Bharti Airtel Ltd (BHARTI IN) - Adjusted

In Millions of INR except Per Share FY 2012 FY 2013 FY 2014 FY 2015

12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Revenue 714,508.0 769,045.0 857,461.0 920,394.0
+ Sales & Services Revenue 714,508.0 769,045.0 857,461.0 920,394.0
- Cost of Revenue — — — —
+ Cost of Goods & Services — — — —
Gross Profit — — — —
+ Other Operating Income 550.0 425.0 1,174.0 957.0
- Operating Expenses 611,616.0 685,039.0 737,361.0 762,779.0
+ Selling, General & Admin 126,310.0 144,632.0 147,979.0 155,533.0
+ Selling & Marketing — — — —
+ General & Administrative — — — —
+ Research & Development 0.0 0.0 0.0 0.0
+ Depreciation & Amortization 133,681.0 148,148.0 156,496.0 155,311.0
+ Prov For Doubtful Accts — — — —
+ Other Operating Expense 351,625.0 392,259.0 432,886.0 451,935.0
Operating Income (Loss) 103,442.0 84,431.0 121,274.0 158,572.0
- Non-Operating (Income) Loss 39,898.0 39,336.0 46,872.0 44,992.0
+ Interest Expense, Net 29,689.0 34,941.0 33,850.0 35,250.0
+ Interest Expense 30,608.0 36,944.0 36,382.0 36,992.0
- Interest Income 919.0 2,003.0 2,532.0 1,742.0
+ Other Investment (Inc) Loss — -113.0 -898.0 -480.0
+ Foreign Exch (Gain) Loss 5,233.0 3,200.0 7,321.0 22,718.0
+ (Income) Loss from Affiliates 74.0 -3,506.0 -5,211.0 -7,223.0
+ Other Non-Op (Income) Loss 4,902.0 4,814.0 11,810.0 -5,273.0
Pretax Income (Loss), Adjusted 63,544.0 45,095.0 74,402.0 113,580.0
- Abnormal Losses (Gains) -1,639.0 -2,758.0 -4,241.0 6,450.0
+ Merger/Acquisition Expense — — 1,569.0 —
+ Abnormal Derivatives — — — —
+ Disposal of Assets — — — —
+ Asset Write-Down — — 6,469.0 —
+ Gain/Loss on Sale/Acquisition of Busin — — -8,950.0 —
+ Legal Settlement — — 374.0 2,598.0
+ Restructuring — — — 4,397.0
+ Sale of Investments -1,639.0 -2,758.0 -3,703.0 -142.0
+ Other Abnormal Items — — — -403.0
Pretax Income (Loss), GAAP 65,183.0 47,853.0 78,643.0 107,130.0
- Income Tax Expense (Benefit) 22,602.0 25,184.0 48,449.0 54,047.0
+ Current Income Tax 26,776.0 27,927.0 41,270.0 57,877.0
+ Deferred Income Tax -4,174.0 -2,743.0 7,179.0 -3,830.0
+ Tax Allowance/Credit — — — —
Income (Loss) from Cont Ops 42,581.0 22,669.0 30,194.0 53,083.0
 - Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0
+ Discontinued Operations 0.0 0.0 0.0 0.0
+ XO & Accounting Changes 0.0 0.0 0.0 0.0
Income (Loss) Incl. MI 42,581.0 22,669.0 30,194.0 53,083.0
- Minority Interest -13.0 -88.0 2,467.0 1,248.0
Net Income, GAAP 42,594.0 22,757.0 27,727.0 51,835.0
- Preferred Dividends 0.0 0.0 0.0 0.0
- Other Adjustments 0.0 0.0 0.0 0.0
Net Income Avail to Common, GAAP 42,594.0 22,757.0 27,727.0 51,835.0

Net Income Avail to Common, Adj 41,486.9 20,936.4 27,842.5 56,052.7

Net Abnormal Losses (Gains) -1,107.1 -1,820.6 115.5 4,217.7
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0

Basic Weighted Avg Shares 3,795.0 3,794.0 3,952.0 3,996.0

Basic EPS, GAAP 11.22 6.00 7.02 12.97
Basic EPS from Cont Ops 11.22 6.00 7.02 12.97
Basic EPS from Cont Ops, Adjusted 10.93 5.52 7.05 14.03

Diluted Weighted Avg Shares 3,796.0 3,796.0 3,955.0 3,998.0

Diluted EPS, GAAP 11.22 6.00 7.01 12.97
Diluted EPS from Cont Ops 11.22 6.00 7.01 12.97
Diluted EPS from Cont Ops, Adjusted 10.93 5.52 7.04 14.02

