1

2
3
4
5

7
8

BHARTI AIRTEL LIMITED

Balance Sheet as at March 31, 2013
Particulars

EQUITY AND LIABILITIES

Shareholders Funds
(a) Share Capital
(b) Reserves and Surplus

Non Current Liabilities

(a) Long Term Borrowings
(b)Deferred Tax liabilities
(c) Other Long Term Liabilities
(d) Long Term Provisions

Current Liabilities
(a) Short Term Borrowings
(b) Trade Payables
(c) Other Current Liabilities
(d) Short Term Provisions

TOTAL

ASSETS
Non Current Assets
(a) Fixed Assets
(i) Tangible Assets
(ii) Intangible Assets
(iii) Capital Work in Progress
(b) Non Current Investments
(c) Long Term Loans and Advances
(d)Other non current assets

Current Assets
(a) Current Investments
(b) Inventories
(c) Trade Receivables
(d) Cash and Bank Balances
(e) Short Term Loans and Advances

(f) Other Current Assets

TOTAL
AVERAGE TOTAL ASSET

STATEMENT OF PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED MARCH 31, 2012

PARTICULARS
INCOME
Revenue from operations
Total Income

EXPENSES
Cost of goods sold
Gross Profit
Access charges
License fee and spectrum charges
Employee benefits expenses
Rent
Power and fuel
Other expenses
EBITDA
Depreciation and amortisation expense
EBIT
Finance costs
EBT
Current tax
Deferred tax
MAT credit
EAT

Earnings per share (Rs)

PROFITABILTY RATIO
Gross profit margin
Operating Margin
Net Profit Margin
ROE
ROE

ROE

ROA
ROIC

ROCE

TED
In Millions
As at
March 31, 2013

Notes

5
6

18988
522474

541,462

7
8
9
10

98408
11503
31708
1494

143,113

11
12
13
14

31390
51372
106034
5461
878,832

194,257
878,832

15
16

264362
167464
10308

17
18
19

271191
89358
14111

20
21
22
23
24

10800
21
22468
3627
14133

816,794
-

25

10989
878832

62,038
878,832

841034.5

For the year ended

31.03.2012
(Rs. In MILLION)

NOTES
453509
453509

31

33
33
33
35
34

19
453490
74212
48815
15113
52,225
35699
91943
135,483
68267
67,216
16523
50,693
13604
3,136
3155
19,895
30,798

8.1100081425

In (%)
100
11.177948
6.7910449
5.6879338
6.79104494

0.6075395

0.5160360569 1.623072
5.6879337793
0.7541805522 14.82132 0.516036 1.623072
5.68793

3.6619187
40836.3752
5.7954517
7.5315865

704,628

1
2
3
4
5

7
8

IDEA LIMITED
Balance Sheet as at March 31, 2012
Particulars

EQUITY AND LIABILITIES

Shareholders Funds
(a) Share Capital
(b) Reserves and Surplus

Non-Current Liabilities
(a) Long Term Borrowings
(b)Deferred Tax Liabilities (Net)
(c) Other Long Term Liabilities
(d) Long Term Provisions

Current Liabilities
(a) Short Term Borrowings
(b) Trade Payables
(c) Other Current Liabilities
(d) Short Term Provisions

TOTAL

ASSETS
Non Current Assets
(a) Fixed Assets
(i) Tangible Assets
(ii) Intangible Assets
(iii) Capital Work in Progress
(b) Goodwill
(c) Long Term Loans and Advances

Current Assets
(a) Current Investments
(b) Inventories
(c) Trade Receivables
(d) Cash and Bank Balances
(e) Short Term Loans and Advances
(f) Other Current Assets

TOTAL

Total average assets

STATEMENT OF PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED MARCH 31, 2012

