Investor presentation

Bharti Airtel
Management Presentation – Feb 2016
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Certain numbers in this presentation have been rounded off for ease of representation
Investor Relations :- http://www.airtel.in
For any queries, write to: ir@bharti.in
2
Agenda
•
Introduction to Bharti Airtel
•
Industry Themes
•
Bharti Airtel: Growth Opportunities
•
Key Performance Indicators
•
Other Businesses
•
Financial Overview
•
Leadership
3
BHARTI AIRTEL:
WHO WE ARE
Bharti Airtel
2.02 bn
Addressable
Population 4
Present in
20 Countries
US$14.8 bn
Revenue 3
#1 Operator
In India 1
#2 Operator
In Africa 5
#3 Operator
in the World 1
35.2% EBITDA
margins3
Source: TRAI and Informa Telecoms and Media
Notes:
1.
As of Mar 31, 2015
2.
Based on proportionate equity subscriptions with data from Informa Telecoms and Media. In-country wireless operator refers to single country subscribers
3.
TTM Revenue, as on Dec 31 2015
4.
Combined population for the regions in which Airtel has a footprint
5
5.
As measured by proportionate equity subscription in a single country, according to 2014 Informa Telecoms and Media
Journey Through The Times
Start up (1995 - 2000)
1998
First
launched
in Delhi
and HP
2004
Pan India
footprint;
India’s
largest
telco
Multiple Plays (2011 onwards)
Land Grab (2001 - 2010)
2008
Launch
direct to
home
services
(DTH)
2010
Acquired
Zain;
Present in
over 20
countries
2010
New
brand
launch
2011
3G
services
launched
2012
Launch of
Airtel
Money in
India
2013
First
operator
to launch
4G in
India
2014
#3
operator
in the
world Crossed
300 million
customers
2015
Pan India
data
operator
with 4G
across
334 towns
and 3G in
21 of 22
circles
300
million
customers
Source: Company Filings
6
Global Services Portfolio
Mobile Services across 20 countries
•
•
•
•
336 mn1 wireless subscribers globally
Over 1.35 trillion minutes of calls (TTM)
Over 448 petabytes of data over the last year
Over 178,000 base station sites
Airtel Business (Large enterprises and carriers)
• Over 225,000 Rkms1 across 50 countries, 5 continents
350 million customers
Telemedia Services (Fixed Line & Broadband)
TTM Revenue: $14.8 bn3
• 3.6 mn1 broadband & internet customers
• Services provided across 87 cities
Airtel Business, 7%
Tower Infra, 5%
Telemedia, 5%
Digital TV, 3%
Tower Infrastructure Services
• Bharti Infratel – 38,206 towers1 across 11 circles
• 42% stake in Indus Tower which has 118,687 towers1
across 15 circles
• Current market cap: US$12.3 bn2
India Wireless, 53%
Africa, 25%
SA, 2%
Digital TV
Uniquely positioned with strong asset base
• Pan India DTH, 11.1 mn1 subscribers – top 3 player
• Coverage across 639 districts1
Five key businesses creating an end-to-end
global telecom company
Source: TRAI and Informa Telecoms and Media
1. Bharti Airtel Quarterly Report for quarter ending Dec 31, 2015
2. Market Cap data as on Dec 31, 2015, closing exchange USD/INR rate = 66.2
3. Revenue pie chart based on pre inter-segment eliminations
7
Scale and Profitability across Diversified Segments
9M FY16
Segment Wise Contribution to EBITDA (9MFY16)
62%
Revenue
$11.1 bn
EBITDA
$3.9 bn
EBIT
$1.9 bn
Capex
15%
8%
5%
6%
3%
Tower Infra
Airtel
business
Telemedia
Digital TV
$2.2 bn
Interest & Taxes
$1.0 bn
FCF
$0.7 bn
Enterprise Value
$33.3 bn
India & SA
Wireless
Africa
Wireless
Segment Wise EBITDA Margins (3QFY16)
47.4%
46.4%
40.6%
33.3%
International Operations contributed 26% of
9MFY16 revenues
Diversified suite of offerings
with non-wireless segments contributing 22% to
operating profit (9MFY16)
24.3%
22.9%
India
Wireless
Africa
Wireless*
Tower Infra
Source: Company Filings (NSE, BSE)
Note:
1.
