EBIT of Rs 4,272 crore represents a Y-o-Y growth of 26.6%, with EBIT margin improving by 3.4%. The improved operational efficiency has resulted in the Consolidated Net Income growing by 30.5% Y-o-Y to Rs 1,255 crore.

Full Year Performance:
Annual consolidated revenues at Rs 92,039 crore grew by 7.3% over the previous year, led by robust top line growth in India. Africa Net revenues, which are a more apt comparison due to MTC changes, grew at 7.5% Y- o-Y in constant currency terms. Full year consolidated EBITDA at Rs 31,452 crore reflects an EBITDA margin of 34.2%, an improvement of 1.7% over the previous year. EBIT at Rs 15,857 crore increased by 30.0%, with margin improving by 3.0%. Net Income for the year grew by 86.9% to Rs 5,183 crore despite higher forex losses of Rs 2,153 crore (PY: Rs 1,242 crore). The company’s consolidated net debt as on March 31, 2015 was $ 10,679 Mn (PY: $ 10,074 Mn) with an improvement in the Net Debt to EBITDA ratio (LTM) to 2.08 times (PY:2.19). Excluding the deferred payment liabilities to the DOT, the Net Debt as on 31st March, 2015 stands at $ 8,392 Mn.

Bharti Airtel Ltd. (Mumbai: BHARTIARTL)

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