PARTICULARS
INCOME
Service Revenue
TOTAL
OPERATING EXPENDITURE
Personnel Expenditure
Network Expenses and IT Outsourcing Cost
License Fees and WPC Charges
Roaming & Access Charges
Subscriber Acquisition & Servicing Expenditure
Advertisement and Business Promotion Expenditure
Administration & Other Expenses
Total
EBITDA
Depreciation
Amortisation of Intangible Assets
EBIT
Finance & Treasury Charges
EBT
Provision for Taxation - Current
Deferred
MAT Credit
EAT

Earnings Per Share

PROFITABILTY RATIO

Gross profit margin

Operating Margin
Net Profit Margin
ROE
ROE

ROE

ROA
ROIC

ROCE

RS IN MILLIONS
As at
March 31, 2013

N0TES

3
4

33,143
107,055.79
140,199.01

5
6
7
8

105,743.96
10,231.17
8,266.48
2,018.86
126,260.47

7,050.38
24,315.89
415,201.05
1,239.69
77,807.01
344,266.49

10
11

12
12
12
13
14

176,859.46
82526
8,434.25
16,377.07
30,018.68
314,215.46

15
16
17
18
19
20

9,296.00
545.10
9,156.79
1,157.36
9,887.34
8.44
30,051.03
344,266.49

327053.51

For the year ended

31.03.2012
(Rs. In MILLION)

NOTES
220,434.35
220,434.35

22
23
24
25
26
27

10,038.30
63,551.95
24,752.50
40,145.27
21,324.32
4,535.61
4890.68
169238.63
51,195.72
25,383.58
5159.99
20,652.15
8134.55
12,517.60
2737.36
4,703.79
2737.36
2,339.09

2.357

In (%)

100
9.3688438
1.0611277
1.6684069
1.06112772

0.1868641

0.6403015002 2.455556
1.668406931
0.6061160702 9.368844 0.640302 2.455556
1.6684

0.715201
3859.14533
1.3784345
2.2118854

279,966

2
3
4
5

7
8

TATA COMMUNICATION LIMITED

Balance Sheet as at March 31, 2012
Particulars

EQUITY AND LIABILITIES

Shareholders Funds
(a) Share Capital
(b) Reserves and Surplus

Non-Current Liabilities
(a) Long Term Borrowings
(b)Deferred Tax Liabilities (Net)
(c) Other Long Term Liabilities
(d) Long Term Provisions

Current Liabilities
(a) Short Term Borrowings
(b) Trade Payables
(c) Other Current Liabilities
(d) Short Term Provisions

TOTAL

ASSETS
Non Current Assets
(a) Fixed Assets
(i) Tangible Assets
(ii) Intangible Assets
(iii) Capital Work in Progress

(b) Non Current Investments

(c)Deferred Tax assets
(d) Long Term Loans and Advances
(e)Other non current assets

Current Assets
(a) Current Investments
(b) Inventories
(c) Trade Receivables

(d) Cash and Bank Balances

(e) Short Term Loans and Advances
(f) Other Current Assets

TOTAL

Average total asset

STATEMENT OF PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED MARCH 31, 2012

PARTICULARS
INCOME
Revenue from telecommunication services

Total Revenue

EXPENSES
Network and transmission
Employee benefits
Operating and other expenses
Depreciation and amortization

EBIT
Finance cost
Total Expenses

EBT
Tax expense:
(a) Current tax
(b) Deferred tax

EAT

Earnings Per Share

PROFITABILTY RATIO
Gross profit margin

Operating Margin
Net Profit Margin
ROE
ROE

ROE

ROA
ROIC

ROCE

RS. IN CRORE
As at
March 31, 2013

Notes

3
4

285
7,231.42
7,516.42

5
6
7
8

625
0
391.56
122.16
1,138.72

9
10
11
12

149.7
1,248.30
537.17
110.52
2,045.69
10,700.83

13
4,694.91
138.54
174.66
5,008.11
14
6
15
16

2,030.51
8.71
1,683.00
8.08
3,730.32

17

462.42
4.20
861.02

18

19
20
21

328.62
285.85
20.30
1,962.41
10,700.84

10778.465
For the year ended
31.03.2012
(Rs. In MILLION)

NOTES
4,416.12

4,416.12

23
24
25
13

1963.2
639.46
813.25
762.4

237.81
26

119.69
Err:511

118.12
206.58
-25.13

-113.59

-3.98

In (%)
100

5.3850439
-2.572167
-1.511225
-2.5721674

-0.9616492

0.4126890973 1.423662
-1.5112247586
0.4966990455 5.385044 0.412689 1.423662
-1.5112