Segment wise contribution to EBITDA bar graph based on pre inter-segment eliminations
*Africa Wireless EBITDA ex tower divestment impact
Airtel
business
Telemedia
Digital TV
8
WELL POSITIONED
IN KEY GROWTH
MARKETS
Present in Growth Markets
53 million new mobile subscriptions globally
Central and Eastern Europe, 5
Growth markets
contribute over
half of new subs
Middle East, 1
Western Europe, 0.25
India, 12
Noarth America, 5
- India
- Bangladesh
- Sri Lanka
- 17 in Africa
Latin America, 1
in millions
APAC (ex China and India), 10
Africa, 20
Source: Ericsson, as of June 2015
Note 1: As of Quarter ended Jun 2015, revenue growth on constant currency basis
10
… And Under-Penetrated Geographies
Airtel’s span: 1
Over 243.3 million customers in India
Over 82.1 million in Africa
Over 10.8 million in South Asia (Sri Lanka and Bangladesh)
Source: Ericsson, as of June 2015
Notes:
1.
Company filings, as of Quarter ended Dec 2015
11
India: Industry Consolidation Underway Through
Revenue Shares
8 Operators
14 Operators
10 Operators
• Industry consolidation via market share
gains, with top 3 now accounting for
over 71% of the industry revenues
• Exits by many operators post Feb 2012
SC verdict (122 licenses cancelled),
many rationalized their footprints
• Spectrum auctions fortified
consolidation story
Market share
Industry wide focus on improving operational and financial health
Source: As per company’s reported numbers
12
Africa: Then and Now
2010
2015
Invested for
Growth in Africa
13 of 44
Triggers To Bolster Data Uptake
Median Age Projected in 2020 (years) 1
Smartphone penetration, India (million) 2
30.5
27.9
19.4
World
India
Africa
Source:
1.
UN Statistics; Euromonitor
2.
Ericsson Mobility Report 2015
17.8
Nigeria
14
Major Momentum for Data Growth
Mobile Subscriptions, India (million) 1
Driving 2G to 3G Growth 2
India is expected to have one of the fastest growth rates in the data segment driven by low cost mobile
handsets and new technologies (3G/4G)
Notes:
1.
Ericsson Mobility Report 2015
2.
Nokia MBiT 2015
15
AIRTEL: GROWTH
OPPORTUNITIES
Investment Highlights
1
Diversified operator with dominant position in marketplace
2
Large residual opportunity with bulk investments in place
3
Growth Strategy: Voice Secularity, Mobile Data and New Services
4
Focus on customer stickiness with increasing postpaid share
5
Focus on generating efficient utilization on operating and capital expenditures
17
1
The Leading Indian Wireless Operator
24% Wireless Subscriber Market Share1
31.3% Wireless Revenue Market Share2
Aircel, 5.7%
Customer
24%
Market
Share
19%
17%
11%
8%
8%
6%
7%
Others, 3.8%
Tata, 6.8%
238
BSNL + MTNL, 5.2%
189
Airtel, 31.3%
167
RCom, 5.5%
111
85
84
61
68
Idea, 18.5%
Bharti Airtel
Vodafone
Idea
Reliance
Comm
Aircel
BSNL&MTNL
Tata
Others
Vodafone, 23.1%
Airtel has leadership in 18 circles of the total 22 circles (rank 1 or 2) with average
RMS of 35.9% in these circles
Source: TRAI
Notes:
1.
As of Oct 31, 2015
2.