Reference Items
Accounting Standard IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS
EBITDA 237,123.0 232,579.0 277,770.0 313,883.0
EBITDA Margin (T12M) 33.19 30.24 32.39 34.10
EBITA 131,697.0 110,744.0 145,652.0 184,951.0
EBIT 103,442.0 84,431.0 121,274.0 158,572.0
Gross Margin — — — —
Operating Margin 14.48 10.98 14.14 17.23
Profit Margin 5.81 2.72 3.25 6.09
Sales per Employee ### ### ### ###
Dividends per Share 1.00 1.00 1.80 2.22
Total Cash Common Dividends 3,798.0 3,798.0 7,195.0 8,874.0
Personnel Expenses 35,159.0 38,823.0 46,228.0 46,405.0
Export Sales — — — 294,075.0
Depreciation Expense 105,426.0 121,835.0 132,118.0 128,932.0
Rental Expense 36,164.0 44,897.0 51,131.0 60,449.0
Source: Bloomberg Right click to show data transparency (not supported for all values)
 FY 2016 FY 2017 FY 2018 Last 12M FY 2019 Est FY 2020 Est
03/31/2016 03/31/2017 03/31/2018 09/30/2018 03/31/2019 03/31/2020
965,321.0 954,683.0 836,879.0 804,554.0 820,396.3 882,835.0
965,321.0 954,683.0 836,879.0 804,554.0
— — —
— — —
— — — 444,859.9 487,987.1
— — 2,488.0 1,750.0
799,977.0 799,115.0 728,519.0 732,058.0
— — —
82,410.0 71,400.0 55,766.0 55,884.0
— — —
0.0 0.0 —
174,498.0 197,730.0 192,431.0 201,184.0
4,141.0 7,635.0 9,007.0
538,928.0 522,350.0 471,315.0 474,990.0
165,344.0 155,568.0 110,848.0 74,246.0 54,739.8 92,473.5
58,622.0 66,638.0 67,806.0 86,081.0
39,737.0 48,918.0 52,519.0
47,472.0 67,131.0 64,692.0
7,735.0 18,213.0 12,173.0
-118.0 -279.0 -367.0
16,852.0 3,624.0 1,882.0
-10,666.0 -10,449.0 -10,609.0 -7,378.0
12,817.0 24,824.0 24,381.0 93,459.0
106,722.0 88,930.0 43,042.0 -11,835.0 -41,462.7 -9,731.2
-21,741.0 11,697.0 10,372.0 7,465.0
— — —
2,096.0 — —
— — —
2,712.0 3,258.0 3,535.0
-38,505.0 -11,798.0 -4,527.0
— 6,881.0 3,535.0
8,003.0 3,896.0 4,372.0
— — —
3,953.0 9,460.0 3,457.0 9,251.0
128,463.0 77,233.0 32,670.0 -19,300.0 -41,462.7 -9,731.2
59,533.0 34,819.0 10,835.0 -36,385.0
44,690.0 21,240.0 18,230.0 15,068.0
14,843.0 13,579.0 -7,395.0 -51,453.0
— — —
68,930.0 42,414.0 21,835.0 17,085.0 -13,515.5 -7,595.9
 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
68,930.0 42,414.0 21,835.0 17,085.0
8,163.0 4,416.0 10,845.0 11,037.0
60,767.0 37,998.0 10,990.0 6,048.0 -13,515.5 -7,595.9
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
60,767.0 37,998.0 10,990.0 6,048.0 -13,515.5 -7,595.9

45,363.0 40,284.0 18,019.9 11,273.5 -13,848.8 -8,711.5

-15,404.0 2,286.0 7,029.9 5,225.5
0.0 0.0 0.0 0.0

3,995.9 3,995.8 3,996.1 3,960.0

15.21 9.51 2.75 1.52 -3.72 -1.96
15.21 9.51 2.75 1.52 -3.72 -1.96
11.35 10.08 4.51 2.83 -3.33 -1.75

3,996.7 3,997.2 3,997.8 3,960.0

15.20 9.51 2.75 1.51 -3.72 -1.96
15.20 9.51 2.75 1.51 -3.72 -1.96
11.35 10.08 4.51 2.82 -3.33 -1.75

IN GAAP IN GAAP IN GAAP

339,842.0 353,298.0 303,279.0 275,430.0 262,004.8 299,103.9
35.21 37.01 36.24 34.23 31.94 33.88
204,562.0 210,713.0 170,316.0
165,344.0 155,568.0 110,848.0 74,246.0 54,739.8 92,473.5
— — — 54.23 55.28
17.13 16.30 13.25 9.23 6.67 10.47
4.70 4.22 2.15 1.40 -1.69 -0.99
### ### ###
1.36 1.00 2.50 2.75 2.99
5,436.0 3,997.0 9,993.5
49,108.0 43,032.0 39,771.0 38,551.0
— — —
135,280.0 142,585.0 132,963.0
65,174.0 70,833.0 70,875.0
orted for all values)