-1.053861
-228.68979
-2.597319
2.7476159

8,805

2
3
4
5

7
8

RELIANCE COMMUNICATIONS LIMITED

Balance Sheet as at March 31, 2012
Particulars

EQUITY AND LIABILITIES

Shareholders Funds
(a) Share Capital
(b) Reserves and Surplus

Non-Current Liabilities
(a) Long Term Borrowings
(b) Other Long Term Liabilities
(c) Long Term Provisions

Current Liabilities
(a) Short Term Borrowings
(b) Trade Payables
(c) Other Current Liabilities
(d) Short Term Provisions

TOTAL

ASSETS
Non Current Assets
(a) Fixed Assets
(i) Tangible Assets
(ii) Intangible Assets
(iii) Capital Work in Progress

(b)Non current investment

(c)Long term loans and advances

Current Assets
(a) Current Investments
(b) Inventories
(c) Trade Receivables
(d) Cash and Bank Balances
(e) Short Term Loans and Advances
(f) Other Current Assets

TOTAL

Average total asset

STATEMENT OF PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED MARCH 31, 2012

PARTICULARS
Revenue from Operations

Total Revenue
EXPENDITURE
Access Charges, License Fees and Network Expenses
Employee Benefits Expenses
Depreciation and Amortisation Expenses
Depreciation adjusted against Provision for Business Restructuring
Depreciation adjusted against General Reserve III
Sales and General Administration Expenses

EBIT
Finance Costs

EBT
Profit/ (Loss) for the year before Tax and Adjustment
Current Tax and Deferred Tax
Excess provision for tax of earlier years

EAT

EARNING PER SHARE (RS)

PROFITABILTY RATIO
Gross profit margin

Operating Margin
Net Profit Margin
ROE
ROE

ROE

ROA
ROIC

ROCE

RS. IN CRORE
As at
March 31, 2013

Notes

2.01
2.02

1,032
32,110
33,142

2.03
2.05
2.05

22,891
143
4370
27,404

2.06
2.07
2.08
2.09

7,436
1,478
3,612
2,864
15,390
75,936

2.1
2.1
2.1

16,761
19,297
735
36,793

2.11
2.12

21,013
4,508
62,314

2.13
2.14
2.15
2.16
2.17
2.18

0
304
2,066
228
8736
2,288

13,622
75,936

80,821

For the year ended

31.03.2012
(Rs. In MILLION)

NOTES
2.19

11,267
11,267

2.21
2.22
2.1

7,270
290
2,957
99
1,177
979

-1,505
2.23

1,976

-3,481

0
0

-3,481

-11.6033333333

In (%)

100

-13.35759297
-30.89553564
-10.50328888
-30.895535635

0.1483749473 2.291232
-10.5032888782
2.3129568106 -13.35759 0.148375 2.291232
-10.5033

-4.307048911
-1505

3.263634262

67,982
-2.2138213056

PROFITABILTY RATIO
Serial No.