For quarter ended Sep 30, 2015. Calculated on the basis of Gross Revenue for UASL + Mobile + CMTS licenses
18
1
Multiple Plays, Multiple Opportunities
Telemedia:
DTH:
One of four
customers
on Airtel,
DSL ARPU>
Rs 1000
EBIT
positive,
generating
significant
OFCF
Tower Co:
Integrated
Telco
Wireless:
Consolidating
the data
growth,
sharing
factor>2
20 growth
markets
Airtel
Business:
Airtel
Money:
50 countries,
5 continents
Building
Scale
Source: Company Filings
19
2
India: Investments To Yield Results
Nominal
Value of
liberalized
spectrum at
USD 12
billion1
Industry
leading
revenue2
yield/MHz at
2x avg with
same
cost/MHz
Wide
spectrum
presence:
16.1%3
spectrum
market share
Source:
1. Including Qualcomm licenses, excluding administered spectrum
2. Annualized 9M Revenues for FY15, Utilization based on 2G/3G spectrum
3. Ex 20 MHz BWA spectrum holding in 8 circles
Largest
optical fiber
network
amongst
private
players
Prime
spectrum to
yield data
growth:
Virtually Pan
India 3G &
4G
20
2
India: Strong Spectrum Position
Bharti Airtel’s Spectrum Position
Spectrum Holdings

Spectrum across 900/1800/2100/2300 bands, more or
less fungible across technologies

Hold 553.5 MHz (393.45 MHz paired & 160 MHz
unpaired) spectrum
20.2%

During Mar’15 auctions, the company spent ~58% of the
overall spend on acquiring growth spectrum
100.0
23.5%

80.0
18.2%
Only operator with pan India 3G & 4G footprint - widest
broadband footprint in India

Rolled out 3G and 4G services – with over 60,000 BTS
of 3G across 21 out of 22 circles and 4G across 300+
cities
Spectrum
Band
Industry
Spectrum
(MHz)
Industry Spectrum Spectrum held Bharti spectrum
ex BSNL/MTNL
by Bharti
Market Share ex
(MHz)
(MHz)
BSNL/MTNL
900
439.6
295.2
116.4
39.4%
1800
955.3
877.3
177.1
2100
535.0
425.0
2300
660.0
440.0
Bharti Airtel plans to leverage its existing network and superior
spectrum position for data roll-outs
Source: TRAI, Department of Telecom, Company Filings
21
2
India: Incumbent with Growth Opportunity
Penetration
Share
< 60%
60% - 90%
90% +
No 1 Share
No 2 Share
No 3 Share
22
2
Africa: Geographical Opportunity & Performance
Mobile Penetration(%)
Number of Countries
< 60%
8
60% - 90%
6
> 90%
3
Market Position
Number of Countries
#1
8
#2
6
#3
3
Number of
competitors
No. of countries1
<=2
3
>=4
9
6
2
Through organic as well as in-country acquisitions we are #1 or #2 in 14 markets
Source: Company data, CIA World Factbook, World Bank
Note: 1. Only GSMA telecoms considered
23
3
Growth Lever: Voice Secularity
Volume
Growth
Value
Growth
Carries over 1 trillion minutes
Significant gap between realized and rack rates
Secular Volume growth Y-o-Y
1 paisa upside adds $200 mn to top line
Significant headroom for value as well as volume upside on a secular basis
24 of 44
3
Growth Lever: Data Across 2G/3G/4G
Converged opportunity across
technologies
India’s first 4G network
Industry first initiatives –
Infinity Plans, Wynk Music and
Movies
Smartphone Network:
Unique alliances with Flipkart
and Samsung,
Home delivery of Airtel SIM
Data comes at incrementally higher EBITDA margins as compared to voice
25 of 44
3
Largest 3G Network In India
3G sites up 85% YoY 1
Expected Population Coverage Growth 2
160,000
60.0%
140,000
41.8%
120,000
33.3%
100,000
50.0%
51.3%
35.8%
40.0%
29.3%
80,000
30.0%
60,000
20.0%
40,000
20,000
41,850
48,825
52,886
62,447
77,551
10.0%
0.0%
Q3'15
Q4'15
Total sites less 3G
Q1'16
3G sites
Source:
1.
Company filings
2.
Ericsson
Q2'16
Q3'16
% 3G sites
26
3
4G Services Launched
Key to tap into the data opportunity
Launched in 334 cities in India on mobiles, mifi, dongles, home wifis
4G launch Africa in the Seychelles, Gabon, Rwanda
Unmatched value
and seamless
customer experience
• 4G at 3G prices
• Infinity plans: offer
unlimited voice on
mobile along with data
• Flexpage: automated
platform allows users
to track data usage
Innovative
alliances
Mega Airtel 4G brand
campaign
• Unique alliances with
Flipkart and
Samsung
• Airtel Challenge
• Demonstrates superior
internet experience
• Quick transition to
Airtel 4G: SIM
swap/home delivery
of Airtel SIM
27
3
Growth Story: Airtel Money, Wynk, Industry First Initiatives
Airtel Money
• Offered in India and all 17 opcos in Africa
• KPI: Africa (Q3FY16)
• Sub base of 8.9 million (up 1.4x YoY), transaction Value: c$5
billion (up 81% YoY)
Wynk Music,
Video
&Games
• Carrier agnostic music and video apps with a curated library of
1.8 million songs and over 5000 movies & 20,000 other video
content
• Wynk Music: 12 million downloads in just 1 year of launch
One Touch
Internet
• Makes internet discovery easy for first time users
• 53 million page views within 4 months of launch
• Accredited as “Best Mobile Service of the Year for customers” at
GSMA Global Mobile Awards 2015 at Barcelona
28
4
Quality Subscriber Acquisitions
Africa: Churn %
India: Churn %
3.30%
3.50%
2.70%
5.80%
3.40%
2.50%
5.50%
Dec‐14
5.90%
5.80%
Mar‐15
Jun‐15
Sep‐15
• Airtel has industry wide lowest churn at 3.4%
Dec‐15
Dec-14
5.40%
Mar-15
Jun-15
Sep-15
Dec-15
• In Africa, churn decreased from 7% in June 2014 to 5.9%
in Dec 2015
• Led to rationalization of Gross Acquisition Costs driving
INR 10bn savings
Source: As per company’s reported numbers
29
4
Increasing High Value Customers
205
5.9%
5.8%
200
5.9%
195
• Extended Myplan for prepaid customers
5.6%
180
5.4%
5.4%
200
193
170
160
5.7%
5.6%
185
165
• Postpaid Myplan for customers and enterprise
5.8%
190
175
6.0%
176
5.5%
5.4%
181
• Expand company owned retail stores
• Strengthen DTH & Enterprise businesses
5.3%
170
5.2%
5.1%
155
Q3FY15
Q4FY15
Data ARPU
Q1FY16
Q2FY16
Q3FY16
Postpaid customers
Postpaid subscriber base inching up, Data ARPU up 18% YoY
30
5
Focus On Efficient Utilization Of Opex/Capex
,000
240,659
78.90%
77.40%
,000
80.00%
76.20%
74.50%
,000
236,709
85.00%
238,357
75.00%
72.20%
70.00%
,000
65.00%
,000
60.00%
232,171
• Passive Infrastructure sharing
55.00%
,000
,000
• Invested for growth -> yielding results
50.00%
230,155
43.90%
43.00%
43.10%
43.20%
43.30%
,000
• Divestment of towers in Africa underway
45.00%
40.00%
Dec‐14
Mar‐15
Total Revenues
Jun‐15
Capex Productivity
Sep‐15
Dec‐15
Opex to Total Revenues
(INR Mn)
Increasing Operating and Capital expenditure productivity
31
KEY
PERFORMANCE
INDICATORS
India Performance Indicators
Minutes on Network (mn)
Total Subscribers (mn)
9% YoY
290,802
243
12% YoY
235
282,138
231
277,869
226
217
Q3FY15
290,459
267,485
Q4FY15
Q1FY16
Q2FY16
Q3FY16
Q3FY15
Voice Realization per minute (paisa)
37.67
34.93
34.58
33.75
Q1FY16
Q2FY16
Q3FY16
Bharti Airtel’s Data and 3G Base (mn)
50.0
36.22
Q4FY15
40.0
16.9
40%
19.4
41.8%
21.4
43.2%
23.9
46.8%
28.1
51.2%
40.0%
30.0
20.0
10.0
25.3
27.0
28.1
27.1
26.8
Q3FY15
Q4FY15
Q1FY16
Q2FY16
Q3FY16
0.0
Q3FY15
Q4FY15
Q1FY16
Source: Company Filings
Q2FY16
Q3FY16
60.0%
20.0%
0.0%
3G Data subs
2G Data subs
3G subs as % of total data subs
33
India: Significant Upside From ‘Data’
Bharti Airtel’s Non Voice Revenues as a % of
Mobile Revenues 1
Strong Volume Growth
73% YoY
30%
133.9
115.0
25%
102.0
20%
77.3
86.6
15%
10%
5%
0%
Q3FY15
Q4FY15
Q1FY16
Q2FY16
Q3FY16
(bn MBs)
Data Revenue
Other Non Voice Non Data Revenue
Annualized data revenues have surpassed USD 1.9 billion
Source: Company filings
Note:
1.