Particulars

Gross profit margin

Operating Margin

Net Profit Margin

ROE

ROE (three stage DuPont)

ROE(five stage DuPont)

ROA

ROIC

ROCE

10

EARING PER SHARE (Rs)

In (%)
BHARATI AIRTEL LTD
100.00
11.18
6.79
5.69
5.69
5.69
3.66
5.80
7.53
8.11

ANAL

Operating Margin-> The Operating Margin

Net Profit Margin-> The Net Profit Margin is highe

ROE(3 s
ROE was highest for Airtel ca
Bharti Airtel- The highest contribution of ROE is from the net
Idea Cellular-The highest contribution of ROE is
Tata communication- A negative net profit margin coupl
Reliance communication- This company has the lowest net profit marg

ROE(5 s
Effective Tax Impact was highest for
The Net Profit Margin is highest for airtel
The Asset Turnover Ratio is highest

Tata communication- A negative net profit margin coupl

Reliance communication- This company has the lowest net profit marg

ROE(5 s
Effective Tax Impact was highest for
The Net Profit Margin is highest for airtel
The Asset Turnover Ratio is highest
The Equity Multiplier is highest
ROIC is highest for AIRTEL

ROCE is highest for AIRTEL

EPS is highest for AIRTEL

AIRTEL is outperforming the in

IDEA CELLULAR LTD

100.00
9.36
1.06
1.67
1.67
1.67
0.72
1.38
2.21
2.36

ANALYSIS
Operating Margin-> The Operating Margin of a Airtel is higher than its competitors.

rofit Margin-> The Net Profit Margin is highest for Airtel when compared with its competitors.

ROE(3 stage)
ROE was highest for Airtel campared for its competitors.
he highest contribution of ROE is from the net profit margin while the equity multiplier is greater than one.
a Cellular-The highest contribution of ROE is the equity multiplier which is greater than two.
munication- A negative net profit margin coupled win lower asset turnover ratio lead to a lower ROE.
- This company has the lowest net profit margin, hence pulling its high equity multiplier abysmally down t
ROE(5 stage)
Effective Tax Impact was highest for Reliance and was lowest for IDEA.
The Net Profit Margin is highest for airtel for airtel while the lowest for Reliance.
The Asset Turnover Ratio is highest for IDEA and lowest for Reliance.

munication- A negative net profit margin coupled win lower asset turnover ratio lead to a lower ROE.
- This company has the lowest net profit margin, hence pulling its high equity multiplier abysmally down t
ROE(5 stage)
Effective Tax Impact was highest for Reliance and was lowest for IDEA.
The Net Profit Margin is highest for airtel for airtel while the lowest for Reliance.
The Asset Turnover Ratio is highest for IDEA and lowest for Reliance.
The Equity Multiplier is highest for IDEA but lowest for TATA.
ROIC is highest for AIRTEL while it is lowest for TATA.
ROCE is highest for AIRTEL and it is lowest for IDEA.
EPS is highest for AIRTEL and lowest for Reliance.
AIRTEL is outperforming the industry in all the profit ratios.

TATA COMMUNICATION LTD

100.00
5.39
-2.57
-1.55
-1.55
-1.55
-1.05
-2.60
2.75
-3.98

YSIS

of a Airtel is higher than its competitors.

for Airtel when compared with its competitors.

age)
mpared for its competitors.
rofit margin while the equity multiplier is greater than one.
he equity multiplier which is greater than two.
d win lower asset turnover ratio lead to a lower ROE.
, hence pulling its high equity multiplier abysmally down to -10%.

age)
eliance and was lowest for IDEA.
or airtel while the lowest for Reliance.
or IDEA and lowest for Reliance.

d win lower asset turnover ratio lead to a lower ROE.

, hence pulling its high equity multiplier abysmally down to -10%.

age)
eliance and was lowest for IDEA.
or airtel while the lowest for Reliance.
or IDEA and lowest for Reliance.
or IDEA but lowest for TATA.

hile it is lowest for TATA.

and it is lowest for IDEA.

nd lowest for Reliance.

dustry in all the profit ratios.

%.

RELIANCE COMMUNICATION LTD

100.00
-13.38
-30.90
-10.50
-10.50
-10.50
-4.31
-2.21
3.26
-11.60

%.

Industry
100.00
3.14
-25.61
-1.17
-1.17
-1.17
-0.25
0.59
3.94
-1.28