For Mobile Services India
34
Africa Performance Indicators
Minutes of Usage per sub
Total Subscribers (mn) and Total Minutes (bn)
100.0
31.0
30.4
32.8
34.6
33.7
35.0
140
137
141
145
138
Q3FY15
Q4FY15
Q1FY16
Q2FY16
Q3FY16
30.0
80.0
25.0
60.0
20.0
40.0
76.3
74.6
82.1
80.8
78.3
15.0
10.0
20.0
5.0
0.0
0.0
Q3FY15
Q4FY15
Q1FY16
Subscribers (m)
Q2FY16
Q3FY16
Total Minutes (bn)
MoU per sub. per month
Capex (USDm)
and Number of Sites
ARPU (USD)
400
350
4.6
300
18,819
19,146
19,712
19,330
18,347
18,000
250
4.3
4.3
200
4.3
4.2
150
357
284
16,000
100
50
Q3FY15
Q4FY15
Q1FY16
ARPU (US$)
Q2FY16
Q3FY16
20,000
150
162
184
Q1FY16
Q2FY16
Q3FY16
0
14,000
Q3FY15
Q4FY15
Capex (US$m)
Number of Sites
Source: Company Filings
35
Africa: Data and Mobile Money Are The Stars
Data Customer Base (‘000s)
37% YoY
11,242
12,289
13,039
14,292
Volumes up 112% YoY (Mn MBs)
15,406
16,483
13,843
9,475
Q3FY15
20,049
112% YoY
Q4FY15
Q1FY16
Q2FY16
Q3FY16
3G sites up 33% YoY 1
Q3FY15
11,256
Q4FY15
Q1FY16
Q2FY16
Mobile Money: Transactions Value (USD mn)
4,898
67% YoY
18,347
18,819
19,146
19,330
Q3FY16
19,712
3,762
9,228
10,011
Q3FY15
Q4FY15
Sites
10,722
11,457
Q1FY16
Q2FY16
of which 3G
12,262
Q3FY16
3,325
2,925
2,892
Q3FY15
Q4FY15
Q1FY16
Q2FY16
Q3FY16
36
OTHER
BUSINESSES
Telemedia Services
•
9MFY16: 6% YoY revenue growth, 24% YoY
EBITDA growth
•
Pan-India presence of 90 cities
•
Operates in the entire broadband continuum fixed line voice and high speed broadband
across Homes and Office segments, broadband
(via DSL), IPTV, internet leased line and MPLS
services
•
Key Performance Indicators
–
–
–
Customer base: 3.6 million
Broadband penetration at 48.1% of customer base
Average ARPU of $16.1 per month for quarter
ended Dec 31, 2015
Leading private operator with market share of 13.43%1
Source: Company Filings
Note 1: As of Aug 2015, TRAI report
38
Airtel Business
India’s leading and most trusted provider of ICT services
•
9MFY16: 20% YoY revenue growth, 28% YoY EBITDA
growth
•
Customer base across - enterprises, governments,
carriers and small and medium business.
•
Diverse portfolio of services - voice, data, video, network
integration, data centers, managed services, enterprise
mobility applications and digital media.
•
Strategically located submarine cables and satellite
network - global network running across 225,000 Rkms,
covering 50 countries and 5 continents.
Source: Company Filings
Note:
1.
Post FY09 this segment was reclassified
39
Digital TV Services
•
9MFY16: 16% YoY revenue growth, 55% YoY EBITDA growth
•
First Company in India which provides real integration of all the
three screens viz. television, mobile and computer enabling our
customers to record their favorite TV programs through mobile and
web
•
Launched “Airtel Digital TV” service in October 2008 as fifth operator
providing Direct-to-Home (DTH) services in India
–
–
–
–
–
•
Subscriber base of ~11.1 million subscribers
Lowest industry churn of 0.7%
Present across 639 districts
Offer 430 channels including 22 HD channels and 4 interactive services
Also offers High Definition (HD) Set Top Boxes and Digital TV Recorders
with 3D capabilities delivering superior customer experience
Key Performance Indicators (Q3FY16)
–
Average ARPU of $3.5 per month for quarter ended Dec 31, 2015
40
Tower Infrastructure
•
Holds a 42% stake in Indus Towers, amongst
the largest tower companies in the world,
operating in 15 circles, thereby enabling the
Company to provide leading pan-India passive
infrastructure services
2.23
2.17
120,000
2.1
100,000
88,055
80,000
Towers
9MFY16: 3% YoY revenue growth, 4% YoY
EBITDA growth
60,000
Sharing factor (Tenancy ratio) of ~2.1x per tower
118,687
1.40
20,000
38,206
38,206
Bharti Infratel
Standalone
Bharti Infratel
Consolidated
0
•
•
Bharti Infratel conducted its Initial Public Offering
in December 2012, raising $761m for a 10%
stake
1.20
1.00
Indus
Indus Pro-rata share
Sharing Factor
Current market capitalization of US$12.3 bn1
Bharti Infratel owns 42% stake in Indus Towers
– one of the world’s largest passive infrastructure providers
Source: Company Filings
Note
1
As of Dec 31, 2015
1.80
1.60
49,849
40,000
•
2.00
Sharing Factor (x)
•
41
FINANCIAL
OVERVIEW
Steadily Improving Financials
Consolidated revenues grew 6.6% YoY1
• India
–
–
Broad based revenue growth across mobile, DTH, enterprise segments
Revenues up 11.6% YoY on underlying basis
» Mobile revenues grew 10.1% YoY
» DTH up 19% YoY
» Airtel Business grew 19% YoY
• Africa
–
–
Revenue growth1 4.6% YoY
Airtel Money has 9.5 mn active customers, up 67% YoY, transacting close to $5 bn / quarter
• Strong operating leverage
–
–
EBITDA margin expansion2 of 150 bps YoY
Net Income up2 17.5% YoY
Notes:
1. Adjusted for reduction in termination rates and Africa tower divestments.
2. TTM
43
Steadily Improving Financials (Consolidated) 1
Total Revenues (US$bn)
Cash Flow from Operations (US$bn)
CAGR of 11.5% (INR)
CAGR of 3.6% ($)
14.3
14.1
14.2
FY12
FY13
FY14
15.1
4.7
4.0
4.1
3.6
13.1
FY11
4.0
FY15
Source: Company Filings
Note:
1.
Africa operations consolidated starting from 8th June 2010
FY11
FY12
FY13
FY14
FY15
44
Driving increased Profitability
•
Incremental EBITDA margins at 76% YoY
•
Scale and Profitability across diversified segments
•
•
Among Top 3 in every non-mobile segment (TowerCo, DTH, Telemedia, B2B)
36% of consolidated EBITDA comes from businesses other than India mobility
•
•
22% from India non-mobile businesses
15% from International mobility businesses
•
Robust growth in Indian non-mobility businesses – 19% YoY in Airtel Business and
19% in Digital TV
•
Non wireless segments contribute 24% to operating profit (9M FY16)
•
Africa showing signs of growth with bulk operating investments already in place –
monetization to catalyze transition to FCF neutrality
45
Diversified debt profile; focus on deleveraging
Over last 3 years:
Leverage: Net Debt to EBITDA down from 3x to 2.3x
Average Maturity: Average tenors pushed out from 2 years to 6 years
Diversified debt mix: 100% bank to a mix of bonds, bank, ECA and DoT debt
Currency diversification: 75% USD to a mix of USD (43%), INR (34%), EUR (14%), Rest (8%)
Interest: 100% floating to a balanced mix of fixed and floating
Strategic initiatives undertaken include Airtel QIP, Infratel IPO & further sell down
Deleveraging in Africa via tower sales and divestment of 2 countries to Orange
46
LEADERSHIP
Leadership in Business
Amongst top 100
most valuable
brands globally
Estimated brand
value of over USD
11 bn, 2012
Study by Millward
Brown, May 2012
Published in Financial
Times
“Brand
Leadership award
in Telecom, 2012”
Bags five awards,
tele.net Telecom
Operator Awards
2013
Brand Leadership
Awards
Sunil Bharti Mittal, Chairman
Honorary Degree awarded by
Newcastle University - 2012
•
‘Business Leader for the World
Award’ from INSEAD in 2011
•
Including most
admired telecom
operator
Number 1 service
brand in India
Top
Treasury
Team, Asia; Adam
Brand Equity’s most
trusted brands annual
survey, 2013
Smith
EuroFinance
One of top ten
brands in Africa
Airtel Nigeria won 3
industry awards at
Nigerian Telecom
Awards
Within 3 years
operations there
Rajan Bharti Mittal
•
‘Indian Business Leaders of the
Year’ award at the Global India
Business Meeting, 2011
of
Award,
Including telecom
brand of the year
Akhil Gupta
‘Outstanding Contribution to the
Sector’ award at the Telecom
Operator Awards 2012
•
CFO India Hall of Fame by CFO
India, 2011
•
48
Highest Standards of Corporate Governance
Credit Rating and Information Services of India (“CRISIL”) has
assigned its Governance and Value Creation rating “CRISIL GVC Level
1” to the corporate governance and value creation practices of Bharti
Airtel
Quarterly financials audited on IFRS, IGAAP basis
IG rating from 3 International Rating Agencies
Diversified Board – 50% independent directors
SingTel representatives on the Board of the company
One of only 3 listed companies in India to score 100% on a Composite
Disclosure Index (FTI Consulting Inc.)
49
THANK YOU